TMS Brokers is the name of the Polish financial company Dom Maklerski TMS Brokers SA. It is registered by the District Court for the Capital City of Warsaw and is authorized and regulated by the Polish Financial Supervision Authority under the number KPWiG-4021-54-1 / 2004.
Trading assets are distributed into 42 currency pairs, 19 commodities, 17 indices, over 25 local shares and 5 cryptocurrencies.
There are live quotes for most popular instruments on the website. They show the spread of the EUR/USD is within 0.9-1.3 pips when the market is calm. Meanwhile, the spread of the bitcoin is about USD30, which is at the lower end among other brokers.
Customers can trade through one of the most used online platforms – MetaTrader 5 (MT5). The TMS Brokers MT5 provides 38 built-in technical indicators, 22 analytical tools and 46 graphical objects. You can also open opposite positions of one instrument. The platform is available as a desktop version and as a mobile app for iOS and Android devices.
There is no minimum deposit required, however, the company suggests depositing over EUR100 to meet the requirements of free withdrawals. Payments can be made by bank transfer, credit card and Skrill.
There is a large educational section on the website that includes free eBooks, online webinars, and video lessons. You can also see the upcoming and past economic events in the properly updated calendar.
The legal documents show that stop loss orders are not guaranteed and they are executed at the first available price. Thus, the realized loss can be much larger than initially set. It is also written that in a situation when as a result of closing all open positions by TMS Brokers, a negative balance on the Client’s Cash Account occurred, TMS Brokers, adjustments to closing transaction rates so that the balance on the cash account is 0 (zero).This means the company provides negative balance protection and you cannot lose more money than initially invested.
In general, you will deal with an EU-regulated company that offers MetaTrader 5 for trading. All retail clients are covered by a protection against negative balance and there is no minimum deposit required. However, it is not clear what kind of broker the company is and most probably you will deal with a market maker. It is not so bad but leads to a conflict of interest with clients.