Key to Markets review – an average CFD broker
Written by:
Written on:
22 February 2023
Last edit:
10 August 2023
Our rating:


Key to Markets review – an average CFD broker
Written by:
Written on:
22 February 2023
Last edit:
10 August 2023
Our rating


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
See how Key to Markets compares to it's closest alternatives.

Main summary

Key to Markets offers financial services to its clients globally. The broker is authorized and regulated by the FSC and FCA. What’s great about this broker is that it offers both spread-free and commission-free account types. 

Key to Markets has won various international awards from Global Forex Awards, including: 

  • Best Forex ECN Broker in 2021 and 2022 – Global
  • Best Forex trade execution, 2021 – Global
  • Best Forex trading platform, 2022 – Asia

With Key to Markets, you can trade Forex, commodities, indices, cryptocurrencies, and shares as CFDs. However, it’s worth mentioning that the number of available assets is average. 

The company’s offices are located in London and Mauritius. While it’s true that Key to Markets is a global company, it should be noted that the broker does not provide financial services to residents of the USA, New Zealand, Iran, North Korea, and other countries where restrictions apply.

In this review, you’ll discuss the broker’s fees, trading platforms, customer service, mobile and web applications, safety measures, available assets, and more. Let’s dive deep and find out more about this broker.

Pros & cons of Key to Markets

  • No inactivity fees
  • Offers access to MetaTrader 4, MetaTrader 5
  • Fast and digital account opening/verification
  • Offers access to trading Forex, Commodities, Indices, Cryptocurrencies, Shares as CFDs
  • Regulated in Mauritius, and UK
  • Offers both spread markup and raw trading account with 0 spread markups
  • The number of assets offered is limited compared to the industry leaders
  • Number of regulators is limited to only Mauritius and the UK

Key to Markets Fact sheet

Main features
Regulations Mauritius, UK
Fees on deposits 0 USD
Fees on withdrawal 0 USD
Inactivity fees 0 USD
Minimum deposit 100 USD
Minimum account activation 100 USD
Number of available assets 156
Leverage up to 1:500
Available trading markets CFDs on Stocks, Commodities, Cryptocurrencies, Forex, Indices
Account currencies EUR, USD
Demo account Yes
Live account types Standard, Pro
Islamic account Yes
Negative balance protection Yes
Part of compensation fund Yes
Keeps funds on segregated bank account Yes
Forex 65
Shares 0
Cryptocurrencies 4
Indices 15
Commodities 7
Total 156
Fees & spread
Forex From 1 pips. No spread markup on Pro account
Shares M/A
Cryptocurrencies From 0.01
Indices From 0.01
Commodities From 0.001
Platforms MetaTrader 4, MetaTrader 5
Mobile trading support Yes
Mac device support Yes
Commodities Yes
Payment systems
Payment methods Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Minimum deposit Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Minimum withdrawal Bank Transfer, Credit/Debit Card, Neteller, Skrill, UnionPay
Withdrawal processing time Instant
Time to open an account -
Show all

Safety & Security of Key to Markets

When it comes to trading, the most important topic is safety and security. Traders need to make sure that their broker is trustworthy before depositing funds. But how can we make sure the broker can be trusted? The answer is simple, regulations. 

Key to Markets is authorized and regulated by: 

  • The Financial Services Commission of Mauritius, (FSC) as an Investment Dealer 
  • The Financial Conduct Authority (FCA)

It’s worth mentioning that the FCA of the UK is a top-tier regulator and has strict rules to make sure the traders’ funds are safe. The FSC is a mild regulator compared to the FCA.


Policies that Key to Markets follows

In accordance with the strict regulations from the regulatory bodies they are licensed under, Key to Markets provides negative balance protection, keeps clients’ funds in segregated accounts, and is a member of the Investors Compensation Scheme. 

Traders can borrow funds from their broker to increase their purchasing power, which is called leveraged trading. High leverage makes it possible for traders to lose more money than what’s on their trading balance. In order to prevent this from happening, Key to Market implements Stop Out Levels and guarantees that your account will never go negative. If for some reason your account does go into the negatives, you can contact customer support and they’ll turn the balance back to zero.

Along with that, because the broker keeps traders’ funds in segregated accounts, even if the company goes bankrupt, traders will be able to keep hold of their funds.

Trading assets offered by Key to Markets

Key to Markets provides access to trading 156 instruments, including Forex, commodities, indices, cryptocurrencies, and shares as CFDs. All the asset types are CFDs, which stands for Contract For Difference. When it comes to trading and investing, CFDs have their pros and cons and are preferred for short and medium-term market speculations. However, for long-term investing, physical stocks, tokens, and precious metals are preferred. 

