- Quick withdrawal time
- No withdrawal fees
- MetaTrader platforms only
- Spreads for mini accounts start at 3 pips
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Tadawul FX is ranked #33 of 267 Forex Brokers.
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Update - As of October 2012 Tadawul FX will be attempting to rebrand itself as Liquid Markets. The Tadawul FX review below reflects our findings on the brand prior to October 2012 - you can read a full Liquid Markets review here.
Tadawul FX, also known as TDFX, if a Forex brokerage that presents the opportunity to trade Forex, gold, oil and indices all with one trading account. Tadawul FX wishes to differentiate itself from other brokers through its corporate values of honesty, clarity and integrity. To that end, the firm is audited by Deloitte Ltd, a top tier international auditing and consultancy firm, and is partnered with double and triple A rated banks where traders’ funds are held in secure, segregated accounts. Read our full Tadawul FX review to see if this Forex broker will meet your needs.
Founded in: 2006
Headquarters: Limassol, Cyprus
Maximum leverage: 1:500
Minimum deposit: $2000
Minimum lot size: 0.01 lots
Languages available: English, Arabic, French, Hungarian, Russian, Indonesian, Chinese
Regulation: CySec, FSA, BaFin
Tadawul FX presents traders with the MetaTrader 4 platform and its comparable mobile trading platforms. Traders who wish to manage several Forex accounts simultaneously can also use the broker’s MT4 MAM (multi account manager) software, which allows for multiple trade executions simultaneously, the use of expert advisors, and the partial close of trades, among other benefits.
Though we had technical problems when downloading the MT4 platform offered by FOREXYARD, we had absolutely no problems downloading the software offered by Tadawul FX. Although we read some reviews of traders complaining that the platform froze or was slow, we didn’t find any freezing of the platform, and we judged some slower executions as normal when compared to the delays of most other Forex brokers. We also appreciated that TDFX offers a good range of trading instruments within its platform.
Tadawul FX has also recently begun to offer mobile trading for users of iPads and iPhones, Androids, Blackberry devices and Windows-based smartphones. In the few months since the launch of its mobile application, the company's mobile trading volumes have increased by a remarkably 175%. This increase adds to an increase in trading volume which the brokerage has seen in its desktop applications as well, indicating the continued popularity of Tadawul FX's Forex trading services.
One of the features offered by Tadawul FX that we appreciated the most was the company’s daily technical analysis, which is delivered daily by email for traders who opt into this service. We’ve tested many other brokers that simply send the analysis, which, while helpful for some, can also clog up a trader’s inbox. Consequently, with Tadawul FX, we were relieved to have a choice about opting in for these useful market updates.
Other features we appreciated included the ability to deposit in one of five base currencies (USD, GBP, EUR, CHF and JPY), and to choose your leverage when opening an account, instead of being assigned a default leverage. Similarly, traders taking advantage of the broker’s practice account can also choose their own leverage and base currency, which makes the experience much more realistic.
Tadawul FX has fixed spreads starting at 2.2 pips in standard accounts, and 2.9 pips in mini accounts. Professional account holders who deposit over $100,000 can enjoy spreads starting at 1.5 pip. The broker also offers other account types, so that traders with all preferences can find what they’re looking for. Among the options are a Mini Forex Account, a Standard Forex Account, a Premium Forex Account, a Professional Account, an Institutional Account.
Perhaps the most important feature we encountered is quick withdrawals without withdrawal fees. This is an extreme advantage over most other Forex brokers who usually charge fees for withdrawing the funds you’ve earned. Although the website claims that withdrawals are processed in a day, we emailed the customer service team and was told that they are often processed within 1-2 hours, which can be quite advantageous for traders eager for cash.
Much like Tadawul FX offers multiple trading instruments, it also offers several modes of customer service. Traders can choose between email, phone or chat support. Within each of these means, traders have additional options. Those who prefer phone support can call into the broker’s offices in Hungary or Cyprus, or they can request a call back from a representative. Email inquiries can be sent to seven different departments so they will find their way to the proper place. We emailed the Tadawul FX team several times, and received a response in an average of 11 hours.
Chat support is also available, and is conveniently located on every page of the website. In our test of the company’s chat support we found that we received helpful support with a very minimal wait time for assistance.
Ease of Use
We examined the ins and outs of Tadawul FX’s website and service, and found few things to complain about. Registration really was around 5 minutes long, as the broker claimed, which was a pleasure. Deposits can be made via wire transfer, credit card, MoneyBookers, and PayPal (one of our favorite methods that is absent from many brokers). As with all MT4 platforms, we always wish for chat assistance in the platform itself, but this is nothing unusual.
We were specifically impressed by the speed in which we were contacted by the TDFX team once we opened our live account. We truly felt as though we had someone accompanying us during the process, a real person to contact in the case of an emergency. And, while every brokerage gives traders an account manager, they aren’t all as responsive as our Tadawul FX account manager was.
Tadawul FX has won several awards for its service of traders in the Middle East, but we see no reason why this brokerage shouldn’t be appreciated throughout the world. Although they don’t accept US clients for live accounts, traders located elsewhere will likely enjoy this brokerage thoroughly.