Tallinex offers its clients a choice of two basic account types, Micro & Pro. Intended for newbies, the Micro account is commission-free and offers micro lots for trade and high leverage levels, reaching 1:1000. The spreads, however, are not among the attractive ones on the forex market. The Pro account, on the other hand, provides tighter spreads, varying nominally between 0.0 and 1.0 pips, (depending on time of day and market conditions), however one must invest at least $2000 and also pay a commission for each traded lot.
What is more, Tallinex provides Pro-Managed PAMM accounts – a service of interaction between experienced traders and investors who wish to entrust their money to be managed by professionals. The average EURUSD spread is 0.5 pips and leverage provided – up to 1:500.
The Company. Security of Funds
Tallinex is ECN/STP broker offering trading in around 50 currency pairs, precious metals and popular CFDs on the most widely used MT4 platform.
Tallinex Limited doing business as Tallinex was founded in 2012 in Estonia and currently operates under St Vincent and the Grenadines (SVG) jurisdiction. SVG-based International Business Companies (IBC) provide financial services under the local financial regulatory regime, which is one of the most liberal ones. Registration procedure is easy and less costly, that is why this Caribbean island is a popular jurisdiction for forex start-ups (and, of course, scams).
That is why, if you plan to invest a large amount of money, we would advise you to select among brokers regulated in Australia, Switzerland or another jurisdiction, where the respective financial watchdogs are on alert and your money will be safe.
We are not suggesting that Tallinex is a scam, though. In fact, it is quite a reputable broker, particularly popular among US traders, as it is one of the few companies that accepts US clients and allows them to trade without the restrictions that apply in their jurisdiction.
Minimum Initial Deposit
In order to open an account with Tallinex, one has to deposit $100, which is average minimum initial deposit, however many offshore brokers require less. LiteForex, for instance, requires $10 as a start, and ForexBrokerInc has set a minimum initial deposit of $100, which applies to ECN accounts too.
Average Spreads & Commissions
As a true STP/ECN broker, Tallinex offers variable spreads. The ones on the commission-free Micro account are averaged 2.5 pips on EUR/USD, which s is considered high for the forex market. Typical spreads on Pro accounts, amount to 0.6 pips on EUR/USD, and if we add the commission of $6 per standard lot round turn, trading costs for this pair amount to around 1.2 pips, which is average.
In comparison, Belize-based JustForex offers variable spreads averaged 0.4 + $5 for 1 lot on its ECN accounts. For further information, you may look up and compare real-time spreads of 15 leading brokers here.
The maximum leverage rates offered by this broker are very high, reaching 1:1000. Although some jurisdictions cap leverage to levels significantly lower than this (1:50 in the US), many forex brokers offer leverage equal to or exceeding 1:500, including ForexBrokerInc.
Traders, however, should be careful with higher the leverage levels, for they involve greater risk.
Tallinex supports MetaTrader 4 (MT4), the most popular platform among both brokers and traders. It is available as a desktop download and mobile trading apps.
The MT4 terminal is a perfectly equipped traders’ workplace which provides all the necessary tools and resources to analyze price dynamics of financial instruments, execute trade transactions and create & use automated trading programs (Expert Advisors).
What is more, MT4 provides you with direct access to a wide selection Trading Signals. All you need to start copying the trades of successful traders is a Tallinex trading account and a free member account at MQL5.com. In fact, Tallinex offers its clients a few more auto trading options: Signal Trader, and TraderMade platforms are also available.
Besides, ultra-low latency VPSs are available to all clients with funded live accounts, and are provided free to clients trading 5.00 lots or more per month.
At the time of writing this review, Tallinex offers a 100% bonus on every deposit.
Methods of Payment
TALLINEX offers its clients the following deposit/withdrawal methods: credit/debit card, wire transfer, or e-wallets Neteller & Skrill.
Tallinex is STP/ECN broker, registered offshore. It uses the popular MT4 platform and accepts US clients.
Tallinex Review Conclusion
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