Overall TeraFX is a trustworthy and low-risk broker with an overall rating of 7 out of 10. TeraFX is authorized and regulated by top-tier FCA and offers leverage up to 1:30.
TeraFX at a Glance
| 🔎 Broker's Name | TeraFX |
| 🏛️ Headquartered | London, England |
| 📅 Year Founded | 2011 |
| ⚖️ Regulating Authorities | FCA |
| 🌐 Countries not accepted for trade | United States |
| ☪️ Islamic account (swap-free) | No |
| 👍 Demo Account | Yes |
| 📊 Institutional Accounts | No |
| 📊 Managed Accounts | No |
| 📈 Maximum Leverage | 1:30 |
| 💰 Minimum Deposit | $100 / R 1611 |
| 💳 Deposit Options | Bank transfer, Credit card, Debit Card, E-wallets incl. Skrill, Sofort and UnionPay |
| 💳 Withdrawal Options | Bank transfer, Credit card, Debit Card, E-wallets incl. Skrill, Sofort and UnionPay |
| 💻 Platform Types | MetaTrader 4 |
| 📱 OS Compatibility | Windows, Mobile, Web, iPhone, iPad PC and Mac OS, mobile for Android and IOS |
| 📈 Tradable assets offered | Forex, commodities, indices |
| 👨💼 Languages supported on Website | Multilingual |
| 👥 Customer Support Languages | Multilingual |
| 📆 Customer Service Hours | 24/5 |
| 🚀 Open an Account | 👉 Click Here |
Min Deposit USD 100 Regulators FCA Trading Platform MT4 Crypto Yes Total Pairs 59 Islamic Account No Trading Fees Low Account Activation 24 Hours
TeraFX Review – 19 key points quick overview:
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- TeraFX at a Glance
- TeraFX Review – 19 key points quick overview:
- TeraFX Overview
- TeraFX Safety and Security
- TeraFX Sign-up Bonus
- TeraFX Minimum Deposit
- TeraFX Step by step guide to depositing the minimum amount
- TeraFX Account Types
- TeraFX Account Features
- How to set up a TeraFX Demo Account – Step by Step
- TeraFX Islamic Account
- TeraFX Trading Platforms
- TeraFXFees and Spreads
- TeraFX Deposit and Withdrawal
- TeraFX vs Etoro vs XM – Comparison Table
- TeraFX Pros and Cons
- Conclusion
- Disclaimer
- Frequently Asked Questions
TeraFX Overview
According to research in South Africa, TeraFX is a London-based online trading provider specializing in the provision of a vast array of trading opportunities through platforms. ToreFX specifically caters to the expectations of traders by providing different portfolios, sizes, and strategies.
Access to not only Forex and Contracts for Difference CFDs on Indices is given to traders but also access to trading commodities and precious metals through a trading environment that is safe, unparalleled, and fully integrated.
TeraFX strives to provide customer service that is first-rate along with ensuring that the dealing technology used is up-to-date and trustworthy.
Use is also made of a transparent No Dealing Desk (NDD) execution model which enables TeraFX to stay on top of the needs of Forex traders.
TeraFX Safety and Security
TeraFX is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom.
By using the link to the FCA Online Register, TeraFX’s details pertaining to the permissions, trading name, related parties, and other important information can be accessed.
Client funds are kept in segregated accounts and TeraFX works as a regulated broker in accordance with CASS (Client Asset Sourcebook).
All client funds are held separately from those of TeraFX and this approach is known as a ‘ring-fenced protection’ which prohibits TeraFX from using client funds for operational purposes of any kind.
TeraFX provides clients with investor protection along with compensation through the Financial Services Compensation Scheme (FSCS).
Should TeraFX be unable or likely unable to pay claims to clients, they can apply to the FSCS for compensation, which is limited to £85,000 per individual.
