TeraFX review.

Overview

TrueBroker is a free broker safety checker, and this page is our review of TeraFX, scored 5.9 out of 10 across regulation, fees, platform, support and reviews.

Our earlier review describes TeraFX at www.terafx.com as FCA Financial Services Register regulated under Tera Europe Limited, licence 564741, headquartered in London with a Dubai branch. The FCA register tells a different story today. FRN 564741 is held by Gildencrest Capital Limited, status Authorised, effective 30/05/2012, and Tera Europe Limited is a previous name of that same company. The FCA register shows firm 564741 stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024 and now trades as Gildencrest Capital. That entity does not accept retail clients of the TeraFX brand any longer. The pages we actually fetched for our evidence came from the Turkish site, a Turkish language site that names “Tera Yatırım” and, per the Capital Markets Board of Turkey (SPK) register, corresponds to Tera Yatirim Menkul Degerler A.S., a brokerage house (araci kurum) with status Aktif, Geniş Yetkili authorisation, certificate number 001 dated 2015-01-02, holding 21 activity permissions including leveraged trading. So the FCA licence and UK contact details in the older narrative belong to an entity that no longer runs this brand, and the site we could actually reach belongs to a separately SPK authorised Turkish firm. Readers comparing “TeraFX” quotes should check which of these two entities they would actually be signing with.

What TeraFX in the UK used to offer, per our earlier review

Our earlier review reported a $100 minimum deposit, accounts spanning Starter, Premium, ECN, Pro and Corporate tiers, leverage up to 1:500 for professional clients, MetaTrader 4 for forex and CFDs, MetaTrader 5 for spread betting, and a Web Trader browser platform. It also reported no deposit or withdrawal fees, with the client’s own bank or payment provider able to charge separately. None of this can be tied to a page we fetched ourselves; it is restated here as what the earlier review said, not as anything TeraFX’s own site told us.

What the terafx.com.tr site itself shows about Tera Yatırım

Every fetch of the Turkish site’s own legal, terms, about, accounts, contact, risk and markets pages returned a 404 page, on repeated attempts, so no licence number, registration, contact detail or contract term could be independently verified from those pages; only navigation items and marketing or form pages could be retrieved. What those pages do show is that the Turkish site advertises leverage up to 1:10, a tenth of the 1:500 our earlier review gives for the UK offering. The site’s account opening flow, per its own demo signup form, states that the information a prospective client enters at free demo account opening carries over to the live account and “bu bilgiler daha sonra değiştirilemez” (this information cannot be changed afterward). The same flow requires opening and closing 50 trades on the demo account over a minimum of 6 business days before a live account can be opened, described on the site as required by SPK regulation. To fund the live account, the site states a minimum deposit of 50,000 TL or the equivalent in foreign currency, converting the MT5 demo login into a live one. That minimum sits far above the $100 figure our earlier review gives for TeraFX’s UK accounts, another sign the two offerings are not interchangeable.

Warning list and support contacts

We searched 1,441 warning list entries mirrored from CYSEC, the FCA and FSC Mauritius, and TeraFX appears on none of them; that coverage runs only to the lists we mirror, not to every regulator. Our earlier review gives support channels of live chat, email at customerservices@terafx.co.uk, and phone numbers for the UK (+44 (0)203 048 4764) and Dubai (+971 4 401 9666), alongside Facebook, Twitter and Instagram as non primary channels. The support email uses a .co.uk domain while the site it names is www.terafx.com, a mismatch worth checking before relying on that address.

Negative balance protection, per our earlier review’s reading of the terms

Our earlier review reports that negative balance protection under the Terms and Conditions applies to trading losses only, and does not cover other debits such as fees, charges or withdrawals, so a client can still owe money on the account for non trading debits. It also reports that the broker can look into why a balance went negative and, at its discretion, decline to provide the protection where it judges the client to have traded abusively or breached the terms, with no independent review process described in that clause.

