TMS Brokers Review 2024

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TMS Brokers is a CFD broker with low trading fees. The broker focuses on equities but offers a range of other assets such as forex, cryptocurrencies and commodities. This review will provide you with key information on fees, trading platforms, tools and more. Our UK team also reveal their verdict after testing TMS Brokers.

Our Take

• TMS Brokers will appeal to traders looking to invest in 1700+ stocks with zero commissions
• The broker has a $0 minimum deposit, ideal for beginners
• The MetaTrader 5 platform will suit active traders looking for advanced analysis tools
• The broker lacks FCA authorisation which brings down its safety score for UK traders

Market Access

We were impressed with the variety of instruments TMS Brokers offers. Traders can access 1,700+ assets including shares, forex and commodities. It is particularly strong in terms of stocks and ETFs, with exposure to major economies and companies from around the world.

However, our team was disappointed to see that the broker does not offer futures, options or bonds which could dissuade traders who are looking to diversify their portfolio.

Available instruments include:

• 10+ indices including US500, EU50 and GB100
• 10+ commodity CFDs including gold, silver and oil
• 1600+ equity CFDs including Tesla, Airbnb and Unilever
• 60 forex pairs including EUR/USD, GBP/USD and EUR/GBP
• 15+ cryptocurrency CFDs including Bitcoin, Ethereum and Litecoin
• 40 ETF CFDs including Dow Industrials SPDR and Vanguard Reit ETF

Accounts

One of the main disadvantages of TMS Brokers is its lack of account variety. We were disappointed to find that this broker offers only one account type to non-professional traders which does not compete well with other firms such as CMC Markets. Those with different experience levels and trading strategies may feel restricted by the single profile.

Additionally, the broker lacks transparency when it comes to their account conditions, with no mention of leverage, leaving traders in the dark about what they are signing up for.

On the positive side, there is no minimum deposit when opening an account with this broker.

How To Open An Account

I found opening an account with TMS Brokers simple. The process takes between 5 and 10 minutes:

1. Click on the ‘Open Live Account’ icon in the top right-hand side of the broker’s website
2. Click the ‘Start’ icon
3. Enter your email address and create a password
4. Send proof of identity in the form of a driver’s license or passport
5. Fill in the required personal information such as your address, name and telephone number
6. Once verified you will receive a verification email and you can login to your live account

Fees

Our team was pleased to find that the fees at TMS Brokers are low. The broker offers no commissions on the majority of instruments and low fees of 0.06-0.25% on forex contracts, with no minimum commission.

The broker offers tight spreads on a variety of assets, for example, I was offered spreads as low as 0.002 on Polish stocks. The real-time price quotes available on the site are a good way to gauge pricing before you start trading.

Funding Methods

Our team was disappointed by the lack of a variety of payment methods supported by this broker. TMS Brokers only accepts credit/debit cards, bank transfers and Trustly deposits.

E-wallets such as PayPal are not accepted by the broker which reduces the flexibility and ease of depositing or withdrawing funds from the company.

Furthermore, I was disappointed to see the only accepted currency with a TMS Brokers account is EUR which means UK traders may be subject to currency conversion fees.

There are no deposit fees charged by the broker but traders should be aware that there is a minimum deposit amount of 25 EUR with credit/debit cards and Trustly.

How To Make A Deposit

On a lighter note, funding your account is quick and easy:

1. Click the ‘Deposit Funds’ icon on the broker’s website
2. Select the payment method you want to use
3. Log in to your account
4. Enter the amount you want to deposit
5. Confirm the deposit

Regulation

We were not impressed with the broker’s regulatory status. TMS Brokers are regulated by the Polish Financial Supervision Authority (PFSA) with a license number KPWiG-4021-54-1/2004.

Traders should be aware that this agency doesn’t offer the same protection as top-tier authorities like the UK’s FCA. For this reason, the broker may be less reliable than competitors such as AvaTrade or eToro.

Reassuringly, TMS Brokers does offer negative balance protection meaning traders cannot lose more money than is present in their account.

Additionally, this broker participates in the National Depository for Securities compensation scheme which covers client funds up to EUR 22,000.

The company also segregates client funds meaning trader capital will not be lost if the company files for bankruptcy. This can give traders some reassurance that their funds are relatively secure.

Trading Platforms

We were happy to see that TMS Brokers offers the reliable platform, MetaTrader 5 (MT5), though sadly this is the only available option.

Thankfully, MT5 is easy to use and is popular with many traders. We liked the platform’s 38 technical indicators, 46 graphic objects and 22 analytical tools, as well as one-click trading functionality and an advanced strategy tester.

