Read our full TeraFX review below.
WHAT IS TERAFX?
Found in 2011, Tera FX is a respectable forex and CFD brokerage firm with its headquarters located in the UK. This online broker is regulated by the FCA.
At TeraFX, clients can trade a range of trading instruments, such as Forex and Contracts for Difference CFDs on Indices, Commodities’, and Precious Metals.
The broker also offers a variety of trading platforms to its traders, including the MetaTrader 4.
INTRODUCTION
TeraFX is one of the online trading brokers and they provide different kinds of trading portfolios. They offer different market instruments and their services cut different parts of the world.
The providers do offer technical analytical tools that can guide investors to make an informed decision. Among the various instruments, they provide include forex.
Apart from that the brokers also offer CFDs on indices as well as precious metals and commodities. All these are fully integrated into the platform, and it provides a system that can help traders to analyze and predict the outcome of the market successfully.
This broker makes available the best trading environment and training and learning resources which can make novice traders catch up with the trade. They are trustworthy and comfortable to do business with. The broker uses one of the best trading platforms.
They do not have a dealing desk execution, but the provider is on top of the competition because of the great tools they offer their clients over the years.
PROS & CONS
Pros
*The providers are reliable, and the platform is secured
*They provide a wide range of instruments to trade with
*Different account types are also available
*The platform is great for professionals as well as beginners
*They make available advanced training tools and educational resources
*It does not require high deposits
Cons
*They make available only one trading platform
*Do not accept customers from America and some other parts of the world
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TRADING INSTRUMENTS
The company offers different kinds of trading instruments to its customers. These include the following and they are as follows:
*Forex trading which has more than sixty currency pairs available
*The company also makes available commodities like crude oil, silver and gold, and several others
*They also offer 9 indices
*The VPS makes it possible for traders to run an automated algorithm trading strategy
When it comes to account types of the company provides different kinds of accounts that take care of these different instruments. The account types and the number of instruments available with them are as follows:
*Starter account and this can boast of about eighty-two trading instruments
*There is also the premium account and traders here would have access to 147 trading instruments
*ECN account and this can also boast of 82 trading instruments
TRADING PLATFORMS
Furthermore, this platform can boast of 3 trading platforms and these are tailored to the needs of traders. These popular trading platforms include the versatile MT4, as well as an android trader as well as iPad and iPhone trader, and so on.
MetaTrader 4
This platform is not only popular with this broker, but also with other brokers. This system is now a standard in this industry. When a broker uses it, this shows that such brokers are serious with their business.
The unique aspect of this platform is the following features, and they include:
*Support of different languages which cuts across the world
*The system welcomes EAs
*It also supports backtesting
*The system makes it for the customization of the drag and drop charts
*Most importantly, this system uses forty technical indicators, and this can be used across the market
*Furthermore, it makes the annotations and drawing possible, and this is accompanied by their different features.
Mobile devices
Perhaps, the most interesting aspect of this broker product is the compatibility with different kinds of operating systems which includes android trader, iPad Trader as well as iPhone trader. These also come with different functionalities.
- They trade on live prices
- Trade performance is based on FX quotes
- There is also market news, and this can assist traders to make investment decisions
- Most importantly this is accompanied by charting capabilities
- Historical data can also be accessed
- They also provide demo accounts
ACCOUNT TYPES
TeraFX provides different account types, and these include those partially mentioned earlier. You can choose from any of the account options. Choose only those that are accessible to you.
There is the corporate account and as you can get from the name this kind of account is meant for institutions and it is not for private investors.
In all this makes available different four types of accounts and you can easily select from this six-account made available to you. The six kinds of accounts that are available with this platform are as follows and they include:
- Starter account
- Premium account
- ECN account
- Pro account
- Corporate account
- Demo account
Starter account
This account features only the base currencies. These are the currencies involving the following:
- USD
- GBP
- EUR
- PLN
This kind of account does not attract any kind of commission. Traders here will have access to eighty-two trading instruments the company offers to its investors. However, this account will feature Swap as well as a mobile trading platform.
Premium account
As you can get from the name, this account is not for beginners. You must have acquired a certain level of experience before you can talk about using this account.
The account involves investing in the base currencies such as the USD, PLN, GBP, EUR. It attracts zero commission. This is advanced in form of trading as it is composed of 147 trading instruments. These trading instruments are available in MT4.
