Tier1FX Review 2023
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Tier1FX is a regulated CFD and forex trading broker.
Trade on dozens of major, minor and exotic FX pairs.
Trade on major indices from the US, UK, Europe, Japan, and more.
Trade CFDs on indices, FX, precious metals, energies, and cryptocurrencies.
Trade on popular cryptocurrency and USD pairs.
Tier1FX is Direct Market Access (DMA) broker offering trading in forex and CFDs. The broker offers deep liquidity and a choice of desktop and mobile platforms. Our review covers their client portal, MT4 download, demo accounts, and more. Find out whether Tier1FX is a safe and reliable online broker.
Tier1FX Company Details
Tier1FX was founded in 2013 and is owned by Hogg Capital Investments Ltd. The international broker is headquartered in Malta where it’s regulated by the Financial Services Authority. Tier1FX is also MiFID II compliant and registered with the UK’s FCA and Germany’s BaFin.
Tier1FX offers the MetaTrader 4 (MT4) trading platform to its retail clients. MT4 is the most widely used platform for forex trading, meeting the needs of both beginners and veterans. MT4 is quick to download and packed full of features, including:
- 85+ technical indicators
- Customisable interface
- Multiple order types
- Quick & easy login
- DMA execution
- Stops & losses
- Price alerts
Also available is the Fortex 6 platform. The platform runs on Windows, Linux and MacOS systems, and is built with mobile trading in mind. It’s clean, user-friendly and allows for single-click order entry and trailing stops. It also houses sophisticated charting studies and drawing tools removing the need for add-ons. Because Fortex 6 is a web-based platform, users just need an internet connection to open an account and start trading.
Tier1FX also makes the JForex platform available. This is a professional ECN system with market depth via SFWX, integrated charting and analysis tools, plus over 180 technical indicators. You can trade forex, commodities, indices, and single-share CFDs. The JAVA-based platform also provides a Visual tool to help incorporate automated trading robots into your trading strategies.
Tier1FX provides trading on forex and CFDs covering:
- 50+ FX pairs
- Stock indices
- Precious metals
- Spot commodities
While a reasonable offering, it isn’t the most diverse product list. The broker doesn’t facilitate trading in ETFs, futures, binary options, or spread betting.
Spreads & Commissions
Tier1FX takes its fee through a commission charged per standard lot for forex and per contract side for CFDs. The broker charges €2.5 per FX lot, €3 for commodities, €0.25 for CFDs, and 0.10% of the notional value on crypto CFDs. The broker does not charge any maintenance or inactivity fees.
The advantage of the broker using a commission model without any hidden admin fees is that it’s easier to plan trading costs.
Leverage depends on the instrument traded and whether you’re classed as a retail or professional trader. Retail clients get up to 1:30 leverage rates split between:
- Major forex pairs – 1:30
- Non-major forex pairs and major indices – 1:20
- Commodities, aside from gold, plus non-major indices – 1:10
- CFDs on cryptocurrencies – 1:2
Retail clients electing to be treated as professional traders can benefit from leverage up to 1:100. For standard professional clients, leverage up to 1:200 is available.
Tier1FX offers both the MT4 and JForex platforms via downloadable mobile apps on Android, iPhone, and iPad devices. The mobile apps are intuitive and come with your standard interactive charts, key indicators, one-click trading, and multiple order types.
Note, mobile trading isn’t compatible with Blackberry and Windows mobile devices.
Tier1FX clients can fund and empty their accounts using bank wire transfer and card payments. The minimum deposit with both payment options is 1,000 EUR/GBP/USD. This is high compared to other providers and may well deter novice traders. On a more positive note, deposits are processed within one working day and there are no fees on the part of the broker.
The minimum withdrawal is 5 EUR/GBP/USD. It can take several days for withdrawals to be processed, depending on the payment provider. As a security precaution, clients may need to send a copy of their payment card, with the middle six digits obscured from view. As with deposits, Tier1FX does not charge any withdrawal fees.
A demo account is available at Tier1FX. The practice account is available for 60 days, although that period can be extended by contacting customer support, details of which are listed below. The demo account is a good way to see which platform you feel comfortable with and to test out any trading strategies.
Deals & Promotions
Tier1FX does not offer any welcome bonuses or promotional deals. Instead, the broker invests its effort in providing excellent liquidity and cutting-edge technology. We’re also seeing a trend away from hefty deposit bonuses at other brokers, as regulators take a dim view of their use.
Regulation & Licensing
Tier1FX is regulated by the Malta Financial Services Authority (MFSA) and is MiFID II compliant. The broker is also signed up to an Investor Compensation Scheme, keeps client funds in segregated accounts and is routinely audited. As a result, we’re comfortable recommending Tier1FX as a safe and trustworthy online broker.
FIX APIs is a hub that provides MT4 bridge connectivity. This allows for automated trading without having to re-code EAs. It also means retail traders benefit can from a professional investment environment with low-latency execution.
