The broker has to be clear enough to its traders so that they can come forward and open their trading accounts with them. The broker TegasFX is not such a broker. It believes in keeping things simple while keeping them so complicated that the trader has to rethink the choices he made while getting involved with the firm.
The broker is an STP/ ECN broker, which means that it will ac tas the broker of the liquidity provider and not the trader itself. Such brokers always have either one or multiple liquidity providers, further acting as a third party to the trader’s transactions.
The broker saw the market’s face in 2015 but got registered in 2016, a whole year later. Then after three more years, the broker started offering its services in the crypto market. What took it three years to evolve this much is still not answered by our experts. However, we keep trying. The broker five years later, it added skrill as its payments method.
With what appears to be fake reviews, the broker tries to appear good enough for a novice trader but hysterically fails to do so. By its look, the broker has been very slow in integrating with the market. The only platform offered to buy the broker in the meta trader 4.
Let’s read more about the broker in detail:
TegasFX account types:
The broker offers three trading accounts. ECN/STP, ECN/STP pro and the FIx API 4.4
As bizarre as they sound, these accounts are of no use separately or together. A mediocre broker out in the market can provide the same services with much less fee. The broker asks a sum of $5000 for one of its accounts as the minimum deposit. Tegas FX asks for average spreads on each of the currency pairs it provides; it doesn’t matter what type of account the user is linked with.
Although not one single thing is clear from the broker’s website, we guess that there is nothing new in any of the accounts, apart from the fact that each one asks for a higher minimum deposit than the previous one.
TegasFX tradable assets:
The broker does not provide any information at all by which a user can understand the broker’s dealing area. One has to get involved first and open an account with the broker to get the business’s finest. This is wrong in so many levels and at the same time, very unprofessional. However, we can assume that the broker supposedly offers the trader to trade in metals and forex and cryptocurrency CFDs from the spreads section. Not much is known about the origins of such scam schemas, but for sure, such brokers exist only to loot people.
TegasFX nowhere mentions that it offers trading on either stocks or commodities or any other market, anywhere on its website. The only thing a trader can see is that the broker offers to trade in either crypto CFDs.
TegasFX commissions and fee:
The broker fails to mention where is it asking for spreads clearly and where is it asking for commissions. The person has to get registered as a broker first and only then, he or she can look into the conditions for trading and where the broker offers the trading.
When the broker is hiding such crucial information, it honestly makes us think a lot about such people, breaking our hearts at the same time because we know how a scammed person would feel after trading with such a broker.
Other than a page where the broker unclearly mentions that it asks for various spreads, nothing can be seen regarding where else the trader has to pay any fee.
Deposits and funds:
The broker takes a total of 6 options for deposits and a mere three options for withdrawals and that too, without the involvement of any nationalised banks.
The broker also does not provide any fact-based information about how secure the transitions are. TegasFX remains suspicious throughout the time a trader is on the website. As a user, no one can make out what the broker is trying to say through the visual representation of the website.
Research and Education:
The broker has no research material posted on the website, what so ever. This is a broker that wants the traders to be unaware of the current and real market situations and then trade as the “experts team” wants them to trade. Such brokers are a scam from day one, and nothing can ever replace that. The broker provides no reading material, no technical, fundamental material nothing. This shows a clear sense f disrespect a broker has for its traders. The broker wants the trader to walk in and then remain uninformed throughout so that more and more money can be sucked out of users’ pocket.
The broker only provides trading through MetaTrader4. Despite the fact that a newer version is out there in the market, available for people to use. The older versions are replaced by newer versions because there are bulk mistakes in the previous ones. The broker should understand that it should update itself as the market does because it is important for the survival of the firm and the trader at the same time.
The broker claims to be regulated by VFSC, a body we have never heard of since we began reviewing brokers. Also, it started being regulated in 2016, a year later since it was registered. Why would that happen is still a mystery to us. Apart from this regulatory authority, the broker does not provide any other information about any other regulatory authority being present in the picture.
The broker does not provide any information about its regulations, the involved markets and the involved accounts. This is a call made by the broker out of choice. Such brokers should be avoided, and the trades should be shifted o a different, more responsible broker. You can try other brokers such as PrimeFin, Global TradeATF, ROinvesting, Brokereo, 101investing over TegasFX.