TempleFX ReviewMinimum Spread : From 0.1
Foundation Year : 2016
Min Deposit $ 50
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TempleFX Broker Review – Discussing the Features and Attributes: TempleFX stepped in the world of the financial market in 2016 with its headquarter in the United Kingdom. The foreign currency exchanger is also working with an intent to provide high-end solutions to traders. It has an array of products for investors to bid and start trading. It has EAs to use with no compulsion of limitations.
Strenght of any brokerage company lies when it executes the promises touted on the website. Let us find out the facts:-
Straight Through Processing (STP) on TempleFx Broker
The brokerage company is using STP environment to execute all transactions and orders without a lag swiftly. It is capable of working on tips received from banks and news portals and assimilate them for successful trading.
Licensing and Regulations on TempleFx Broker
The company, which is a subsidiary of TS Capital Limited, falls under the Financial Conduct Authority (FCA) for regulations. The authority has the headquarter in the United Kingdom. Speaking about the standard, it is easily the stiffest and uncompromising regulating bodies.
Anybody who undergoes losses during trading and an eligible claimant can settle for compensation through the Financial Services Compensation Scheme. However, entitlement depends on the terms & conditions laid down by FSCS. The maximum amount that goes into it is Pound 50,000.
Types of Accounts on TempleFx Broker
There are three types of accounts that are operating in TempleFX Broker : Basic, ECN and Advanced
- Minimum amount of deposit is dollar 50.
- Minimum trade size is 0.01
- Maximum leverage it offers is 1:400
- Minimum spreads is 1.6 pips
- One has to make a minimum deposit of $ 500
- Minimum trade size is 0.01
- Maximum leverage is equivalent to the Basic account.
- Spreads start from 1.1 pips
It is for people with deep pockets.
- The minimum amount one needs to deposit is dollar 2000.
- Minimum trade size is 0.01.
- Maximum leverage is standard.
- The minimum spreads is 0. However, traders are required to pay $4 as commission per lot.
Besides, there is an Algorithm Trader account with the minimum deposit of dollar 5000. Trade size and leverage does not apply to it. In addition to this, the company also offers a corporate account with the minimum deposit of dollar 10,000.
Trading Platforms Available on TempleFX Broker
A platform is an arena where all transactions take place. Bidding and selling of assets happen here by the hands of customers. Hence, trading largely depends on the quality of trading platforms.
For TempleFX MetaTrader4 is the mainstay. It exhibits all the deliverable to consumers with swift execution of tasks. The platform has a client-friendly interface that packs inter-bank liquidity.
MT4 has the capacity to handle multiple-instruments at a time. An investor can access them through a personal computer or a mobile device with the help of an application. It has tools and features that enable traders to perform transactions from a wide variety of assets comfortably.
Moreover, it also sports a feature of automatic trading which has no EA limitations applied to it.
Types of Payments Methods For TempleFx
A proper payment getaway helps traders to transact and transfer their money from one account to the other. The company accepts debit cards, Mastercard, Visa card, credit cards, Diners Club, American Express and Maestro. Besides there are JCB and bank transfers that are helpful in depositing and withdrawal of funds.
The website allows transactions in GBP, USD and Euro.
Maximum Leverage on TempleFx
The highest leverage that the brokerage firm offers in 1:400. It is average considering the competition surrounding it. Hence, the company can push it a little further to comply with the needs of clients.
Major pros and cons
- Incorporates several channels for depositing and withdrawal of funds
- Algorithm-based trading options are available here.
- The regulation by FCA is one of its plus points.
- Execution through STP adds to its features.
- ECN spreads are tight on the platform.
- When several brokerages firms are using MetaTrade5, TempleFx is stuck with MT4. They should upgrade to magnetise clients.
- Leverage is average and needs improvement.
- Spreads are high on Advanced and basic accounts
- There is no live chat feature embedded.
- The website needs to work on its UI part.
- It does not allow US clients.
How To Contact TempleFx?
Contacts are a means to help in engaging with customers and solving their problems. The brokerage company has a few options looking in that direction. It offers phone support and e-mail id for traders to speak with the customer care executives. However, there is no live chat option, which disappoints.
TempleFx is still in a growing phase and seeing the feedback of its clients. The website needs to have a proper outlook and should learn from its competitors. However, regulation by FCA advocates for its authenticity and builds a shield of trust among traders. But to sustain that goodwill, it requires to enhance other features.
Also, at some places, the website did not function. It leads to a slightly negative impression.
Although one can expect improvements in days to come.
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