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TD Markets Broker Review

Editor Editor:  Chris Cammack Updated: March 14, 2024
Author Author:  Jeffrey Cammack

Last Updated On March 14, 2024

Jeffrey Cammack
Broker Score
3.19 3.19 / 5
Rated #74 of 80 Recommended Brokers
🏦  Min. DepositUSD 50
🛡️  Regulated By
💵  Trading Cost 
USD 18
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts South African Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. MT4 platform supported. TD Markets is regulated by the FSCA. 79% of traders lose money with this provider.

Last Updated On March 14, 2024

Jeffrey Cammack

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website, you agree to our Terms of Service.

Our verdict on TD Markets

Founded in 2015, TD Markets is an FSCA-regulated local broker with a low deposit ZAR account, renowned for its customer-focused approach to traders. However, traders should note that the trading costs on its entry-level account are significantly higher than other brokers. 

TD Markets’ entry-level Gold Account accommodates beginner traders with a minimum deposit of 50 USD, spreads averaging at 1.80 pips on the EUR/USD, which is significantly wider than other brokers, but with no commissions. Its Pro Account offers a very competitive spread, which will appeal to more experienced traders, but the minimum deposit on this account is 1000 USD. Traders will also be pleased that TD Markets charges no fees for deposits, withdrawals, or on dormant accounts.

TD Markets’ CFD assets outside of their Forex offering are limited compared to other brokers, with only 12 indices, and 8 commodities available, restricting traders who wish to diversify their trading strategy. Additionally, TD Markets only offers support for the MT4 trading platform, offers virtually no trading tools, and its educational and market analysis materials are severely limited compared to other brokers.

🏦  Min. DepositUSD 50
🛡️  Regulated By
💵  Trading Cost 
USD 18
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Trust Rating
111003/ 5
Trading Conditions
1110.503.5/ 5
Trading Platforms
111104/ 5
Deposit & Withdrawal
100001/ 5
Education & Research
10.50001.5/ 5
Assets Available
11110.54.5/ 5
Customer Service
111104/ 5
Beginner Friendly
Standard
Welcome Bonus

Account Information

Base Currencies
USD, ZAR
Number of FX Pairs
63
Crypto Pairs
0
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
8 USD / lot
EUR/USD
0.10 pips
GBP/USD
0.60 pips
USD/JPY
0.50 pips
Negative Balance Protection

Company Details

Company Name
TDM Holdings Inc
Founded
2015
Website Language
English
Support Language
English
Office Locations
South Africa

Pros

  • FSCA and FSA-St-Vincent regulated
  • Minimum deposits are set at USD 50 on Gold Accounts
  • Platform supports copy trading
  • Negative balance protection

Cons

  • Entry-level accounts are subject to higher trading costs
  • Only supports the MT4 trading platform
  • Limited educational resources
  • No information on withdrawal and deposit methods on website

TD Markets Overall Rating

TD Markets has a Gold Account, starting at a 50 USD minimum deposit, with commission-free spreads on EUR/USD; an appealing feature for beginners but has wide spreads to compensate. Its Pro Account is better suited for experienced traders with tighter spreads, and has a 1000 USD minimum deposit. Notably, TD Markets charges no fees on deposits or withdrawals, including dormant accounts, but its narrow range of CFD assets and limited trading tools may restrict trading strategies.

Considering these factors, FxScouts rates TD Markets 3.19 out of 5.


Is TD Markets Safe?

Yes, TD Markets is a safe broker for South African traders to trade with. It maintains regulation from the FSCA which ensures that Forex.com segregates its client funds from company funds in South African bank accounts and provides all traders with negative balance protection. On this basis, we consider TD Markets a safe broker for South African clients to trade with. Click here for more details on TD Markets’ regulatory oversight.

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
FSCA
FSA-St-Vincent
Market Maker
STP
2015
South Africa
No additional fees

Trading Fees

TD Markets’ trading fees are higher than other similar brokers.

Unlike other brokers that offer a range of account types, TD Markets offers two accounts with higher minimum deposits linked to lower trading fees. The Gold Account has the trading costs included in the spread while the Pro Account offers tighter spreads and a small commission per trade.  For more details on TD Markets’ accounts, click here.

TD Markets’ accounts were assessed to compare the costs of each account, and then these costs were compared to those of other brokers. 

The costs were evaluated based on the trading fees on one lot (100 000 USD) of EUR/USD, including the spreads and commissions. 

