Finding a good broker is truly an important and hard task for everyone and especially for the beginner traders. Some of the brokers use the inexperience of the traders as an advantage and try to mislead them with promises and lies. Unfortunately, TemplerFX FX brokerage appears to be one of such brokerages. It tries hard to create an image of trustworthy brokerage with years of experience and good service. However, behind this image, there is a very unsophisticated scam that can be revealed just after spending little time on the broker’s website.
Leverage: 1:2000 Licences: FSA
Min. Deposit: 25 USD Bonus: 100% bonus
Spreads: from 0.5 pips US Clients: No
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About TemplerFX Forex broker
According to the TemplerFX.com, the company that operates the brokerage is Templer Holdings Management limited. It was established back in 2004, this is the time when the brokerage was founded as well. You might think that as the broker operates for years it cannot possibly be a scam but the reality proves the opposite. First of all, let us take a look at the regulations of the company. It is registered in Saint Vincent and the Grenadines and has a license by the local regulator, Financial Service Authority (FSA) of Saint Vincent and the Grenadines. It already makes us think that TemplerFX scam is real. FSA is not really a regulator that is considered as a reputable one and that creates a safe environment for the investors. This is one of the reasons the broker cannot provide its services to the countries where the regulations are strict as the broker is not compatible with the international regulatory bodies. Templer FX cannot provide its service to the residents of the following countries: The United States, United Kingdom, Canada, European Union, Japan, Israel and some of the countries. Based on the languages that are available on the TemplerFX website the broker targets Russian, Chinese, and Indonesian traders. Although, the TemplerFX login is available only in some of these languages.
Even though the broker claims to be regulated, I was unable to find the proof of it on the website of the regulator while making the Templer FX review. This is another reason why you cannot depend on such regulators that fail to provide information about their clients. However, I found a PDF file of the license that states that the broker received it only 3 years ago, in 2016. It means that for years the broker was operating without regulations and after that, decided to get a license of one of the regulators that hands out the licenses left and out to the scam brokers. So, the answer to the question “is TemplerFX regulated” is yes, but I think you would agree that this fact does not speak well about the broker and lowers the TemplerFX rating a lot.
Is Templer FX legit?
As you can see the regulatory side of the broker is not very promising. The features and the service of the broker are not any better. If you take a look on the broker’s website you will find out that the website does not really give any information to the trader. The technical side of the website is not very good, it is slow to load and the navigation there is not very intuitive or easy. The design creates an impression that the broker has not touched the website since it was first created. Contentwise it is disappointing as well, the broker features TemplerFX bonus offerings a lot since it is the main way for the broker to lure the customers. The broker has a page for education where there should be various articles about trading but unfortunately, there is nothing like this there. This kind of approach and lack of relevant content is not acceptable even by the new brokerages that were founded yesterday! Considering that the broker claims to be on the market since 2004 it is already very disturbing. Can Templer FX be trusted when it states that it has 15 years of experience? Certainly not.
Templer FX scam
What I have discussed so far is enough to lose all desire to open an account with Templer Forex broker but there are some of the disturbing features as well. The first thing is the fact that there are very few reviews about the broker. It is unreal that the broker that provides service for more than ten years does not have more opinions and reviews. If there would be a lot of negative reviews it would be safe to assume that the broker is a scam and people are not satisfied, or if there would be positive reviews it might mean that the broker was distributing them itself. But there are only several reviews that could potentially mean that the broker does not really exist for 15 years and Templer FX scam works with the classic scheme. Moreover, the broker does not really disclose much information about itself.
Templer FX accounts
The broker has several types of accounts, at first everything here looks okay. The broker offers a cent account for the traders that has a low budget and requires a minimum deposit of 1USD, it also has a basic account – Universal FX where a person can open an account with 25 USD. One needs to make a 25 USD minimum deposit to open a Muslim FX account as well. That’s not all, the broker also has MAM account and Segregated account where the minimum deposit requirements are 1000 USD and 50,000 USD respectively. The shady thing is that there is no difference between the features of the accounts and the broker pushes the traders to open the last two types of accounts where the minimum deposit is highest. This definitely points at the Templer FX fraud.
First of all, the broker should not urge you to create any of the accounts and the trader should make the decision solely based on his own requirements. Secondly, pushing traders to create an account that requires them to invest much money means that the broker does not count on the traders to deposit any more money, because they will be scammed on the first try.
Customer support service
Another thing that indicates that TemplerFX scam is real is the customer service the broke has, or I might even say has not. There is no way you can directly contact the broker. TemplerFX has the customer support page where the broker shows several ways one can get support from the broker. First one is the live chat. Normally, live chat is the best way to contact the broker to get a fast response to your inquiries. The live chat of TemplerFX does not work. When you click on it, it redirects you to the link and the page simply says that it does not work. Other ways to get assistance is email and phone call. The broker does not show any of it. You can send an email from the website without getting to know the broker email address or request a phone call. It means that the broker can simply ignore your inquiries. Many TemplerFX reviews talk about the above issues with customer support.
Just imagine, you open a MAM account because the broker is pushing you to do so, you trade, make some profit and cannot withdraw it. You try to reach the customer support to know why your withdrawal is not processed but the live chat is not working. You send an email and request the call but nobody contacts you back. You cannot really do anything, you realize that you are a victim of a TemplerFX fraud. The broker is not regulated in your country and you will not fly to Saint Vincent and the Grenadines to fill a complaint against the broker.
There is no question left that the broker is operating a scam. It is hard to determine if the broker does it with the same name for years or does it change the brand time after time. In any way, it is smart to avoid the TemplerFX platform and similar brokerages at all cost if you want to have a successful trading career and get profits.