TeraFX Review: Security Measures and Regulations
Looking at the TeraFX broker’s website, we were not so amazed. Since most of the tabs and features don’t even work, we started questioning how the platform could function. Since there’s a web trader attached to a website, is it possible that clients cannot withdraw their funds?
Let’s see our TeraFX review and what we have concluded so far.
|Owned by:||Tera Europe Limited|
|Supported Platforms:||MT4, web trader|
|Types of Assets:||Forex, indices, commodities|
|Free Demo Account:||Yes|
|Accepts US clients:||No|
TeraFX Regulation and Security
TeraFX is owned by Tera Europe Limited, based in London, UK. According to FCA, the company has regulation for providing specific financial services. However, FCA itself stated that if you accept any services the company is not authorized to provide, you will not be covered by them. Since we couldn’t find what exactly is allowed for the company, we advise caution.
When it comes to security, every company regulated by the FCA needs to have a minimum capital of over half a million pounds so that they could reimburse clients in case of an issue. Yet, be careful when dealing with TeraFX. Their reviews are not as reputable as the regulation.
Fund Withdrawal Issues
Every now and then, we hear that some regulated broker is making a hard time for its clients to withdraw funds. Sometimes, the scam is in the form of small talk where some financial adviser is convincing clients not to withdraw just now due to market opportunity, and it goes on and on. Sometimes, however, the story is much different. Clients are unable to access their funds and their investment accounts after submitting a withdrawal request.
If you have experienced something similar with the TeraFX broker, do not hesitate to report it.
From everything we’ve had a chance to see so far, it looks like TeraFX is trying pretty hard to cover traders’ opinions on the company. On reputable websites, such as Trustpilot, we couldn’t find this particular brokerage. And that is rather odd since we found many unregulated scams from different offshore countries. So how come that nobody ever mentioned a regulated entity such as TeraFX.
Yet, we found some reviews on Facebook and similar social media telling us that clients have divided opinions on the broker.
How Does Online Trading Scam Work?
As aforementioned, even regulated brokers can conduct a scam. Yes, you are more protected by dealing with such, but you should be aware. For example, TeraFX offers its clients a web trader, the most unreliable trading platform. Also, the minimum deposit required is $100, and they provide leverage. These two facts combined mean that you can lose your funds easier since you do not have enough capital to enter the trade and make anything more than a couple of dollars. And let us remind you, their trading ad is promising thousands within a week.
Scammed by TeraFX?
If you have been scammed by TeraFX, do not hesitate to report it immediately. We’ve dealt with many cases, and the only solution you have is a chargeback.
But what is a chargeback? It’s a way of refunding your card if you have been scammed online. Contact our support via online chat, book your free consultation, and discover all your options to get a refund. Let’s start now!
What is TeraFX?
TeraFX is an online trading brokerage regulated by the UK FCA.
Is TeraFX a scam?
TeraFX is a regulated broker with suspicious reviews. Be careful when opening an account.
Is TeraFX regulated?
TeraFX has a regulation by the UK authority body, FCA.