Editor’s Verdict
Overview
Review
Headquarters | Belize |
|---|---|
Year Established | 2005 |
Execution Type(s) | Market Maker |
Minimum Deposit | $500 |
Trading Platform(s) | MetaTrader 4 |
Islamic Account | |
Signals | |
US Persons Accepted? | |
Managed Accounts |
TryMarkets is the brand name of Capital Market Solutions Inc, a company that was founded in 2005. The brokerage is registered and regulated in Belize, but all payments are handled by CMS Global LTD which is registered and regulated in Cyprus. At first glance, after painfully slow load times of their website, TryMarkets promises a lot. The first thing that bothered us during this TryMarkets review is confusing information for anyone who takes a moment to browse the site deeply. For example, on the home page this broker claims to offer leverage of up to 1:500 and spreads starting from 0.1 pips, true ECN pricing with no dealing desk and STP execution as well as deep liquidity. After taking a closer look, TryMarkets appears to be a market maker who only offers the MT4 Trading Platform and the average spread on the EUR/USD is listed as 0.9 pips with leverage of 1:100.
A broker that starts with conflicting messages on its own website raises a major red flag. The images used on their website are not from the trading platform or service they offer; the second image shows a deal ticket from a true ECN platform which is not available at TryMarkets. The amount of misinformation provided in the first two minutes after visiting the website is alarming. Our first impression of TryMarkets has been terrible.
Regulation and Security
TryMarkets is a brand of Capital Market Solutions Inc. which claims to be authorized and registered by the Belize International Financial Services Commission as a financial services firm with the company number 144939 and license number IFSC/60/337/TS/17. This broker further states that payment processing is handled by CMS Global LTD, which is registered in Cyprus.
Searching the website of the Belize International Financial Services Commission returned no result for Capital Market Solutions Inc. This is another major red flag for this broker. The only search result displayed for Capital Market Solutions was a sample page with a match for the word “Market”.
A search with the IBCR Belize, the countries International Business Companies Registry, also returned no results for company number 144939.
No information on the payment processor CMS Global LTD could be found in Cyprus which at this point is not a surprise. TryMarkets mentions several times that they are regulated and authorized which does not appear to be the case.
Segregation of funds is mentioned, but unlikely practiced. Given the false claims of company registration, regulation and authorization, it is safe to assume the deposits may flow directly to the owners of this brokerage.
Fees
TryMarkets appears to have three revenue sources: spreads, swaps and losses of traders where it acts as a counter-party. After all the inconsistencies we found, we wouldn’t be surprised if this broker books trader deposits as their income. The MT4 Trading Platform may show the value of the deposit and clients can place trades, but this could be the end of it. Given the high failure rate of retail traders, it is easy to mask this practice and appear to be a normal functioning Forex broker. No other information regarding fees could be found on their website, the FAQ section is empty and live chat always offline. The red flags continue.
What Can I Trade
TryMarkets offers a good selection of currency pairs, with only gold and silver as well as CFD’s on oil, natural gas and copper. Diversification across assets is not possible with this broker and spreads are far off the 0.0 pips advertised with the EUR/USD starting at 0.9 pips. TryMarkets claims that swap rates only apply to Prime Accounts which come with a starting deposit of $20,000. This is another red flag and highly unusual market practice which given the other red flags suggests that no trading may take place at this broker; clients are exposed to a closed, virtual trading environment. This also explains the high minimum deposit for a Prime Account.
Forex, Gold and Silver Contract Specifications
Account Types
TryMarkets offers three different account types. The Standard Account carries a minimum deposit of $500 and the maximum leverage is 1:500. The Pro Account comes with a minimum deposit of $5,000 and maximum leverage of 1:400 while the Prime Account requires a minimum deposit of $20,000 with a maximum leverage of 1:100. A margin call is issued on all account at 100% with a stop-out at 30%.
The Prime Account is listed as the only one where swap rates apply and TryMarkets also charges a commission. This commission structure, which remains unknown, is not listed under their spreads and conditions page where all spreads appear to be for Prime Accounts since the leverage listed is 1:100, but with spreads from its Standard Account which starts at 0.9 pips and corresponds with what is listed under the EUR/USD. This contradiction is not transparency as TryMarkets claims, but rather a misinformation campaign or false advertising as expected by an unregulated, unlicensed broker.
Trading Platforms
TryMarkets offers the full range of the MT4 Trading Platform which includes a desktop version, an Android version, an iPad and iPhone version, a web version as well as the the MT4 Multi-Terminal which is usually used by PAMM managers. MT4 is the most popular trading platform which offers brokers a low-cost way to connect traders to markets.
Unique Features
Unfortunately, the most unique features at TryMarkets seem not to be entirely honest. Claims of prime liquidity from top banks are nothing more than a marketing trick in order to lure in new traders who lack the experience to spot the warning signs. TryMarkets lists several key banks active in the Forex market as its liquidity providers; this should be dismissed as false advertising as several factors point towards no actual trading operations at this broker. VPS Hosting is listed for Prime Accounts which require a $20,000 which is not only outrageous, but downright ridiculous; the service is most probably non-existent to start with.
