Key to Markets Review
Key to Markets is an established forex and CFDs broker regulated by FCA and FSC. The broker offers 200+ trading instruments with MT4 and FIX API. Copy trading and social trading are also available via PAMM accounts and Myfxbook AutoTrade. Key to Markets offers zero spread accounts with ECN executions and commission fees starting from $8 per lot per round. There is no deposit or withdrawal fee on wire transfers. However, other payment options have certain deposits and withdrawal fees. There is no inactivity fee.
Key to Markets is an online forex and CFD broker established in 2010. Key to Markets operates from the UK and is authorised and regulated by FCA in the UK and FSC in Mauritius.
Key to Markets offers a nice selection of over 200 tradeable assets from various asset classes including forex, commodities, stocks, indices and bonds. In addition, the broker offers MT4 and FIX API to facilitate the trading activities of retail, professional and institutional traders and investors. In addition, the broker offers multi-management accounts for copy trading and social trading with auto trading available through integration via Myfxbook.
Unfortunately, Key to Markets offers limited to no educational and research resources. The only educational resource the broker has is its blog. However, there is the option of a free demo account which can be a great way to practice your trading strategies and get a feel for what the broker has to offer before making a financial commitment.
Key to Markets is an established forex and CFD broker from the UK that is over a decade old and regulated by FCA and FSC. The broker keeps its clients’ funds in segregated bank accounts. In addition, Key to Markets has over 200 tradeable assets through MetaTrader 4 and FIX API. Moreover, the broker provides copy trading and social trading through PAMM accounts and Myfxbook AutoTrade. Key to Markets has competitive trading costs with tight spreads starting from as low as 0.0 pips and commission-free trading. The broker allows all of your trading strategies including hedging, scalping, news trading and expert advisors. For EU clients, deposits via bank wire and debit/credit cards are free. Last but not the least, Key to Markets provides VPS service which is very helpful if you plan on running automated systems around the clock as it means you will not need to have your computer switched on in order to do so.
On the other hand, Key to Markets does not accept clients from some countries, such as the US. The company is not traded on any stock exchange, and the financial information is not disclosed publicly. Key to Markets does not hold a banking licence either. The broker requires a minimum deposit of $100 and charges a withdrawal fee for most payment methods. Key to Markets has a slightly limited product portfolio of 200+ CFDs compared to some other brokers and does not offer crypto trading or funding. There are no fixed spread accounts available at Key to Markets. Educational and research resources are insufficient for beginners but the broker has demo accounts and Islamic accounts are available for Muslim traders.
Key to Markets has a sufficient product portfolio of 200+ tradeable CFDs. These CFDs are from various asset classes, including forex, commodities, stocks, indices and bonds.
However, this product portfolio might seem limited for many traders as there are no cryptocurrencies, options, or ETFs to trade. And the available asset classes have a small number of instruments each.
If you are looking for a larger selection of financial instruments, then Swissquote are worth consideration as they have thousands for you to choose from. That being said, I think Key to Markets should have enough instruments if you are primarily looking for a forex broker.
Key to Markets Instruments Summary
| Instruments | Key to Markets |
|---|---|
| Forex | ✓ |
| Stocks | ✓ |
| Indices | ✓ |
| Commodities | ✓ |
| Cryptos | x |
| Options | x |
| Bonds | ✓ |
| ETFs | ✓ |
| CFDs | ✓ |
Commission and Spread Fees
Ket to Markets offers two main types of accounts that fulfil the needs of almost all types of traders.
Standard: Standard account has reasonable spreads starting from 1.0 pip with ECN executions without any commission fee. The spreads are not the lowest you will find but when you consider that there is no commission fee charged as it is already implemented within the spread, the overall cost is very competitive.
