|Broker Name:||TMS Brokers|
|Broker Type:||Forex & CFDs|
|Operating since year:||1997|
|Regulation:||Polish Financial Supervision Authority|
|Availability:||Monday-Friday: 9:00 - 17:00 CET|
|The Trading platforms:||MetaTrader5|
|Trading platform Time zone:||N/A|
|Other trading instruments:||Yes|
- General Information & First Impressions
- Fund and Account Security
- The Trading Accounts
- TMS Brokers’ Trading Platform
- Funding and Pricing
- Customer Service at TMS Brokers
Broker Review: TMS Brokers
General Information & First Impressions
TMS Brokers is a Polish company that offers its customers trading and investing services. It’s been around for quite a while, albeit changing forms noticeably. In our TMS Brokers review, we’ll go over its usability and see how it compares to its peers.
The first impression we got when we visited tmsbrokers.com was that the website looked fantastic. The color scheme fits well and the mix of dynamic and static elements blends well. There are no tacky stock images of a person looking at a trading platform, or a bull and a bear.
As such, visually, TMS Brokers stands out right away, unlike other similar companies. It’s clear that the broker found someone capable that would actually take care of the visuals. And while that doesn’t impact the service directly, it does show the broker is attentive.
However, the fact that it looks good also serves as a lesson. While its appearance is great, the content on the website is somewhat lackluster. It’s not to the extent of scam brokers where you struggle to find even basic information, but a lot is missing. If you’re a relatively inexperienced trader, it may be difficult to learn about the broker.
And the sectioning on the website is off as well. There are two drop-down menus called “Invest” and “Where to invest.” That’s bound to cause confusion, and even the categories within them are confusing. Lastly, some sections are poorly placed, such as contact info being under “Invest” instead of “About us.”
When we first started our TMS Brokers review, our impression was overall positive. However, there were clear signs of some weaknesses that would become more pronounced later.
Fund and Account Security
Safety is one of the primary factors to consider when choosing an online broker. Luckily for TMS Brokers, it does appear like a safe company and passes most of our security requirements.
For starters, the fact that the company has been around for over two decades is quite reassuring. It wouldn’t mean much if it was an obscure company, but for a large brokerage, it’s quite meaningful. If it were up to no good one of two things would happen. One is that it would get caught by regulators or authorities and get fined into obscurity. The other is that clients would figure it out, and its reputation would spread like a wildfire.
In reality, some combination of both would likely occur. As such, the fact that it’s still reputable goes a long way towards proving its trustworthiness.
The second important factors is that the broker operates onshore, and that it’s regulated. While offshore regulators aren’t horrible, we always feel better about companies in safer locations. As we said earlier in our TMS Brokers review, it’s a Polish company, and holds a Polish Financial Supervision Authority license.
The fact that it operates from a EU country also means it needs to adhere to MiFID II, giving users some extra protection. All that proves that the broker doesn’t have dishonest intentions, or couldn’t carry them out if it did.
One thing that’s mildly concerning is the lack of information we mentioned earlier. However, our general impression is that TMS Brokers didn’t omit info to confuse users like scams do. We believe it was a design decision (albeit not a very smart one) to make the website look more streamlined. As such, we don’t foresee you having any trouble at tmsbrokers.com.
The Trading Accounts
The broker held up well up until this point in our TMS Brokers review. However, here’s where the lack of information and versatility start kicking in. Before we dig into the issues with the broker’s accounts, we do need to draw attention to the demo option.
While many brokers decide to eliminate the demo account from their services, we believe it’s still quite valuable. It allows newer users to practice, and it’s undoubtedly the best way to test out a service. Of course, it’s not a 1:1 experience compared to real trading, but it’s the closest you’ll get. As such, the fact that TMS Brokers has a test account option is something we like to see.
However, moving on from that, the issue lies within the live account. For starters, the only split is between retail and professional client. And that’s not even an account distinction, as the pro version essentially just takes off your training wheels. In reality, there’s only one account type. In other words, the customization and support for specific trading styles is limited.
But there’s an even bigger issue in that the broker doesn’t really explain anything about its account. When you open up the “TMS account” page, all you’ll see are some general claims. TMS Brokers writes things like “get access to global markets,” which you can say about any broker.
One thing we found funny is the broker’s claim is that it has “probably the best brokerage account.” Points for modesty, but we think that should have been a defnite statement.
The broker took more time to explain the pro account and it’s actually pretty clear what you get there. However, the lack of exact information about the retail account is concerning, considering that’s where most of the public lies.
TMS Brokers’ Trading Platform
The broker uses a tried and tested the platform in MetaTrader 5. Like in the accounts section, it doesn’t do the best job at describing the platform to its customers. However, the damage from that gets mitigated by the fact that there’s a lot of info on MT5 across the web. Still, we believe TMS Brokers could have done a better job.
Still, we do like the use of MetaTrader 5 over a proprietary platform. The first reason is that it gives traders a sense of familiarity since they’ve likely already used an MT platform. That makes the transition to TMS Brokers easier.
The other reason is that it’s simply one of the best platforms out there. Many brokers boast with their proprietary trading solutions that simply aren’t as accessible or as feature-rich as MetaTrader. The foruth installment may be more popular than the fifth, but both are excellent pieces of trading software.
Of course, the broker also offers a mobile app for those that prefer traing via their phones or tablets.
Funding and Pricing
As we’ve mentioned countless times in our TMS Brokers review, its slack of available info is holding it back significantly. That carries through as far as its pricing and funding are concerned as well.
One thing the broker did make clear is how and how much money you can deposit into your accounts. It’s not the most option-rich company out there, but what it offers is serviceable. However, that’s not nearly enough, as it doesn’t specify trading costs, nor does it mention withdrawal costs.
We dug through tmsbrokers.com and we didn’t find anything that would indicate what the service cost is like. The best we found is the assets page, which gives you a current look at the spreads for each trading instrument. The spreads are moderately tight across the board, but we believe there are other costs that the broker didn’t specify.
If you were to register or dig through the legal documentation, we’re sure you could find it somewhere. However, service pricing is a crucial piece of information that should be readily available to anyone. As the single most impactful feature, we beliefe any broker should display it prominently. The fact that TMS Brokers doesn’t do that is quite the letdown.
If you were to recommend a friend a product, they’d need to know how much it costs before purchasing it. As we don’t know the exact price of using TMS Brokers, we can’t recommend it to you in good faith.
Customer Service at TMS Brokers
Besides the small issue with the placement of the support category we mentioned earlier in our TMS Brokers review, the setup is solid. There are multiple phone lines you can use depending on your location and reason why you’re calling. There’s also an email option and a live chat that’s integrated on tmsbrokers.com.
Email: [email protected]
We really wish TMS Brokers was a bit more careful because it was shaping up to be a solid choice. However, a few decisions it made spoiled the brokerage to the point where we have trouble recommending it.
If it was only a bit more information-rich, TMS Brokers may have been the go-to CFDs broker for European customers. However, we can’t speculate on what the broker offers, and as such, can’t compare it with what other brokers offer.
THere’s also the chance that TMS Brokers is hiding its information intentionally. We don’t necessarily think that’s the case, as the broker seems overall honest. But we can’t entirely eliminate the possibility either. If that’s true, the company is much more nefarious than we initially thought, and it would significantly degrade our opinion.
TMS Brokers can fix its problems easily, and for its own sake, we hope it does. However, in the state that it is for our TMS Brokers review, it earns a middling grade.