Spreads Cost Formula: Spread x Trade Size = Spread Charge in Secondary Currency (USD):

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
Gold
USD 50
1.80
Spread Only
18.0
Pro
USD 1000
0.10
8 USD / lot

 

As you can see from the table above, the trading costs on the Pro Account are significantly lower than the costs on the Gold Account, but this account requires a minimum deposit of 1000 USD. At 18 USD, the trading costs on the Gold Account remain uncompetitive – most other brokers have a trading cost of 9 USD per lot traded.

Swap Fees

Another important cost to consider is the swap rate charged on positions held overnight.   Interest is paid (or received) for each night a position is held. When trading a currency, you are borrowing one currency to purchase another. In the case of forex instruments, the amount charged depends on both the positions taken (i.e. long or short) and the rate differentials between the two currencies traded. 

In a welcome show of transparency, TD Markets publishes all swap fees associated with each instrument on its website.  

For example, the swap fees for holding a long position of 1 lot (100 000 USD)  EUR/USD is -4.47 USD, and your account will be credited with 0.90 USD for holding a short position overnight.

Non-trading Fees

TD Markets’ non-trading fees are significantly lower than other brokers.

Some of the most overlooked trading costs are the non-trading fees that are charged by brokers. These fees can significantly affect your profitability and so should be carefully scrutinised.

Unlike other brokers, TD Markets does not charge deposit or withdrawal fees.  No fees are charged on dormant accounts either, which is rare among CFD brokers.  

Opening an Account at TD Markets

Opening an account at TD Markets is a fully digital process, and accounts are ready for trading within a matter of hours.

South African traders are eligible to open a trading account at TD Markets but will have to follow the fully digital four-step application process. TD Markets offers both Individual and Corporate accounts, but we will outline the process for opening an individual account:

How to open an account at TD Markets:

  1. In order to open an account, traders must click on the button on the top right-hand side of the website labelled “client.”
  2. TD Markets’ intake form requires clients to fill in their email address, name, telephone number, date of birth, physical address, and country of residence. Clients are also required to choose their account type. South African residents will by default have a trading account with a base currency of ZAR. 
  3. The second step is to fill in your ID number, and employment or financial status.
  4. Traders are then required to detail their trading experience and verify that they agree to TD Markets’ terms and conditions, and have read the Order Execution Policy.
  5. Once the application form has been successfully submitted, traders will have to verify their account by email.
  6. Clients will then have to confirm their identification. TD Markets will need an ID document, a copy of your bank statement, and proof of address. Important: Before uploading, please ensure the document is clear and all details can be easily read. Your proof of identity must be valid and contain your photo, full name, and date of birth. When uploading Drivers Licences, National ID Cards, or other double-sided identity documents, please ensure both sides are included. Once these documents have been received and approved, you will be able to fund your account and start trading.

We suggest you read TD Markets’ risk disclosure, customer agreement, and terms of business before you start trading.  

Compared to other similar brokers, TD Markets’ account opening process is generally hassle-free, fully digital, and trading accounts will be ready for trading immediately. 

TD Markets Account Types

TD Markets offers two account types, which is average compared to other brokers, and one of its accounts is suitable for beginner traders.

TD Markets has two simple account types – a commission-free account that is suitable for beginner traders, and a Pro Account with a high minimum deposit and lower trading costs that is suitable for more experienced traders.

Beginner traders are inexperienced traders who have never traded before, or who have been trading for less than a year.  Beginner traders often do not want to risk trading large sums of money and generally will not be able to trade full-time during the workweek. Beginners generally prefer accounts with lower minimum deposits that allow trading in micro-lots. These accounts usually have wider spreads than higher-deposit accounts. TD Markets’ Gold Account has a low minimum deposit of 50 USD, making it suitable for beginner traders, but spreads are wide – starting at 1.80 pips on the EUR/USD. 

In general, experienced traders tend to prefer accounts with higher minimum deposits and tighter spreads. TD Markets Pro Account has a minimum deposit requirement of 1000 USD and spreads that start at 0.1 pips on the EUR/USD in exchange for a commission of 8 USD (round turn).

TD Markets only offers support for the MT4 platform and South African traders can access leverage of up to 500:1. Hedging, scalping, and algorithmic trading are unlocked on both accounts and it offers Islamic accounts, subject to proof of faith. See below for more details:

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Account Name
Min. Deposit
Max. Leverage
Min. Spread
Commission
Gold
USD 50
500:1
1.80
Spread Only
Account Details
Pro
USD 1000
500:1
0.10
8 USD / lot
Account Details

 

TD Markets Gold Account

The Gold Account is a commission-free trading account with a minimum deposit requirement, of 50 USD, but due to the margins required when making leverage trades, a minimum starting balance of 200 USD is recommended. Fees are included in the spreads, which start at 1.80 pips on the EUR/USD. This account is better suited to beginner traders who do not want to spend time calculating commissions costs. 

