Tier1FX Review 2023

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Our Rating

2.5
/ 5

Tier1FX is #115 in our CFD broker rankings.

Tier1FX is a regulated CFD and forex trading broker.

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Regulated

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Demo Account

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MetaTrader 4

Minimum Deposit $1,000

Trading Platforms MT4

Instruments Forex, CFDs, indices, shares, energies, metals, cryptocurrencies

Bonus Offer -

Account Currencies

Payment Options

All Tier1FX Details

Compare Tier1FX

Forex Trading

Trade on dozens of major, minor and exotic FX pairs.

Stocks Trading

Trade on major indices from the US, UK, Europe, Japan, and more.

CFD Trading

Trade CFDs on indices, FX, precious metals, energies, and cryptocurrencies.

Crypto Trading

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.

Trading Platforms

MT4

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

Fortex 6

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.

JForex

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.

Assets

Tier1FX provides trading on forex and CFDs covering:

• 50+ FX pairs
• Stock indices
• Cryptocurrency
• 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

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.

Mobile Trading

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.

Payment Methods

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.

Demo Account

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.

Additional Features

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.

Account Types

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

Benefits

Reasons to open a Tier1FX account include:

• EU regulated
• Tight spreads
• Large liquidity pools
• No delays or requotes
• Multiple platforms, including MT4

Drawbacks

Downsides to Tier1FX’s offering include:

• Limited payment options
• Narrow range of assets & markets
• Long customer support wait times

Trading Hours

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.

Customer Support

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 – support@tier1fx.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.

Client Safety

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 Verdict

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.

Accepted Countries

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.

Payment Methods

Tier1FX Details

CFD Trading Details

Forex Trading Details

Cryptocurrency Trading Details

Compare Tier1FX

Compare Tier1FX with similar brokers that accept traders from your location. Among available brokers these are the most similar to Tier1FX:

1. OANDA – OANDA offers 70 forex pairs with two competitive pricing models and a substantial welcome deposit bonus
   Go to OANDA
2. Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer tight spreads on a cutting edge platform.
   Go to Forex.com
3. Webull – Webull offers a popular online stock trading app with low fees and generous bonuses.
   Go to Webull

Tier1FX Comparison Table

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

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FAQ

	Visit	Tier1FX is a regulated CFD and forex trading broker.
Tier1FX is a regulated CFD and forex trading broker.