Tier 1 FX Review

Tier 1 FX Review

Tier1FX is a Direct Market Access (DMA) broker offering Forex and CFD trading. The broker offers high liquidity and a choice of desktop and mobile platforms. Tier1FX was founded in 2013 and is owned by Hogg Capital Investments Ltd. International broker headquartered in Malta where it is regulated by the Financial Services Authority. Tier1FX is also MiFID II compliant and registered with the UK FCA and Germany’s BaFin.

Trading platforms

Tier1FX offers its retail clients the MT4 trading platform – the most widely used forex trading platform catering to the needs of both beginner and veteran alike. MT4 loads quickly and contains many features, including:

  • 85+ technical indicators
  • Customizable interface
  • Several types of orders
  • Quick and easy login
  • DMA execution
  • Stops and losses
  • Price alerts

Fortex 6

The Fortex 6 platform is also available. The platform runs on Windows, Linux and MacOS systems and is designed for mobile trading. It also contains sophisticated graph exploration and drawing tools that eliminate the need for add-ons. Since Fortex 6 is a web based platform, users simply need an internet connection to open an account and start trading.

JForex

Tier1FX also makes the JForex platform available. It is a professional ECN system with market depth through SFWX, integrated charting and analysis tools, and over 180 technical indicators. You can trade Forex, Commodities, Indexes and CFDs per share. The JAVA based platform also provides a visual tool to help incorporate automated trading robots into your trading strategies.

Assets

Tier1FX provides Forex and CFD trading covering:

  • 50+ currency pairs
  • Stock indexes
  • Cryptocurrency
  • Precious metals
  • Spot goods

Spreads and commissions

Tier1FX takes its commission charged per standard lot for forex and per contractual side for CFDs. The broker charges € 2.5 per lot for FX, € 3 for commodities, € 0.25 for CFDs and 0.10% of the par value of cryptocurrency CFDs. The broker does not charge any service or inactivity fees.

Leverage

  • Major Forex Pairs – 1:30
  • Minor Forex Pairs & Major Indexes – 1:20
  • Commodities other than gold plus non-major indexes – 1:10
  • Cryptocurrency CFDs – 1: 2

Retail clients looking to treat professional traders can take advantage of up to 1: 100 leverage. Leverage up to 1: 200 is available for standard professional clients.

Mobile trading

Tier1FX offers MT4 and JForex platforms via downloadable mobile apps for Android, iPhone and iPad devices. The mobile apps are intuitive and come with standard interactive charts, key indicators, one-click trading and multiple order types.

Please note: Mobile commerce is not compatible with Blackberry and Windows mobile devices.

Payment methods

Tier1FX customers can fund their accounts via bank transfer and card payments. The minimum deposit is 1000 EUR / GBP / USD. This is a high figure compared to other providers and may well scare off novice traders. On the positive side, deposits are processed within one business day and there is no commission from the broker.

The minimum withdrawal is 5 EUR / GBP / USD. Withdrawals can take several days to process, depending on the payment service provider. As a security measure, customers may be required to send a copy of their payment card with the middle six digits hidden from view. As with deposits, Tier1FX does not charge any withdrawal fees.

Demo account

Demo account is available at Tier1FX. The practice account is available for 60 days, although this period can be extended by contacting customer service.

Additional features

The FIX API is a hub providing connectivity to the MT4 bridge. This allows automated trading without the need to recode the Expert Advisors. It also means that retail traders can benefit from a professional investment environment with low latency execution.

Unfortunately, as highlighted in the Tier1FX reviews, the broker cannot handle educational resources. There are no tutorials or webinars with tips and market information. As a result, the broker is best suited for experienced traders who are well versed in their product and strategy.

Account types

To keep things simple, there is only one live account for retail traders, which includes:

  • DMA / STP account
  • 50% stop-out level
  • Negative balance protection
  • Flexible leverage up to 1: 100
  • Base currencies – EUR, GBP, USD, and CHF
  • Minimum deposit 1000 EUR / USD / GBP
  • Automated trading, scalping and hedging

Customer safety

The Tier1FX website uses industry standard encryption and firewalls to protect customer data. Marketplaces also have additional security measures, including one-time passwords. Essentially, the broker follows industry standard security measures.

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