Reason to avoid: Offshore license
Listed Date: October 31, 2018
Top 3 Regulated Forex Brokers
Beware TemplerFX is a Non-Regulated broker. It is NOT SAFE to trade.
Is TemplerFX a scam or legit broker?
No, 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.
St. Vincent and the Grenadines is notorious for its practically absent requirements and regulations. Due to the setup cost is low and it does not regulate forex trading. Therefore, it became an offshore zone for shady forex brokers such as 4xbrands, TraderUR and more.
The broker offers a variety of trading opportunities including speculation on Forex, CFD, Indices, and Metals through an industry leader MetaTrader4. According to the website, TemplerFX is also authorized by the local agency FSA, the Financial Service Provider Commission with license number 23395.
Even though the FinaCom is a well-respected organization, it is a self-regulatory organization which cannot guarantee the safety of the trading environment and does not regulate the daily operations of the company, therefore can’t provide necessary protection to the client.
From our source, it costs €24,000 per year to become a member. However, and there is no handbook or guidelines for brokers to run their business. 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.
Besides, the company states their payment service provider a firm locating in Scotland, Mayside Solutions LP, which is rather confusing than a positive fact. Moreover, the company mentions numerously its international standardization and successful operation over the years since their 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.
We advise all investors and traders to avoid TemplerFX and other brokers from St. Vincent and the Grenadines. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as IG Markets and Plus500.