Overview Table

Facts List

• TrueBroker scored TeraFX 5.9 out of 10 overall: regulation 4.5, fees 6.9, platform 6.1, support 8, reviews 4.
• The FCA register shows FRN 564741 held by Gildencrest Capital Limited, status Authorised, effective 30/05/2012, formerly named Tera Europe Limited.
• The FCA register records that firm 564741 stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024.
• The Capital Markets Board of Turkey (SPK) lists Tera Yatirim Menkul Degerler A.S. as an active brokerage house, Geniş Yetkili, certificate 001 dated 2015-01-02, with 21 activity permissions including leveraged trading.
• We searched 1,441 warning list entries from CYSEC, the FCA and FSC Mauritius and found no match for TeraFX.
• The Turkish site’s own legal, terms, about, accounts, contact, risk and markets pages returned 404 errors on every attempt.
• The Turkish site advertises maximum leverage of 1:10, against our earlier review’s figure of 1:500 for the UK offering.
• The Turkish site’s account opening page states a minimum live account deposit of 50,000 TL or equivalent foreign currency.
• The Turkish site requires 50 demo trades over a minimum of 6 business days, stated on the site as an SPK regulatory requirement, before a live account can be opened.
• Our earlier review reports no deposit or withdrawal fees charged by TeraFX, aside from any charged by the client’s own bank or payment provider.
• Our earlier review reports that negative balance protection covers trading losses only, not other account debits, and can be withheld at the broker’s discretion for abusive trading.

Key Takeaways

Regulation: the FCA licence cited for TeraFX no longer covers this brand

• The FCA register confirms FRN 564741, but it is held by Gildencrest Capital Limited, status Authorised since 30/05/2012. “Tera Europe Limited” is a previous name on the same Companies House record (07604372), and the FCA register shows that firm 564741 stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024. It now trades as Gildencrest Capital. The FCA authorisation the wider marketing rests on does not currently sit behind the TeraFX brand.
• The TeraFX brand today is run by Tera Yatirim Menkul Degerler A.S. in Turkey. The Capital Markets Board of Turkey (SPK) activity permission lists show this firm as an active brokerage house (araci kurum), broadly authorised (Geniş Yetkili), authorisation certificate number 001 dated 2015-01-02, holding 21 activity permissions including leveraged trading (Kaldiracli Alim Satim Islemleri), which covers forex and CFDs.
• We searched 1441 warning-list entries mirrored from the FCA, CySEC and FSC Mauritius, and TeraFX appears on none of them. That count only covers the lists we mirror, not every regulator, but it is a clean result across three lists.

Two sites, two sets of terms, and pages that returned nothing

• Our earlier review describes www.terafx.com: FCA-regulated as Tera Europe Limited, London headquarters, a Dubai branch, a $100 minimum deposit, and leverage up to 1:500 for professional clients. The pages we actually fetched are from www.terafx.com.tr, a Turkish-language site referencing “Tera Yatırım,” which advertises leverage capped at 1:10 and a minimum live-account funding requirement of 50,000 TL or the foreign-currency equivalent, ten times the deposit figure attached to TeraFX’s UK accounts in our earlier review.
• Every attempted fetch of the Turkish site’s own legal, terms, about, accounts, contact, risk and markets pages returned a 404 (“Hata Sayfa bulunamadı”), on repeated attempts. None of that site’s licence numbers, registration details, contact information or contract terms could be checked against its own first-hand pages; only navigation items and marketing or sign-up forms loaded.
• The account-opening flow on the Turkish site requires opening and closing 50 trades on the free demo account over a minimum of six business days before a real account can be opened, described on the site as required under SPK rules. The same flow states that whatever personal information is entered at demo sign-up carries over to the live account and cannot later be changed. Neither step appears in our earlier review’s account-opening description.

What TeraFX’s terms carve out of negative balance protection

• Under the Negative Balance Protection clause of the terms and conditions, the protection applies to trading losses only. It does not cover other debits such as fees, charges or withdrawals, so a client can still end up owing money on the account through non-trading debits even with the protection in place.
• The same clause lets the broker withhold negative balance protection at its own discretion if it decides a client engaged in abusive trading or broke the terms. No independent review process is described for that decision, so a client judged to have traded abusively can be left liable for the full negative balance on TeraFX’s own assessment.