It also involves the use of mobile trading and this trading is performed through mobile devices such as iPhone, Android as well as iPad.
ECN Account
This is another account type offered by this broker and it involves the use of base currencies such as USD, GBP, EUR, and PLN. The total number of currencies involved here is 82 and it does not involve the charge of any commission.
Moreover, it is available for mobile traders and you can trade with your mobile devices like smartphones.
Pro account
This one is meant for experienced traders. It is not for companies but individuals with experience. The execution of this kind of account is market-based, and it features a variable spread and these are divided into different sections like
The major currencies such as CAD/CHF as well as other currencies. This also involves minor currencies.
It also incorporates currencies known as exotic 1, exotic 2, and oil account. Furthermore, there is the gold account and the major indices account. Crypto account and other indices
It has the maximum trade size which is just 100 on standard as well as micro. It also offers the minimum trade size of both the micro and standard at 0.01.
Holders of this account can enjoy some advanced features such as the advisors stop and limit orders, hedging and stop and the top-level can reach up to twenty percent.
Corporate account
The other account is the corporate account. It is the most advanced and it appears that this account is meant for companies. If you want to fund this kind of account, you must check the requirements.
Moreover, you can contact the customer service department about this account since the information available about it is scanty.
Demo account
The final account type we are going to discuss here is the demo account. This broker considers it as an account type, but other brokers may not consider it as account type as such. It is a training account, and it is available to you for thirty days and this account is risk-free.
The broker makes available virtual money of ten thousand dollars which you can use for that training. It is good for beginners because they can use it to develop their skills. This does not involve any risk and it is different from a live trading account that requires the funding of your account.
HOW TO OPEN AN ACCOUNT
To open an account with this broker is not as difficult as you think. You must get to the website to open an account with this broker. If you want to create a corporate account with this broker, it is not simple.
You must first contact the company through customer support and tell them about your plan to open an account with them.
You must provide the information required from you which in most cases has to be your personal information and contact information. Furthermore, you must provide the means of identification.
When you have opened any of the trading accounts you are qualified to do, then you must fund that account to begin trade with it.
DEMO ACCOUNT
A lot was said about the demo account. This is a trial or a temporary or demonstration account. This is where you must test run your skill and your understanding of the system.
This account will be active for you for thirty days and after thirty days, you can decide to fund your account to begin to trade a live account.
You are given virtual money of just ten thousand dollars and you must use it to learn how to trade. It provides a real trading environment, and you can learn how to trade in the real investment environment.
SOCIAL TRADING AND COPY TRADING
Social trading is another instrument available for traders to master the system. This is not about training but involves a live account holder making use of another account to make money for themselves.
Most brokers do provide this kind of trade agreement and one would not be surprised if it is applicable here.
COMMISSIONS & FEES
Commissions and fees are charged for the trade. The least amount that you can trade with and which you can invest in one hundred dollars.
For the starter account, it is not associated with any fee and in terms of commission it available, but it must be on-demand. When you migrate to the Pro account, you can demand commissions.
The company however built the associated costs on variable spreads and this is as low as 0.6 pips and is dependent on the kind of account that one has. Only ECN and Professional account that features raw spread which ranges from 0.4 pips for oil.
LEVERAGE
The leverage offered by the company is based on the regulatory authorities. They cannot go above or below what the regulator authority has authorized as the leverage.
The company is interested in helping the customers to make potential gain and that is why they make enough leverage available knowing that the same leverage can be counterproductive.
This company is under the FCA supervision and the leverage they offer may be limited in certain quarters. The maximum they can offer is 1:30 on the forex trading instruments. They can increase for professionals who can get the best out of it up to 1:100.
WITHDRAWALS AND DEPOSITS
When it comes to depositing money and withdrawing from the system, the company does make some options available which are to the benefits of their clients. They make such methods as electronic wallets, credit and debit card use to fund your account possible.
Money deposit is quick. In the same way, the withdrawal method has to follow the same way the money was deposited in the first place.
The payment and withdrawal system which TeraFX puts in place include the following and they are:
- MasterCard Debit
- Visa
- Visa delta
- Visa debit
- Visa Electron
- Maestro
When it comes to the electronic payment system, the company makes the following options available for its clients and they include:
- Neteller
- Skrill
- Union Pay
- Sofort
To deposit to the broker, the following options are available, and they can choose from any of them, and they include the following:
- Bank transfer
- Major currencies are accepted here and the minimum you can deposit is one hundred dollars. When you deposit through the bank method the money will get to the account within 1 to 5 business days. Furthermore, it does involve any fund transfer
- Another deposit that is acceptable to the brokers includes the use of credit and debit cards and the minimum you can deposit through this method is the same one hundred dollars. There is no limit to the maximum amount you can deposit.
