HomeTP Global FX Review 2023

TP Global FX Review 2023

Since 2016, traders have had access to the world’s currency markets through TP Global FX, a reputable online forex broker.

Known for its competitive spreads, cutting-edge trading platforms, and top-notch customer support, TP Global FX has made a name for itself as a reliable partner for traders of all experience levels.

The broker is an excellent choice whether you’re a seasoned trader trying to diversify your holdings or a novice attempting to get a footing on the forex market.

In this review, we’ll examine the features of trading with TP Global FX and provide an honest evaluation of the broker’s regulations, fees, global access, pros and cons, and lots more.

Overall Rating

7.1/10

Fast Facts

Account Minimum Deposit: $50

Fees: Withdrawal fee, Swaps, Commission

Best For: Beginners and Professionals

Pros

  • Social trading functionality
  • Competitive spread
  • Leverage up to 1:500
  • Knowledgeable customer support
  • A vast amount of trading instruments

Cons

  • Offshore regulators
  • High minimum deposit

Regulation and Security

TP Global FX is not regulated by tier 1 regulators but by offshore regulators. Since offshore regulations aren’t often as strict as those from tier 1 regulators, like the FCA or the CFTC, this concerns some traders.

Despite having no central regulatory body overseeing it, the company has a great security record for an offshore broker. They have been awarded “the most transparent broker” at some point. Even though the company asserts that it has strong security measures, it is still essential for traders to ensure that they are satisfied with the degree of security and regulation provided by any broker they choose to work with.

Data Security and Privacy Policy

The client’s data are well-kept using the best encryption and SSL technology. TP Global FX ensures that clients’ sensitive data are kept safe and secure on its website and are not accessible by predatory entities such as hackers.

The same encryption technology is also used to protect clients’ funds when depositing or withdrawing online, keeping them safe from prying eyes.

Negative Balance Protection

Negative balance protection is typically provided by brokers as a way to protect traders from losing more money than they have in their accounts. It can help traders avoid the financial hardship that can result from having a negative balance, which can be difficult or impossible to pay back.

This prevents you from owing the broker. TP Global FX ensures that your capital is well managed, just as you want it to be.

Funds Segregation

In an unlikely situation where the company goes under, TP Global FX also protects its client by offering funds segregation which keeps the clients’ money separate from the company’s. This way, the client’s money cannot be used in running day-to-day business activities by the company or, worse still, in paying off debts.

Is TP Global FX Available Worldwide?

TP Global FX is available in most countries around the globe. This means traders from a wide range of locations can take advantage of the broker’s services and access its platform. However, it’s worth noting that availability may vary depending on local regulations and restrictions, so it’s always a good idea to check with the broker before signing up.

Supported Platforms

The broker provides traders with a good selection of advanced trading platforms, including the following:

Metatrader 4 (MT4)

MT4 has become the leading software used by traders worldwide. It is famous for its ease of use and its vast collection of analysis tools. TP Global FX supports MT4; users can access the platform from their computers or mobile phones.

Metatrader 5 (MT5)

MT5 is an upgraded version of MT4. It is famed to be even easier to navigate and offers more trading instruments like futures and options. It provides more analysis tools and technical indicators.

TP Global FX supports MT5 and is readily accessible through the computer and mobile versions of the software.

Social Trading

TP Global FX offers social trading options for traders who prefer a hands-off approach to their trading career. This involves traders copying trades from professionals for an agreed fee.

Web Platform

If you want the option of taking your trades on the web, TP Global FX also offers this option. Recently, MT5 has not been available for iPhone and Mac. Those affected by this update can use the web trader available through their website.

Mobile apps 

TPG Trader, a mobile app available to Android and iPhone users, is another way to access the services this broker offers on mobile phones.

Some benefits of using TPG Trader include fast payment and robust account management. This platform is easily integrable with 100+ plugins without paying an extra dime.

You can also trade all assets, from cryptocurrencies to stocks and metals, from within the mobile app.

Account Types

Traders have the opportunity to choose the most suitable account type for their trading style from the different account types available:

Standard account

A standard account is the best choice for beginners, as the minimum deposit of $50 is the lowest among the available account types. The trader is charged zero dollars for any open trade, and spreads on EUR/USD is an average of 1.2 Pips.

Pro account

This is an ECN account with tighter spreads of about 0.2 Pips on EUR/USD. However, a hefty commission of $15 is charged per lot. This is suitable for professionals as the minimum deposit is $500.

