TeraFX Review

TeraFX Review

Minimum deposit

100 GBP

Bonus

N/A

Maximum leverage

1:200

Spreads

from 2 pips

Licences

FCA

US Clients

No

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.

Software Software: MetaTrader 4, MetaTrader 5, Web Based, cTrader

SoftwareCurrencies: USD, EUR, GBP, AUD, CHF

SoftwarePayment Methods: Bank Wire, Visa, MasterCard, Neteller, Paypal, Skrill

SoftwareRestricted Countries: USA, Israel, Islamic Republic of Iran, Iraq

TeraFX Review: Company Information

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:

  • Micro
  • Standard
  • Premium
  • Demo

There is also a Corporate account which is exclusively tailored for institutional investors, so we suggest focusing on the packages mentioned above.

terafx trading accounts

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.

Customer Support

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

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.

Comments (5 comment(s))

hutu
October 6, 2016
why the rating is 1 star...at least 3
bobbie b
November 2, 2016
isn't it weird that plus500 is all over this website, AND on each title for each paragraph it says SCAM?? As if someone if trying to manipulate SEO so that TeraFX shows up with scam next to it when in each paragraph their is absolutely no justification for that heading?? Very suspicious of ForexLab review... looks weighted to discredit a company that from as far as I have read have done nothing wrong
    Top Forex Brokers
    November 2, 2016
    Hey there Bobbie, TeraFX is clearly a new company of CarryFX. Check TeraFX contact person under FCA register: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000NMfnXAAT Same person owns 100% of the shares in CarryFX: http://www.coys.co.nz/company/?no=5004040-DERBIVI+LIMITED You cannot read much about TeraFX, so I don't know where your statement of "as far as I have read have done nothing wrong" comes from. Why would a company launch a new brand? Clearly because it scammed traders in the past and you need to come up with a new company name: 1. http://www.forexpeacearmy.com/forex-reviews/13078/terafx-forex-brokers 2. http://www.tradecomplaint.com/trading-reviews-complaints/Others/carryfx-com-reviews-complaints/forex/fx-broker/carryfx-com-carryfx-com-broker-scam-my-friend-for-huge-money_i14052#.WBo1v-ErLVo&gsc.tab=0 3. http://www.forexpeacearmy.com/community/threads/scam-of-carryfx-and-terafx.42390/ It is clearly scam and you are clearly paid to write the comments here pretending that you are a trader. Why is that? Strange you haven't posted anywhere before. Now, coming to Plus500. Yes, this is a broker we recommend as it is strongly regulated and from what we experienced - honest and trustful.
      BreakFX
      November 24, 2016
      So how much is Plus500 paying you?
bobbie b
November 2, 2016
I have traded with TeraFx, no issues with mt4 or delay in quotes, and no issues with getting my profits out... I give them 4 stars