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Destek Markets, a Forex trading website launched in 2017, is a Forex and CFD broker headquartered and regulated in the United Kingdom. The website launch date doesn’t accurately reflect the company’s experience: they are owned by Destek Yatirim, a Turkish finance group which has been in business for over 25 years, so they should not be regarded as new kids on the block. They provide a range of account types, including an ECN account, that offers traders a fairly wide range of assets for trading in Forex currency pairs, major stock indices, and commodities, the latter two categories wrapped as CFDs (Contracts for Difference).
There are four different account types to choose from at Destek Markets. The ECN account requires a minimum deposit of $10,000 and allows trading with floating spreads averaging 0.17 pips on EUR/USD under typical market conditions, as well as commission. A maximum leverage of 100 to 1 may be used. Hedging is not allowed with this account type. The Standard account requires a minimum deposit of $100 and allows trading with floating spreads averaging 1.57 pips on EUR/USD under typical market conditions, without commission. A maximum leverage of 200 to 1 may be used and the account is of the market-maker type, both of which apply also to the remaining two accounts described below. The Gold account requires a minimum deposit of $1,000 and allows trading with floating spreads averaging 1.17 pips on EUR/USD under typical market conditions, without commission. The VIP account requires a minimum deposit of $5,000 and allows trading with floating spreads averaging 0.77 pips on EUR/USD under typical market conditions, without commission.
The different accounts are easy to understand and are transparent. The major differentials between accounts are varying average spreads and commissions, maximum leverage, and market maker vs. ECN models. All accounts offer minimum trade sizes of 1 microlot (0.01 full lots).
A demo account is available, as is typical with nearly all spot Forex and CFD brokers.
A wide range of over 40 Forex currency pairs, spot metals (gold and silver) plus several other commodities such as crude oil and a few softs such as coffee and sugar, and 18 major stock indices is offered may be traded with Destek Markets.
One of the most notable features of Destek Markets is that they offer good liquidity and few restrictions on trading, although scalping is not allowed in any account type, and hedging cannot be performed with an ECN account. Automated trading and hedging are possible in their offering. A lot of variety is offered in terms of account types, both in terms of ECN or market-maker styles. This means that traders can choose which offering suits them depending upon how much and how often they trade, as ECN will work better for some traders than others.
This broker bravely offers no choice of trading platform: if you open an account with Destek Markets, you must use the well-known and popular MetaTrader 4 platform. Expert Advisors can be run through the MetaTrader 4 platform. Frankly, if you are going to work with only a single platform, MetaTrader 4 is the best choice, as the most popular global platform and one that most traders are familiar with. It is easy to use and quite intuitive. In our opinion, many brokers with little to offer may sometimes choose to make a show of offering a very wide choice of trading platforms and other accessories, to distract attention away from what is truly important: trading costs, speed of execution, and ease of use / reliability. Another small but significant reassuring sign from Destek Markets is that they publish their live rollover swap rates for all instruments. It is quite rare for brokers to volunteer to publicize this information, although it can always be seen while trading in the MetaTrader 4 platform.
Destek Markets’ educational offering includes a wide range of video tutorials, e-books, and a blog which is regularly updated. The website also contains several pages of static textual material. It is all well-produced, informative material which should be useful to newer traders. There is also regular current analysis of what is going in within key markets. One on one training, webinars, and workshops are also given.
The only bonuses and promotions on offer at the time of writing is a $25 welcome bonus for new account openings. We find the lack of reliance on bonuses and promotions a positive sign, as such gimmicks are often used by inferior brokers to mask poor-quality core offerings, not to mention including onerous conditions that work to prevent or delay the withdrawal of profit.
Depositing funds into a Destek Markets account is an easy and secure process. Funding can be done using credit cards, Webmoney, or wire transfer. Withdrawals can be made to a credit card or by wire transfer to your bank account.
Destek Markets does not impose any minimums requirements on deposits or withdrawals, but the channels themselves may do so.
Customer support is based in London, offering 24-hour support while markets are open from Monday morning in Australia to Friday evening in New York. Support staff are fluent in other languages besides English.
Destek Markets has a well-rounded and professional offering for traders looking to trade a wide range of assets, particularly Forex currency pairs and global equity indices. Fans of no-nonsense trading looking for a confident and experienced broker, and traders looking for a choice of NDD and ECN type accounts will find their offer especially interesting, and quite possibly attractive enough to open an account.
Most importantly of all, the spreads and rollover swap rates offered seem to be truly competitive.
Review info: Destek Markets
Review Date: 2017-11-12
Rating : 4.5
Reviewed By : Sara Patterson (Google+)