TD Markets Pro Account

The Pro Account is TD Markets’ raw spread account. Spreads start at 0.1 pips on the EUR/USD and a commission of 8 USD is charged per lot traded. The minimum deposit on this account is 1000 USD, making it more accessible to experienced rather than beginner traders. 

Demo Account

TD Markets offers an unlimited demo account allowing prospective traders to practice trading in real-time.  New traders can explore the full suite of features on MT4, but traders can only test the Gold Account. 

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Broker
Trading Conditions
Base Currencies
EURUSD (Standard)
Trading Cost (Standard)
EURUSD (Best)
GBPUSD (Best)
USDJPY (Best)
Commission
TD Markets
1110.503.5/ 5
USD, ZAR
1.80 pips
USD 18
0.10 pips
0.60 pips
0.50 pips
USD 0
Pepperstone
11110.54.5/ 5
AUD, USD, JPY, GBP, EUR, CAD, CHF, NZD, SGD, HKD
1.00 pips
USD 10
0.17 pips
0.59 pips
0.26 pips
USD 0
AvaTrade
11110.54.5/ 5
USD, GBP, EUR, AUD, ZAR, CHF
0.90 pips
USD 9
0.90 pips
1.60 pips
1.10 pips
USD 0

 

Deposits and Withdrawals

TD Markets has a limited number of deposit and withdrawal methods. Additionally, there is virtually no information on TD Markets’ website about its deposit and withdrawal methods.

An FSCA-regulated broker, TD Markets ensures that all Anti-Money Laundering rules and regulations are followed, and as such, all non-profit withdrawals are returned to the deposit source. No matter your deposit method, the withdrawal of all profits must be made by bank transfer to a bank account in your name. TD Markets does not charge a fee for deposits or withdrawals.  See the following list of payment options:

  • Bank transfer
  • Payfast (in USD or ZAR)
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Funding Method
Base Currency
Deposit Fees
Withdrawal Fees
Processing Time
Bank Transfer
USD, ZAR
FREE
FREE
Local Bank Transfer within 24 hours, International Bank Transfers up to 5 days.
PayFast
USD, ZAR
FREE
FREE
Deposits are instant, withdrawals can take up to 3 days.

 

However, none of the methods are available for viewing (or the associated fees) until you open a live account and log in. This is unusual and not very consumer-friendly as most brokers post all their deposit and withdrawal fees on their websites.

Note that a bank transfer can take several days to be processed depending on the bank processing time.  

Base Currencies

TD Markets has a very limited number of base currencies compared to other brokers.

At TD Markets, you can only choose from two base currencies: ZAR and USD. While this is extremely limited compared to most other international brokers, it means that South Africans will not have to pay currency conversion fees.  

However, if traders want to trade on assets with other base currencies such as the EUR/USD, a small conversion fee will be charged on each trade. 

In this case, it is better for traders that trade in large volumes (more than 10 lots a month) to open an account denominated in USD at a digital currency bank, especially for trading on assets such as the EUR/USD. This is because when trading a USD quoted currency pair with another currency account, there will be a small conversion fee for every trade made.

Trading Platforms

TD Markets only offers trading on the Metatrader 4 (MT4) platform, whereas other brokers offer multiple platforms, including MT5, cTrader, or a proprietary platform. 

Although MT4 is now showing its age, it is still considered one of the best CFD trading platforms in the world. It is especially prized for its algorithmic trading abilities, allowing traders to install automated trading robots and indicators downloaded from the MetaTrader Market.

MT4 is also widely recognised for its trade execution speeds, charting tools, and customisability and it is available in many languages. The benefit of using a third-party platform such as MT4 is that traders can use the same platform should they choose to migrate to another broker. That said, many brokers offer support for several trading platforms, including their own proprietary platforms, MT5, or cTrader.  MT5, the newer version of Metatrader, offers additional functionality and a more sophisticated programming language than MT4. 

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Broker
Platform Choice
Copy Trading
Platforms
TD Markets
111104/ 5
Pepperstone
111115/ 5
TradingView
AvaTrade
11110.54.5/ 5
Avatrade Social
AvaOptions

TD Markets Metatrader 4 (MT4)

MT4 has great customisability, which means that the size and position of the tabs can be easily moved. Traders can also trade on a variety of CFDs, including Forex, metals, cryptocurrencies, and stock CFDs. Other features of MT4 include:

  • Four types of order execution, including Market, Limit, Stop, and Trailing Stop orders.
  • Superior charting tools in nine timeframes
  • 30 technical indicators
  • 23 analytical objects
  • Algorithmic trading, which allows any trading strategy to be formalised and implemented as an Expert Advisor. 
  • Backtesting capabilities
  • Dedicated customer support

TD Markets MT4

TD Markets’ Mobile Trading Platform

TD Markets’ mobile trading platform is average compared to other similar brokers who offer MT4. 