Institutional account

Suitable for traders who want to trade much larger capital. The minimum deposit is $25000. The commission is reduced to $8 per lot. The spread is also an average of 0.2 Pips on EUR/USD.

TP Global FX also offers a swap-free Islamic account on any account type you choose. Furthermore, you can hedge on these accounts and even set trailing stops.

Signing Up

It’s pretty straightforward to open a trading account with TP Global FX. Click the “Start Trading – it’s free” button on the homepage to begin the registration process. This will lead you to a page where you must fill in basic details like your name, email address, and country and input some captcha. Click “Create Account” to move to the next phase.

At this next phase, like most regulated brokers, you’ll be asked to provide government-issued documents to verify your identity.

Deposit and Withdrawals

TP Global FX offers a range of options for deposits and withdrawals, including bank transfer and credit/debit card funding, Bitcoin, Tether, and wire transfer. However, payment via some online platforms like Paypal, Skrill, or Neteller is not allowed for security reasons.

While they do not charge any fees for depositing funds, they do charge withdrawal fees which vary by the withdrawal method and the amount being withdrawn.

Instruments

TP Global FX allows users to trade 150+ instruments across different trading markets including the following:

Currency Pairs

The broker provides you access to trade 40+ currency pairs including major pairs, minor pairs, and crosses including EUR/USD, GBP/USD, and AUD/JPY.

Indices

Diversify your investment and trade 26 top stock indices from around the world including US30, NASDAQ, and DAX.

Stocks

Trade stocks of major companies around the world like Tesla, Amazon, Facebook, and 37 others all from the same broker.

Commodities

Traders can also trade Gold (EUR and USD), Silver, and 15 other commodities.

Cryptocurrencies

The available collection of cryptocurrency assets available on the platform is limited. Traders can trade five digital currencies paired with the USD including Bitcoin and Litecoin.

It is important to note that you may want to look away from this broker if you are a futures trader, as this broker offers no futures asset.

Commissions and Fees

TP Global FX charges trading fees, such as spread, swaps, and commissions. The charges vary depending on the amount of equity traded and the chosen account type. You can also open a swap-free account.

TP Global FX does not charge deposit fees or inactivity fees. However, they charge withdrawal fees, which vary depending on the amount you are withdrawing.

Available Leverage

Leverage is an easier way of magnifying your profit while trading. It allows you to “borrow” from your broker to maximize your wins. On the other hand, misusing leverage can burn down your trading account quickly, too.

With TP Global FX, the amount of leverage available to clients depends on the account type. For instance, clients with basic or pro account types have access to leverage up to 1:500, a swap-free account can get up to 1:200 leverage, and an institutional account can have a maximum of 1:100 leverage.

Analysis and Education

Beginners will find the demo account provided by this broker useful for practicing their trading strategies. Traders can easily choose a suitable demo account on any account type they wish to open later on.

While the broker does not offer trading webinars, there’s a vast amount of quality content on their blogs that would answer almost all the questions you may have about trading. Additionally, they have tutorials showing step-by-step how to navigate their platform, which will be handy for first-time users.

Lastly, they offer real-time news. This is very useful for fundamental traders who need to stay updated with the news to make their trading decisions.

Customer Service

Unlike most regulated brokers who offer a live chat option as part of their customer service menu, TP Global FX does not, but this shouldn’t cause you to worry in any way.

They offer both email and phone support which are equally fast, and you’re sure that you will have competent personnel available to help troubleshoot any problem you are facing or simply answer your questions.

Reputation amongst Traders

Many traders have made TP Global FX their first choice broker, leaving the company with many positive reviews. In fact, as of the time of this writing, it is rated 4 out of 5 on Trustpilot (based on 129 reviews)

Awards

TP Global FX has won several reputable awards, including the following:

FOREX EXPO DUBAI 2021

Forex Expo awarded TP Global FX as the winner of the following:

  • Best IB/Affiliate Program
  • Most Transparent FX Broker
  • Best FX Educational Broker

Can Beginners Trade With TP Global FX?

The availability of demo accounts, tutorials, and even blog posts on varying topics makes TP Global FX beginner-friendly. Anyone can use the broker today and easily find their way around quickly.

Summing Up

TP Global FX is a regulated broker that makes trading accessible to just about anyone, irrespective of the device they may be using or wherever they live, from the US, UK, Africa, to Asia. Additionally, Over 150+ instruments are available with the broker.

Traders can also choose from either standard, pro, or institutional accounts to suit their trading styles and experience levels.