Unfortunately, as Tier1FX.com reviews highlight, the broker does fall short when it comes to educational resources. There are no training guides or webinars with tips and market information. As a result, the broker is best suited to established traders with a solid grasp of their product and strategy.
To keep things simple, there is just one live account for retail traders that comes with:
- DMA/STP account
- 50% stop-out level
- Negative balance protection
- Flexible leverage up to 1:100
- Base currencies – EUR, GBP, USD, CHF
- 1,000 EUR/USD/GBP minimum deposit
- Automated trading, scalping & hedging
Reasons to open a Tier1FX account include:
- EU regulated
- Tight spreads
- Large liquidity pools
- No delays or requotes
- Multiple platforms, including MT4
Downsides to Tier1FX’s offering include:
- Limited payment options
- Narrow range of assets & markets
- Long customer support wait times
The majority of instruments on the MT4 platform are available from 21:05 GMT Sunday through to 20:55 GMT on a Friday. On the JForex platform, standard trading hours run from 21:00 GMT Sunday to 21:00 GMT on Friday.
For instrument-specific opening times, see the broker’s website.
The Tier1FX support team is available 24/5 during the trading week. Live online chat is often the easiest way to get through to a customer representative and is accessible in the bottom right-hand corner of the website. Alternatively, you can reach out via:
- Email – email@example.com
- Telephone – +356 23 27 3999
- Online query form – available on the ‘Contact’ page
Average wait times for support are 10 minutes, which is a little longer than at other providers, but overall, their customer service team is friendly and able to help with most queries.
The Tier1FX website uses standard encryption and firewalls to keep client data secure. The trading platforms also have additional security measures, including one-time-passwords. Essentially, the broker follows industry-standard security measures.
Tier1FX is an online broker facilitating trading in forex and CFDs through the downloadable MT4, Fortex 6, and JForex platforms. Traders also benefit from tight spreads and a user-friendly client portal. Overall, we’re comfortable recommending Tier1FX to our readers, especially experienced traders who don’t need a rich education centre.
Tier1FX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Traders can not use Tier1FX from United States, Iran, Korea, Japan.
|Minimum Trade||0.01 lots|
|AI / Machine Learning||No|
|Negative Balance Protection||No|
|Guaranteed Stop Loss||No|
CFD Trading Details
|FTSE Spread||1.3 pts|
|GBPUSD Spread||0.4 pips|
|Oil Spread||2.3 pips|
Forex Trading Details
Cryptocurrency Trading Details
|Crypto Auto Market Maker||No|
Compare Tier1FX with similar brokers that accept traders from your location. Among available brokers these are the most similar to Tier1FX:
OANDA – OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is authorized by leading regulators, including the CFTC/NFA. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
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Webull – Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
Go to Webull
Forex.com – Forex.com boasts a global reputation with multiple awards and 20+ years experience. Regulated in the US, EU, UK and Canada they offer a huge range of markets, not just forex, and offer competitive fees on a cutting-edge platform. The brand also provides a suite of additional tools, from performance analytics and SMART Signals to advanced charts and strategy builders.
Go to Forex.com
Tier1FX Comparison Table
|Markets||Forex, CFDs, indices, shares, energies, metals, cryptocurrencies||Forex||Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs||Forex, CFDs, Stocks, Indices, Commodities, Cryptos, Futures, Options|
|Minimum Trade||0.01 lots||$0||$5||$1|
|Regulators||MFSA||CFTC, NFA||SEC, FINRA||CySEC, IIROC, NFA, CFTC, FCA, CIMA, CIRO|
|Bonus||–||$5,000 welcome bonus with a deposit of $500||Six free stocks||–|
|Platforms||MT4||MT4, TradingView, AutoChartist||–||MT4, MT5, TradingView, AutoChartist, TradingCentral|
|Leverage||1:30||1:30 EU, 1:200 Global||–||1:200|
Compare Trading Instruments
Compare the markets and instruments offered by Tier1FX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.
Tier1FX vs Other Brokers
Compare Tier1FX with any other broker by selecting the other broker below.
Is Tier1FX a regulated trading broker?
Yes – Tier1FX is regulated by the Malta Financial Services Authority (MFSA). They are a trustworthy broker that receive positive online customer reviews.
What trading platform does Tier1FX use?
Tier1FX offers three different platforms. Clients can trade on the MT4 platform, Fortex 6, or JForex. All are reliable platforms with a decent breadth of charts and analysis tools.
Can I trade on my mobile with Tier1FX?
Yes – mobile trading is available at Tier1FX. The broker offers a downloadable app that allows for full account and trade management. Charts, indicators, and automated trading are all available from the mobile application.
Does Tier1FX offer a welcome deposit bonus?
No sign-up promo codes or deposit bonuses are available at Tier1FX. EU regulators have cracked down on welcome offers. Instead, the broker invests in providing its clients with deep liquidity pools and excellent analysis features.
Is Tier1FX an ECN broker?
No – Tier1FX uses a Direct Market Access (DMA) model. As a result, clients are trading directly against liquidity providers, including other traders, market makers, and forex providers.
|Tier1FX is a regulated CFD and forex trading broker.|