Fees and accounts, per our earlier review

• Our earlier review reports no deposit fees and no withdrawal fees on any payment method, though the client’s own bank or payment provider may charge separately.
• Account tiers ranged from Starter and Premium at a $100 minimum deposit with no commission, 1:30 leverage and STP execution, up to ECN accounts from $500 with raw spreads and 1:500 leverage, and a Pro tier from $10,000 with a dedicated account manager. None of those figures could be checked against the site we actually reached, which quotes a 50,000 TL minimum and 1:10 leverage instead.
• Our earlier review also states TeraFX runs no bonuses or promotions of any kind.

Platform and support

• Our earlier review lists MetaTrader 4 for forex and CFDs, and MetaTrader 5 for spread betting, plus a browser-based Web Trader with no Expert Advisors or custom templates. The Turkish site lists MetaTrader 5 as its platform and does not mention MT4.
• Support channels in our earlier review are live chat, phone numbers for the UK and Dubai, and an email address at customerservices@terafx.co.uk, a .co.uk domain, while the site it describes throughout is www.terafx.com, a .com domain. That mismatch sits alongside the broader split between the entity and site our earlier review names and the one we could actually fetch.

Where this leaves TeraFX

The regulatory story attached to TeraFX rests on an FCA authorisation that, per the FCA register itself, stopped covering this brand on 1 February 2024. The brand’s current operator, confirmed active on the SPK register, runs a site with different minimum deposits, different leverage and an account-opening process the older marketing does not describe, and that site’s own legal pages were unreachable at every attempt. The warning-list check came back clean, and the terms and conditions we did read carve real exceptions into the negative balance protection headline claim. Weigh the older account-tier and fee detail as a description of what TeraFX once offered under a licence it no longer holds, not as a live picture of the entity now running the brand.

Licenses & Regulation

Our earlier review of TeraFX describes an FCA-regulated firm called Tera Europe Limited, licence 564741, based in London. We checked that number against the FCA register directly, and the entity behind it is not what our earlier review describes. FRN 564741 is held by a company called Gildencrest Capital Limited, authorised and with that status showing as effective from 30 May 2012. “Tera Europe Limited” is a previous name of the same company, registered at Companies House as 07604372, so the licence number itself is not wrong, only out of date in the name it is quoted under. More to the point for anyone reading this to decide whether to trade with TeraFX today: the FCA register shows firm 564741 stopped trading under the names TeraFX, TERAFXUK and Tera Financial on 1 February 2024. It now trades as Gildencrest Capital. Whatever that firm does now, the FCA register does not show it accepting retail clients as TeraFX.

Where the TeraFX brand actually sits today

The TeraFX name currently belongs to a different regulated entity in a different country. We checked Tera Yatirim Menkul Degerler A.S. against the Capital Markets Board of Turkey (SPK) activity permission lists and found it listed as a brokerage house (araci kurum), status Aktif (active), with a broad authorisation grade (Geniş Yetkili) and an authorisation certificate numbered 001 dated 2 January 2015, itself shown as active. The SPK record lists 21 activity permissions against this firm, including leveraged trading (Kaldiracli Alim Satim Islemleri), the specific permission that covers forex and CFD business. No SPK registration number was quoted for us to check against that record, so this is a confirmed institution rather than a matched number.

This is the entity behind terafx.com.tr, the Turkish-language site we were able to pull pages from. It is a separate regulatory footprint from the FCA authorisation our earlier review leans on, run under a different company, in a different jurisdiction, under different rules.

