TD Markets Broker Review

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

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.

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.

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.

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.

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. 

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.

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.

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 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.

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’ 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. 

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.