Titan FX Review
Titan FX Review
Like most FX brokers, Titan FX provides its clients with a choice of several account types. The Standard account is commission-free, offering institutional grade STP spreads. The Blade account, on the other hand, is intended for advanced and EA traders and provides raw ECN spreads from 0.0 pips, but also involves a commission.
In addition, Islamic (swap-free) service is available on standard account types, for Muslim investors who are unwilling to earn interest for religious reasons.
The Company. Security of Funds
Titan FX is a New Zealand-based foreign exchange, metal and commodities broker serving both institutional and retail clients across the globe. The broker offers trading in 70 currency pairs, DMA CFDs for the world’s largest stock market Indices, energy commodities and provides access to spot metal contracts for the most popular precious metals (including Gold, Silver, Platinum and Palladium).
Titan FX is the trading name of TitanFX Ltd., which is a registered Financial Services Provider in New Zealand and as such is regulated by the Financial Markets Authority (FMA).
FMA regulated companies must comply with certain rules, which are not as strict as in Switzerland, US or in the UK, however they provide a certain level of security.
For instance, registered firms must have a physical office in New Zealand, within which must be employed a at least one Director (having adequate financial competence), who is a New Zealand resident.
Legislative amendments are to be adopted later this year, requiring Forex brokers to hold net tangible assets amounting to at least $1,000,000, which is a step further in tightening up the NZ regime, bringing it in line with those in the United Kingdom and Australia, where the minimum capital requirement is 730 000 EUR and 1 000 000 USD respectively.
What is more, Titan FX is a member of the New Zealand ISO scheme. If a trader has a complaint about the services, provided by the broker, they may contact the Insurance and Savings Ombudsman.
In addition, Titan FX Limited is also registered as International Business Company in St. Vincent and the Grenadines, IBC number 22933-IBC-2015.
Minimum Initial Deposit
The minimum initial deposit required by Titan FX is $200. This is a reasonable average amount to start trading with, however it may prevent some small market players from trading with this broker, taking into account that CMC Markets, a leading NZ-based brokerage, does not require any minimum deposit.
Commission & Spreads
As Titan FX is a NDD broker, it offers variable spreads. Blade account holders may trade within raw average spreads as low as 0.1 on EUR/USD, but a commission amounting to + $3.5 commission per standard lot (per side) applies. So the trading costs in fact start from 0.8 pips, commission included, which is an attractively tight spread.
The Standard account, on the other hand, offers higher spreads due to the fact that holders are charged through the spread (averaged at 1.1 pips on EUR/USD), but this account is commission-free. Such spread is considered average for the forex market. In comparison, CMC Markets offers typical spreads amounting to 0.9 pips on EUR/USD, and charges an average commission amounting to 0.10 % of the volume traded.
For further information, you may look up real-time spreads of 15 leading brokers here.
The maximum leverage level offered by Titan FX is 1:500, which is comparatively high, since most brokers usually offer leverage of up to 1:200 or 1:400.
CMC Markets also provides leverage up to 1:500, although in some jurisdictions there are limitations set on leverage, which are considerably lower. The reason for these limitations is that higher leverage involves higher risk of losses, which may even exceed initial investments, in cases of extreme market volatility.
Like most forex brokers, Titan FX supports the world’s favorite FX trading platform Metatrader 4 (MT4) on PC, mobile or even in your web browser.
MT4 offers all a trader needs: a number of technical indicators, outstanding charting package, extensive back- testing environment, and a wide range of Expert Advisors (EAs). Traders can download ready-made or create their own automated trading strategies and simply let the program do all the work.
Titan FX recommends any client who is trading using an automated strategy should consider making a small monthly investment in leasing a VPS (Virtual Private Server).
The broker provides all clients with access to its latest servers in the Equinix NY4 financial hub, just 1/10ms (0.1 milliseconds) from Wall Street. The Titan FX ECN also incorporates multiple datacenters in North America (New York, USA – NY datacenters) and Asia (Tokyo, Japan – TY datacenters) to give the fastest connection with minimum latency whenever traders are located.
Moreover, Titan FX partners with Zulutrade and SignalTrader, which enables its clients to pick among some of the world’s best forex traders and copy their trades directly into Titan FX trading accounts.
Besides, like most brokers, Titan FX provides Multi Account Manager (MAM) for Money Managers. Titan FX MAM is tightly integrated with the MT4 platform, extending the functionality to allow you control of your client accounts from your master account and reducing your overhead so you can focus on strategy and management.
Methods of Payment
Titan FX’ clients are offered the following money transfer methods, including credit/debit card, bank wire and Skrill and Neteller e-wallets.
Titan FX applies no charges for account funding.
Titan FX is a NZ-regulated STP/ECN broker that provides trading in forex and CFDs s through the popular MT4 under competitive terms and conditions. T
Titan FX Review Conclusion
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