Pro: Pro account has raw spreads starting from just 0.0 pips and commissions starting from $8 per standard lot per round trip. It is great that we can trade with zero pip spreads but the commission fee is not the lowest I have come across. IC Markets have raw spreads that also start from zero pips but charge a lower commission fee overall.
| Fee | Standard MT4 | Pro MT4 |
|---|---|---|
| Commission (per standard lot per side) | $0 | $4 |
| Spreads from | 1.0 | 0.0 |
Deposit and Withdrawal Fees
Key to Markets does not charge any deposit fee for bank transfers and debit/credit cards (EU clients) but charges a certain (2.5%) fee from non-EU clients for all payment options except wire transfers. There is a 2.5% deposit fee for using each electronic payment service.
Withdrawal via wire transfers are free. However, all other payment options carry a 1% withdrawal fee.
Inactivity Fees
Fortunately, there is no inactivity fee charged from clients which is a good advantage that they have over some other brokers who do charge inactivity fees.
Key to Markets provides two trading platforms: the industry-standard MetaTrader 4 (MT4) platform and a FIX API solution. In addition, copy trading and social trading are also available with multi-account management (PAMM accounts) and Myfxbook.
MetaTrader 4
Key to Markets provides the power of ECN trading using the widely used MT4 trading interface. MT4 is well-known for its easy-to-use interface and short learning curve. It is utilised by traders of different levels of expertise from all around the world. It is easy enough for novices while yet including enough complex capabilities to satisfy more experienced traders. I think it would be great if they could also offer the newer MT5 platform as brokers such as Pepperstone do. They also provide MT4 and the sophisticated cTrader platform.
MT4 is accessible on desktop platforms (Windows and Mac), online browsers, and mobile apps (iPhone, iPad, Android, and Tablet). The online version runs directly in the web browser and does not require any other software to be installed. If you have an internet connection, you may access your account and trade from anywhere at any time using the MT4 app. The trading apps are available for download from the respective app stores on both Android and iOS smartphones.
- MT4 includes a plethora of built-in capabilities for fast trading and chart research
- 9 chart periods and real-time quotes for all instruments inside the market watch window
- There are several order kinds
- A large number of built-in technical indicators and graphical elements are available for chart analysis
- Templates for charts
- Notifications are sent by email, SMS, and inside the platform
- Expert advisor-assisted trading (EAs)
- MetaEditor for writing custom indicators and expert advisors (EAs) in the MQL programming language. Strategy tester for testing EAs against historical data
FIX API
The FIX API is an electronic communications protocol designed for the real-time transmission of trade-related data. It is often utilised by professional traders and eliminates the need for intermediation software. It gives you direct market access with your own programmes. If you are looking for a broker with FIX API connectivity, FXPIG has one of the most powerful that I have come across.
Advanced developers and quant traders can use their own proprietary algorithms and black boxes to connect to the Key to Markets server and access the FIX (Financial Information Exchange) price data feeds by using the FIX API. This enables a direct link to institutional liquidity sources, resulting in shorter latency and higher fill rates.
Some of the key advantages of the FIX/API are as follows:
- Direct access to institutional liquidity pools
- Reduced latency
- Fill rates have improved
- For any hedges or strategy integration with extra scripts and EAs, use an MT4 mirror/coverage account
The following requirements must be completed in order to connect to servers through FIX/API:
- Maintaining a minimum amount of €5,000 on the trading account
- A minimum of 500 lots traded (open and closed) each month is required; else, a €500 fee will be levied for each month that volumes are below
PAMM Accounts
The PAMM system, also known as the Percentage Allocation Management Module, is a software programme that allows traders to communicate their methods with investors who are interested in them. Key to Markets have a solid PAMM offering that I would compare with what you can get through FXOpen as an alternative.
PAMM for Investors: Investors may access their PAMM accounts using a web-based user interface, which means they only need their standard web browser on any device (whether mobile or desktop computer), and no MT4 is required.
To ensure the segregation of monies utilised for personal and PAMM trading techniques, a dedicated PAMM Investor account is isolated from your personal MT4 trading account.
