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TeraFX reviews

Byadmin

Sep 1, 2020

Overview of TeraFX 2021

TeraFX UK is a British company headquartered in London with an additional division in Warsaw. It owns the Tera Europe Limited brand. The broker is headquartered in London, UK, although there is a second office in Warsaw. The supervising regulator is the FCA. Client investments are protected by the FSCS, with coverage of 85,000 pounds. There is a directive that defines all the rules of stock trading, they are quite strict, but the company fully complies with them, which causes great approval among many clients.

MetaTrader 4 trading platform

TeraFX decided not to create its own trading terminal, but to use the best global development – MT4, which will meet the needs of customers with different levels of training and even without trading experience. Among the main tools are:

  • Indicators for technical analysis – 30
  • Instruments for charting – 50
  • Options for pending trades – 4
  • Time frame – 9

Also, such popular tools as Bollinger Bands, one-click trading, and, of course, the interface, which is not overloaded with useless information, everything is clear at the level of intuition.

At the broker’s official web portal you will find links to download the distribution kit for desktop and desktop computers running Windows and MacOS.

Assets for trading

– currencies – 59 pairs

-CFD on precious metals – 6

-indices -12

-digital currencies -4

Markets

TeraFX offers a wide variety of traded currency pairs and CFDs. There are 59 currency pairs, six CFDs on metals, 12 stock indexes, four cryptocurrencies and two types of energy.

Spreads and commission

The company is not a cheap option for clients who focus on intraday trading of currencies due to the large spreads, in addition, a commission of $7 per lot is charged. The values of swaps are variable and information about them is better to be found on the broker’s website.

Leverage

The value of leverage is limited by current regulations of brokers with European registration, and its maximum value is 1:30, by asset:

Cryptocurrencies – trading without leverage

Indices, metals – 1:20

Other commodities – 1:10

Currency pairs – 1:20-1:30, depending on the currency pair

Professional traders stand out. They are granted a number of indulgences:

Cryptocurrency – 1:6

FX – 1:200

Indices and metals – 1:200

Commodities 1:60

Mobile applications

Active traders will pay attention to the mobile application, which allows you to work with the market anywhere with a connection to the World Wide Web. This application is from MT4. In fact, the average trader will not notice any differences in functionality, because most of the tools are built-in there, with the exception of some options that help build charts, which are presented in an abridged version.

Payment methods

Operations aimed at increasing the balance of the trading account on the platform are carried out through payments from bank cards, this may be a credit and debit cards, bank transactions, and through a transfer from an electronic purse. Currencies available for deposits: Pound Sterling (UK), American Dollar, the currency of the European Union and the Polish Zloty.

The minimum top up amount when using a bank card is 100 pounds, the processing time usually takes no more than five minutes. There are limits on incoming amounts from e-wallets – 5000 pounds, payment processing does not go beyond the same five minutes. If you want to make a sufficiently large amount, we recommend that you use the transfer by rekzit, there is no limit on the maximum amount, but the transfer will be credited with a maximum delay of five banking days.

Withdrawal of profit takes at least two working days, this is due to the verification of the transaction by the financial department. The company, with few exceptions, does not take any commission for deposit/withdrawal of funds.

Demo account

Every client can try his hand at stock trading without risking the family budget. This is what demo accounts with virtual balance are for. The account amount is limited to $ 10,000.

Deals and bonuses

Due to strict regulations, FCA regulated companies cannot offer promotions/discounts/bonuses to clients.

Additional features

For those who like automatic trading observe the rule – the computer (smartphone) must be always online. If there is no such a possibility, a virtual server VPS will come to the rescue. As a rule, the execution speed is much higher and market slippage is minimal. For clients who want to learn the skills of exchange trading, a series of webinars is offered. The company is interested in raising the level of financial literacy among its clients which is a direct way to increase the income of both the company and the individual trader – client of the company.

Account types

The company decided not to create a huge number of account types to avoid confusion and offered three account types in four currencies:

  • Standard – the account without commissions, simple and convenient for small trading volumes – Premium – the account with narrow spreads, a larger set of assets for trading and the absence of commissions.
  • ECN – an interesting solution for those clients who have a clear strategy and are ready to pay 7 dollars per lot of commission. There are requirements in the EU, fulfillment of which allows traders to position themselves as professional market participants, traders. Those who manage to do so are given an opportunity to use a high level of leverage. Ask your broker for more details.

Support

TeraFX can be contacted by phone, email, or via the chat widget on the website. There are separate points of contact for customers wishing to contact offices in the UK and Poland:

  • UK Phone – +44 203048 4764
  • Poland Phone – +48 22 3-8 14 06
  • UK Email – customerservices@terafx.co.uk
  • Poland Email – sekretariat@terafx.pl
  • Live chat – bottom right corner of the site

Safety

The company takes security very seriously and is guided not only by the rules of the regulator but also by its own regulations. Client funds are held in separate accounts at Royal Bank of Scotland and Citi Bank.

TeraFX verdict

TeraFX is controlled by the regulator FCA, which indicates the strict rules in carrying out brokerage activities. The set of assets is more than sufficient for a trader with little or no experience. Excellent opportunity to use VPS for automated trading. A confirmation of our words will be numerous feedbacks from clients of the company.

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