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An ideal broker should be clear enough to its traders so that opening an account becomes easy for them but not TegasFx because it is a scam.
The scam broker makes it look like everything s simple for the trader but the truth is, that everything is so much complicated that the trader has to rethink about the decision that got him or her involved with the firm in the first place.
The broker firmly claims is an ECN/STP broker, This simply means that it will start acting as the broker to the liquidity provider at a point of time, completely disengaging the real traders.
Such brokers always walk in with multiple or a single liquidity provider. This provider in the coming future takes over the financials of the trader.
The broker developed a taste of the market in 2015 but got registered a whole year later, in 2016. Then after more than two and a half years, TegasFx began eating the crypto market.
What is the idea behind this nature and what took it so long in the first place to reach there, is still hard to answer by our experts. However, we keep trying.
Even the deposit and withdrawals were updated five years later with skrill’s very late addition to the so-called list of the same. With what sounded like fake reviews from the first line itself, the broker hysterically fails to lure in a novice trader.
The broker clearly fails to integrate with the market and our assumptions stand corrected because the only platform that the broker offers is MT4.
Let’s read more about the scam broker in detail:
TegasFx account types:
The broker supposedly provides three different trading accounts.FIx API 4.4, ECN/STP pro and the ECN/STP. As atypical as they sound, none of these accounts is of any use. Doesn’t matter if the trader looks at them individually or separately.
Any less than mediocre broker from any smelly corner fo the market offers the same services fora lesser, way lesser fee. The broker has the audacity to ask five thousand dollars as a minimum balance in one of its accounts in the name of minimum deposit.
The scam broker TegasFx asks for more than heavy spreads on every currency pair it claims to provide, it does not matter what account the trader is using t make his trades.
Although nothing is clear from the broker’s pathetic excuse of a website, it looks like the broker has nothing new to offer in any of its accounts, except the fact that every account is worse than the previous one.
Tradable assets:
The scam broker hides each and every piece of information that can be of use to the trader, in terms of understanding the area of dealing with the broker.
A user HAS to get financially involved first, open an account and only then, the broker gives little or no information of the way it deals. This is unprofessional and at the same time wrong on so many levels. The spreads section tries to explain that the broker can try and deal in metals, cryptocurrencies and their CFDs.
We do not know how the broker got its licence and registration because one thing is for sure that such brokers only exist in the market so that they can satisfy the liquidity provider and that is it.
The scam broker nowhere tells that it can even try to offer trading on either commodities or stocks or any other instrument, on its, as we have already stated, pathetic excuse for a website. The only thing a trader can see is that the broker offers to trade in either crypto CFDs.
TegasFx Fee and commissions:
The broker very clearly fails in terms of transparency as it cannot mention spread-liable and commission-liable accounts. The only thing the user can do is to first get registered with the broker and maybe after that, he or she can look into trading conditions that the scam broker supposedly offers.
Such brokers who hide crucial information like the above mentioned are like the bad fish in a pond. Because of them, the whole community has been a constant witness to fraudulent instances.
The broker is a master at hiding things. There is just one page where it talks about spreads. Apart from that, nothing on the whole website is even closely related to commission and fee the broker asks.
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. It. 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:
There is no research material posted by the broker anywhere on its website. This is completely understandable since the broker is a scam and wants the traders to be unaware of what is happening in the current market and how to act accordingly. The broker has a so-called experts team which then directs the deliberately kept uneducated trader to make unsuccessful trades.
Such brokers are scam since they have been seeing the market and nothing can ever change that. There is no technical analysis, no fundamental analysis and for that fact, nothing on the website that we could term as an example of educational material.
The scam broker wants a novice trader and then aims to suck him dry in terms of finances.
Trading platform:
The only tradable platform that the broker offers is MT4. The broker is aware of the fact that MT5 exists but still, forces the use of MT4 on to its users. Older versions are replaced by the firm because they have had some problems and the newer versions take care of those problems. The broker should understand that there has to be an updation of the self with the market to come at par with the problems the market has to offer on the daily basis. If that does not happen, nor the firm neither the customers associated with it can survive.
TegasFx regulations:
The broker makes a claim to be regulated by VFSC, a never head before of body since we started reviewing brokers. Also, the regulations of the broker began in 2016, a year later after it was registered. Such an occurrence is bizarre and aims at a word that spells S-C-A-M.
Final call:
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. Brokers like HFTrading, T1Markets, ROinvesting etc to name a few, have been in the market for a far more time and have been moving with their chest out as legitimate brokers. A responsible trader can look forward to trade with any of the above-mentioned brokers.
Frequently asked questions:
Can I lose money while trading with TegasFx?
If it has not happened yet, either change the broker or brace yourself for a scam.
Is trading risky?
Yes, trading is risky as a whole, but a scam broker makes it worse.
Ensure that you have researched enough before you get involved with any such brokers.
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