Destek Markets Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this DestekMarkets Review.
Destek Markets Review
Destek Markets is a forex broker, which also offers metals, commodities and currency futures trading. The company offers two account types, as described above.
The Company. Security of Funds
Company Country Regulation
Destek Markets UK Ltd UK FCA
Destek Markets is registered in the UK and, more importantly, is regulated by the Financial Conduct Authority (FCA). Britain’s watchdog is one of the most respected and trading with a company which is under its oversight basically eliminates the counterpaty risk.
As we like to point out in all of our reviews, the regulatory environment in which a broker operates is key for determining their credibility. Most developed countries have a legal entity, empowered to specifically create and enforce rules for the financial services sector. In the United Kingdom one of these agencies (the one which deals with forex brokers, among other things) is the FCA. A company regulated by the FCA must keep client’s funds separate from its own via the so called “segregated accounts”. This prevents brokerages from freely using one’s deposit on company expenses and also serves to prevent the most basic forms of fraud. Furthermore, participation in the Financial Services Compensation Scheme (FSCS) is mandatory for all FCA regulated brokers. This is a mechanism, which forces them to transfer a portion of their profits to a pool, which then acts as insurance against one of them failing. If you trade with an FCA regulated broker, your account would be covered up to GBP 50,000, in case your broker goes under.
Destek Markets used to operate out of Turkey and acquired the FCA license fairly recently, but this shouldn’t be a bother. Other than that, the company recently appointed industry veteran Matthew Wright as its CEO, which can only be viewed as a plus.
Trading Conditions
Minimum Initial Deposit
Destek Markets’ minimum initial deposit for the mini account is $50 (and $100 for the standard). This is what you would expect nowadays and is pretty reasonable, as an effort to make the trading experience available to everyone. Some brokers go even further in that regard, like FXTM who only require $5 for opening a new cent account.
This may seem like an important criteria for you, especially if you are a new trader, but it really shouldn’t be. Trading demands a solid knowledge base, a stable state of mind and adequate capital. A serious strategy, with solid risk management should be funded properly.
Average spreads & Commissions
Spreads at Destek Markets are floating. The company claims the spread on EUR/USD is 1.6 pips at average. Our tests never saw it fall below the 1.6 mark, but it didn’t really moved much above it, during the most liquid time of the day. This is not really competitive with the current state of the industry, as most brokers offer something in the 1.0 – 1.5 pips range for that pair. We have set-up a real-time comparison of spreads offered by 15 of the leading forex brokers here.
Leverage
Destek Markets offers a maximum leverage ratio of 1:200. This is sufficient for all trading systems, which involve at least some sort of risk management. On the other hand there are brokers which offer 1:500 or even more.
Keep in mind, more leverage does not guarantee better trading performance. In fact, quire the opposite is often the case. A high leverage ratio can tempt undisciplined traders into taking a bigger trade than they should, just “get even quickly”. Most of the times this ends up creating the devastating habit of constantly over-leveraging, which can lead to massive losses.
Trading Platforms
Destek markets offers MetaTrader4 (MT4) to its clients. This is the world’s most popular trading platform, when it comes to currency trading. With its great charting software and availability of custom tools, its no wonder why many brokers prefer just using it, instead of developing their own software, from scratch. The programing language is fairly easy to learn, which has led to the development of many technical indicators and automated systems (or Expert Advisors, as they are called).
The platform also has mobile versions for both iOS and Android, giving traders no excuse to not be aware of the current state of the market and more importantly, their positions. The only downside to MT4 is the inability to split different sections of the desktop platform on multiple screens, a feature veteran users of other trading software surely miss.
Methods of Payment
The payment options at Destek Markets are limited to Bank Transfer and Credit/Debit Card. This will probably leave users of e-wallets such as Netteler and Skrill disappointed. Keep in mind, international bank transfers may take several business days.
Destek Markets is a FCA regulated forex broker. This brings a lot of credibility, when it comes to the security of clients’ funds. The company also offers other trading instruments, such as: spot metals and CFDs on commodities and currency futures. Trading conditions (mostly the spreads) are slightly worse than what you would expect nowadays.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Destek Markets Review Conclusion
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