Forex trading on Key to Markets

Key to Markets provides access to trading 65 currency pairs, including majors, minors, and some exotics. The offered leverage is up to 500:1, however, it’s worth noting that high leverage can be extremely dangerous to novice traders. Leverage helps increase purchasing power, and as a result, the potential for greater returns and greater losses increases as well.

When it comes to trading fees, it all depends on the account type. The broker offers spread-free and commission-free accounts. In general, position traders, who place orders less frequently than day traders, pick commission-free accounts. The fact that they place fewer orders makes the account type more attractive, as spread markups do not matter that much. For high-frequency traders, spread-free accounts are more suitable. The Standard account charges a 1 pip markup and zero commissions, while the Pro account charges 0 spread markups and 8 USD round turn commissions per traded lot. 

Stock CFD trading on Key to Markets

There are 65 stocks as CFDs for trading with Key to Markets. Traders have access to the most liquid US shares, such as Tesla, Google, Alibaba, Amazon, Apple, Coca–cola, Netflix, Microsoft, etc. The US shares are only available for trading during work days. 

There are also German, French, and Spanish shares available for trading. The list of shares includes BMW, Siemens, Volkswagen, Société Générale, BBVA, and so on.

Trading shares as CFDs has its benefits and drawbacks. Let’s look at the benefits first:

  • Traders can go long or short and make money even if the markets are falling. Since the contract for difference doesn’t mean that you actually own any stock
  • Traders can use leverage to increase their purchasing power
  • Lower trading costs
  • CFD markets are more liquid than physical markets and therefore, CFDs have tighter spreads
  • Fewer barriers to entry. It’s super easy to open trading accounts and trade with CFD brokers
  • CFDs are great for short and medium-term market speculating

On the downside, CFDs have larger long-term trading fees and spreads. Swaps are charged for keeping positions active overnight making them less valued by long-term investors. Along with this comes the risks inherent in using leverage, and traders are advised to be careful when using this asset class.

Crypto CFD trading on Key to Markets

With Key to Markets, traders can speculate on 4 crypto prices. The cryptos are paired with US dollars and offered as CFDs. The full list of crypto assets offered includes:

  • Bitcoin – BTC/USD
  • Dash – DSH/USD
  • Ethereum – ETH/USD
  • Litecoin – LTC/USD

We’ve already mentioned the benefits of trading CFDs for short and medium-term speculating, and these same benefits apply when it comes to trading crypto CFDs. In addition, traders do not need to worry about where to store their coins or how to cash out as no crypto wallet is needed. The profits go straight to your trading balance. 

Commodity CFD trading on Key to Markets

Commodities are raw materials and with Key to Markets, traders have access to precious metals and energies. All the assets are CFD type. 

The list of commodities includes:

  • XAU/USD – Gold
  • XAG/USD – Silver
  • XPD/USD – Palladium
  • XPT/USD – Platinum
  • XWTI – US WTI Crude Oil
  • XBRENT – Ice Brent Crude Oil
  • NGAS – Natural Gas

Commodity prices are dependent on global supply and demand. In case you are planning to trade these assets, it can be noted that usually commodity prices are immune to inflation and might even see rises in price during difficult economic periods.

Indices trading on Key to Markets

Key to Markets provides access to 15 of the most popular indices. Indices are following the performance of a basket of certain shares and consequently, they have two general uses; they are indicators of the health of certain industries and economies, and they are trading instruments. Indexes can be traded as CFDs. 

The complete list of indices offered by Key to Markets includes:

  • CN50 – China 50 Index
  • HKG50 – HK Hang Seng 50 Index
  • IND – 50 India 50 Index
  • RUSS2000 – US Russell 2000 Index
  • XAUS200 – Australian ASX 200 Index
  • XEU50 – Euro Stoxx 50 Index
  • XFRA40 – French CAC 40
  • XGER30 – German DAX 30 Index
  • XJP225 – Japan Nikkei 225
  • XSPA35 – Spanish IBEX 35 Index
  • XUK100 – UK FTSE 100 Index
  • XUS30 – US Dow Jones 30 Index
  • XUS500 – US S&P 500 Index
  • XUSTEC – US Nasdaq 100 Index
  • USVIX – US Volatility Index

Account types available for traders on Key to Markets

There are various types of market speculators. Some prefer planning more and placing fewer, more calculated orders, while others trade frequently. There are scalpers, news traders, trend and range traders, along with intraday, swing, and position traders, each with their own preferences. Some traders prefer to pay spread markups and zero commissions, or vice versa, depending on their trading style and strategies being employed. In order to meet the needs of different traders, Key to Market offers spread-free and commission-free account types. 

