TeraFX Review 2024


2.6 / 5
TeraFX is #108 in our CFD broker rankings.

TeraFX is a good option for UK spread betters or experienced traders looking for ECN pricing and a no-frills trading experience. On the downside, the broker isn't transparent about spreads.

- Daytrading Review Team

TeraFX is a London-based forex and CFD broker regulated by the FCA. The broker offers NDD market execution on a small range of instruments across currencies, indices and commodities. TeraFX prides itself on its multilingual 24/5 customer service, with client security in mind. Traders can access a range of account types, suitable for novices and pros alike.

$100
MT4
Forex, CFDs, indices, commodities, cryptocurrencies
-
Neteller, Skrill, Visa

Forex Trading

Trade 60+ currency pairs on the MT4 platform with low margin requirements. Traders can access the forex market from Sunday through to Friday with 24/5 broker support.

CFD Trading

Access a range of CFDs across commodities and indices, though with a $7 commission, this is not the most competitive rate compared to alternatives. On the positive side, the broker does offer appropriate and regulated leverage up to 1:30.

✓ Pros

  • Top-tier regulation by the UK's FCA, boosting the firm's trust and security score
  • Spread betting opportunities on 29 instruments with zero commissions and competitive minimum bets from £0.50
  • A good range of free deposit methods, including credit cards, bank transfers and e-wallets, plus 4 accepted currencies
  • VPS service available, providing lower latency and faster processing for algo traders

✗ Cons

  • $100 minimum withdrawal
  • MT5 only available to spread betting clients
  • Narrow range of instruments compared to other brands, and no stocks
  • Very limited educational resources, with only webinars available
  • Limited spread transparency

TeraFX is a forex broker providing regulated trading services to clients within the EEA. This review explores the pros and cons of opening a trading account, including customer opinions, minimum deposits and leverage rates. We’ll also explore the client portal and login requirements.

TeraFX Company Details

TeraFX UK is a brokerage brand owned by Tera Europe Limited. The broker’s headquarters are in London, UK, though there is a second office in Warsaw, Poland. TeraFX provides trading services with forex pairs and contracts for difference (CFDs) in commodities, indices and precious metals.

The broker is regulated by the UK Financial Conduct Authority (FCA).

MetaTrader 4 Trading Platform

TeraFX offers MT4, one of the industry’s top trading platforms. Great for all experience levels and trading strategies, the platform has many tools and features, including:

Tera FX’s website offers a MT4 download for both Windows and Mac computers.

Tera FX MT4

Markets

TeraFX offers a range of tradeable forex pairs and CFDs. There are 59 forex pairs, six metal CFDs, 12 stock indices, four cryptocurrencies, and two energies available.

Overall, the broker covers a decent breadth of financial markets.

Spreads & Commission

TeraFX offers raw spreads with the ECN account. In addition, the broker charges a $7 commission, which is fairly steep. As a result, the broker isn’t the cheapest forex broker on the market.

Swaps are charged for holding positions open overnight. These rates vary daily and can be found on the broker’s website.

Leverage

Leverage rates with TeraFX are limited due to EU regulation. 1:30 is the maximum rate for major forex pairs and some minors whereas other minors are capped at 1:20. Exotic pairs, along with metals and indices vary up to 1:20, while other commodities are limited to 1:10 and no leverage is available on cryptos.

Professional clients can access higher leverage rates. Major and minor forex pairs are offered at 1:200 leverage, with exotics, metals and indices varying up to 1:200. Commodities are leveraged at 1:60 and cryptos up to 1:6.

Mobile Apps

The broker offers a free mobile version of its trading platform, MT4. TeraFX’s app contains most of the desktop platform’s capabilities, though with slightly fewer analysis tools. The mobile app can, however, be used wherever you have an internet connection – perfect for traders on the go.

Tera FX mobile app

Payment Methods

Transactions with a TeraFX account can be made through Visa and Mastercard payment cards, e-wallets or bank transfers. Accepted currencies are USD, EUR, GBP, PLN. Payment cards have a minimum deposit of £100 and are processed instantly.

