TeraFX Review 2024
Website: www.terafx.com
Min. Deposit: US$ 100
Leverage: 1:30
Trading Platforms: MT4, MT5
Regulation: FCA
Headquarters: UK
Founded: 2011
Regulatory Licenses:
- Tera Europe Limited - authorized by FCA (UK) registration no. 564741
Updated on January 2, 2024
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TeraFX stands out as a prominent online Forex trading broker, specializing in Forex and CFDs on Indices, Commodities, and Precious Metals, within a fully regulated trading environment bolstered by advanced technology.
Through our comprehensive examination of TeraFX, we've identified the brokerage as a trustworthy entity, underscored by its robust regulatory framework, seamless account opening process, varied funding options, and an extensive assortment of account types. Traders are given the opportunity to leverage the renowned MT4 and MT5 platforms for their trading activities.
Pros
Strong regulatory framework
Seamless account opening process
Diverse funding options
Wide selection of account types
Popular MT4 and MT5 trading platforms
Cons
Limited educational resources and research materials
Lack of 24/7 customer support
TeraFX Review Summary in 12 Points ▲
Headquarters: UK
Regulation: FCA
Instruments: Forex and CFDs on Indices, Commodities and Precious Metals
Platforms: MT4, MT5
EUR/USD Spread: 0.6 pips
Minimum deposit: $100
Demo Account: Provided
Base currencies: GBP, EUR, USD
Education: Limited
Customer Support: 24/5
Our analysis, taking into account various factors, assigns a favorable rating of 4.3 out of 5 to TeraFX. This rating is derived from its top-tier regulation, popular trading products, advanced trading platforms, and competitive spreads. This evaluation places TeraFX in a commendable position when compared to over 1,000 brokers.
TeraFX is not a scam but is recognized as a reliable and trustworthy brokerage, primarily due to its regulation by the top-tier FCA (UK). The FCA's stringent regulations and guidelines ensure that the broker operates to high standards, enhancing trader security.
Indeed, TeraFX is a legitimate and regulated broker. The brokerage emphasizes compliance with regulatory requirements and undergoes close monitoring to ensure adherence. This commitment to regulatory compliance significantly enhances trader safety and fosters confidence in the brokerage.
See our conclusion on TeraFX Reliability:
Our Ranked TeraFX Trust Score is 4.3 out of 5 for its reputable services and reliability. Although the broker is authorized by a single regulatory body, possession of the FCA license greatly benefits the company.
The FCA's regulation of the broker is highly significant, reflecting its commitment to strong operational standards, financial stability, and robust safety protocols. Our findings indicate that the FCA consistently monitors and audits all trades conducted by TeraFX. To safeguard client funds, the broker segregates these funds from its own and stores them in reputable Tier-1 banks, providing clients with an additional layer of security and peace of mind.
Leverage is a well-known financial tool that amplifies your initial investment, potentially increasing your profits. However, it's important to remember that while leverage can significantly boost your gains, it can also magnify your losses. TeraFX provides leverage in compliance with Financial Conduct Authority (FCA) regulations: UK traders can access leverage up to 1:30 for major currency pairs and 1:10 for commodities.
Based on our comprehensive examination of over 1000 brokers, TeraFX has curated five distinct account types specifically for CFD trading, each designed to meet different trader needs and preferences. Additionally, the broker facilitates new traders with the option to open a Demo account at no cost. For Spread Betting, TeraFX offers an array of account types including Retail, Pro, Demo, and Corporate.
Opening Trading Account with TeraFX ▲
Initiating an account with TeraFX is straightforward and quick. To start, navigate to the “Open Live Account” page on the TeraFX website, fill in the necessary personal details such as your name, email, and phone number, and then provide verification documents like proof of residence and ID. You will also need to complete an electronic quiz to confirm your trading knowledge. After your account is verified and activated, you can proceed with depositing funds.
TeraFX provides access to a variety of popular markets, allowing traders to engage in Forex trading as well as CFDs on Indices, Commodities, and Precious Metals. The broker's selection of trading instruments earns a score of 7.5 out of 10. Despite this, it's noteworthy that several popular asset classes are not available for trading with TeraFX.
Upon reviewing TeraFX's fee structure, we found that the broker offers competitive rates for its trading instruments. Nevertheless, traders might encounter additional costs, such as swap or rollover fees, and inactivity fees during their trading activities. When compared to over 1000 other brokers, TeraFX's fees are considered to be low or average, earning an overall rating of 7.9 out of 10.
TeraFX consistently offers variable spreads, exemplified by an average spread of 0.6 pips for the highly-traded EUR/USD currency pair. This is notably lower than the industry standard, making it a competitive option for traders focusing on major currency pairs and popular trading instruments. Given its favorable conditions, TeraFX's spreads merit a rating of 4.4 out of 5, standing out in a comparison against over 1000 brokers.
MetaTrader 4, a name synonymous with reliable and advanced trading, is the primary platform offered by TeraFX. It comes in various forms - desktop, web, and mobile - to suit the diverse needs of traders. For those interested in spread betting, TeraFX extends the functionality to MetaTrader 5 Web. These platforms are lauded for their comprehensive features which support a broad range of trading strategies. The overall rating for TeraFX's platforms is 4.4 out of 5, reflecting its robust offering that competes well in the market.
TeraFX equips its traders with a suite of advanced tools that enhance trading efficacy. These include sophisticated charting capabilities, an array of technical indicators topping 40 in number, and mechanisms for automated trading via Expert Advisors. Such tools are instrumental in crafting and executing complex trading strategies, securing TeraFX a favorable position in the market with a rating of 4.5 out of 5.
Operating 24/5, TeraFX's customer support is accessible through email, phone, and live chat. The team is well-versed in various aspects of trading, ready to assist with technical, operational, or general inquiries. This prompt and informed support service receives a rating of 3.9 out of 5, reflecting its effectiveness and accessibility.
Despite offering basic tools like an economic calendar and glossary, TeraFX falls short in providing a comprehensive educational suite for traders seeking deep market knowledge. However, the provision of a demo account is a positive aspect, allowing for risk-free strategy testing. The education services of TeraFX are rated at 3.3 out of 5, suggesting room for improvement.
TeraFX supports a variety of payment methods including bank wires, credit/debit cards, and e-wallets such as Skrill and Neteller. While the overall process is user-friendly, it's important for traders to be aware of potential restrictions or requirements from their financial institutions. The funding methods are rated 4.3 out of 5 for their flexibility and low fees.
Setting an accessible threshold, TeraFX requires a minimum deposit of $100, which is significantly lower than many competitors. This makes it an attractive option for traders at various levels, from beginners to more experienced individuals. It's crucial, however, to be mindful of the margin requirements for different trading instruments.
TeraFX stands out by imposing no fees for deposits or withdrawals, enhancing its appeal among traders. The withdrawal process is straightforward, mirroring the deposit methods for convenience. This policy of zero withdrawal fees further solidifies TeraFX's commitment to providing value to its clients.
In conclusion, TeraFX emerges as a reputable broker known for its secure and efficient trading environment. Its adherence to FCA regulations underscores a strong commitment to operational integrity. With competitive pricing, access to sought-after markets, and sophisticated trading platforms, TeraFX caters to a wide range of trading preferences. However, the broker's educational resources and non-24/7 customer support are areas that could benefit from enhancement. Overall, TeraFX is highly recommended for traders in the UK, those preferring MetaTrader platforms, and individuals looking for competitive spreads, among other advantages. It scores well for automated trading, STP/NDD execution, and providing valuable trading tools, making it a suitable choice for both novice and professional traders.