TeraFX also complies with aspects as stated by the MiFID (Markets in Financial Instruments Directive) to ensure that clients who trade through TeraFX receive the most secure way of trading.
TeraFX Sign-up Bonus
TeraFX does not offer a welcome bonus to new traders who choose to register for a real account with the broker. This includes the provision of both deposit bonuses and no deposit bonuses.
TeraFX is extremely well-regulated by the Financial Conduct Authority (FCA), one of the most stringent and reputable regulatory agencies in the Forex industry, based in the United Kingdom.
The FCA has enacted a strict ban on the offering of broker bonuses by companies operating within its jurisdiction. This is as part of extended client protection measures, particularly against the losses incurred by overtrading for beginner and smaller retail traders.
As a general explanation, a bonus can be best understood as a way of compensating traders for having decided to open an account with a chosen broker.
Once an account has been opened with a Forex broker, clients will have access to trading of currency pairs, and will therefore have to incur some expense for this trading. The bonus is just a way for the broker to reward the trader’s choice and give all or some of these expenses back to the trader.
However, traders actively seeking a broker which will offer a welcome bonus should look to non-EU-regulated entities at this stage.
TeraFX Minimum Deposit
- The minimum deposit amount required to open a broker account with TeraFX is $100 / R1611. This is an average minimum deposit requirement when compared to most other brokers in the industry and should present a low barrier of entry to most new traders.
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TeraFX Step-by-step guide to depositing the minimum amount
Deposits can be made with TeraFX using the following steps:
Step 1 – Log in- To fund your TERAFX account you can log in to the secure LOGIN section of the broker’s homepage to make a deposit by credit/debit card or E-wallet card.
Step 2 –Make the deposit- You can also get the broker’s bank details to send a deposit directly from your bank account.
- Please only use a card in your own name and from a personal account, not a business. Third-party payments are prohibited, so this means no family members or friends are to send funds on your behalf.
- The broker requires that traders refrain from the use of prepaid cards or any method of payment that does not allow refunds to be processed.
Min Deposit
USD 100
Regulators
FCA
Trading Platform
MT4
Crypto
Yes
Total Pairs
59
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
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TeraFX Account Types
There are three account options for retail traders, each aimed at traders of different experience levels. These consist of the Standard Account, Premium Account, and ECN Account.
The broker also offers a demo account which will allow users to test out the trade features on the MetaTrader 4 platform before signing up for a real account. The broker does not offer an Islamic, or swap-free account to traders of the Muslim faith.
TeraFX Account Features
TeraFX Standard Account💻 Platform MetaTrader 4 ☪️ Islamic account (swap-free) No 💰 Minimum Deposit $100 / R 1611 💳 Deposit Options Bank transfer, Credit card, Debit Card, E-wallets incl. Skrill, Sofort and UnionPay 📈 Leverage 1:30 📈 Total Pairs 59 📌 Base currencies USD, EUR, GBP, PLN 💳 Commission $0 📈 Instruments 82 🚀 Open an Account 👉 Click Here 
TeraFX Premium Account💻 Platform MetaTrader 4 ☪️ Islamic account (swap-free) No 💰 Minimum Deposit $100 / R 1611 💳 Deposit Options Bank transfer, Credit card, Debit Card, E-wallets incl. Skrill, Sofort and UnionPay 📈 Leverage 1:30 📈 Total Pairs 59 📌 Base currencies USD, EUR, GBP, PLN 💳 Commission $0 📈 Instruments 147 🚀 Open an Account 👉 Click Here 
TeraFX ECN Account💻 Platform MetaTrader 4 ☪️ Islamic account (swap-free) No 💰 Minimum Deposit $100 / R 1611 💳 Deposit Options Bank transfer, Credit card, Debit Card, E-wallets incl. Skrill, Sofort and UnionPay 📈 Leverage 1:30 📈 Total Pairs 59 📌 Base currencies USD, EUR, GBP, PLN 💳 Commission $7 📈 Instruments 82 🚀 Open an Account 👉 Click Here Traders on each of these accounts will also have access to the MetaTrader 4 platform. As such, this will give users the following trading features:
EAs welcomed Backtesting Customizable drag-and-drop charts 40+ technical indicators. Add drawings and annotations Multilingual support 26 European and Asian languages Instant trade execution ticket or place advanced orders to be managed by the platform Stop, Limit, Take Profit, and Trailing Stop Orders supportedHow to set up a TeraFX Demo Account – Step by Step
TeraFX offers a free demo account to new clients, which can be opened with the following simple steps:Step 1 – Open Your Account- Navigate to the demo account registration portal on the broker’s website.