Pros & cons of Key to Markets account types

Broker offers spread-free and commission-free account typesThere’s no micro account
Enables traders to use Demo and Islamic account types 
Both account types have access to MT4 and MT5 

Key to Markets Demo Account

There’s a demo version of both the Standard and Pro account types available with Key to Markets. The account is free to open and use. Demo trading can help you get familiar with the broker’s policies. It’s also highly beneficial for testing and developing trading strategies. Novice traders use the account to learn how certain markets work, they learn how to use platforms and indicators. Demo trading is similar to live trading, with the main difference being that real money is not at risk. The main downside of trading using the Demo account is that it fails to prepare traders emotionally. When traders place live orders with real money, they might experience greed, hope, fear, excitement, and other feelings that can influence their trading decisions.

Key to Markets Standard Account

The Standard account is for position traders, novice traders, and swing traders. The account charges 1 pip markup to trades, and there are no commissions. Traders have access to FX, indices, commodities, and shares. Leverage goes up to 500:1 and the minimum initial deposit required is 100 USD. Both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are available as trading platforms. 

Key to Markets Pro Account

The pro account offers many similar features. The minimum initial deposit is 100 USD, the leverage is up to 500:1, and traders have access to the full set of MetaTrader platforms. The main difference is that there are no spread markups, but commissions are 8 USD per traded lot round turn. The spread-free account is especially beneficial for traders that place lots of orders within a day. 

Getting started on Key to Markets – Main steps

In case you have decided to open a live trading account with Key to Markets, we’ll guide you through the entire process. The web page is super user-friendly and the process is very intuitive. 

Step 1: Open an account

The first step is to open the broker’s main page and click on the “Open a Real Account” button in greed. The button is located in the middle-top area of the page. The button will transfer you to the registration page where you will be required to fill in the form.


Step 2: Time to verify your account

After registration is complete, it’s time to verify your identity and residency. The broker will require proof of identity and proof of residency documents from you. You can upload scanned documents or take digital photos straight from your smartphone. It’s important to note that the pictures should be clear, and there should not be shadows or light reflections. 

  • Proof of identity – you can provide a copy of your passport, government-issued ID, a driving license, etc. 
  • Proof of residency – you can use a utility bill, bank statement, or any other official document that shows your residency

Verification will give you full access to your account, and you’ll be able to deposit and withdraw money after it is complete.

Step 3: Make your deposit and start trading

After the verification process is concluded, you can make your first deposit and start trading. No matter which account type you pick, the minimum initial deposit required is 100 USD. There are various funding methods available. The methods include Visa, Mastercard, bank transfer, Neteller, Skrill, STICPAY, UnionPay, SEPA transfer, and ALIPAY. Note that most credit card and online banking options are instant, however, bank wire transfers may take up to 3 business days. 

Fees & commissions of Key to Markets

Fees and commissions are affordable with Key to Markets. The broker offers both free-of-commission and free-of-spread markup account types. In addition, there are no transfer fees or inactivity fees. Let’s do a comparison with other brokers to find out more about the payment policies. For the comparison, we’ll use the Standard account that has 1 pip markup. 

Comparing Key to Markets fees with other brokers

Key to Markets fees compared to Interactive Brokers fees

Type of FeeKey to MarketsInteractive Brokers
EUR/USD SpreadFrom 1 pipFrom 0.6
Fees on DepositsNo1%
Inactivity feeNoNo*

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

Key to Markets fees compared to eToro fees

Type of FeeKey to MarketseToro
EUR/USD SpreadFrom 1 pipFrom 1
Fees on DepositsNo$5 on withdrawals
Inactivity feeNoYes, $10/m

Key to Markets fees compared to IG fees

Type of FeeKey to MarketsIG
EUR/USD SpreadFrom 1 pipFrom 0.8
Fees on DepositsNoNo
Inactivity feeNoYes, $10/m

Key to Markets fees compared to XM fees

Type of FeeKey to MarketsXM
EUR/USD SpreadFrom 1 pipFrom 0.6
Fees on DepositsNoNo
Inactivity feeNoYes, $15 after 12 months, +$5/m

Key to Markets fees compared to AvaTrade fees

Type of FeeKey to MarketsAvaTrade
EUR/USD SpreadFrom 1 pipFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, $50 after 3 months, $100 administration fee after a year

Key to Markets fees compared to fees

Type of FeeKey to
EUR/USD SpreadFrom 1 pipFrom 0.9
Fees on DepositsNoNo
Inactivity feeNoYes, $50 after 3 months, $100 administration fee after a year

Trading platforms of Key to Markets reviewed

There is a full set of MetaTrader platforms available for trading Key to Markets. Both support Expert Advisors (EAs), algorithmic trading, as well as copy trading. In addition, traders can use an AutoTrade Account powered by Myfxbook. 

