Finding a good broker is a hard task, especially for beginner traders. TemplerFX FX brokerage appears to be experienced but lacks regulations. It tries hard to create an image of a trustworthy brokerage with years of experience and good services. However, the lacking of regulations doesn’t let us recommend brokers to our readers, especially when there are so many good brokers out there.
The safety and security of the TemplerFX Forex broker
According to 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 does not have a license from the local regulator. It already makes us think that the TemplerFX scam is real. FSA is not really a regulator that is considered a reputable one and that creates a safe environment for investors. 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.
Is TemplerFX 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 at 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 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.
TemplerFX Fees and spreads
In the spreads department, the broker does not make sense either. The accounts with lower minimum deposits have spreads from 0.1 pips while ECN ones come with 1 pip. This is a red flag as the broker seems to try and lure beginners with low budgets to scam out of their money. We do not believe unregulated broker offers 0.1 pips spreads for the majority of accounts commission-free.
TemplerFX Accounts, deposits, and withdrawals
The broker has several types of accounts, at first everything here looks okay. The broker offers a cent account for traders that has a low budget and requires a minimum deposit of 1 USD, it also has a basic account – Universal FX where a person can open an account with 25 USD. One needs to make a 1 USD minimum deposit to open a Muslim FX account as well. That’s not all, the broker also has an 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 to 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 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.
TemplerFX Trading assets and features
Now, let’s explore what the broker actually offers for trading, claiming to have a spread of just 0.1 pips. They provide a range of tradable instruments, including Forex, share CFDs, indices, and commodities. However, it’s worth noting that they offer only 32 Forex pairs, 4 indices, and 3 commodities. Unfortunately, the exact list of instruments for shares CFDs is not available, which raises some suspicions. Considering the lack of transparency, we advise traders to stay away from this broker.
Customer support service
Another thing that indicates that the TemplerFX scam is real is the customer service the broker has, or I might even say has not. There is no way you can directly contact the broker. TemplerFX has a customer support page where the broker shows several ways one can get support from the broker. The 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’s 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.
TemplerFX Education – Can you at least learn something?
On the website, you’ll find three sections under the education button. However, the “3 Steps to Becoming a Trader” section is surprisingly unhelpful, consisting of a three-word article that doesn’t make sense. This is unexpected from a broker with over 15 years of experience.
There are also two expert tips provided, but they offer very little knowledge when it comes to Forex trading education. The glossary, on the other hand, does provide brief explanations for Forex trading terms and slang, which can be helpful for beginners.
Should you consider TemplerFX?
What I have discussed so far is enough to lose all desire to open an account with TemplerFX. 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 good. 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. The lack of regulations only adds to the pile of red flags TemplerFX already accumulated.
Is TemplerFX a trustworthy broker?
Is TemplerFX a trustworthy broker?
What are the features of TemplerFX?
What are the features of TemplerFX?