1. TeraFX Pros Cons
  2. Is TeraFX Safe or a Scam?
  3. Leverage
  4. Fees
  5. Spread
  6. Trading Platforms
  7. Deposits and Withdrawals
  8. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Forex Trading check all trading offerings, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see trading conditions and give expert opinions about TeraFX.

What is TeraFX?

TeraFX is an online Forex trading broker that specializes in Forex and CFDs on Indices, Commodities, and Precious Metals through a fully regulated trading environment accompanied by robust technology.

The broker is based in London, UK, and is authorized and regulated by the top-tier Financial Conduct Authority (FCA). We found that TeraFX follows a No Dealing Desk (NDD) execution model, which means that your trading orders are directly transferred to the market through multiple liquidity providers.

Overall, the broker offers competitive Forex and CFD trading services via the advanced MetaTrader trading platforms, which are highly regarded in the industry for their extensive features and user-friendly interface. Additionally, being regulated by a reputable FCA provides an added layer of security and reliability to the broker’s operations.

TeraFX Pros and Cons

According to our research, TeraFX is a trustworthy brokerage firm due to its strong regulatory framework, smooth account opening process, diverse funding options, and wide selection of account types. Traders can also take advantage of the popular MT4 and MT5 platforms for their trading needs.

For the cons, the broker lacks providing extensive educational resources and research materials to assist traders in their decision-making. Moreover, there is no 24/7 customer support, which may be a limitation for traders who require immediate assistance outside regular business hours.

AdvantagesDisadvantages
Top-tier licenseNo 24/7 customer support
FCA regulation and overseeLimited educational and research materials
MT4 and MT5 trading platforms
STP/NDD execution model
Retail and professional trading
Competitive spreads
Low minimum deposit
Available for UK traders

TeraFX Review Official Website

TeraFX Review Summary in 10 Points
🏢 HeadquartersUK
🗺️ RegulationFCA
📉 InstrumentsForex and CFDs on Indices, Commodities and Precious Metals
🖥 PlatformsMT4, MT5
💰 EUR/USD Spread0.6 pips
💳 Minimum deposit$100
🎮 Demo AccountProvided
💰 Base currenciesGBP, EUR, USD
📚 EducationLimited
☎ Customer Support24/5

Overall TeraFX Ranking

Based on our analysis and some factors, we have assigned a favorable rating to the broker. These include its top-tier regulation, popular trading products, advanced trading platform, and competitive spreads for its trading services.

  • TeraFX Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.
RankingTeraFXSucden FinancialHouse of Borse
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading ConditionsTrading InstrumentsTrading Services

TeraFX Alternative Brokers

When searching for alternative brokers to TeraFX, you should consider various factors such as trading features, regulatory compliance, fee structures, market availability, customer support, and user feedback. To assist you in this process, we have conducted a thorough analysis and compiled a list of potential broker alternatives for your consideration:

Is TeraFX Safe or Scam?

No, TeraFX is not a scam. The brokerage is regarded as reliable and trustworthy, as it is regulated by Top-tier FCA (UK). The FCA implements strict regulations and guidelines to ensure that the broker operates at high standards.

Is TeraFX Legit?

Yes, TeraFX is a legit and regulated broker.  

The broker places significant importance on adhering to regulatory obligations and is closely monitored to ensure compliance. This focus on regulatory compliance enhances the safety of traders and instills a sense of confidence in the company.

See our conclusion on TeraFX Reliability:

  • Our Ranked TeraFX Trust Score is 8.5 out of 10 for the good reputation and services provided. While the broker is authorized by a single regulatory body, having the FCA license is a significant advantage for the company.
TeraFX Strong PointsTeraFX Weak Points
Top-tier licenseNone
NDD execution
Funds protection
Risk management tools

Client Trading Protection

The broker’s regulation by the FCA is highly significant, indicating its adherence to strong operational standards, financial backing, and robust safety protocols.

Additionally, we found that the FCA maintains consistent monitoring and conducts audits of all trades carried out by TeraFX. To ensure the protection of the client’s funds, the broker keeps them separate from its funds and holds them in trusted Tier-1 banks. This additional measure offers clients an added level of security and peace of mind.

TeraFX Review License

Leverage

Leverage is a quite known instrument, which multiplies the initial capital you trade and can be a very useful tool to magnify your potential gains. However, always note that high leverage can work in reverse too.

TeraFX leverage is offered according to FCA regulation:

  • UK traders are eligible to use low leverage up to 1:30 for major currency pairs and 1:10 for Commodities. 

Account Types

Per our research, TeraFX has designed 5 account types tailored for CFD trading, each catering to specific needs and varying in their offerings. Moreover, new traders are allowed to open a Demo account free of charge. In the case of Spread Betting, the broker offers Retail, Pro, Demo, and Corporate account types.

ProsCons
Variety of account typesNone
Fast account opening
Demo account
Various account base currencies

TeraFX Review Account Types

Opening Trading Account with TeraFX

Opening an account with a broker is considered quite easy, as you can log in and register with TeraFX within minutes. Just follow the opening account or sign-in page and proceed with the guided steps:

  • Select and Click on the “Open Live Account” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your personal data by upload of documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

Trading Instruments

TeraFX offers a selection of popular markets for traders to engage in, including Forex as well as CFDs on Indices, Commodities, and Precious Metals.

  • TeraFX Markets Range Score is 7.5 out of 10 for trading instrument selection. On the other hand, many popular asset classes are not available to trade.