- An electronic wallet is also known as an E-Wallet is another alternative to deposit money to the platform. The minimum you can deposit here is just one hundred dollars and there is no maximum to the account that you can deposit.
CUSTOMER SERVICE
When it comes to customer service, the company is exceptionally good. They provide different means of contacting them.
They have well-mannered and qualified customer relations officers that can handle your case professionally and you would be satisfied at the end of the interaction with them.
They are available any time within the trading days you contact them through any of the methods they make available to you. If you want to contact them, get to the Contact Us page and choose the best option available to you.
This support team speaks multiple languages, and you can reach out to them through telephone contact. The numbers you can call when you need their help are displayed on the website.
Furthermore, you can contact them through their email address and live chat. If you want you can leave a message to them, they will respond to that message within a short time.
Furthermore, you can check the frequently asked questions page, you can get help and where you are not satisfied with what you get you can contact them further.
SAFETY AND SECURITY
The safety of traders using this platform is one hundred percent guaranteed. The first thing you need to note is that the broker is well monitored and supervised in all the areas they operate.
They cannot go beyond the law and when they do that, they would be sanctioned. Because of that, there is absolutely nothing to worry about your safety and security of your funds, they are well protected. If you check the platform very well, you can see from the safety measures already put in place.
It is FCA monitored and supervised. There is absolutely nothing to worry about when you use this company. The company money is separated from that of the account holder and that means that under no circumstances will the broker use your money to solve their problems.
CASHBACK
Incentives are common with brokers and it is recommended that you make optimum use of such opportunities whenever they are available.
From time to time this broker does offer bonuses to entice their customers and to motivate new customers to patronize their platforms. You must check when such programs are available to make good use of them.
RESEARCH
If you want to be successful with this kind of financial market, you need to do extensive research. This will assist you in making a good financial decision.
The analysis is good because you are going to use that to discover trends as well as find out those things that drive the market. You can determine the movement of price both in the short and long run.
There are research tools available, and these are in form of technical and economic analysis. It is also available in form of charts and even tables. You can depend on these to find out what the outcome of the trade would likely be. It paves the way for your success.
EDUCATION
Educational resources are also made available for traders to help them to succeed on this platform. Several areas are covered here and there are many of them.
The educational courses cover lots of areas and some of the areas that are covered include demo account. You learn how to trade and when to place trade and exit from the market.
You can learn about the statistical and fundamental and trading tools. Besides, there are glossary sections that teach you what you need to know about the system.
Before you use this system, you must first learn how it works and you get all these from the training materials that are made available to you. All these are available with this provider.
GLOBAL AWARDS
The company is doing well there is no doubt about that. They have not won any awards for now.
PROMOTIONS
Promotions and other incentives are being organized occasionally by this kind of broker and others. Cashback programs are some of them and you can enjoy this feature when you refer a friend to the system.
CONTESTS
There are no contests available for now. You can however search to know when such contests are available.
SAFE OR SCAM?
TeraFX is a regulated broker, and you can do business with them without fears. This is regulated by bodies like the Financial Conduct Authority which is based in the UK. In the same way, it is regulated in other countries it is in operation. Because of this regulation, there is absolutely nothing to worry about when you do business with the company.
The creators of the system are known. You can visit them and chat with them. There is nothing hidden about them. They are one hundred percent legit.
CONCLUSION
In conclusion, TeraFX is a well do broker who caters to its traders from different parts of the world. You can use this platform irrespective of your skill level.
Many people would choose this broker because of the wonderful products they offer and lots of training and research resources that help them to dominate the market. they offer you everything you need to become a successful trader.
Furthermore, the system can be traded on different trading platforms and you can also use it on different mobile trading systems like android and apple phones. You can access this platform from anywhere you are.
When it comes to the safety of your investment, there is absolutely nothing to fear because your money is safe. The plenty of safety and security measures in place are to ensure that you do not lose anything when you invest with the platform. Everything is easy with the broker.
They provide different means of depositing money to your account and withdraw earned money from the account. Customer support is one of the most functional in the industry. There are different ways of contacting them.