What Tera Yatırım’s own site would not show us

Every attempt to fetch the Turkish site’s own legal, terms, about, accounts, contact, risk or markets pages returned a 404 (“Hata Sayfa bulunamadı”), on repeated tries. That means none of the contract terms, contact details, or account conditions on that site could be checked against a firsthand source; only navigation menu items and marketing or sign-up form pages came back. The trading conditions we could see on that site diverge sharply from our earlier review’s figures for TeraFX: the site advertises leverage up to 1:10 (“1:10 KALDIRAÇ İLE İŞLEM YAPABİLME”), against the up-to-1:500 our earlier review states for professional clients, and its account-opening steps require a minimum live deposit of 50,000 TL or the foreign-currency equivalent, against the $100 minimum our earlier review gives. The same account-opening flow states, in its own words, that a prospective client must open and close 50 trades on the free demo account over a minimum of six business days before a live account can be opened, describing this as an SPK regulatory requirement, and that the personal information entered at demo sign-up “cannot later be changed” once the live account is opened. None of this can be reconciled with a $100-minimum, up-to-1:500-leverage FCA offering, because it is not the same regulatory product.

Warning-list search

We searched 1,441 warning-list entries mirrored from the FCA, CySEC and the FSC Mauritius, and TeraFX does not appear on any of them. Before relying on that result we ran a positive control against two of the source registers, searching for a firm known to be listed on each, to confirm an empty search means absence rather than a broken query. A clean result here only covers the three regulators our review process mirrors; it says nothing about any other regulator’s warning list.

How to Trade

Which TeraFX is actually taking the trade

Most of what follows on account tiers, leverage and platforms comes from an earlier review of the TeraFX offer at terafx.com, built around the entity Tera Europe Limited and FCA licence 564741. The FCA register we checked shows that firm 564741, now called Gildencrest Capital Limited, stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024. The TeraFX brand today sits with Tera Yatirim Menkul Degerler A.S. in Turkey, which we confirmed on the Capital Markets Board of Turkey (SPK) register as an active, broadly authorised brokerage house holding 21 activity permissions, including the leveraged trading permission (Kaldiracli Alim Satim Islemleri) that covers forex and CFD dealing. So the account structure and leverage figures reported below describe an offer that, on the FCA’s own record, is no longer running under this name, while the site now carrying the brand imposes noticeably different terms.

The account tiers the earlier review found

The review described a seven-tier structure under the FCA-era offer. A Starter and a Premium account, both requiring a $100 minimum deposit, traded without commission on 82 and 147 instruments respectively, both through STP execution and capped at 1:30 leverage; the Premium tier added what the earlier review called premium support and market analysis. An ECN account, $500 minimum, swapped commission-free pricing for raw spreads from 0.0 pips plus a per-trade commission, ECN execution and leverage up to 1:500 on the same 82 instruments as Starter. A Pro account at a $10,000 minimum opened every instrument on the book, with a dedicated account manager, ECN execution and the same 1:500 cap, and a Corporate tier above that offered negotiable commissions and custom reporting with no fixed minimum. Two further tiers, Retail and Pro, were described as spread betting accounts limited to UK clients, at $100 and $10,000 minimums and 1:30 and 1:500 leverage respectively, again split between STP and ECN execution.

On instruments, the earlier review put the tradable list at 60-plus currency pairs across majors, minors and exotics, CFDs on major stock indices such as the S&P 500, FTSE 100 and DAX 30, CFDs on oil and gas, and CFDs on gold and silver, with the spread betting product covering forex, indices and commodities for UK clients only.

What terafx.com.tr itself requires before a trade goes live

The pages we could actually fetch from the Turkish site, the site tied to the SPK-regulated operator, describe a narrower path. Its account-opening steps page states that a prospective client must “Minimum 6 iş günü boyunca ücretsiz demo hesabınız üzerinden 50 işlem açın ve kapayın.” (open and close 50 trades on the free demo account over a minimum of 6 business days), citing SPK regulation as the reason a real account cannot be opened before that. The same page tells the client to fund the live account by “Meta 5 üzerindeki kullanıcı bilgilerinizi değiştirerek (Gerçek Hesabınıza dönüştürerek) ve hesabınıza minimum 50.000 TL veya muadili döviz yatırarak işlemlerinize başlayın.” (convert the MT5 demo to a live account and deposit a minimum of 50,000 TL or equivalent foreign currency), a minimum many times higher than the $100 the earlier review gives for TeraFX’s UK accounts. The site’s demo signup form separately warns that “Değerli Müşterimiz Gerçek Hesap Açılışınız, Ücretsiz Demo Hesap Açılışında gireceğiniz bilgiler ile gerçekleştirilecektir. Bu nedenle bu bilgiler daha sonra değiştirilemez.” (the live account is opened using the same details entered at demo signup, and these cannot later be changed). Leverage on the Turkish site is advertised up to 1:10, against the 1:500 cap the earlier review gives for TeraFX’s ECN and Pro tiers. Every other first-hand page we tried on the Turkish site, including its legal, terms, about, accounts, contact, risk and markets pages, returned a 404 not-found error on repeated attempts, so none of its trading rules beyond these account-opening and demo pages could be checked.

