Tier1FX is a company commonly referred to as – DMA broker. That is, all orders received from the client are automatically placed on the trading floor without human involvement. It offers currency pairs and contract trading. The company is owned by Hogg Capital Investments Ltd. The company was first registered in 2013 in Malta and is regulated there by the Maltese Financial Services Authority. The company is also regulated by FCA and BaFin (Germany).
The standard offer is MT4, a platform with a wide range of tools and quick trade opening. Among the advantages of the platform we can mention 85 indicators, several timeframes and several types of orders.
Also offered is a platform of Fortex’s own design, Fortex 6, has only a web version, it is the so-called browser-based platform. There is no mobile version and it runs under Windows, Linux and MacOS.
The second offered platform, JForex, is a more professional ECN program suitable for in-depth market analysis, supports SFWX, contains 180 indicators for technical analysis. The platform is based on Java. Trading is done on several popular assets.
Among the assets available currencies in the number of fifty pairs, the most popular indices, cryptocurrencies, commodities with instant settlement – so called, spot commodities and metals.
Spreads and Commissions
In addition to the spreads, the company takes commissions for a standard lot, for example, currencies – €2.5, commodities – €3, CFD – 0.25. But there is no account maintenance fee.
The leverage of this company is not high, this is associated with the jurisdiction of registration of the broker and ranges from 1:10 to 1:30, the exception is the cryptocurrency, here the leverage of 1:2. Of course, this reduces the earnings, but, at the same time, the risks are low. Accordingly, the amount to trade on some assets will require more. Professional clients may request 1:200 leverage.
In order to work via mobile application you need to download either MT4 or the company’s application – JForex. Works on any iOS or Android device. Both applications are convenient and contain all tools for work and possibility to open the deal in one click.
There are only two ways to start working and fund your account: using an international bank card and transferring funds to the company’s account details. The company is set up to attract active and wealthy traders, that’s why the minimum initial deposit amount is $1000. The company does not charge any commission for the deposit.
Withdrawal is possible from a small amount of 5 dollars, the request is processed within a few days and the commission is not charged.
Demo account is given with lifetime restriction. Usually it is valid for two months.
For automatic trading without any recoding of advisors, created FIX API, its task is to connect to the bridge MT4.
Based on customer reviews and analysis of the website, we conclude that the company, in view of its focus on experienced traders, does not focus on educational resources.
Types of accounts
Here everything is very simple, there is only one type of account, among its options: automatic trading, hedging, protection against minus balance, stop-out level of 50 percent.
Tier1FX website works using 256-bit encryption and some firewalls, to log in or confirm transactions, there is an option to connect a one-time password. Regulators are responsible for the broker’s security, so they thoroughly monitor the company’s compliance with the highest information security standards in the industry.