TegasFX Review – Does Regulation Makes Them Saints?
Clover Markets Limited from Vanuatu is the official owner of this trading brand. TegasFX broker claims to provide all necessary security measures for its traders, but some facts say the opposite. Especially once you check some trading conditions and user-experience reviews.
But we are presenting you the whole picture of this offshore broker in our comprehensive TegasFX review. Moreover, we invite you to check our updated reviews of AMarkets and Bitech Max trading companies. It’s never enough knowledge.
|Clover Markets Limited
|Average 2.8 on Trustpilot
Regulation and Security of TegasFX
Since the company is coming from Vanuatu, we are checking first the statements from the company. The official regulatory body in Vanuatu is Vanuatu Financial Services Commission. Indeed, TegasFX as the trading name is found in their register. But we were disappointed to see that there is no other regulation provided here.
If you were expecting to see some Tier 1 licenses, you better start looking for another broker on time. Missing trusted regulations from FCA, BaFin, ASIC, CONSOB or any other Tier 1 regulator is a huge miss for this company.
With their great offer and software availability, it’s such a shame that they have poor regulation. The problem starts once you realize that getting their license costs the company only $2.000. Therefore, you can’t expect much monitoring there. In the end, it’s not without reason that they have more than 30% of negative reviews on Trustpilot.
TegasFX Trading Platform
TegasFX broker did their due diligence in terms of trading software. They know what traders like. Therefore, it’s served to them. The most reliable trading software in the industry – is Meta Trader. Whether you like more MT4 or MT5 features, you have them available. On top of that, availability on all mobile devices makes it even more favorable.
Also, features like social trading, copy trading, PAMM, and MAM trading. In combination with all the advanced charting and analytical options of Meta Trader, this is a perfect combination for a win.
However, after analyzing TegasFX reviews it looks like all this is irrelevant. Simply, because even if you make profits and you can’t get it out there is no use of such features. It’s the same as someone giving you access to see a Ferrari from the inside but not to drive it.
Deposit and Withdrawal Procedure
Another key point of every broker is the transparency of withdrawal procedures primarily. Even though this broker is licensed, their payment options are not among the most favorable ones. Let’s put it into the list first:
- Credit cards through ADVCash
- Bank transfers
Firstly, they have available crypto transfers that are hardly traceable and anonymous. Also, they try to look honest and to have card payments available. But ADVCash is an e-wallet with headquarters in Belize. Another offshore company. Secondly, there are bank transfers that don’t have chargebacks.
On the positive side, this company has all fees transparently presented on the website. Withdrawal fees range between 0.5% and 1%. The highest fee for deposits comes from card purchases via ADVCash.
After all, everything becomes questionable after you read TegasFX broker reviews.
Account Types Offered
Important to realize is that account types offered by TegasFX brokers don’t present very few relevant things. Even though they are divided into 4 groups, there is only a slight difference in commissions. In general, their commissions of $3.5 and $4 per side are way higher compared to some Tier 1 licensed brokers.
Anyway, the offer traders are getting from this broker is:
- MT4 ECN/STP $200
- Pro $2000
- Pro+ $1.000
- FIX API 4.4 $5.000
All accounts provide to MAM trading and copy trading. Also, all accounts have raw spreads, but not specified how tight. The important fact is that this company doesn’t offer a demo account.
How Does TegasFx Operate?
The company mainly gets its clients through online campaigns and social media. But also referral programs. Once traders get on board they get a personal account manager. Thus, TegasFX reviews show that these managers are potentially there just to persuade traders to deposit more money.
As they claim, once they require a withdrawal they face certain issues. Some traders even experienced unexpected money losses, withdrawal preventions and many more. With missing Tier 1 regulations, this company is not monitored properly. Therefore, they don’t care if they will lose a license since it cost them only $2.000. Be aware of such brokers and find yourself a Tier 1 licensed broker.
Besides their offshore regulation, this broker doesn’t offer something competitive. At least not competitive with Tier 1 licensed brokers. Even though they are regulated, they have many negative reviews pointing to potential issues. Mainly with withdrawals. Don’t let trusted software like Meta Trader fool you.
In any case, our expert fund recovery team is available for consultation. With expertise in fund recovery programs, they can assist you recover money from different sources. Of course, if that’s your main issue. Get in touch today to start your money recovery process.
FAQs About TegasFX Broker
Is TegasFX Regulated?
Yes. The broker has an offshore license issued by Vanuatu Financial Services Commission.
Does TegasFX Offer a Demo Account?
No. Unfortunately, the company doesn’t offer risk-free options for its traders to test the services.
What is the Minimum Deposit for TegasFX?
The minimum deposit is right below the industry average and starts at $200.