The PAMM Investor account is easily accessible via a web interface on a desktop PC, smartphone, or tablet. To access your PAMM Investor account, go to pammlogin.keytomarkets.com. You are free to use any browser (e.g. chrome, safari, firefox, opera, etc.).
Each enrolled PAMM sends the PAMM Investor a daily report via email.
If you merely want to subscribe to a PAMM and do not want to trade on your account, there is no need to download the MT4 platform or any other software. This can give you the ultimate “hands-off” approach.
PAMM for Manager: The money of the Investors who participated in the PAMM is pooled into a single MT4 account (also known as a “Master account” or “MM”), which is managed by the Trader in the same way as any other MT4 account.
The PAMM system executes an automated technique known as “Rollover” on an hourly basis and calculates the Net Asset Value (NAV) so that the balance and equity value of the Investors’ accounts are updated accordingly.
It is critical to realise that the PAMM system assigns the P/L of both closed and open positions on an hourly basis, rather than allocating the traded lots as other brokers’ MAM systems do. This function has various advantages, such as the distribution among investors of the profit/loss created by a micro lot (0.01 volume) without any “rounding” issues.
Advantages
- Experienced traders can maximise their earnings while also establishing a verified track record, which might be the first step on their journey to becoming a Professional Fund manager.
- Investors with limited time can benefit from the greatest methods given by Traders on the Social PAMM page while maintaining full control over their own funds.
- Investors can swiftly join or exit a PAMM by following a simple process that is generally completed within a few working hours.
- Profit/loss allocation for all trades based on hourly NAV calculation.
- It is built on an internet platform. Thus, no software is required.
- The service is highly customisable: investors can choose which PAMM to join on their own, and managers can set flexible fee structures (“offers”).
- Managers can feel secure using the technology since the strategy’s intellectual property is safeguarded (Investors cannot reverse engineering).
- Recreate the results of one or more effective trading strategies.
- There is no need to hire a VPS (you will save at least €35 per month).
- Risk diversification is achieved by assembling a portfolio of several strategies.
- You may view your account in real-time and receive your daily statement through email.
- Within one business day, you can join or quick a PAMM.
- There is no chance of being assigned pre-existing losses because the programme computes the NAV and distributes all profit and loss on an hourly basis.
- Fee structures that may be customised: establish performance, management, and other sorts of fees.
- There are no extra fees.
- Showcase your plan on the Social PAMM page to attract new investors and expand your firm.
- Widgets for your website are available for free.
- Complete intellectual property protection for your trading method.
- There are no “rounding” difficulties since the PAMM system distributes the P/L of each trade rather than the lots.
Note: It’s important to understand that past performance does not promise a bright future, so you should only invest in copy trading wisely. Do your own due diligence and seek professional advice if necessary.
Myfxbook AutoTrade
Key to Markets provides the option to use the Myfxbook AutoTrade system. You can link your MT4 trading account to your favourite trading system(s) featured on the Myfxbook.com website by selecting the “AutoTrade account” type. Myfxbook AutoTrade enables you to build your own portfolio by following successful traders without having to pay any performance or maintenance fees. This is also available through some other brokers including Global Prime.
Some of the potential benefits of Myfxbook AutoTrade are as follows:
- There is no need for programme installation because AutoTrade is backed by its own servers.
- Traders can only discuss tactics that are currently active on real accounts.
- Only the top systems are chosen by Myfxbook.
- Myfxbook rewards signal providers only on winning trades.
- Real data and reliable statistics are offered in order to lower your risk and increase your return.
- Trade mirroring is totally automated, and trades are automatically mirrored to your account, eliminating the need for a virtual private server.
- You may test AutoTrader in demo mode first and then go live when you’re ready.
- You will be able to add and remove any system at any moment.