Research and Education
TryMarkets’ research & education section is broken down into three categories: Market News, Daily Market Insight and Trading Academy. The Trading Academy is broken down into the following four categories: Tutorial Videos, eBooks, Forex Glossary and Trading Signals. Given the campaign of misinformation, contradiction and lies, nothing much was expected of this category and TryMarkets delivered just that.
Though TryMarkets claimed to deliver daily market news, the page was actually blank.
A similarly empty Trading Academy, paired by other factual inconsistencies throughout the site caused us to question whether this brokerage really exists any longer or is just a shell website for a closed brokerage that has not yet been taken down.
Customer Support
Customer Support Methods |   |
|---|---|
Support Hours | 6am - 10pm Weekdays |
Website Languages |  |
We were hardly surprised to find that the broker’s live chat was offline during the entire period of our TryMarkets review. Email support is theoretically available. Support hours are Monday through Friday between 0600(GMT) and 2000 (GMT).
There is a “Getting Started” section which is another marketing attempt to get traders to open an account, but not without yet another contradicting message from TryMarkets. Prime Account spreads are listed to start from 0.2 pips and Pro Accounts from 0.5 pips, in their “Trading Account” section they start from 0.3 pips and 0.7 pips respectively; in general they are marketed as low as 0.0 pips.
<img alt="TryMarkets Spreads - We are confused" title="TryMarkets Spreads - We are confused" class="img-responsive" center"="" data-cke-saved-src="/files/TryMarkets Spreads - We are confused.png" src="/files/TryMarkets Spreads - We are confused.png">
Bonuses and Promotions
TryMarkets doesn’t offer any bonuses or promotions to traders.
Opening an Account
Opening an account is done through a four-step online application which is standard industry practice, but extreme caution is advised with TryMarkets. Personal information is required and proof of ID and residence part of the process; this may be an identity theft operation.
Deposits and Withdrawals
While TryMarkets lists credit cards, eWallets, wire transfers and other methods as options, details are scarce. This further suggests that no trading is taking place here or at least not anymore. No information on the listed payment processor listed in Cyprus, CMS Global LTD, could be found (there is a CMS Global LTD in Northern Ireland which is unrelated to this operation). As mentioned several times during this TryMarkets review, we would not recommend providing personal details to this brokerage.
Another area of concern is the website doesn’t operate a secure certificate which adds to the red flags for TryMarkets.
Trading Platform
MT4 | |
|---|---|
MT5 | |
cTrader | |
Proprietary Platform | |
Automated Trading | |
Guaranteed Stop Loss |
Summary
After this full TryMarkets review we are left with more questions than information about TryMarkets. The website is full of misleading information, contradicting information and outright lies. Claims of regulation have been proven wrong as the mentioned regulator has no records of this company. Entire sections of the website return no content at all, even deposits and withdrawals are not listed. The website operates an unsecure certificate and is not functioning outright, it redirects and returns a strange address. Just doing this review felt unsecure.
Maybe TryMarkets used to have trading operations, but after completing this review it appears that they have ceased altogether, though we question why the website is still live. There is no reason to risk personal information or capital with this alleged brokerage. Real trading conditions are offered for minimum deposits of $20,000 in their Prime Accounts which further suggests that this was geared towards new traders with small pockets in order to clean them out. Most likely deposits go directly to the operator of this scam broker when that was an option, now it looks like TryMarkets is the leftover of a defunct scam operations which may get away with identify theft at best. Stay clear of this scam operation, it doesn’t get more obvious than that. TryMarkets is based in Belize according to its own account, but no proof was found. The real location remains unknown. TryMarkets appears to make money from spreads, commission, swaps and trading losses of its clients where it acts as a counter party. At the end of this review it is unclear if any trading takes place at all. TryMarkets claims to offers credit cards, bank wires, eWallets and other methods, but no further information is available. It appears that this broker is no longer processing payments. TryMarkets has a minimum lot size requirement of 0.01 standard lot for currency pairs, but again it remains unclear if this broker has any trading operations. According to its website, TryMarkets enforces a stop out at a 30% Equity-to-Margin ratio. No, it is not. TryMarkets, a brand of Capital Market Solutions Inc., claims to be authorized and registered by the Belize International Financial Services Commission as a financial services firm with the company number 144939 and license number IFSC/60/337/TS/17. The review concluded that this is not the case. TryMarkets offers a maximum leverage of 1:500 in all accounts. TryMarkets offers a quick and digitized online application form. Yes, TryMarkets offers MT4 trading platform.FAQs
Where is TryMarkets based?
How does TryMarkets make money?
How can I deposit into a TryMarkets account?
What is the minimum lot size at TryMarkets?
When does a stop out take place at TryMarkets?
Is TryMarkets regulated?
What is the maximum leverage offered by TryMarkets?
How do I open an account with TryMarkets?
Does TryMarkets offer the MetaTrader Trading Platform?
