TeraFX is not totally bad, but the trading conditions are not actually favorable. In this TeraFX review, we will examine the broker so that nothing is left overlooked.
Leverage: 1:200 Licences: FCA
Min. Deposit: 100 GBP Bonus: N/A
Spreads: from 2 pips US Clients: No
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TeraFX Review: Company Information
As one can read in the “About Us” section, TeraFX is a UK-based broker with headquarters in London, England. Is TeraFX regulated? Yes, it has a license from FCA. The broker claims to be ECN, though it is true only on the paper.
The website of this FX broker is accessible in 6 languages.
TeraFX Reviews: Trading Accounts
Basically there 4 accounts which you might choose for trading Forex. The list includes:
There is also a Corporate account which is exclusively tailored for institutional investors, so we suggest focusing on the packages mentioned above.
As you can see in the picture, TeraFX offers 3 account base currencies: EUR, USD and GBP. Maximum leverage granted is up to 1:400, which is okay. At the beginning of this TeraFX.com review, we mentioned that the broker is supposed to deliver its services using NDD model (No Dealing Desk). This generally means faster order execution, ultra-low spreads and other advantages. In fact, TeraFX turns these benefits into dust by offering variable spreads that start with 1.8 pip for Micro Account, 1.2 for Standard and 0.6 for Premium. Additionally, only Standard and Premium account owners can access all the tradable assets. In our opinion, such policy is not fair.
Additionally, the broker allows using hedging technique which is banned in the US. Naturally, US clients are not accepted at TeraFX broker.
TeraFX Scam Trading Platform
There is only one trading platform available at TeraFX – MetaTrader 4. It is a great desktop Forex trading platform that offers a wide functionality, including Expert Advisors (EAs). As one of the honest TeraFX opinions, we should admit that the website certainly lacks the web-based platform that would be a good alternative to MT4. To access MetaTrader 4, you have to install the software on your PC. On top of that, the broker offers MT4 mobile apps for Android and iOS devices.
The platform allows trading 60+ currency pairs, 5 commodities and 10 Index CFDs. No TeraFX spread betting is offered. You can see that the choice of tradable instruments is rather poor here.
TeraFX Promotions Review
You will not find any cash or deposit TeraFX bonus. In order to be rewarded with extra capital, the only option left is a referral bonus.
To contact customer support you can use live chat support, email or phone. Although the agents can be helpful, the FAQ offered on the website does not provide relevant information according to different TeraFX opinions.
TeraFX Scam Transfers
Minimum deposit is £100. Payments are done using RBS, MasterCard, Visa, Skrill, Neteller and Union Pay. All deposits and withdrawals are managed using Customer Panel on the TeraFX website.