E-wallets that can be used are Neteller, Skrill, Sofort and UnionPay. All e-wallets have a maximum deposit of £5,000 and are processed instantly. Bank transfers take 1-5 business days to be processed, though there are no limits.

TeraFX’s withdrawals take longer to process, with payment cards taking two to five business days and wire transfers and e-wallets taking one to five business days.

Deposits and withdrawals are free, however withdrawals from accounts with zero trades are charged $25.

Demo Account

Demo accounts are a great way to explore new brokers and trading strategies, all the while developing your skills in a risk-free environment. TeraFX offers a practice account that can be loaded with up to $10,000 in simulated money and has live prices and order types.

Deals & Bonuses

Current EEA regulations restrict brokers from offering deals and promotions to attract clients. Therefore, TeraFX offers no bonuses at the time of writing. See the broker’s website in case of any changes.

Regulation Status

The broker is regulated by the Financial Conduct Authority (FCA) in the UK, one of the most rigorous regulatory agencies. Clients are also protected by the Financial Services Compensation Scheme (FSCS), which allows claims up to £85,000. Lastly, the broker complies with the EU Markets in Financial Instruments Directive (MiFID II).

Overall, we’re satisfied that the FCA license means TeraFX is not a scam.

Additional Features

TeraFX provides a good VPS service to its clients, with four different levels to cater for a variety of needs. A VPS allows traders to run algorithmic trading strategies on a virtual server that is always connected to the internet. VPS have lower latencies, faster processing, and are not taken down with connectivity issues.

The broker also offers a series of webinars to its clients, that are recorded and accessible on their website. These webinars cover a range of topics, from trading psychology to signals tutorials.

Account Types

There are three account options for retail traders, each aimed at traders of different experience levels. Every account has access to MT4 on desktop and mobile, a minimum deposit of $100 and can be loaded with USD, GBP, EUR or PLN.

Traders that meet the requirements for EU professional classification can upgrade their account for higher leverage rates. There are also Islamic swap-free accounts and corporate accounts. Speak to the customer support team using the details below for more information.

Trading Hours

TeraFX’s forex trading hours are 24/5, starting at 22:10 GMT Sundays and closing 21:50 GMT Fridays, with a break at 21:59-22:05 GMT for swap calculations. Metals are the same though markets open 23:10 GMT Sunday and the break is an hour longer. Cryptos follow forex hours, though they close at 21:20 GMT on Fridays. Commodities and indices follow mostly the same hours, though these can vary and should be checked on the website.

Customer Support

TeraFX can be contacted via telephone, email or a live chat widget on the website. There are separate points of contact for clients looking to contact the UK and Polish offices:

Security

Following regulatory standards, client capital is segregated from the broker’s own funds. Known as ring-fenced protection, the Royal Bank of Scotland and Citi Bank holds client money and does not allow the broker access for other business purposes.

TeraFX also complies with the EU General Data Protection Regulation (GDPR).

TeraFX Verdict

TeraFX is FCA-regulated and offers many tradeable assets, a full suite of VPS solutions, and receives positive customer reviews. We would recommend TeraFX to more experienced traders with a good understanding of the markets and the broker’s fee structure.

Top 3 Alternatives to TeraFX

Compare TeraFX with the top 3 similar brokers that accept traders from your location.

  1. Swissquote – Swissquote is a Switzerland-based bank and broker that offers online trading and investing. The company has a high safety score and is listed on the Swiss stock exchange. The firm offers a huge range of products, from stocks, ETFs, bonds and futures to 400+ forex and CFD assets. Hundreds of thousands of traders have opened an account with the multi-regulated brokerage. Clients can get started in three easy steps while 24/7 customer support is available to assist new users.

  2. IG – Founded in 1974, IG is part of IG Group Holdings Plc, a publicly traded (LSE: IGG) brokerage. The brand offers spread betting, CFD and forex trading across an almost unrivalled selection of 17,000+ markets, with a range of user-friendly platforms and investing apps. For 50 years, IG has maintained its position as an industry leader, excelling in all key areas for traders.

