Tier1fx

Detailed Tier1fx Broker Review:

Tier1FX is an international forex broker, positioning itself as a company with a clean agent model. That is, the representatives of Tier1FX are not interested in having customers lose their deposits as often as possible. Let’s check how everything works in reality. We will figure out what are the advantages of the company and whether it can be trusted.

Tier1FX is a division of the investment company Hogg Capital Investments Ltd. And here there is an important point: for all documents, only Hogg Capital Investments Ltd is licensed, and Tier1FX is indicated only as a valid website. This means that in any contentious situations the following will happen: you go to complain to the Tier1FX broker → contact the regulator → the regulator sends a request to Hogg Capital Investments Ltd → Hogg Capital Investments Ltd indicates that Tier1FX is an independent unit whose work does not extend to the licensing → regulator will give you something like this: the question cannot be resolved, because Tier1FX is not a regulated company. Unfortunately, this is the standard scheme when a forex broker tries to create a reputation of a reliable company at the expense of some investment firm. This is an important point to understand before depositing money. We figured out the regulation, and other characteristics are presented below.

General information about Tier1fx:

Trading Platforms

For transactions Tier1FX offers the following platforms:

1. The standard terminal Metatrader 4, which can be downloaded in the desktop and mobile versions (Android, iOS).
2. The FORTEX 6 terminal is a cloud-based trading program for working in a browser and mobile application. Here you can enable the code editor and develop your trading advisor based on C # or JavaScript.
3. JFOREX is a desktop trading application that contains many tools for developing automatic algorithms.

The company also provides the FIX API service, which is tailored for the financial industry and allows you to quickly transfer large amounts of data. For details, see the website in the “Platforms” section.

Trading Instruments

Over 50 currency pairs, CFDs for futures and cryptocurrencies, precious metals, some types of securities and assets of the commodity market are available to customers.

Fees and charges

Tier1FX does not charge any maintenance fees or a simple trading account. At the same time, the company practices a system of trading fees, which, according to representatives of the broker, allows customers to work with the lowest possible environments – from 0.2 points for the EUR / USD pair. That is, other brokers have a floating spread, but here a reduced floating spread plus a trading fee. According to our calculations, the second option is more expensive, however, you can double-check everything by going to the “Trading fees” section on the official website.

Support

To contact technical support managers, the Contact section is provided, which has several telephones, email addresses, and a question form. There is also an online chat that works around the clock five days a week. The problem is that the site is adapted only for English and many users can not do without a translator.

Features

In the “Affiliate Program” section, the Tier1FX broker offers customers two types of cooperation. The first option is when you become a referral agent, advertise a broker on different platforms and receive rewards for each attracted client. The second option is suitable for investors who are ready to invest large capital, take advantage of Tier1FX technologies and become the owner of their own brokerage company. Whichever option you choose – the details need to be checked with the manager individually.

Tier1fx: Pros & Cons

Advantages:

1. A large line of trading assets and the ability to work with cryptocurrency.
2. A good selection of trading platforms adapted for all modern gadgets.
3. There is an affiliate offer, under the terms of which each user can acquire a new source of income.

Disadvantages:

1. The site indicates that the broker is under the supervision of MFSA and other European financial regulators. All licenses are owned by Hogg Capital Investments Ltd, which positions Tier1FX as an independent division. That is, if problems start, then Hogg Capital Investments Ltd will not deal with Tier1FX punctures.
2. High requirements for a starting deposit – not all beginners are willing to allocate 1000 euros to try to trade on the Forex currency market.
3. The broker does not offer any educational materials.
4. The site is not adapted for the Russian language and it is difficult for a Russian-speaking audience to focus on it.
5. A limited number of replenishment and withdrawal options.
6. There is an understated spread, the advantage of which is interrupted by the mandatory trading fee. As a result, the trader overpays for each transaction.