Platforms

The earlier review lists MetaTrader 4 for forex and CFD trading, with 9 timeframes, more than 30 indicators, 24 graphical objects, expert advisor support, one-click trading and iOS/Android apps, and MetaTrader 5 for spread betting, with 38 indicators, 44 graphical objects and MQL5 scripting; a browser-based Web Trader is also described, offering real-time quotes, one-click trading and customizable watchlists across Windows, Mac and Linux, though without expert advisors or customizable templates. On the Turkish site itself, the platform listed is MetaTrader 5, alongside a separate user-guide page; MT4 does not appear anywhere on that site.

Negative balance protection stops short of full coverage

The earlier review reported that TeraFX’s negative balance protection covers trading losses alone, not fees, charges or withdrawals, meaning a client can still end up owing money for non-trading items even with the protection in place. It also reported that the broker can review how a negative balance arose and can choose not to apply the protection at all if it judges the client to have engaged in abusive trading practices or breached the broker’s terms, a discretion the earlier review did not describe as subject to any independent review.

Account Types

An earlier review of TeraFX described seven account tiers sold under the TeraFX brand at www.terafx.com, plus a separate set of pages we fetched directly from the Turkish site that describe a different, and in places contradictory, account-opening process. Both belong to the same brand name, so we set out what each says rather than picking one.

The tiers an earlier review of TeraFX reported

According to that earlier review, TeraFX sold five forex and CFD tiers alongside UK-only spread betting tiers:

That review reported no fees on deposits or withdrawals by any method, with the caveat that a client’s own bank or payment provider might still charge its own fee, and reported no bonuses or promotions of any kind on any tier.

Which firm the FCA register actually shows behind this

The account tiers above were tied to FCA licence 564741, held in the earlier review’s telling by Tera Europe Limited. The FCA register shows that number is held by Gildencrest Capital Limited, authorised since 30 May 2012, and that Tera Europe Limited is a former name of the same company. The same register shows this entity stopped trading under the TeraFX, TERAFXUK and Tera Financial names on 1 February 2024 and now trades as Gildencrest Capital. On the FCA’s own record, the account tiers above are not currently sold by an FCA-authorised firm trading as TeraFX.

The name TeraFX today belongs, per the SPK register, to Tera Yatirim Menkul Degerler A.S., a Turkish brokerage house the Capital Markets Board of Turkey lists as active and broadly authorised, holding 21 activity permissions including leveraged trading. The account terms an FCA-regulated London broker would offer and the terms a Turkish SPK-regulated brokerage offers are not the same product, and the tiers set out above describe the former.

What TeraFX’s own terafx.com.tr pages require now

The account-opening pages we fetched from the Turkish site, the site now operated under the SPK licence, set a materially different bar. The signup flow states that a live account must be funded with a minimum of 50,000 TL or the foreign-currency equivalent, against the $100 minimum in the earlier review. It also requires opening and closing 50 trades on a free demo account over a minimum of six business days before a live account can be opened, which the page states is required under SPK rules, and it states that the personal details entered at demo signup carry over to the live account and cannot later be changed. The same site advertises maximum leverage of 1:10, against the 1:500 the earlier review reported for ECN and Pro tiers. We could not check any of this against the Turkish site’s own legal, terms, accounts or risk pages: every one of those returned a “page not found” error on repeated attempts, so the tier names, spreads and commission structure quoted above for the FCA-linked accounts have no equivalent we could verify on the site the TeraFX name now resolves to.

