RECOMMENDED FOREX BROKERS
TeraFX is one of the few good brokers out there that are worth your time and money. Read the review to find out all the crucial sides to this broker.
TeraFX UK is a trading name of Tera Europe Limited, a company licensed and authorized by the FCA and operational in the UK.
The FCA is perhaps the most popular and one of the most severe regulators around, not just in Europe but in the world. It heavily regulates both UK-based brokerage firms and foreign ones.
The markets regulator established a name for itself by applying a range of demanding prerequisites that even regulated entities must abide by:
- Fair treatment of customers,
- Routine reports from brokers on their activities,
- The promotion of a competitive but fair FX indusrty
- The maintenance of the UK’ market integrity
- All brokers must hold net tangible assets amounting to €730 000
The FCA can also enforce the law when need be, and issue heavy penalties on wrongdoers. Moreover, the FCA offers a Financial Services Compensation Scheme (FSCS), which reimburses users of brokers regulated by the watchdog. The maximum reimbursement amount is £85 000.
Thus, readers should encounter no issues when trading with any FCA-regulated broker, including TeraFX.
We had no way of registering a live account because the process is long and scrupulous. This is a sign that the broker is licensed and legal because it does not let just about anyone in.
So, we were left with the demo account. The broker sent over the so-called “demo credentials”, or so it told us. In fact, we never received any demo credentials, not even a confirmation mail from the firm. Usually, this happens only when the broker is aware of what we are and what our purpose is.
Without opening an account, we have to quote the website for all trading conditions. This shouldn’t be an issue because the company is regulated.
With that said, the leverage is capped at 1:30 by the law of ESMA (although higher ranking users can apply for a larger leverage), while the trading instruments are forex currency pairs, commodities, and indices. Users can also place bets on spreads, or the so-called spread betting.
Unfortunately, we could not find any details on spreads.
The website is available in English, Russian, Chinese, Spanish, Arabic, and Thai.
The MetaTrader 4 has been made available here.
Some of the most memorable features from the MT4 are time frames, a ton of chart customization tools, pending orders, stop/loss and take/profit, EAs, VPS, One Click Trading, and so so much more.
There is also a $20 round-turn commission applied to the EUR/USD cost fo trade. This commission increases the spread value of this asset by 0.2 pips. This $20 fee is charged to Starter account users. The other account types have their own unique commission schemes.
TERAFX MINIMUM DEPOSIT
Rest assured that it’s the FCA guarantee that all deposits will be processed without an issue.
There are three main ways to invest: through a wire transfer, a credit/debit card, or through a range of e-wallets. Although, there is no info on what these alternative payment methods are.
The minimum deposit requirement is $100.
Wire transfers may take up to 5 days to process, while all other deposits are said to be instant.
The deposit info was taken from the site. We can trust it because the broker is regulated.
TERAFX WITHDRAW METHODS AND FEES
The FCA license promises that all withdrawals will be processed within the confines of the law.
The processing time for withdrawal requests is between 1 to 5 days.
The brokerage tells us that there are no withdrawal fees whatsoever issued by the company. Payment systems, on the other hand, may launch several fees.
However, there is a $250 commission on a withdrawal that was made without the broker having any trading activity. In other words, the user must trade at least once in for her not to get charged with this one-time levy.
The withdrawal details were taken from the website of a trustworthy brokerage.
We find TeraFX to be a very solid and worthwhile broker. This is a definite recommendation.