TCForex is a STP forex broker, which also provides access to the Mirror Trader platform. The company currently has issues with its account creation process. Hopefully this is a temporary problem, which will be resolved in the future.
The Company. Security of Funds
Company Country Regulation
TCForex Unknown N/A
DirectFX Trading Pty Ltd Australia ASIC
TCForex is partnered with DirextFX, an ASIC-regulated broker. While there is little information on the actual company behind TCForex, their partner is a well-regulated broker. This situation is not that uncommon in the business.
What is more important is the regulatory status of the main company. DirextFX is overseen by the Australian Securities and Investments Commission (ASIC). All brokers under the guise of this agency are required to keep their clients’ funds in the so called segregated accounts. This means the company can’t freely take your money and offer no actual trading in return, which is the most brutal form of scam out there. On top of that a brokerage must have at least AUD 1 million in capital, before applying for the ASIC license. This is done to ensure capital stability and more importantly, prevent scammers from even attempting to register.
Minimum Initial Deposit
The minimum initial deposit at TCForex is $250. When compared to the current offers by other brokers this is a rather high level. Most brokerages, like FxPro for instance, accept new clients after an investment of 100$.
Keep in mind, this should be a consideration only for those who are willing to start with a small account. The minimum deposit level does not provide any information about the credibility of a given broker.
Average spreads & Commissions
The costs of trading at TCForex aren’t disclosed. As opening a demo account wasn’t available at the time of writing of this review, we couldn’t test their services. Nowadays most brokers offer EUR/USD spreads in the 1.0-1.5 pips range. You can always compare the conditions provided by some of the industry-leading brokers at our dedicated page.
The maximum leverage at TCForex is 1:400. While experienced traders will consider this a very high level, some brokers provide even higher levels, like 1:500.
The reason why veterans don’t use much leverage is that it only allows you to take bigger risks. While this may sound attractive, the key to long-term success is managing your risk.
TCForex provides trading via the MetaTrader4 (MT4) platform. This shouldn’t come as a surprise to anybody who is familiar with forex trading, as it is the choice of most brokers. It provides a stable solution, compared to the alternative of developing a new software from the ground up. That being said MT4 has a lot of distinct advantages over its competitors, like the amazing charting functionality, availability of custom made technical indicators and automated systems and relative ease on the hardware.
The downside of MT4 is the lack of multiple-monitor support, which day traders do enjoy. All of the platform’s immense functionality is (by default) packed in a single window.
As we have stated already, there is currently an issue with the account creation process at TCForex. This didn’t allow us to download their iteration of MT4 for a more in-depth review.
Methods of Payment
The methods of payments available at TCForex are Bank Transfer, Neteller, Skrill and UAE Exchange. While popular e-wallet options and even a local company are supported, Credit/Debit Cards are absent.
TCForex is a forex broker, partnered with DirextFX. You should be getting pretty similar services with both companies. That being said, TCForex has not revealed its actual trading conditions, which may differ slightly from those of the more established company. At the time of writing of this review, the account creation process was delayed. We will update this review, once conditions change.
TCForex Review Conclusion
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