Step 2 – Fill out the form- Complete the online registration form by providing your full name, email address, and contact number.
- Read and accept the terms and conditions.
- You must be over 18, and indicate as such, before submitting your demo application.
- Click “open demo account” to submit your application.
Step 3 – Download the Platform- A new page will load with the download links to MetaTrader 4 for desktop and mobile devices. An email will be sent to the address the trader provided, containing their demo account login details.
- After MetaTrader 4 has been downloaded and installed, the trader can use these credentials to log into their demo account from the trading platform.
A forex demo account is also referred to as a practice account, which is used for practicing trading or to test a new trading strategy without any risk to actual money. A forex demo account is also intended for beginners to get familiar with the various aspects of trading.
As such, a demo account will allow traders to learn how to place orders, and manage existing trade positions as well as more advanced functions such as testing or fine-tuning a trading strategy.
TeraFX Islamic Account
Unfortunately, TeraFX does not offer an Islamic Account to traders of the Muslim faith. This is a drawback for such traders, for whom these accounts fulfill a specific purpose, as described below.
Also known as ‘no swap accounts’, Islamic trading accounts allow Muslims to engage in online forex trading in compliance with Sharia law.
With 25% of the world’s population practicing the Islamic faith, Islamic forex trading has continued to gain popularity worldwide.
Essentially, an Islamic forex trading account charges no swap or rollover interest on positions held overnight in the forex market. An administration fee is, however, charged on some accounts to open positions.
Min Deposit
USD 100
Regulators
FCA
Trading Platform
MT4
Crypto
Yes
Total Pairs
59
Islamic Account
No
Trading Fees
Low
Account Activation
24 Hours
TeraFX Trading Platforms
TeraFX makes use of three different trading platforms such as MetaTrader 4, Android Trader, and the iPhone and iPad trader.
MetaTrader 4
The following features are unique to MetaTrader 4 It supports a variety of languages including 26 European languages along with Asian languages EAs are welcome when using MT4 Backtesting is supported Drag and drop charts can be customized to suit the need of the trader There are more than 40 technical indicators that can be used Drawings and annotations can be added, along with several other featuresAndroid trader, iPhone, and iPad Trader
Any device that supports the Android Operating System can access the following functionalities: Trade performance along with FX quotes can be viewed in real-time Trade on live prices available Market news is live and can always be accessed Charting capabilities are supported Historical data can be traced Demo accounts can be accessedTeraFX Fees and Spreads
Traders with TeraFX can expect the following spread list:While TeraFX does not provide its historical spread list, the broker does provide raw spreads through its ECN connectivity.
Raw spreads offer real market prices for all instruments. Forex brokers will not add any markup on asset prices, so spreads usually are extremely low or even zero.
With regards to commissions, the broker charges a $7 / R 112 commission, which is high when compared to many other brokers in the industry.
TeraFX Deposit and Withdrawal
TeraFX encourages the use of a Credit/Debit Card or an E-wallet when making deposits as it is the quickest and easiest way to deposit funds. When withdrawing, TeraFX prefers to return funds via the same method and source from which they were deposited.