TD Markets offers MT4 on a mobile trading platform. It is available for both Android and iOS. As with the web trading platform, traders can choose from multiple languages. Although there is limited functionality compared to the desktop version of the platform, with reduced timeframes and fewer charting options, traders will still have access to analytics with technical indicators, graphical objects, and a full set of trading orders. 

TD Markets’ Trading Tools

TD Markets offers a severely limited number of trading tools compared to other similar brokers, and it doesn’t offer technical analysis tools such as Autochartist or Trading Central.

TD Markets’ trading tools consist only of a basic Economic Calendar. This is extremely limited compared to most other brokers who offer subsidised VPS services, or technical analysis tools such as Autochartist, TradingView, or Trading Central. 

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
TD Markets
Pepperstone
AvaTrade
 

Overall, TD Markets would do well to add some more tools to its trading arsenal to help clients make better trading decisions.  

TD Markets Financial Instruments

TD Markets offers a limited range of tradable assets compared to its competitors.

TD Markets offers trading on Forex, indices, equities, energies, metals, cryptocurrencies, and ETFs.

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Financial Instrument
Number of Assets
Leverage
Cryptocurrencies
11
10:1
Energies
3
200:1
Stock CFDs
114
20:1
ETFs
19
20:1
Forex
63
500:1
Indices
12
200:1
Metals
5
200:1
  • Forex pairs: TD Markets offers 63 Forex pairs to trade, including majors, minors, and exotics such as USD/ZAR and ZAR/JPY. This is around the average offered by its closest competitors.

  • Metals: TD Markets offers trading on 5 metals, which is average compared to other similar brokers. These include gold, silver, palladium, and platinum.

  • Energies: TD Markets offers trading on 3 energies, including natural gas, UK oil, and US oil. This is an average range compared to other similar brokers.

  • Equities: TD Markets’ equities offering is limited compared to most of its competitors, with 114 equities available to trade. Equities include popular US tech companies, ASX stocks, those listed on the NASDAQ, and NYSE, and more.

  • Indices: TD Markets offers cash and futures contracts on over 12 international indices, including the NASDAQ, S&P500, Dow Jones, and the Nikkei. This is an average range of indices compared to other brokers. 

  • ETFs: Exchange Traded Funds have rapidly gained in popularity in recent years, and TD Markets offers spot contracts on 19 of the most traded ETFs in the world.

  • Cryptocurrencies: TD Markets offers a reasonably wide range of cryptocurrencies including Bitcoin, Ethereum, Ripple & Litecoin. Spreads on these currencies are variable and are significantly higher than Fiat currencies but in line with other brokers.

Overall, TD Markets provides a limited range of tradable assets, which may leave more professional traders dissatisfied.

TD Markets Research and Market Analysis

TD Markets’ market analysis is average compared to other South African brokers

Alongside a basic Economic Calendar, TD Markets offers daily market analysis written by its team of in-house analysts and a Market Overview. The market analysis materials are short but well-written and to the point, while the Market Overview details the market movements of the previous week and provides a forecast of future movements.  However, traders may have to supplement this data by performing their own research using the materials provided on other larger broker sites or using independent third-party tools. 

Unlike other South African brokers, such as Khwezi Trade, TD Markets does not offer in-house training or webinars to help traders find their footing.

TD Markets Education

Education at TD Markets is limited in scope and none of the materials are published on its website.   

TD Markets’ website has a section labeled “Education” under the “Tools” tab, but other than one market analysis video, there are no other materials available. According to customer service, traders can access TD Markets’ educational materials only once an initial deposit of 50 USD has been made. Clients are granted direct access to the materials which are conducted live and broadcast through social media, Vimeo (private classes), and YouTube. From time to time TD Markets also runs free education for the general public and these are made available via all its social channels as live educational classes. This is severely limited compared to what’s available for free on other brokers’ sites. 

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
TD Markets
None
Pepperstone
Medium
AvaTrade
High

 

Overall, the education section could be improved with a greater variety of materials in addition to providing sections for beginner and more experienced traders.  

TD Markets Customer Service

Customer service at TD Markets is available Monday to Friday 8 am – 5 pm SAST, which is limited compared to other brokers. Support is available via online chat, telephone, and email, in all 11 South African languages. 

