TegasFX Review

Is TegasFX Scam or Legit Broker?

No, it is not safe to trade with TegasFX. TegasFX is a trading name of the Clover Markets Limited company located in Vanuatu, while regulated by the VFSC to ensure the highest level of client funds protection, as claimed.

• It should be mentioned that Vanuatu is an offshore zone notorious for scam brokers. To be more informed read why to avoid Vanuatu brokers. 

What is TegasFX?

TegasFX also claims its International standards achievement while the client funds are held in segregated bank accounts with international banks. The broker’s ability to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with True ECN/STP environment (True ECN Brokers).

• TegasFX claims to be a new way of true ECN/STP trading with low-latency infrastructure, low market spreads (Best Low Spread Forex Broker), and a wide offer of trading instruments that get extended from time to time.
• However, the main concern throughout the broker’s offering is that Vanuatu is an offshore zone, which in fact does not implement the strictest rules of the financial firm established or constantly overseeing. Therefore, offshore firms claim about their sustainability are rather funny than serious, as may be just sweet words. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, EssenceFX, and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.
• Furthermore, a lack of regulation seriously hurts the investors’ protection, while the trader cannot be sure how exactly the firm delivers its trading environment and manages funds, apart from its alleged trustful states.
• There are many ways the trader can protect himself and not fall under a number of risks, such as by choosing among the most reputable and of course well-regulated brokers. Since after making the mistake of investing with a company that misses serious regulations, it will be very hard and almost impossible to get the funds back or claim any compensation. And that’s besides the spoiled experience with the trading itself.

Overall TegasFX Ranking 

We disclosed regulation and safety problems with TegasFX, thus we do not rank positively TegasFX, based on our Expert Opinion with over 10 Years of experience in Forex Trading.

• TegasFX 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.

TegasFX Alternative Brokers

We revealed that TegasFX has a lot of issues, especially in respect of its safety and regulations. Thus, here are much better Alternatives to TegasFX with tight regulations and favorable trading conditions. We select Good Brokers and reliable options for your comparison below: 

• ADS Securities – Wide Range of Trading Instruments
• Capital Index – Good Trading Conditions
• InterTrader – Competitive Spreads

Deposit & Withdrawal

Making deposits at TegasFX is easy, as the broker offers multiple funding methods, such as Bank wire transfers, Creditcard (ADVCash), Bitcoin, Ethereum, US Tether (ERC-20), etc. 

• The minimum deposit amount is $200, while for the maximum amount, there is no limitation.
• The processing time for the deposits is usually very short and mainly is done on the same day. However, Bank transfers might take 1-2 business days.
• There is also an inactivity fee - a $5 fee after 6 months of inactivity.
• However, traders claim to face withdrawal problems with TegasFX, thus we recommend taking this fact into consideration before signing with the broker.

TegasFX Review Conclusion

We advise all investors and traders to avoid TegasFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade, FXTM, and eToro.

• Overall ranking and experience for TegasFX is Negative