TeraFX’s payment system providers accept the following:
Visa MasterCard Debit Visa Delta Visa Debit Maestro Visa Electron Alternative accepted payments, including E-wallets, include: Skrill Neteller Sofort Union Pay Deposits into a TeraFX account can be done through either one of the following ways:Bank Transfers
Accepted currencies are USD, EUR, GBP, and Citibank PLN $100 / R minimum, but no maximum Transactions take between 1-5 business days No transfer costs involvedCredit Card/Debit Card
USD, EUR, GBP, and PLN are accepted $100 minimum, no maximum Transactions are instant No transfer costs involvedE-Wallet
USD, EUR, GBP, and PLN are accepted $100 minimum and a daily maximum of 5,000 USD, EUR, or GBP Transactions are instant No transfer costs involvedWith making a withdrawal, should there be a profit that has been made on a trader’s account or there are restrictions preventing TeraFX from returning funds to the card used for the deposit, TeraFX may return funds to the bank account the trader registered with?
Withdrawal requests made before 2 pm (UK time) on a business day, will be processed on the same day. Withdrawal requests may need to be accompanied by proof of identity or bank statements before the withdrawal can be processed.
Should a trader’s account indicate that no trades were made, TeraFX charges a $25 one-off withdrawal fee which covers onboarding costs.
Bank Transfer
USD, EUR, GBP, Citibank PLN accepted $100 / R 1611 minimum with no maximum limit Depending on the country, the transaction can take between 1 – 5 business days No transaction feesCredit/Debit Card
USD, EUR, GBP, and PLN accepted $100 / R 1611 minimum with no maximum limit Depending on the credit card, transactions can take between 2 – 5 business days No transaction feesE-Wallet
USD, EUR, and GBP accepted $100 / R 1611 minimum and $10,000 /R 162 421 maximum transfer limit Transactions can take up to 1 – 3 business days No transaction feesTeraFX vs Etoro vs XM – Comparison Table
🔎 Broker 🥇TeraFX 🥈 eToro 🥉 XM 💰 Minimum Deposit $100 / R 1611 $1000 USD $5 USD 📝 Sign-Up Bonus No ☑️ Yes ☑️ Yes ➕ Max. Leverage 1:30 1:400 1:888 💵 Currency Pairs 59 47 57 🚀 Open an Account 👉 Click Here 👉 Click Here 👉 Click Here 
TeraFX Pros and Cons
✔️ Pros ❌ Cons 1. Reliable and secure with extra measures in place 1. Only one trading platform available 2. Competitive offering 2. US clients not accepted 3. Wide account range 3. Only standard and premium clients can access all tradable assets 4. Suitable for beginner traders and professionals alike 5. Advanced educational tools 6. Low deposits Conclusion
Overall, TeraFX can be summarised as a credible and trustworthy broker and is considered low-risk with competitive trading fees and spreads. TeraFX is regulated by the top-tier FCA
You might also like: TeraFX Account Types Overview
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Disclaimer
Traders need to acknowledge the fact that with live trading, their capital is at risk. There is a high level of risk to the capital of traders through trading financial instruments and this may result in traders losing more than what they initially invested.
TeraFX will not carry any liability for any loss or damage which results from the use of information within its website.
Before a trader makes a decision to trade currency and any other financial instrument, they need to consider their objectives, level of experience, risk appetite, and several other factors, According to research in South Africa.
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Frequently Asked Questions
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Is TeraFX a fake or scam broker?
- No, our TeraFX review reveals that it is a legit and trustworthy forex broker, strictly regulated by the UK Financial Conduct Authority (FCA) (license no 564741).
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What leverage does TeraFX offer?
- Leverage on CFDs is Retail: 1.3; Professional: 1:200 and leverage on Forex pairs: 1:30.
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What is the minimum deposit for TeraFX?
- The minimum deposit requirement with this broker is $100 / ZAR 15 000 at the time of writing.
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What instruments can I trade with TeraFX?
- You can trade forex, indices, CFDs, commodities, and cryptocurrencies with this broker.
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