Archives: Brokers

Is Templer FX Scam or Legit Broker?

It is not safe to trade with TemplerFX. TemplerFX is owned by Templer Holdings Management Ltd. which is an offshore company registered in St. Vincent and the Grenadines. The SVG authorization is considered an offshore license and traders are recommended not to trust and invest with SVG-registered brokers. The reason for that is the set of rules and established requirements that are implemented by the SVG FSA are very far from the international strictest standards that truly protect clients.

• In addition, the authority does not actually oversee the firm’s operations, therefore the claims about its regulated nature, integrity, and transparency are very far from reality. 
• Based on research, it costs €24,000 per year to become a member of the SVG. However, there is no handbook or guidelines for brokers to run their businesses, therefore, there is zero protection for traders. You can read our detailed article about the risk of trading with brokers from St. Vincent and the Grenadines.

What is Templer FX?

Templer Holding was founded by foreign exchange veterans with over 40 years of combined experience, commencing business at the end of 2004. The company operates as an institutional and retail ECN (ECN brokers) counterparty to clients trading in the foreign exchange ("Forex") market.

Templer FX is a trademark of St. Vincent and the Grenadines financial investment firm, which is also authorized by the local agency FSA, the Financial Service Provider Commission with license number 23395. The broker offers a variety of trading opportunities including speculation on Forex, CFD, Indices, and Metals through an industry leader MetaTrader4.

• The company states their payment service provider is a firm located in Scotland, Mayside Solutions LP, which is rather confusing than a positive fact. Moreover, the company mentions numerous international standardization and successful operations through the years since its start in 2004.
• It is a quite long operation history, yet there are not so many online reviews from the traders, which is definitely a negative aspect, as it is simply impossible to operate for so long and remain with just several mainly negative reviews. Even though the only few available responses from the real traders show that the company delivers trading conditions with cases of manipulation, issues with withdrawals, and aggressive tactics. 

Overall Templer FX Ranking 

Our research revealed multiple issues on Templer FX regulations and safety, thus we do not rank positively Templer FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• Templer FX Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Templer FX Alternative Brokers

Due to our finds and issues with the safety of Templer FX here are much better Alternatives to Templer FX with good regulations and excellent conditions. We select Good Brokers and trustworthy options for your comparison below: 

• AvaTrade – Good for Currency trading
• FP Markets – Good for CopyTrading
• FXTM – Good for Beginners

Templer FX in India

With Templer FX Indian traders are able to open accounts and trade. However, Templer FX has no mention of complying with any Indian regulators on its website.  However, the broker is not regulated by any regulatory body in India, thus money safety might be an issue here.

Templer FX in the USA

The United States is one of the countries that is not accepted by Templer FX. As per U.S law, brokers regulated by CFTC are the only brokers allowed for USA traders. So, except for Forex Birds, you are only permitted to trade with U.S-regulated platforms. Also, the broker does not provide services to UK, EU, Canada, Turkey, Israel, and Japan residents and entities of any kind.

Templer FX Deposits and Withdrawals

Templer FX minimum deposit requirement is 25 USD. Templer FX Brokerage withdrawal fees vary on payment method. Templer FX Brokerage does charge a fee for inactive accounts. Templer FX Brokerage does charge deposit fees. Temper FX offers a lot of payment methods including bank wire transfers, credit cards, and popular e-wallet systems such as Skrill, Perfect Money, fasapay, Qiwi Wallet, and more.

Demo Account

Templer FX also offers a demo account. The Demo Account is provided to give traders a demonstration of the broker’s trading platform and to offer traders the opportunity to trade on simulated real trading conditions. This further allows the trader to gain more experience prior to trading with real funds and facing actual risk. Traders may test their trading strategies and become familiar with the trading platform at their own pace.

Templer FX Review Conclusion 

Overall, we strongly advise opening a trading account only with brokers that are regulated by respected world authorities that comply with the required set of rules, and have a good reputation through the delivered timeframe of operations. Traders should sign in with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as FP Markets, HotForex, and Infinox.

• Overall ranking and experience for Templer FX is Negative

Is Prime Scam or Legit Broker?

Prime has been suspected as a scam broker. According to the website, the broker is a part of the ADS Dahui Group as a part of ADS Securities LLC. ADSS is a limited liability company registered under the laws of the UAE (Check out Forex Brokers in UAE) and licensed by the Central Bank of the United Arab Emirates and the Financial Conduct Authority in the United Kingdom. All the information about ADSS is correct and the company is legal, however, Prime broker has nothing to do with the regulated entity.

What is Prime?

Prime is a Forex and CFDs broker. It turned out the broker has been using the details of the ADSS in order to delude the traders.

• It is called a 'clone firm'; and fraudsters usually use this tactic when contacting people out of the blue, so investors should be especially wary if they have been cold-called. They may use the name of the genuine firm, the 'firm reference number (FRN) that was given to the authorized firm, or other details. The Prime broker is just one of these "clone firms", so it definitely should be avoided.
• Moreover, the FCA in the UK has issued a warning against Prime by ADS Securities (a clone of FCA authorized firm):
  "This firm (Prime) is not authorized or registered by us but has been targeting people in the UK, claiming to be an authorized firm. Fraudsters are using or giving out the following details as part of their tactics to scam people in the UK. This FCA-authorised firm (ADS Securities) that fraudsters are claiming to work for has no association with the ‘clone firm’. It is authorized to offer, promote or sell services or products in the UK."

Prime Review Conclusion

FCA warns about suspicious brokers and urges investors to consult its website prior to investing with any forex broker that claims to be regulated in the UK. Prime is evidently a scam that should be avoided to trade with. We highly recommend only dealing with regulated forex brokers, authorized by reputable regulatory institutions like CySEC, FCA, or ASIC, and brokers such as FBS and BlackBull Markets 

Prime Update

We found that the Prime website is inactive. This means the broker has muted its trading offering and does not operate. However, we recommend avoiding and staying alert in case of any proposals.