Destek Markets

The Company. Security of Funds

Destek Markets is registered in the UK and, even more important is controlled under the supervision of the Financial Conduct Authority (FCA). The watchdog in Britain is among the most reputable and trading with a company that is under its supervision removes the risk of counterpoise.

As we emphasize in all our articles, the regulatory framework within which brokers operate is crucial to the credibility of their business. In most developed countries, there is an entity legal, able to develop and enforce regulations regarding the financial services industry. For instance, in the United Kingdom one of these agencies (the one that is responsible for forex brokers, among others) includes the FCA. Companies that are that is regulated by the FCA is required to keep the funds of its clients distinct from its own through the so-called “segregated accounts”. This is to prevent brokerages from using a client’s money to pay for business expenses, and helps protect against the most basic forms of fraud. Additionally, the being a part of the Financial Services Compensation Scheme (FSCS) is required for all FCA licensed brokers. It is a system which requires brokers to pay a percentage of their earnings to an account, which is used as an insurance policy in case the possibility of one of them falling. If you’re trading with an FCA approved brokerage, the account will be protected to the extent of GBP 50 000 in the event that your broker falls under.

Destek Markets used to operate from Turkey and obtained the FCA license in the last few months and isn’t a problem. Apart from that the company has recently named an industry veteran Matthew Wright as its CEO which is to be seen as a plus.

Trading Conditions

Minimum Initial Deposit

Destek Markets’ minimum initial deposit for mini accounts is $50 (and $100 for the standard account). It’s what you’d think of today and is quite reasonablein an attempt to make trading experience open to all. Certain brokers go more than that such as FXTM, who just require $5 to open a new cent account.

This might seem to be something that is important to those of you who are new to trading however it should not be. Trading requires a solid understanding base, a steady mental state and sufficient capital. A solid strategy with good risk management, should be properly funded.

Average spreads and Commissions

The spreads offered by Destek Markets are floating. The company claims that the spread between EUR and USD is 1.6 per cent on the average. We haven’t seen the spread fall lower than this 1.6 mark, however it did not move far above it at the time of high liquidity during the working day. This isn’t in line with the current market conditions and most brokers will offer rates in the 1.0 to 1.5 pips for that pair. We’ve created a real-time analysis of spreads provided by the top 15 forex brokers in this article.

Leverage

Destek Markets offers a maximum leverage ratio of 1:200. This is adequate for all trading systems that require at least some type or risk-management. However, there are brokers that offer 1:500 or more..

Remember that having the use of leverage is not a guarantee for more trading efficiency. In fact, that is not always the scenario. High leverage could make uninformed traders take an even bigger risk than they ought to, in order to “get even quickly”. The majority of the time, this can lead to the terrible habit of continually over-leveraging that can cause huge losses.

Trading Platforms

Destek markets provides its MetaTrader4 (MT4) to its customers. This is the most popular trading platform for trading in currencies. With its amazing software for charting and its availability of tools that can be customized, it’s not surprising that many brokers choose to use it instead of creating their own software starting from scratch. The programming language is simple to master, and can lead to creation of a variety of technical indicators or automated platforms (or Expert Advisors which is what they’re called).

The platform also comes with mobile versions available for both iOS and Android offering traders with the opportunity to stay aware of the situation in the market and, even more important, their position. The only drawback to MT4 is that it’s not able to divide various sections of the desktop interface across multiple screens, something that traders using other trading software will surely not have.

Methods of Payment

The payment options offered at Destek Markets are limited to Bank Transfer and Credit/Debit Card. It is likely to leave customers of electronic wallets like Netteler as well as Skrilldisappointed. Remember that international bank transfers could require several business days.

Conclusion

Destek Markets is a FCA approved forex broker. This gives it a lot of credibility in terms of the safety of customers’ funds. The company also provides other instruments for trading, including spot metals or CFDs that trade on commodities, as well as currency futures. The trading conditions (mostly that is the spreads) are a bit more difficult than what you’d think. There are a only a few payment options.