KeyToMarkets is an ECN broker known for its regulated status, offering forex and CFD trading via the MT4 platform. With two live account options, as well as social PAMMS, this broker stands out with commission-free trading and efficient deposit processes. In this review, we delve into essential aspects such as leverage, the login procedure, and the security of the client area.
KeyToMarkets Broker Overview
KeyToMarkets (UK) Limited was founded in 2010 in London, with additional entities located in New Zealand and Mauritius (KeyToMarkets International Ltd and KeyToMarkets NZ Ltd), along with an intermediary presence in the UAE operating under KeyToMarkets DMCC. This broker is duly regulated by the Financial Conduct Authority (FCA) in the United Kingdom and the Financial Services Commission (FSC) in Mauritius.
KeyToMarkets positions itself as a genuine ECN broker, emphasizing swift execution, transparent pricing, and a diverse range of products for margin trading. It caters to a broad spectrum of clients, including individual traders, institutional investors, and businesses.
MetaTrader 4 (MT4): - MT4 boasts a user-friendly interface equipped with advanced and automated trading capabilities. The platform offers numerous custom indicators, real-time pricing, nine timeframes, and a historical data feed. Its easy-to-navigate dashboard and customizable charts make it suitable for both beginners and experienced traders. You can easily download MT4 from the secure client area upon completing the registration process.
Designed for advanced trading, FIX API enables users to connect directly to the broker's data feed for lightning-fast order routing. This feature allows traders to bypass the MT4 terminal and connect directly with the broker's liquidity pools. However, it's important to note that users must maintain a minimum balance of €5,000 in their trading account and execute a minimum of 500 lots per month to access FIX API.
KeyToMarkets supports ECN trading across a wide range of assets, including over 65 currency pairs, comprising 8 major and 11 exotic base currencies. Additionally, they offer 14 index CFDs and over 60 global company shares listed on four major stock exchanges. Traders can also access five popular cryptocurrencies, metals, energies, soft commodities, and even a bond for trading.
Spreads & Commission
Spreads vary depending on the selected account type. The Standard account imposes no commission but includes a 1 pip mark-up on top of the raw spread. In contrast, the Pro account offers raw spreads but charges a commission of $0.08 per micro lot. Raw spreads typically average around 0.4 pips for major currency pairs like EUR/USD and around 2.8 pips for gold. Additionally, swap rates apply for holding overnight positions.
KeyToMarkets offers high leverage of up to 1:500 for both account types. While leverage can amplify profits and enable speculations on market movements, it also exposes traders to higher potential losses if not managed carefully.
MT4 is accessible through mobile devices, allowing traders to execute trades on the go and across multiple devices simultaneously. The mobile app provides access to full trading history, order types, and execution modes. Although it offers most features found on the desktop version, it includes fewer custom tools and indicators. You can conveniently download MT4 on iOS and Android devices from their respective app stores.
Deposits & Withdrawals
KeyToMarkets offers a variety of funding options, including bank wire, SEPA transfers (EUR), card payments, e-wallets, UnionPay, and AliPay. Most methods provide instant processing, with the exception of bank wire (2 - 4 days) and SEPA transfers (1 - 2 days). E-wallets, UnionPay, AliPay, and Visa/Maestro cards incur a 2.5% commission, while bank wire, SEPA transfers, and Mastercard payments are commission-free. Withdrawals are processed within 1 business day for bank wire, Skrill, Neteller, and Sticpay, with bank wire being the only fee-free option and a 1% commission for the other methods. The multitude of payment options is a positive feature highlighted in this review.
KeyToMarkets offers a demo MT4 account where traders can access real market data with simulated funds. This is an excellent starting point for those looking to evaluate the broker's services, test new strategies, or become familiar with the MT4 platform. Registering for a demo account can be done directly on the broker's homepage.
KeyToMarkets (UK) Ltd is registered in the United Kingdom and is regulated by the Financial Conduct Authority (FCA) under registration number 527809. The company also holds a MiFID passport, allowing it to offer its services in Europe. KeyToMarkets International Limited is registered in Port Louis, Mauritius, and is regulated by the Financial Services Commission (FSC) with license number GB19024503. While the broker does not provide negative balance protection for CFD positions, client funds are kept in segregated accounts at top-rated banks, enhancing security.
The broker's Blog section offers some educational content and market research, although it is somewhat limited compared to other brokerage firms. KeyToMarkets also provides the social copy-trading platform, Myfxbook Autotrade, along with the aforementioned VPS service. Myfxbook enables traders to mirror the strategies and behaviors of successful traders within an automated environment. The VPS service allows experienced traders to run automated trading strategies on a fast and secure network.
KeyToMarkets offers two types of live accounts: Standard and Pro. The key distinction between the two lies in the commission structure, with the Standard account being commission-free, while the Pro account charges a €6 or $8 commission per lot. Both account types offer true ECN execution and require a minimum deposit of 100 EUR/USD, with a minimum trade size of 0.01 lots. There are no maximum trade size restrictions, and the margin call and stop out levels are set at 120% and 100%, respectively. Additionally, the broker offers social PAMMs for investors and money managers looking to build their portfolios.
Trading hours for precious metals and natural gas are from Monday to Friday, spanning 01:00 to 23:59 GMT+2. Crude oil trading opens at 03:00 and closes at 24:00 GMT+2. Cryptocurrency trading hours extend from 00:01 - 23:59, Monday to Thursday, and 00:01 to 23:55 on Fridays. For US stocks, trading hours are from 16:30 to 23:00 GMT+2, while European stocks are available for trading from 11:00 to 19:30 GMT+2. Trading hours for soft commodities and indices vary depending on the respective stock exchanges.
One notable drawback with KeyToMarkets is the absence of live chat support, a feature commonly provided by most brokers. Instead, the broker recommends contacting them via email at email@example.com. However, during testing, even this method displayed slower response times. Alternatively, clients can explore other support options, such as reaching out via telephone at +44 20 3384 6738 (9am – 6pm UK time) for the UK office and +64 9955 1907 for the NZ office. An online contact form is also available on their website.
KeyToMarkets places a strong emphasis on security protocols to safeguard client data. MT4 is protected by encryption-based security measures, including two-factor authentication. Personal information is securely stored in electronic facilities fortified with firewalls, ensuring the safety of client data.
In conclusion, KeyToMarkets proves to be a reliable broker for forex and CFD trading, offering the popular MT4 platform alongside social and investment-focused PAMMs. The broker's dual-regulation status enhances its appeal as a secure choice for traders. However, it's worth noting the limited availability of educational resources and the absence of live chat support, which may not be ideal for novice traders.
Advantages of trading with KeyToMarkets include:
• Regulation by FCA and FSC
• Access to Myfxbook AutoTrade
• Competitive spreads
• Expedited withdrawal processes
• Convenient MT4 download
Disadvantages of trading with this broker include:
• Limited educational resources
• Lack of live chat support
• Absence of a trader forum
In summary, KeyToMarkets offers a robust trading experience with certain strengths and areas for improvement, making it a choice worth considering for traders seeking ECN brokerage services.
KeyToMarkets Broker Details
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