TegasFX Review

Category: Reviews | Author: Trading Brokers | Date: January 29, 2024

TegasFX is a forex and CFD broker that offers trading on the popular MetaTrader 4 and MetaTrader 5 platforms. TegasFX claims to offer a range of services tailored to different types of traders, including retail and institutional traders, as well as partnerships for introducing brokers, white labels, and money managers. In this TegasFX review, we’ll take a closer look at the background, trading conditions, platforms, and more to determine if this broker can be trusted or not. Regulation, safety of funds, and transparency are key factors for consideration. Let’s dive in!

Pros & Cons

  • Offers a variety of account types
  • Offers a wide range of trading instruments
  • ECN/STP trading environment
  • Provides a range of funding methods
  • Availability of MetaTrader 4 and FIX API
  • Lack of Transparency
  • Lack of Education
  • The broker is offshore-licensed, which can pose safety concerns

Summary 

TegasFX

TegasFX

TegasFX, established in 2016, is a broker that offers a unique trading experience with its ECN/STP trading environment. They provide direct fiber connections to their liquidity providers, ensuring that clients always get the best prices and access to a deep liquidity pool. This setup enables lower latency trading and optimal fills with minimal slippage for their clients.

The broker offers a variety of account types, including MT4 ECN/STP, MT4 ECN/STP Pro, MT5 ECN/STP Pro+, and FIX API 4.4, catering to different types of traders from beginners to professionals. Each account type comes with its own set of features and benefits, including access to MetaTrader 4 or 5, CFD and crypto trading, mobile and copy trading, and MAM availability.

TegasFX also offers a range of funding methods, including bank transfer, credit cards via ADVCash, direct ADVCash deposits, and cryptocurrencies like Bitcoin, Ethereum, and US Tether. While there are some fees associated with deposits and withdrawals, most transactions are processed on the same day, providing convenience and efficiency for traders.

In terms of trading instruments, TegasFX offers a wide range of markets including forex, precious metals, commodities, CFDs, and cryptocurrencies. This broad selection allows traders to diversify their portfolios and explore different markets.

Overall, TegasFX aims to provide the best possible trading environment for its clients, focusing on what really matters – helping them become successful and profitable traders.

AvaTrade Logo

Our #1 Broker 2023

AvaTrade is an award-winning and multi-regulated broker offering a great selection of trading instruments including Forex, Cryptos, Stocks and Commodities. You can trade on all of your devices via user-friendly platforms with excellent trading conditions and no commission fees.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.

Regulation

This is a crucial aspect to consider when choosing a broker because it gives you a sense of security and trust. TegasFX, a trading name of Clover Markets Limited, was incorporated in 2016 and is registered in Vanuatu. It operates under a financial license from the Vanuatu Financial Services Commission (VFSC), License Nr. 14697.

However, it’s important to note that according to some sources, TegasFX is no longer under valid regulation by any regulators to provide investment services. This could potentially mean that investors’ funds in this company are unsafe and cannot be guaranteed.

Regulation is a complex issue, and it’s always a good idea to do your own research and make sure you’re comfortable with the regulatory status of any broker you choose to work with. If you’re looking for some alternative options, please see a list of regulated brokers.

Platforms & Tools

MT4 & MT5 Platforms

MT4 & MT5 Platforms

First off, TegasFX provides access to both MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms. These are some of the most popular trading platforms in the forex industry, known for their user-friendly interface, advanced charting capabilities, and a plethora of built-in trading tools. With TegasFX, you can enjoy a direct ECN/STP access on these platforms, which means you get the best prices provided by the largest liquidity providers in real-time.

Now, let’s talk about the tools.

  • Fixed API Trading: Fixed API trading is a tool that allows traders to connect directly with liquidity providers to get real-time streaming quotes. It’s a messaging protocol widely used in the electronic trading industry, not exclusive to forex trading. This tool is ideal for institutional, professional, and high-frequency retail traders due to its high speed of connectivity and low latency communication.
  • Copy Trading: TegasFX offers copy trading solutions, which is a great feature for those who want to mimic the trades of successful traders. This can be a real time-saver and a way to learn from the pros.
  • Charting Tools: Both MT4 and MT5 platforms come with advanced charting tools. These tools allow you to analyze market trends and make informed trading decisions.
  • Calculator: While the specific details about the calculator tool are not provided, it’s typically used to calculate potential profits, losses, and costs of your trades.
  • Economic Calendar: This is a handy tool for keeping track of important financial events that could impact the markets. It helps you stay updated with the latest economic news and indicators.

Education

Unfortunately, TegasFX does not offer much in terms of educational resources or trading tools for its clients. The broker has “nothing to offer when it comes to educational resources or trading tools.” There is no mention of any educational materials, courses, webinars, ebooks, or tutorials on the TegasFX website either. While the lack of educational resources is disappointing, traders should not necessarily cross TegasFX off their list because of this. The internet can serve as a supplementary source of information for beginners.