We found the customer service responsive and polite, and knowledgeable about its services. 

Regulation and Safety

Yes, TD Markets is a safe broker to trade with. It maintains regulation from the Financial Services Authority of South Africa, segregates client funds from its operating capital, and provides traders negative balance protection.

Founded in 2015, TD Markets is a South African-based online broker with over 80 000 registered client accounts. It maintains regulation from the Financial Sector Conduct Authority of South Africa.  See below for more details:

  • TD Markets is an Authorised Financial Services Provider with the Financial Sector Conduct Authority FSP49128.

The South African FSCA is well-respected but is not considered one of the best international regulators.  Its rules are somewhat relaxed compared to those of the regulators in the EU and the UK.  For example, while the FSCA ensures that brokers hold client funds in segregated accounts, they do not force brokers to provide negative balance protection or to comply with any leverage restrictions. Additionally, the FSCA does not insure client funds through compensation schemes. 

While TD Markets does not participate in compensation schemes, it does segregate client money at top-tier banks in South Africa and offers negative balance protection to all clients. 

According to regulation, TD Markets is also required to keep accurate records and accounts, clearly distinguishing client accounts from each other as well as the company accounts. The company is also regularly assessed by external auditors, and the auditor’s report is sent directly to the FSCA. 

One consideration is that TD Markets is only regulated by a single authority (the FSCA), though this is not unusual for South African brokers. Most international brokers hold licenses from multiple top-tier regulators such as the Financial Conduct Authority (FCA) in the UK, or the Cyprus Securities and Exchange Commission (CySEC). Brokers with more than one regulator tend to have better client fund security processes and are less likely to have financial irregularities.  

Despite only holding a local licence from the FSCA, TD Markets does offer negative balance protection and takes the security of its client’s funds seriously. Overall, we consider TD Markets a safe broker for South Africans to trade with.  

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the TD Markets offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

TD Markets Risk Statement

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. TD Markets would like you to know that: Trading on margin involves a high level of risk, including full loss of your trading funds. Before proceeding to trade, you must understand all risks involved and acknowledge your trading limits, bearing in mind the level of awareness in the financial markets, trading experience, economic capabilities, and other aspects.

Overview

An FSCA-regulated market maker/STP broker, TD Markets offers trading on a relatively limited selection of CFDs. With two live account options, trading costs are high on its entry-level accounts but improve significantly on its Pro Account, although this requires a minimum deposit of 1000 USD. Exceptionally for the industry, it does not charge any non-trading fees, such as for withdrawals, deposits, or inactive accounts, however, trading is only offered on MT4, and it offers virtually no trading tools. Additionally, its educational and market analysis materials are lacking compared to larger international brokers, making it a poor choice for beginner traders. 

 

Editorial Team

 

Chris Cammack
Head of Content

Chris joined the company in 2019 after ten years experience in research, editorial and design for political and financial publications. His background has given him a deep knowledge of international financial markets and the geopolitics that affects them. Chris has a keen eye for editing and a voracious appetite for financial and political current affairs. He ensures that our content across all sites meets the standards of quality and transparency that our readers expect.

 

Alison Heyerdahl
Senior Financial Writer

Alison joined the team as a writer in 2021. She is the Senior Editor for FXScouts.  She has a medical degree with a focus on physiotherapy and a bachelor’s in psychology. However, her interest in forex trading and her love for writing led her to switch careers. She has a passion for Forex trading and over a decade of editorial experience researching Forex and the financial services industry, producing high-quality content. She hosts a weekly podcast, “Let’s Talk Forex,” alongside her colleague, Chris, and has produced over 100 Forex educational videos for the FXScouts YouTube channel. She also writes weekly technical analyses and has tested and reviewed over 100 Forex brokers.

 

Ida Hermansen
Financial Writer

Ida joined our team as a financial writer in 2023. She has a degree in Digital Marketing and a background in content writing and SEO. In addition to her marketing and writing skills, Ida also has an interest in cryptocurrencies and blockchain networks. Her interest in crypto trading led to a wider fascination with Forex technical analysis and price movement. She continues to develop her skills and knowledge in Forex trading and keeps a close eye on which Forex brokers offer the best trading environments for new traders.

 

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AlertAccepts South African Clients. Average spread EUR/USD 1.80 pips on trading account with lowest minimum deposit. Max leverage 500:1. MT4 platform supported. TD Markets is regulated by the FSCA. 79% of traders lose money with this provider.
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Broker Score
3.19 3.19  / 5
Rated #74 of 80 Recommended Brokers
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TD Markets Financial Regulation

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Regulator License

TD Markets Trading Cost Comparison

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