MT4 was built in 2005. The platform gained popularity quickly and remains one of the most popular FX platforms even today. Both MT4 and MT5 are highly reliable offering a simple design that enables anyone to run its software. For some, the platform may look outdated, but they are super reliable. MT5 was released 5 years after MT4, in 2010, and it is built for trading multiple asset classes. MT4 is mainly used for trading FX pairs. 

The AutoTrade platform doesn’t require installation, it is an online terminal. There are live trading strategies available for sharing and the platform picks only the best-performing strategies and offers them to other traders. Signal providers get incentives and increase their income. What’s great about this platform is that a demo version is available and the demo version enables traders to get used to the software and test how AutoTrade works before depositing funds. 

Mobile Trading on Key to Markets

Mobile apps help traders to keep track of market developments from anywhere in the world. The broker offers mobile trading to both Android and Apple device users. The advantages of mobile apps include:

  • Real-time charts 
  • Availability of mobile push notifications
  • Access to every order type and execution mode
  • Availability of trading history journal
  • Free access to the trading account through several devices simultaneously.

Education and research tools

Quality education is essential for the development of novice traders. Key to Markets provides traders with tools for research and educational material to boost the learning process and speed up the learning curve. 

Tools for improving market analysis offered by the broker:

  • Weekly market updates
  • Market analysis
  • Thoughts and insights

Material for boosting education offered by Key to Markets:

  • Webinars
  • Learn to trade FX
  • Learn to trade CFDs
  • Learn to trade stocks as CFDs

Customer support of Key to Markets

Quality customer service is the backbone of every successful business that is serving its customers. Clients can contact the broker using email, over the phone, and using live chat. However, the live chat option is limited to already existing customers. The fact that there’s no live chat option to answer potential clients’ questions, is an obvious downside. Other than that, the service is highly professional. What’s more, customer support is available in English, Spanish, Portuguese, and in Indian languages. The phone call option is available during business hours of 9 a.m. to 6 p.m. GMT. 


To sum everything up, Key to Markets is a decent broker that is regulated by the UK’s FCA, which is a top-tier regulatory body, and by the FSC of Mauritius. Traders have access to 156 instruments, including Forex, commodities, indices, cryptocurrencies, and shares as CFDs. The broker provides access to a full set of MetaTrader platforms. Key to Markets offers both spread-free and commission-free account types in order to attract different traders. Trading fees are reasonable and the minimum initial deposit required is only 100 USD. The broker offers extensive educational material and tools for analysis. However, customer service is lacking live chat options for potential customers. Overall, it’s safe to say that Key to Markets is an average Forex broker. 

Have experience with Key to Markets? Log in to leave a review

FAQs on Key to Markets

Is Key to Markets a good broker?

Key to markets is an average broker. It offers access to various assets, offers the full set of MetaTrader platforms, is regulated, offers a digital and intuitive registration process, and provides material for education. However, most brokers offer MetaTrader platforms these days and the amount of assets is nothing special. 

What can I trade with Key to Markets?

Key to Markets provides access to trading 156 instruments, including 65 FX pairs, 65 US and European stocks, 4 crypto/USD pairs (Bitcoin, Ethereum, Dash, Litecoin), 15 indices, and 7 commodities on energy and precious metals. Trading is available using the MetaTrader 4 and 5 platforms. It’s worth mentioning that MT4 is best for currency trading and MT5 is a multi-asset platform.

Is Key to Markets a regulated broker?

Yes. Key to Markets is authorized and regulated by the Financial Services Commission of Mauritius (FSC) and the Financial Conduct Authority (FCA) of the UK. The FCA is a top-tier regulator and one of the strictest regulatory bodies in the world. The FSC on the other hand is only mildly strict in its requirements. In addition to being regulated, the broker increases the level of safety and security by providing negative balance protection and keeping client funds in segregated accounts. 

Which account type should I pick if I’m planning to day-trade?

Key to Markets offers spread-free and commission-free account types. If you are planning to day-trade, it’s best to pick a spread-free account. The spread-free account is called the Pro account and it doesn’t charge traders with spreads, instead, there’s an 8 USD commission per lot traded round-turn. However, a spread-free account doesn’t mean you won’t be charged with spreads. Spread is the difference between ask and bid prices. When using the Pro account, it simply means that the broker doesn’t charge traders with any spread markups. Spreads can increase in low liquidity conditions though. Professional traders avoid high spreads by only trading highly liquid assets such as major currency pairs. It’s also worth noting that the currency market is the most liquid during the overlap of New York and London trading sessions. The Tokyo and Sydney sessions are less liquid and there are higher spreads and fewer trading opportunities.