About the company:
Tera Europe Limited owns the TeraFX UK brokerage brand. The broker’s main office is in London, but it also has a branch in Warsaw, Poland. It trades currency pairings as well as commodities, indices, and precious metals contracts for difference (CFDs).
The company provides MT4, one of the industry’s top trading systems. The platform is suitable for traders of various levels of expertise and trading techniques and includes a variety of tools and features, such as:
- The 30 customizable indicators
- 50 technical analysis tools.
- Bollinger Bands and pivot points.
- Nine timeframes
- Intuitive Design
The website offers MT4 downloads for Windows and Mac computers.
There is a range of tradeable currency pairs and CFDs. There are 59 currency pairs, six metal CFDs, 12 stock indices, four cryptocurrencies, and two energy products available.
In general, the broker covers a decent breadth of financial markets.
Spreads and commissions
With an ECN account, the broker gives raw spreads. Furthermore, it levies a $7 commission, which is rather high. As a result, the broker is not the most affordable forex broker available.
Swaps are levied for keeping positions open overnight. These prices fluctuate daily and are available on the broker’s website.
By EU regulation, leverage rates are capped. For major and minor currency pairings, the maximum bet is 1:30, while for other minor currencies, the maximum bet is 1:20. Exotic pairings, as well as metals and indices, have leverage up to 1:20, but other commodities are capped at 1:10, and cryptocurrencies do not have leverage.
Higher leverage rates are available to professional clients. Major and minor currency pairings have a leverage of 1:200, whereas exotics, commodities, and indices have a leverage of up to 1:200. For products, the leverage is 1:60, but for cryptocurrency, it is up to 1:6.
The broker offers a free mobile version of its MT4 trading platform. The app contains most of the features of the desktop platform, but with slightly fewer analysis tools. However, the mobile app can be used anywhere there is an internet connection, which is ideal for mobile traders.
Visa and Mastercard payment cards, e-wallets, and bank transfers are all options for account transactions. The following currencies are accepted: US dollars, euros, pounds sterling, and zlotys. Payment cards require a £100 minimum deposit and are processed immediately.
E-wallets such as Neteller, Skrill, Sofort, and UnionPay are available. The maximum deposit amount for all eWallets is £5,000, and they are all handled quickly. Although there are no limits, bank transfers are handled within 1–5 business days.
Withdrawals take longer to complete, requiring two to five business days for payment cards and one to five business days for bank transfers and e-wallets.
Deposits and withdrawals are free. However, withdrawals from accounts with no transactions are charged a $25 fee.
Demo accounts are a great way to learn about new brokers and trading strategies while developing your skills in a risk-free environment. The firm offers a demo account that can be loaded with up to $10,000 in fiat money, with live prices and order types.
The Financial Conduct Authority (FCA) of the United Kingdom, one of the tightest regulatory authorities in the world, oversees the broker. The Financial Services Compensation Scheme (FSCS) also protects clients, allowing them to claim up to £85,000 in compensation. Finally, the broker follows the European Union’s Markets in Financial Instruments Directive (MiFID II).
Overall, we are comfortable that the broker’s FCA license indicates that it is not a con.
Customers may choose from four different tiers of VPS service to match their specific demands. Traders can use a VPS to perform algorithmic trading techniques on a virtual server that is constantly online. VPSs have reduced latency, quick processing, and are not disconnected due to connectivity problems.
Clients can also participate in a series of webinars that are filmed and available on the broker’s website. The topics covered in these webinars range from trading psychology to signal lessons.
For retail traders, there are three account choices, each tailored for traders with varying degrees of expertise. Each account comes with MT4 on PC and mobile, a $100 minimum deposit, and the ability to deposit in USD, GBP, EUR, or PLN.
Standard is the most straightforward Forex trading choice for newcomers. 82 instruments may be traded at no cost.
Premium-for more experienced traders with a deeper understanding of the markets. There are more assets available, the spreads are narrower, and there are no fees.
The ECN is ideal for traders that need to execute their trades as quickly as possible. There are 82 instruments to trade, and liquidity providers do not charge a spread markup; nonetheless, there is a $7 fee.
Traders that fulfill the EU’s professional categorization standards might increase the leverage on their accounts. Other Islamic accounts do not require a swap, as well as business accounts. For further information, contact customer care using the information provided below.