This review reveals the underhand tactics that TD Markets broker employs to steal money from unsuspecting victims.
Since TDMarkets.com is a Forex and CFDs broker, it is expected of the broker to offer trading across several instruments. These include FX, Shares, Crypto and Precious metals.
By the way, TD Markets has no problem providing a solid trading platform that covers all of these instruments. The problem starts when they promise what they cannot deliver. Consequently, this makes the trading experience awful and people lose money in the long ran.
For that reason, I encourage you to only invest in approved trading resources that have been shown to yield results by consistently helping traders of all experience levels build wealth.
TD Markets Review: What they tell you is different from what you get
For a minimum deposit of only $50, TDMarkets will get you started with their TMD Gold account type. The broker claims to offer raw spreads on their account types and also emphasizes on negative balance protection.
The TMD Gold account type is quite expensive as spreads on major FX pairs is 1.8 pips. This is on the higher side because most decent brokers with good reviews out there will charge 0.3 pips for a pair like EURUSD. In short, TDMarkets is very expensive when you decide to go down the route of their $50 minimum deposit account.
Nevertheless, this is also a way to encourage you to go for their TDM Pro account which requires a $1,000 minimum deposit. This account type charges commission of $8 per lot. The spread type is a mixture of raw and variable.
TD Markets also advertises the following benefits:
- Super fast deposit/withdrawal times
- Live daily webinars
- Low commission
They also claim to be “Africa’s most favorite broker”. But the truth is actually something different from what you see on their official website.
Is TDMarkets Legit?
The truth is that TD Markets is not a legitimate broker that you can rely on for your investing endeavors. First of all, their regulatory status is questionable.
We cannot verify their claim that TD Markets is regulated by FSCA. They also claimed at some point that their activities are overseen by the Financial Service Authority of St. Vincent and the Grenadines (SVGFSA).
What we know is that SVGFSA does not regulate Forex, Cryptos and Binary options. Unfortunately, TDMarkets is offering these instruments for trading.
This means that the broker is operating illegally since they are not licensed by any governing body or authorized to provide any form of financial services.
Who is the owner of TDMarkets?
The owner of this company is anonymous, though they have routes in Jamaica and I also suspect that some of their members are from Africa.
TMD Holdings Inc is the name of the company that rans their website. They are registered in the St. Vincent and the Grenadines.
Obviously companies that choose offshore locations for their dealings are secretive and would not want their owners to be known.
Customer reviews for TD Markets
There are very bad reviews floating all over the internet concerning this broker. The most common complaint is that the broker does not implement stop loss orders, even though their clients always ensure that they have their SL set correctly.
The reason a broker would not want to implement your stop loss as set by you is because they are a market maker who will make a profit when you lose and lose money when you make a profit. So the intention is to ensure that you can lose money on most of your trades.
There are also complaints about the withdrawal process, even though deposits are always instant because money is going into the pockets of the company owners.
Withdrawals are never instant and sometimes they are never processed at all.
In my opinion, the support staff is also very rude to its customers. If you look at how they address complaints, you might think this business has scammed everyone and is now ready to close shop, hence the I don’t care attitude.
This is definitely a broker you want to keep off from.
If you’ve been scammed by this broker, you know what to do. Once you visit this list of recommended trading products and services, you’ll also find a link to the only agency that can help trace and recover your money since they work with financial institutions across the world to bring justice to victims of Forex scams.