Funding TeraFX’s accounts

For the tiers described in the earlier review, funding ran through bank transfer (minimum $100, no stated maximum, one to five business days), Visa or Mastercard (minimum $100, instant deposit, one to three business days to withdraw), and Skrill or Neteller (minimum $100, a $10,000 cap per transaction, instant deposit, one to three business days to withdraw). None of these payment details appear on the Turkish site’s pages we were able to fetch.

Negative Balance Protection

Negative balance protection sits in our earlier review’s account of TeraFX’s terms and conditions, not in anything our review process fetched directly, so what follows is restated from that earlier review rather than quoted or attributed to a document we read ourselves.

What the negative balance clause actually covers

Our earlier review reports that TeraFX’s terms limit negative balance protection to trading losses only. It does not extend to other debits on the account, including fees, charges, or withdrawals. That distinction matters more than it looks: a client whose position losses push the account negative is covered, but a client who runs up fees or charges that push the balance negative is not. The protection is narrower than your account can never go negative it is your trading losses specifically won’t leave you owing money, and those are different promises.

The discretion clause

The same source from our earlier review describes a second clause sitting alongside the first: TeraFX reserves the right to assess the circumstances behind a negative balance and may, at its own discretion, decide not to apply negative balance protection at all if it judges that the client engaged in abusive trading practices or breached the firm’s terms and conditions. As reported, this is a unilateral call by the broker, no independent review process is described alongside it. A client who trades in a way TeraFX later characterises as abusive can, on this account, end up on the hook for the full negative balance rather than have it absorbed. Between the two clauses as reported, the practical shape of TeraFX’s negative balance protection is: covered for ordinary trading losses, not covered for non-trading debits, and revocable even for trading losses if the broker decides the trading itself was abusive.

What this leaves unclear for Gildencrest Capital and Tera Yatırım

Whichever entity a client is actually dealing with matters here, and the register work done for this review complicates rather than confirms the picture our earlier review describes. The FCA register confirms FRN 564741, but as Gildencrest Capital Limited, not TeraFX: that firm stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024. The TeraFX brand today, per the SPK register, belongs to Tera Yatırım Menkul Değerler A.Ş. in Turkey, confirmed as an active, broadly authorised brokerage house holding a leveraged-trading permission. Every attempt to fetch the Turkish site’s own legal, terms, or risk pages returned a 404, so no negative balance or account-loss clause from that Turkish operator’s own documents could be checked. That leaves the negative balance clauses above resting on an earlier review of a UK entity that, per the FCA register, no longer trades under the TeraFX name or takes retail clients under it. Whether Tera Yatırım’s own client agreement carries the same trading-losses-only protection, the same discretionary carve-out for abusive trading, both, or neither, is not something our evidence established.

Leverage and what it means for loss exposure

Our earlier review lists leverage running from 1:30 on Starter, Premium and Retail spread-betting accounts up to 1:500 on ECN, Pro and Pro spread-betting accounts. terafx.com.tr, by contrast, advertises a cap of 1:10 on its own homepage, a tenfold difference from the top end of the figures from our earlier review. Higher leverage widens the gap a losing position can open before it’s closed out, so the account and clause under which negative balance protection would actually apply depends on which of these two offerings, and which entity’s terms, a client has actually signed up to.

Warning-list result

Our own check covered 1,441 warning-list entries mirrored from CySEC, the FCA and the FSC Mauritius, run with a positive control against a firm known to be listed on two of the underlying registers to confirm the search itself works. TeraFX does not appear on any of the 1,441 entries. That result covers only those three regulators’ published lists, not a general clearance, and says nothing about the negative balance terms themselves.

Trading Instruments

The earlier review this catalogue is rewriting describes TeraFX as a multi-asset CFD and spread-betting broker trading under Tera Europe Limited, offering forex, indices, commodities, precious metals and, for UK clients, spread betting. The pages we were actually able to fetch belong to a different site, terafx.com.tr, describing an entity called “Tera Yatırım” with different instrument categories and a leverage cap ten times lower than the figure from our earlier review. Both sets of claims are reported below, kept separate, because they do not describe the same offering.

