If you’re like us and you’ve read the complaints that traders wrote about Trade Capital Markets (TCM), you probably have a lot of questions. We’re here to answer them.
In the Trade Capital Markets (TCM) Review, you’ll find key information about this broker. This review will focus mainly on the Cypriot branch of TCM.
Trade Capital Markets Ltd, hereinafter TCM, is a subsidiary of Trade Capital Holding Limited but we’re interested in just TCM here.
TCM is an investment company registered with the Cyprus Securities and Exchange Commission (CySEC) and its branch – Lead Capital Global Ltd is registered with South Africa’s Financial Sector Conduct Authority (FSCA) and Mauritius’ FSC (offshore).
Furthermore, the company has one more subsidiary that operates in the UK (Trade Capital UK ltd).
We checked the CySEC, FSCA, and UK FCA registers to confirm the Trade Capital Markets (TCM) regulation claims. It’s all legit. Why all the complaints then?
Well, one explanation could be the offshore branch, which is pretty much unregulated since Mauritius doesn’t have proper financial market rules. Another possibility is that the FSCA-licensed entity is a clone.
Although CySEC operates under the jurisdiction of the European Securities and Markets Authority (ESMA) and issues MiFID passports to its brokers, it’s still a Tier 2 regulator. So is the FSCA. Only the FCA is a Tier 1 regulator here, which carries the most weight and offers the tightest conditions.
Therefore, if you’re really keen on trading with TCM, it might be best to open an account with Trade Capital UK (https://www.tradecapitaluk.com/). The rest of this review will focus on the CySEC/FSCA/Mauritius domain of TCM (https://www.trade.com/) since traders encountered issues with that broker.
Aside from Cyprus, the TCM investment company has regulated subsidiaries in the UK, and South Africa and an offshore branch in Mauritius. However, clients were having withdrawal issues and thus wrote complaints against this broker.
TCM was established in 2013 in Cyprus but the South African branch came about in 2019 and the Mauritius one in 2020. Since January 2019, the broker has been providing services to clients all over the world:
The MiFID passport allows the broker to operate in other EU member states but not outside Europe. Thus, TCM isn’t authorized to provide services in the US or Canada since different rules apply in those areas.
Based on similarweb.com data, the number of visits to TCM’s website significantly dropped in January 2023 (91k) compared to December 2022 (209k) but then slightly bounced back in February (115k). Complaints against TCM that we found were all written by Hong Kong traders.
To pick up on the previous section, we found some complaints against TCM from Hong Kong traders on WikiFX. These are all from 2021. On Trustpilot, we found one more complaint from relatively recently. Here’s what traders say:
Can’t withdraw funds at all. How can I get my principal. These two people cheat us…
Don’t use this company. I couldn’t get my money back when it was time to withdraw , please stop now !
TCM offers three trading platforms – MetaTrader 4, MetaTrader 5 and WebTrader. The instructions for downloading and installing the platform can be found on the broker’s website.
From what we read, MT4 is available for both PC and mobile while MT5 is available only for Windows and MAC. WebTrader is browser-based so it doesn’t need downloading.
MT trading platforms are the leading software in the trading industry. They offer a wide range of advanced tools and features. Traders can utilize automated trading, multiple timeframes, in-depth analysis, lightning-fast execution, live market reports, a user-friendly interface, etc.
On the other hand, WebTrader is a pretty lackluster online terminal with just some basic charts and graphs. But, TCM put a bit more effort into developing its web platform so it’s slightly above average.
Here’s what TCM offers in terms of trading instruments:
Spreads and commissions vary for each account type. For example, the spread for EUR/USD on the Micro account is 1.4 pips. That’s pretty much the industry’s standard.
The PRO account offers 0.8 pips for EUR/USD but is more expensive. As for the commissions, TCM charges 0.16-0.08% on shares trading and 0.5% on crypto trading. The ECN PRO account also charges 0.04 $ on FX and metals.
Here’s an overview of TCM’s trading accounts:
The last account type is only per request. TCM clearly outlined spreads and commissions for benchmark instruments out of the asset classes.
We would like to address the really high leverage. Namely, TCM offers up to 1:290! It’s an unambiguous sign that this is either the South African or the offshore Mauritius branch.
CySEC and the FCA have a cap of 1:30 in force in their jurisdictions. This restriction is there to protect clients from huge losses that extremely high leverage often brings. Be careful.
TCM offers a free demo account. It’s great to be able to trade for free and see how the platform functions.
However, opening a live account, or in this case, the CFD account, is a different story. You’re investing real money and the risks are high. Plus, TCM’s reputation is a bit tarnished.
According to TCM’s website, the broker accepts the following payment methods:
Allegedly, there are no deposit & withdrawal fees. When paying with cards, the payment is processed by ECOMMBX Ltd from Cyprus.
The Trade Capital Markets (TCM) withdrawal policy is missing on the Global (offshore) branch’s website. Global also offers a welcome bonus, which is banned in ESMA’s territory and the UK.
We hope you understand how TCM could cause you problems. It’s important to pay attention to which domain you register with. Our recommendation is the FCA-regulated UK domain.
If Trade Capital Markets (TCM) violates any terms and conditions, please let us know. If you’re having withdrawal issues, we can help you get your money back.
Global Fraud Protection has a team of experts that specialize in bank chargebacks and advanced crypto-tracing software such as CipherTrace.
If this broker steals your money, start the chargeback process. Book your free consultation with us via Online Chat, it’s the easiest and fastest way!
It depends on which domain you choose. The UK and Cypriot domains should be legit but be careful with the offshore branch.
Yes. TCM included a free demo account that clients can use before opening a live account.
Yes but only for MT4. MT5 is not available for mobile. WebTrader is browser-based.
They are if your domain is regulated by CySEC or the FCA. The South African domain is suspected to be a clone and we wouldn’t trust the offshore domain from Mauritius.
It depends on which domain you choose. The UK and Cypriot domains should be legit but be careful with the offshore branch.
Yes. TCM included a free demo account that clients can use before opening a live account.
Yes but only for MT4. MT5 is not available for mobile. WebTrader is browser-based.
They are if your domain is regulated by CySEC or the FCA. The South African domain is suspected to be a clone and we wouldn’t trust the offshore domain from Mauritius.
The post Trade Capital Markets (TCM) Review – Can You Trust This Broker? appeared first on Global Fraud Protection.