TeraFX Fees

Reviewing the broker’s fee structure we discovered that the broker provides competitive pricing for trading instruments. However, additional fees such as swap or rollover, as well as inactivity fees, may be incurred during trading activities.

  • TeraFX Fees are ranked low or average with an overall rating of 7.9 out of 10 based on our testing and compared to over 500 other brokers.

FeesTeraFX FeesSucden Financial FeesHouse of Borse Fees
Deposit feeNoNoNo
Withdrawal feeNoNoNo
Inactivity feeYesYesNo
Fee rankingLow/AverageAverageAverage

Spreads

Based on our test trade, the broker offers variable spreads with an average spread of 0.6 pips for the highly-traded EUR/USD currency pair in the Forex market. TeraFX also provides competitive spreads for all major currency pairs and popular trading instruments.

  • TeraFX Spreads are ranked low with an overall rating of 8.9 out of 10 based on our testing comparison to other brokers. We found Forex spread lower than the industry average of 1.2 pips and spreads for other instruments are competitive too.
Asset/ PairTeraFX SpreadSucden Financial SpreadHouse of Borse Spread
EUR USD Spread0.6 pips1 pip0.3 pips
Crude Oil WTI Spread0.434.2
Gold Spread2.611.5

Deposits and Withdrawals

There are a variety of payment methods for broker’s clients to deposit funds into trading accounts, including Bank Wire, Credit/Debit cards, and e-wallets such as Skrill, and Neteller. However, some payment methods may have specific requirements or restrictions depending on the client’s bank or other financial institutions involved.

  • TeraFX Funding Methods we ranked good with an overall rating of 8.5 out of 10. Fees are low, and also you can benefit from various account-based currencies.

Here are some good and negative points for TeraFX funding methods found:

TeraFX AdvantageTeraFX Disadvantage
Popular funding methodsNone
Fast digital deposits
Multiple account base currencies

TeraFX Minimum Deposit

The minimum deposit for TeraFX is $100. Yet, various account types may demand different amounts at the opening state, as well always make sure to check the necessary margins on one trading instrument or another.

TeraFX minimum deposit vs other brokers

TeraFX Most Other Brokers
Minimum Deposit $100 $500

TeraFX Withdrawals

We found that the broker charges a $0 fee for both deposits and withdrawals. Withdrawal options are similar to deposits, but you should always check with the payment provider in case it charges any transaction fee.

Withdraw Money from TeraFX Step by Step:

To initiate a withdrawal fund from your trading account, the brokerage firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with necessary requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

TeraFX Review Funding Methods

Trading Platforms

Traders can access the widely recognized and popular MetaTrader 4 trading platform, which is available in desktop, web, and mobile versions. For spread betting, MetaTrader 5 Web is specifically provided. These platforms offer a diverse array of features and enable traders to employ various strategies, including trend trading.

  • TeraFX Platform is ranked good with an overall rating of 8.9 out of 10 compared to over 500 other brokers. We mark it as good since it offers advanced MT4 and MT5 trading platforms.
PlatformsTeraFX PlatformsSucden Financial PlatformsHouse of Borse Platforms
MT4YesNoNo
MT5YesNoYes
cTraderNoNoNo
Own PlatformNoNoNo
Mobile AppsYesYesYes

Trading Tools

Per our analysis, TeraFX provides traders with a variety of trading tools, such as advanced charting features with multiple chart types, various timeframes, trading signals, an economic calendar, and over 40 technical indicators. Moreover, traders have the option to utilize Expert Advisors (EAs) to automate their trades, helping to identify market movements and enhance their market entry and stop-loss strategies.

TeraFX Review Trading Platforms

Customer Support

Broker’s customer support is available 24/5 through Email, Phone, and Live chat. Also, the support team includes trading specialists who can assist with technical support, analysis recommendations, general inquiries, and operational issues.

  • Customer Support in TeraFX is ranked good with an overall rating of 7.9 out of 10 based on our testing. We got fast and knowledgeable responses, and also it is easy to reach during the working days.

See our find and ranking on Customer Service Quality:

ProsCons
Phone support, email, and live chatNo 24/7 customer support
Quick responses
Relevant answers

TeraFX Education

Lastly, we found that the broker has limited educational and research materials available for traders. While TeraFX provides an Economic calendar and glossary, these resources may not offer a comprehensive educational experience for those seeking in-depth knowledge. However, the broker offers a demo account option, enabling traders to practice their strategies without the risk of real money.

  • TeraFX Education ranked with an overall rating of 6.5 out of 10 based on our research. We recommend obtaining educational resources from established brokers.

TeraFX Review Education

TeraFX Review Conclusion

In summary, TeraFX is an esteemed broker that provides traders with a secure and reliable trading environment. Regulated by the respected FCA, the broker demonstrates a commitment to meeting stringent regulatory requirements. Traders can take advantage of competitive pricing, access to popular markets, and advanced MetaTrader trading platforms.

Nevertheless, the broker’s educational and research materials are limited, and customer support is not available 24/7.

Overall, we found that TeraFX offers competitive trading conditions, however, we advise conducting thorough research and evaluating whether the broker’s services and offerings align with your specific trading requirements.

Based on Our findings and Financial Expert Opinions TeraFX is Good for:

  • Traders from the UK
  • Traders who prefer the MT4 and MT5 trading platform
  • CFD and currency trading
  • Beginners
  • Professional trading
  • STP/NDD execution
  • Competitive spreads
  • EA/Auto trading
  • Good trading tools

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