Direct TT UK Forex Broker provides real users with * positive reviews, * neutral reviews and 1 exposure review!
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Risk Control
My account number: 924442. After weeks of trading, I finally made some profit, but the withdrawal is still not processed. Even to get my principal back, they said I have to wait for three months. This is purposeful delay. I demand an immediate refund of my principal of $2000 and the earned profit.
Summary: The overall evaluation of Direct TT UK reveals significant concerns regarding its legitimacy, primarily due to its suspicious regulatory status and reports of withdrawal issues. Users are advised to exercise caution before engaging with this broker, particularly given its high minimum deposit requirements and limited trading platform options.
Note: It is crucial to recognize that Direct TT operates under various entities across different regions, which complicates its regulatory standing. This review aims to provide a fair and accurate assessment based on available data.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
How We Rate Brokers: Our ratings are based on a comprehensive analysis of user experiences, expert opinions, and factual data regarding the broker's offerings.
Founded in 2018, Direct TT UK operates under the name Direct Trading Technologies Ltd. The broker claims to possess over two decades of industry experience, although its actual operational period is relatively short. Direct TT UK offers a range of trading platforms, including the widely-used MetaTrader 4 (MT4) and its proprietary DTT Pro platform. The broker provides access to various asset classes, including forex, CFDs, commodities, indices, and cryptocurrencies. However, it faces scrutiny regarding its regulatory status, as it claims to be licensed by the UK's Financial Conduct Authority (FCA) and the Vanuatu Financial Services Commission (VFSC), both of which have raised suspicions about the authenticity of these claims.
Regulatory Landscape: Direct TT UK operates under the regulatory oversight of the FCA and VFSC. However, numerous sources express doubts regarding the legitimacy of these licenses, labeling them as "suspicious clones" (WikiFX). The FCA license number 795892 is flagged as potentially fraudulent, which raises significant concerns about investor protection. Traders should be aware that operating without proper regulation poses high risks to their investments.
Deposit and Withdrawal Methods: The broker requires a minimum deposit of $500, which is higher than many competitors. Direct TT UK offers various funding methods, including credit/debit cards, bank transfers, and cryptocurrency options like USDT. However, reports of withdrawal issues have surfaced, with users claiming difficulties in accessing their funds (PediaFX). This aspect significantly impacts the broker's trustworthiness and user experience.
Asset Classes: Direct TT UK provides a diverse range of trading instruments, including over 100 currency pairs in the forex market, various commodities, indices, and cryptocurrencies. This variety may appeal to traders looking for multiple investment opportunities. However, the absence of well-known trading platforms such as MT5 limits options for more advanced trading strategies.
Cost Structure: The broker's cost structure includes high spreads, particularly on forex pairs, with average spreads reported around 3 pips, which is above the industry standard (Forex Brokerz). While Direct TT UK claims to offer zero commissions on some account types, the high spreads can eat into traders' profits.
Leverage Options: Direct TT UK offers leverage up to 1:200, which can amplify both profits and losses. This level of leverage may be appealing to experienced traders but poses substantial risks, particularly for beginners who may not fully understand the implications of high leverage trading.
Customer Support: The broker provides customer service in multiple languages, including English, Arabic, and Spanish. Users can contact support via email, phone, and social media. However, the overall responsiveness and effectiveness of customer service remain questionable, especially in light of the withdrawal issues reported by users (TraderKnows).
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4 |
| Tools and Resources | 5 |
| Customer Service and Support | 6 |
| Trading Setup (Experience) | 4 |
| Trustworthiness | 2 |
| User Experience | 3 |
Account Conditions (4/10): The minimum deposit requirement is high at $500, and while multiple account types are available, the overall conditions are not very competitive compared to other brokers.
Tools and Resources (5/10): Direct TT UK offers some trading tools but lacks comprehensive educational resources or advanced trading tools that might benefit traders.
Customer Service and Support (6/10): While customer service is available in several languages, the effectiveness and speed of response are questionable, especially concerning withdrawal issues.
Trading Setup (4/10): The trading experience is hampered by high spreads and the lack of popular platforms like MT5, which limits trading strategies.
Trustworthiness (2/10): Given the suspicious regulatory status and reports of withdrawal issues, Direct TT UK is not a broker that can be considered trustworthy.
User Experience (3/10): Overall user feedback has been negative, particularly regarding withdrawal difficulties and the broker's regulatory claims.
In conclusion, while Direct TT UK offers a range of trading options and platforms, the significant concerns surrounding its regulatory status, high minimum deposits, and withdrawal issues suggest that potential traders should proceed with caution. It is advisable for individuals to seek more established and regulated alternatives to ensure the safety and security of their investments.