  3. Pepperstone – Established in Australia in 2010, Pepperstone is a top-rated forex and CFD broker with over 400,000 clients worldwide. It offers access to 1,300+ instruments on leading platforms MT4, MT5, cTrader and TradingView, maintaining low, transparent fees. Pepperstone is also regulated by trusted authorities like the FCA, ASIC, and CySEC, ensuring a secure environment for day traders at all levels.

    CFDs and FX are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs.

TeraFX Comparison Table

Compare TeraFX With Similar Brokers
TeraFX Swissquote IG Pepperstone
Rating 2.6 4 4.4 4.8
Markets Forex, CFDs, indices, commodities, cryptocurrencies Forex, CFDs, Indices, Stocks, ETFs, Bonds, Options, Futures, Cryptos (location dependent) CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting CFDs, Forex, Currency Indices, Stocks, Indices, Commodities, ETFs, Crypto, Spread Betting
Demo Account Yes Yes Yes Yes
Minimum Deposit $100 $1000 $0 $0
Minimum Trade 0.01 Lots 0.01 Lots 0.01 Lots 0.01 Lots
Regulators FCA FCA, FINMA, DFSA, SFC FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA, FINMA FCA, ASIC, CySEC, DFSA, CMA, BaFin, SCB
Bonus
Education No No Yes Yes
Platforms MT4 MT4, MT5, AutoChartist, TradingCentral Web, ProRealTime, L2 Dealer, MT4, AutoChartist, TradingCentral MT4, MT5, cTrader, TradingView, AutoChartist, DupliTrade
Leverage 1:30 (Retail), 1:200 (Pro) 1:30 1:30 (Retail), 1:250 (Pro) 1:30 (Retail), 1:500 (Pro)
Payment Methods 3 5 6 11
Visit Visit Visit Visit Visit
Review Swissquote
Review
IG
Review
Pepperstone
Review

Compare Trading Instruments

Compare the markets and instruments offered by TeraFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

Compare TeraFX Trading Instruments
TeraFX Swissquote IG Pepperstone
CFD Yes Yes Yes Yes
Forex Yes Yes Yes Yes
Stocks No Yes Yes Yes
Commodities Yes Yes Yes Yes
Oil No Yes Yes Yes
Gold Yes Yes Yes Yes
Copper No No Yes Yes
Silver Yes Yes Yes Yes
Corn No No No Yes
Crypto No Yes Yes Yes
Futures No Yes Yes No
Options No Yes Yes No
ETFs No Yes Yes Yes
Bonds No Yes Yes No
Warrants No No Yes No
Spreadbetting No No Yes Yes
Volatility Index No No Yes Yes

TeraFX vs Other Brokers

Compare TeraFX with any other broker by selecting the other broker below.

 

Customer Reviews

There are no customer reviews of TeraFX yet, will you be the first to help fellow traders decide if they should trade with TeraFX or not?

Submit Your Own Review of TeraFX

If you have experience trading with TeraFX please share your personal review of the broker and what you think are strong and weak points. Thank you.

Visit
TeraFX is a London-based forex and CFD broker regulated by the FCA. The broker offers NDD market execution on a small range of instruments across currencies, indices and commodities. TeraFX prides itself on its multilingual 24/5 customer service, with client security in mind. Traders can access a range of account types, suitable for novices and pros alike.

FAQ

Can I trade with TeraFX in Europe?

TeraFX is regulated by the FCA and authorised to provide its services anywhere within the European Economic Area. So clients can trade anywhere in the EU, UK, Iceland, Liechtenstein or Norway.

What is the minimum deposit to open a TeraFX account?

The minimum deposit accepted by TeraFX is $100, or equivalent. There is not a change in requirements for different account types.

What trading platform can I use with TeraFX?

MetaTrader 4, among the most widely used and praised trading platforms, is offered for free to TeraFX clients. It can also be installed and used on the demo account.

How do I open a TeraFX account?

To open a trading account, simply follow the steps given on the website under Open a Live Account, providing the correct information and documents requested. Once registered, clients simply need to login to the TeraFX client portal to start trading.

Is TeraFX a scam?

The broker is regulated by one of the most trusted agencies in the world, the UK FCA. This implies TeraFX is trustworthy and legitimate. Furthermore, if the broker turns out not to be, the FSCS will compensate clients for up to £85,000.