It’s a shame that TMS Brokers doesn’t also offer MetaTrader 4 (MT4) or another proprietary system. Many top brokers such as Eightcap excel in this area, catering to beginners and experienced investors alike.

MT5 is available to download as a desktop program or mobile app.

Mobile App

We rated the TMS Brokers proprietary mobile app, which allows users to trade digital assets such as forex, indices and cryptocurrencies.

It is available to download on both iOS and Android devices and offers traders access to user-friendly charts and real-time market data. We were also impressed to find a pre-included news feed and economic calendar.

Overall, I find the app convenient and simple to use, with decent mobile-optimised features to ensure a seamless trading experience whilst on the go. With that said, the app hasn’t received the best reviews on the App Store. As such, the MT5 mobile app is likely to be a more stable and reliable option.

TMS Brokers Leverage

TMS Brokers offers leverage up to 1:30 for its standard, non-professional account. This leverage meets the cap placed by UK and EU governing bodies to help prevent significant losses.

This is standard for many brokers under European regulation including top competitors like Pepperstone.

For the professional account, leverage up to 1:200 is offered by this broker allowing experienced traders access to greater trading power.

Demo Account

We were pleased to see that TMS Brokers offers a demo account with up to 50,000 EUR.

Simulator accounts are a great way for beginners to learn about trading without any financial risk. They are also a good way for traders to decide if the broker is a good fit for them and their goals before investing capital.

How To Create A Demo Account

You can sign up for a demo account in a few easy steps:

1. Click the ‘Demo’ icon in the top right-hand corner of the broker’s website
2. Fill in your name, email address and telephone number
3. Click the ‘Open Demo Account’ icon

Bonuses Deals

When we tested TMS Brokers, we were not offered any bonuses or promotions. While some traders may be disappointed by this, this is standard among regulated brokers. Instead, the brand points to its selection of additional features.

Extra Tool & Features

Our team were impressed with the broker’s currency exchange service. This feature can be used by all traders to deposit and convert funds into multiple currencies.

The service can be used for international payments and offers good exchange rates on a wide variety of currencies. There are two products to choose from: TMS Kantor Premium and TMS Kanto Komfort with different features to suit various investors.

Another feature that I liked was the professional investor option, which provides experienced traders with beneficial conditions to help boost their investments.

The account includes access to 8,000 instruments, high leverage of 1:200 and negative balance protection of up to 20,000 EUR. To qualify for this, investors must have made several high-value transactions, have a portfolio worth at least 500,000 EUR and have a minimum of one year of professional experience.

While these conditions do exclude many investors, it does allow those traders with experience to access the right tools to meet their goals.

We were also pleased to find a good variety of educational resources available from this broker. TMS Brokers offers training resources such as Ebooks, a blog with real-time market news, online webinars and seminars, plus a YouTube video channel.

Overall, these resources ensure that the broker is more accessible to beginners, competing with the likes of AvaTrade.

Company Details & History

Oanda TMS Brokers (formally Dom Maklerski TMS Brokers) is a multi-asset broker founded in Poland in 1997.

It now has over 9000 certified investors and has received awards including Invest Cuff’s Brokerage House of the Year in 2022 and Invest Cuff’s CFD Broker of the Year in 2021.

The company is registered in Warsaw with the National Court Register with registration number 00002047776.

Customer Service

I was disappointed with the customer service offered by TMS Brokers. Options to reach the company via telephone at +48222766200 and email at contact@tmsbrokers.com are available but these services are only open from 9:00 am to 5:00 pm CET Monday to Friday which does not compete with top brokers such as FP Markets.

There is also a live chat option on the bottom right-hand side of the website that uses Facebook Messenger, although response times were frustratingly slow upon testing.

Furthermore, there was no FAQs page which is commonly offered by most brokers.

Trading Hours

Trading hours at TMS Brokers vary depending on the instrument you choose to trade. For example, you can trade popular forex pairs for almost 24 hours a day, Monday through to Friday, whilst cryptocurrencies can also be traded on the weekend.

You can find a list of trading hours for each instrument on the broker’s website, or within the MT5 platform.

Should You Trade With TMS Brokers?

Overall, we found TMS Brokers offers some strong advantages, including a wide range of instruments, no minimum deposit and zero commission fees. I also liked the educational resources offered by the broker, as well as the app.

However, the lack of FCA regulation may put some UK traders off and the single account option is limiting. The lack of accessible funding solutions for British traders is another letdown.

FAQ

Article Sources

TMS Brokers PFSA License

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TMS Brokers Feature Comparison

Trading Instruments Comparison

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