Trymarkets Review: Try Markets Broker, a Scam?

Trymarkets is a Belize-registered Forex, precious metals and CFDs broker. Try Markets is offering its traders 3 different account types.

Traders wanting a leverage of up to 1:500 can open the Standard account type. Those who want moderate leverage can open a Pro or Prime account type respectively.

Traders of Islamic faith can also open an interest-free trading account as well.

However, before we even talk about opening accounts with TryMarkets broker, we should discuss whether or not they’re regulated and properly licensed.

TryMarkets says they are operated by Capital Market Solutions Inc, a financial service firm regulated by the Belize International Financial Services Commission under ref IFSC/60/337/TS/17.

TryMarkets broker is therefore purporting to operate without an independent license.

Nonetheless, a quick check on the official IFSC website reveals that neither Capital Markets Solutions Inc nor Try Markets are licensed by the financial watchdog.

In addition to that, Belize is a jurisdiction with weak regulations and Forex brokerage scams can choose to operate there freely.

TryMarkets appears to own a website called cmsprime.com.

TryMarkets Review

They’re offering over 35 currency pairs including CFDs, precious metals and commodities.

They’re targeting both retail and institutional clients and claiming to provide them with No-Dealing-Desk (NDD) trading environment.

Deep liquidity and competitive spreads are allegedly at the top of their priority.

They claim to provide state of the art trading platform to allow their clients stream prices faster and more efficiently.

They claim that their team has 14 years of experience and are enjoying success in the financial markets.

TryMarkets wants traders to know that they’re transparent and trustworthy. They’re luring traders with features like:

Fast withdrawals and no hidden fees

A robust trading platform (MT4 for desktop and mobile including Webtrader

Segregated client accounts

And many more….

TryMarkets Review: Account Types

[tabs][tab title=”Standard”]Minimum Deposit is $500

Trading products: Forex, Metal and CFDs

Leverage: 1:500

Currency: USD

Minimum Lot Size: 0.01

Spreads: From 0.9 pips

Order Execution: NDD

Commission: Not Clear

Swap Fees: Not Clear

Margin Call: 100%

Stop Out: 30%

EAs, Hedging and Scalping: Allowed

Research and Analysis: Yes

Daily Briefing and free education: Yes

VPS Hosting: No

1 to 1 Personal training: No

[/tab] [tab title=”Pro”]Minimum deposit is $5,000

Trading products: Forex, Metal and CFDs

Leverage: 1:400

Currency: USD

Minimum Lot Size: 0.1

Spreads: From 0.7 pips

Order Execution: NDD

Commission: Not Clear

Swap Fees: Not Clear

Margin Call: 100%

Stop Out: 30%

EAs, Hedging and Scalping: Allowed

Research and Analysis: Yes

Daily Briefing and free education: Yes

VPS Hosting: No

1 to 1 Personal training: Yes

[/tab] [tab title=”Prime”]Minimum Deposit is $20,000

Trading products: Forex, Metal and CFDs

Leverage: 1:100

Currency: USD

Minimum Lot Size: 0.01

Spreads: From 0.3 pips

Order Execution: NDD

Commission: Not Clear

Swap Fees: Not Clear

Margin Call: 100%

Stop Out: 30%

EAs, Hedging and Scalping: Allowed

Research and Analysis: Yes

Daily Briefing and free education: Yes

VPS Hosting: Yes

1 to 1 Personal training: Yes

[/tab][/tabs]

Try Markets leverage, spreads and commission

The lower the deposit, the higher the spreads. The broker appears to be charging some commission as well depending on the account type that traders hold.

Leverage is quite flexible as it starts at 1:100 all the way to 1:500.

This might seem attractive for new traders who want high leverage for trading.

The issue is that trading with a high leverage is a double-edged sword. One may gain huge profits just the same way their risk potential is magnified.

TryMarkets Broker Trading Platform

They’re offering MetaTrader 4 platform for Desktop, Android, IOS as well as WebTrader. In addition to this, Try Markets broker offers MT4 Multi terminal for money managers.

MT4 is the most preferred trading platform although here we prefer cTrader due to its clarity and choice of features.

MT4 tends to have hundreds of accessories that facilitate trading such as expert advisors, indicators and so on.

If you’re looking for a good expert advisor, you can’t go wrong with these Forex trading tools. 

Ways to Deposit or Cash-out profits

Traders who use TryMarkets brokerage services can fund their accounts or cash out profits using credit cards, wire transfers, Neteller, Skrill, Yandex Money, PaySafeCard, China UnionPay, QIWI, AliPay and cashU.

Is TryMarkets broker a scam?

In as much as this broker has a professional website (which was created in 2016 by the way), there are some things that traders have to take note of.

The first concern is the licensing of this broker. Based on what we said, we feel that this broker is not regulated or sufficient regulated for that matter.

There’s a slight risk of traders losing their money to this broker if they ever deposit funds into their platform.

Secondly, the minimum deposit is very high. Most professional brokers are allowing a minimum of $100 meaning that traders don’t have to risk a lot of money to try their platforms.

A broker that sets a minimum threshold of $500 is definitely a No.

Lastly, we see that their website (just like Raw Forex) lacks a basic security feature such as an SSL certificate.

This feature is crucial when it comes to safeguarding personal information such as banking information on the internet.

Lack of it means that traders information will be exposed to hackers on the internet. This alone can make traders avoid Try Markets broker altogether.

Conclusion

We’re not recommending TryMarkets broker yet for the obvious reasons mentioned above.

However, we’d like to say that the features they claim to offer are quite attractive.

Any trader would want to take advantage of the trading conditions only if the issues raised above have been solved.

In the meantime, we ask traders to avoid this broker.

Thanks for reading the tryMarkets review.

Let’s hear your feedback regarding this broker if you’re one of their customers. Did you get scammed? Were you pleased by their services?