Additionally, TegasFX does provide some trading tools like Copy Trading and Fixed API Trading that could be useful for traders. So it’s not a complete lack of helpful features. In summary, TegasFX comes up short regarding educational resources and trading tools compared to other brokers. So traders who rely heavily on these services may want to consider other options. But TegasFX still has some strengths in other areas that could make up for this deficiency.

Markets

TegasFX offers a variety of markets for traders to dive into. Here’s a casual rundown of what you can trade with them:

  • Forex: The bread and butter of TegasFX, where you can trade a wide range of currency pairs. Whether you’re into major pairs or exotic currencies, TegasFX has got you covered.
  • Precious Metals: If you’re looking to trade gold, silver, or other precious metals, TegasFX provides the opportunity to trade these valuable commodities.
  • Commodities: Beyond metals, TegasFX also offers trading in other commodities. This could include energy products like oil and natural gas, though specific details would need to be confirmed on their platform.
  • CFDs: Contracts for Differences (CFDs) are available, allowing you to speculate on the price movements of various assets without actually owning them.
  • Crypto: For those interested in the digital currency space, TegasFX offers trading in cryptocurrencies.

Accounts

TegasFX offers a variety of account types to cater to different types of traders. Each account type offers a unique set of features tailored to different trading styles and levels of experience. So, whether you’re just starting out or you’re a seasoned trader, TegasFX has an account that should suit your needs. Let’s break them down:

  • MT4 ECN/STP: This account is perfect for beginners. With a minimum deposit of $200, you get access to raw spreads, aggregated multi-bank liquidity, and MetaTrader 4. You can trade CFDs and cryptocurrencies, and even do mobile and copy trading. MAM is available, and the commission is $4 per side per 100,000 traded. Plus, you get customized liquidity.
  • MT4 ECN/STP Pro: This one’s for the advanced traders. The minimum deposit is a bit higher at $2000, but you get all the features of the MT4 ECN/STP account. The commission is slightly lower at $3.5 per side per 100,000 traded.
  • MT5 ECN/STP Pro+: Also for advanced traders, this account offers access to the MetaTrader 5 platform. The minimum deposit is $1000, and it comes with layered commission starting from $3.5 per side. All the other features are similar to the MT4 ECN/STP Pro account.
  • FIX API 4.4: This account is designed for professional and institutional traders. With a hefty minimum deposit of $10,000, you get GUI access and a minimum commission of $500. All the other features are similar to the other account types.

Funding

TegasFX offers a range of funding methods to accommodate the diverse preferences of its clients. Here’s a casual overview of how you can fund your account:

  • Bank Transfer: You can deposit funds into your TegasFX account via bank transfer in USD or EUR. It might take 1-2 working days for the funds to be processed.
  • Credit Cards (via ADVCash): Credit card deposits are also accepted through ADVCash, and these transactions are usually processed on the same day.
  • ADVCash: Direct deposits through ADVCash are an option, providing a quick same-day processing time.
  • Bitcoin: For the crypto-savvy, Bitcoin deposits are welcomed at TegasFX, with same-day processing as well.
  • Ethereum: Another cryptocurrency option available is Ethereum, which, like Bitcoin, is processed on the same day.
  • US Tether (ERC-20): If you prefer stablecoins, you can use US Tether (ERC-20) for funding your account, also with same-day processing.

It’s worth noting that TegasFX does charge some fees for deposits and withdrawals. For example, bank transfer deposits come with a 10 SGD fee plus any fees your bank may charge. Other methods have varying fees, such as 3.5% for credit card deposits via ADVCash and 1% for Bitcoin and Ethereum deposits. Keep in mind that while bank transfers take a bit longer, other methods can be quite swift, with same-day processing for most. This flexibility in funding methods allows you to choose the one that best fits your needs and start trading with TegasFX.

Conclusion

In wrapping up our review of TegasFX, it’s clear that this broker offers a range of features that could appeal to different types of traders. From a variety of account types to a range of funding methods and trading platforms, TegasFX has a lot to offer. However, it’s worth noting that while TegasFX offers strong features, there are other brokers with longer track records that might be worth considering as alternative options. The lack of educational resources and demo accounts is a drawback, but the broker does offer some trading tools and services such as Copy Trading and Fixed API trading. Ultimately, the decision to trade with TegasFX should be based on your individual trading needs and risk tolerance. For additional choices, we encourage you to explore our trading brokers reviews. Remember, the world of trading is vast and there are plenty of options out there.

TegasFX Logo

$200

TegasFX is a broker that presents itself as a True ECN/STP platform, offering direct access to aggregated multi-bank liquidity. The broker emphasizes a low-latency infrastructure, low market spreads, and a wide range of trading instruments, including FX options, CFDs, and a selection of cryptocurrency pairs. TegasFX offers leveraged trading of up to 1:200.

Between 74-89% of retail investor accounts lose money when trading CFDs with this provider.


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