TegasFx Broker Review

TegasFX

$200

Min Deposit

0.2

Min spread

2016

Foundation

Broker Trusted Point+2

Broker Trusted Point

The competitive financial market is taking big turns and making it a compulsion for brokers to find their mojo to develop best service centres for their clients. In the absence, it does not take much time before they slip on to the other. TegasFX Review reveals it. 

This feeling is kind of making a home in the minds of several brokers, and they are resorting to cheapskate theatrics. However, they are not helping the broker or the customer in any way. Instead, creating confusion, and an environment of disbelief among traders which ain’t good for economies. 

Such practices require some fodder of ill-conceived thoughts in the guise of trading. 

TegasFX Scam or safe

The default compliance, disconnectivity of customer care on multiple platforms and lacklustre tools and features on the website make TegasFX scam broker. There is no guarantee or surety of success on it. 

TegasFX Review: Website not helpful

When you visit the home page of TegasFX, you have one thing in mind that it will help in creating a trading account. However, once you land here, all your hopes get dashed. You meet with a bummer, and there’s no going forward from there. 

Honestly, TegasFX is walking the inverted path. The look of the website turns off everyone. Plus, it does not boast of user-friendliness, which is the first step toward drawing people closer for investment. Hence, how can someone trust the broker in the first place?  

When the maiden step or foundation is incorrect, how can someone build a building? And even if that happens, things are going down the sand. So, the broker needs to get it right because the first impression makes or breaks the belief system of a trader, especially when huge funds are involved in them. 

After paying a visit, you find some tabs and a blank white page with a red line. What is someone supposed to make out of such a bizarre design? All it gives an idea is about frauds. And going by the nature of the business, there are apparently too many cases related to it. So, an astute investor would try to avoid such services that raise doubt and suspicion. 

So, a trader can move on to some other broker instead of sticking onto it to give the first impression. Through such a look, the brokerage firm is not putting out the welfare of the customer first. Hence, any service provider that deviates from the main motive should be avoided. 

The success cannot follow those who do not play by the book in the financial market’s serious business. 

TegasFX Review: Types of Accounts

How on Earth can anyone trade or put funds into a brokerage firm unless and until it wins their heart by exquisite services and tools? Again, when the foundation is not laid correctly, it is the mistake of a broker that failed to acknowledge the requirement of an investor. So, why would someone come to them? What’s that they are offering which others cannot?

If you click on the types of account, there are some abnormal looking names to your surprise and shock. One does not find usual accounts like silver, gold, platinum, VIP and Pro. So, people are left wondering how they can invest in it. 

Moreover, there is no explanation offered to investors regarding the investment. You do not understand how to operate it in the first place, leave alone trading or creating an account. So, a trader would instead waste more precious time. You’ll need to learn everything from scratch, which does not help at all. 

The features here do not seem to be fitting the needs of traders even remotely. Professional, retail or an institutional client would turn their backs reading abysmal options. How can someone put such efforts that are not good for the market players? 

TegasFX Review: Unimaginable options

Sometimes unthinkable things can impress folks because it is like a breeze of fresh air. However, the chances for this to happen is one in a million. The broker tries its best to create a niche but fails to do that. On the contrary, it is creating a mess which no one is getting. The options it is offering does not help. Instead, coping up with them is becoming difficult. 

There is an option, aggregated multi-bank liquidity. How else is someone going to decipher it? This is entirely unusual, and the broker does not care to place an explanation for novice traders. So, it fails the purpose of investment for many. 

Difficult situation

How would someone move forward unless and until the first thing in the line remains unexplained? You cannot call the customer care for every minuscule thing because when will you trade then? And think about the new trader who has a little or no knowledge of the financial market. How would that person deal with such matters? 

So, there’s no clear visibility or explanation offered to people which is clearly disappointing on the part of TegasFX.  If a broker really wants to push the last person in the line to the top, then there should be some help available for them. Not everything can be explained or understood through customer care executives. 