VPS Hosting
A VPS (Virtual Private Server) is often used by experienced traders to run automated trading systems remotely. The VPS enables the use of Expert Advisors (EAs) without the requirement for specialised equipment or a continual internet connection. The virtual private server enables you to run your strategies 24 hours a day, seven days a week, in a safe and trouble-free manner. Key to Markets will pay for your VPS without any further work on your behalf. You can get a free VPS from some other brokers including BlackBull Markets. The following prerequisites must be met in order to use the free VPS service:
- 5 forex lots per month for the basic VPS
- more than ten forex lots per month for the improved standard VPS
Key to Markets Platforms Summary
| Platform | Key to Markets |
|---|---|
| MetaTrader 4 (MT4) | ✓ |
| MetaTrader 5 (MT5) | x |
| cTrader | x |
| Proprietary | x |
| Desktop | ✓ |
| Web | ✓ |
| Mobile | ✓ |
| Social Trading | ✓ |
| Other | ✓ |
Key to Markets does not offer many educational and research resources. The blog is the only educational resource the broker has on its website. The blog covers weekly outlooks and market analysis. It’s quite unfortunate that the broker lags in providing essential educational and research tools, including videos, guides, tutorials, webinars and seminars, trading calculators, economic calendar, Trading Central and Autochartist. If you are looking for a broker with lots of resources, IronFX have a great selection for you to peruse in your own time.
Key to Markets Research and Education Summary
| Resources | Key to Markets |
|---|---|
| Market Analysis | ✓ |
| Guides | x |
| Videos | x |
| Webinars | x |
| Autochartist | x |
| Trading Central | x |
| Economic Calendar | x |
| Other | x |
Key to Markets offers and accepts payments through a good choice of convenient options including wire transfers, e-wallets and debit/credit cards. Unfortunately, the broker does not offer crypto funding at this time. For crypto funding, InstaForex is an option.
Key to Markets Funding Summary
| Payment Method | Deposit | Withdrawal |
|---|---|---|
| Wire Transfer | ✓ | ✓ |
| Credit/debit Card | ✓ | ✓ |
| Electronic Wallets | ✓ | ✓ |
| Cryptos | x | x |
Key to Markets Group has three entities that are registered and regulated in a few jurisdictions:
- KEY TO MARKETS INTERNATIONAL Limited: the Financial Services Commission (FSC) of Mauritius
- KEY TO MARKETS Limited: the Financial Conduct Authority (FCA), the UK
- KEY TO MARKETS NZ Limited: a company registered in New Zealand
Key to Markets Regulation Summary
| Regulator | Key to Markets |
|---|---|
| ASIC (Australia) | x |
| IIROC (Canada) | x |
| CySEC (Cyprus) | x |
| SFC (Hong Kong) | x |
| JFSA (Japan) | x |
| MAS (Singapore) | x |
| FINMA (Switzerland) | x |
| FCA (UK) | x |
| CFTC (USA) | x |
| Other | x |
Key to Markets Safety
Client monies are held in segregated accounts with high-credit-rating custodian institutions at Key to Markets. This implies that they are kept distinct from corporate finances and so cannot be utilised for other purposes, such as business operating expenses.
Key to Markets offers 24/5 customer support via email and phone during business hours. Unfortunately, the broker does not provide online chat support, which is a preferable method for most of the traders who get into trouble or have a question that they want to be answered immediately. One more lagging factor is the non-existence of an FAQs section. FP Markets provide 24/7 support, including via live chat.
Key to Markets is a reputed ECN broker with stringent regulations in place to provide clients with peace of mind. They provide a good assortment of trading products, as well as the popular MT4 trading platform and a FIX API solution for those who are looking for the best trading conditions possible. In addition, they provide a free VPS to qualified clients and have PAMM accounts for money managers and investors who are looking to take a step back from manual trading. There is the option of trading with narrower spreads and paying a lower commission or trading commission-free but with a higher spread. They might enhance their trading tools and teaching resources, which are now distinctly lacking. I would also like to see them provide MT5, 24/7 support and crypto funding. Otherwise, I think they can be a good choice of broker for anyone who is looking to buy and sell a range of financial instruments in a regulated environment with user-friendly platforms for web, desktop and mobile.