The features like ‘MAM available’ require definition with illustration so that people can understand and mould their trading abilities accordingly. But the efforts are nil in that direction. It seems, either the broker has forgotten, or it does not want to explain anything. How can you trust someone with that type of record? 

Furthermore, there’s a ‘GUI available’ option. Now, how can a non-technical or even a knowledgeable person in the trading stream know what is it? Why such camouflage or tough words being used? Is it for making a fool out of traders or taking advantage of a user’s naivety? The motive and intent look fishy and untrustworthy from the outside. 

Hence, the broker must shed some light and care to tell its user what it means to the terms utilised by it in the account types. 

Notably, the names of account types are:

ECN/STP

ECN/STP PRO

FIX API 4.4

The names are so technical that you scratch your head and tickle your thumb but wouldn’t understand. 

TegasFX Review: High commission and deposit

A newbie trader would need an atmosphere that can help the aspirations grow and strengthen trading skills. It would require special support from the broker. The lesser burden of the money, better will be the chances of growing in the market. But due to the misplaced priority, a novice trader has to pay a heavy price.

Neither the initial deposit is low nor the commission per million. TegasFX asks for $ 200 as the minimum deposit funds. Now, someone should tell them, where would a beginner market player get that much money only for depositing in the wallet or account? Besides, some extra cash would be required for buying or purchasing different products and assets.

So, if you aren’t aware of these matters about the broker, it is better to avoid trading through the platform.  

Moreover, you may have to shell $40 as a commission on overall transactions. It is a lot to ask from a beginner because it only adds to the headache and takes away trading interest. But that’s not it, anyone with slightest of the experience, it tries to move up the ladder, the broker pushes them. 

The price of minimum deposit becomes a whopping $2000. That’s ten times higher than the previous account. How can someone justify such an increase? Only the commission can get reduced by paltry $5. What else perk did one fetch? So, it isn’t benefiting the trader. You cannot expect them to feel good about it. Why would someone pay such money? Is it a type of scam, or is it even safe? 

You feel about the former. Asking for $ 2000 as deposits would indicate that the broker is concerned about its own money and income more than yours. That’s not a good feeling to let inside a trader. 

Moving ahead, in FIX API 4.4, the amount of minimum deposit surges to $ 5000, which not everyone can afford. Moreover, the commission here is customised, and the broker does not explain it either. It leaves that to our imagination. Hot to deal with it? 

Absence of MetaTrader5

The broker is in the business of the financial market for a while, but even after that, the absence of a brilliant platform like MetaTrader5 is shocking. One would assume that the broker has that facility at least in its stride, but the broker misses it completely. Hence, it shows there’s no concern about traders and their likelihood. MT5 would draw more gains for investors. 

TegasFX Review: No credibility or transparency

In these six years, the broker could not afford MetaTrader5. This is no success at all then. However, it claims that there are 4,00,000 orders per month but without evidence. So, where’s the credibility? How can someone plainly say or state something? There has to be some proof backing it. 

Hence, TegasFX review tells you that the broker does not believe in transparency or putting out facts in the public domain. 

Banned in several nations 

The broker admits to not offering its services in different countries, including, the USA, Singapore, Belarus, Cuba, Ecuador, Zimbabwe, Syria, Republic of Vanuatu, Ivory Coast, Democratic Republic of Congo and several other nations. It puts a question mark and suspicion on its approach. 

Conclusion:

TegasFX Review explains that the way the broker is operating in the market is highly suspicious and raises eyebrows. It does not mention assets and products and keeps traders guessing all the time. How can someone trust it? What if it does not provide any? There is no explanation offered upfront. Moreover, the customer care service is not up to the mark either. 

The website looks like an outdated junk kept aside. It takes time to open. So, the recommendation would be to use other brokers like the Trade ATF, ROinvesting and 101 investing which have awards under their belts, reliable and transparent for traders and investors.

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