What our earlier TeraFX review said was tradable

According to the earlier review, TeraFX’s forex and CFD range covers 60+ currency pairs (majors, minors and exotics), CFDs on major stock indices such as the S&P 500, FTSE 100 and DAX 30, CFDs on commodities including oil and gas, and CFDs on precious metals, gold and silver. UK clients were also said to have access to spread betting on forex, indices and commodities. None of this is a page TrueBroker fetched directly; it is restated from the earlier publication, not confirmed against a live TeraFX instruments page.

The same earlier review tied the instrument range to which account tier a client holds. The Starter and ECN tiers were said to list 82 trading instruments each, Premium 147, and the Pro and Corporate tiers “all trading instruments” without a published count. A client opening a Starter account at the stated $100 minimum, in other words, does not get the same asset list as one funding a Pro account at the stated $10,000 minimum, on the earlier review’s own account structure. That review did not include an actual instrument-by-instrument list, only the counts.

What the Turkish site shows, first hand

Every attempt to fetch the Turkish site’s own legal, terms, about, accounts, contact, risk or markets pages returned a 404 (“Hata Sayfa bulunamadı”) on repeated tries. That means none of the entity, licence, contact or contract detail on that domain could be checked against a source page; what follows comes only from the homepage and account-signup form that did load.

The Turkish site’s homepage lists three tradable categories rather than our earlier review’s list: Döviz (currencies/FX, giving EURUSD, GBPUSD and USDJPY as examples), Emtia ve Değerli Metaller (commodities and precious metals, naming oil, gold and silver and stating they trade five days a week, 24 hours a day), and Endeksler (world stock exchange indices). The platform offered on that site is MetaTrader 5; no MT4 is mentioned there, unlike the MT4/MT5 split our earlier review describes for TeraFX’s forex-CFD versus spread-betting offering.

The leverage figure on the Turkish site is advertised as up to 1:10 (“1:10 KALDIRAÇ İLE İŞLEM YAPABİLME”), against our earlier review’s claim of up to 1:500 for professional clients on TeraFX’s ECN and Pro tiers. A tenfold gap in maximum leverage between the two sites is not a rounding difference; it points to distinct regulatory offerings rather than one asset menu described two ways.

The entity behind the assets on offer

The Capital Markets Board of Turkey (SPK) register confirms Tera Yatirim Menkul Degerler A.S. as an active, broadly authorised (Geniş Yetkili) brokerage house, authorisation certificate 001 dated 2 January 2015, holding 21 activity permissions, including leveraged trading (Kaldiracli Alim Satim Islemleri), which is the forex and CFD permission. That is the entity operating the Turkish site today. Separately, the FCA register confirms FRN 564741, the licence number our earlier review cites for Tera Europe Limited, but shows that firm (now named Gildencrest Capital Limited) stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024. The FCA authorisation our earlier review’s instrument list was implicitly traded under no longer covers the TeraFX brand; the brand today sits with the SPK-regulated Turkish entity, whose own site advertises a narrower, lower-leverage asset list than the one described in our earlier review.

Before funding an account to trade any of it

The Turkish site’s account-opening flow gates access to the tradable assets behind two conditions that sit outside the instrument list itself. The signup form states that live-account details are fixed at whatever was entered when the free demo account was opened and cannot later be changed. And the account-opening steps require a prospective client to open and close 50 trades on the free demo, over a minimum of six business days, described on the page as an SPK regulatory requirement, before a live account can be opened. The same steps give the minimum live-account deposit as 50,000 TL or its foreign-currency equivalent to begin trading on MT5, which is far above the $100 minimum our earlier review states for TeraFX’s UK Starter and Retail tiers. A reader comparing “minimum deposit to start trading” between the two sources is not comparing the same account.

Education & Analysis

The earlier review this catalogue is rewriting described three platforms under the TeraFX name: MetaTrader 4, MetaTrader 5, and a browser-based Web Trader. It reported MT4 as the vehicle for forex and CFD trading, with 9 timeframes, more than 30 indicators, 24 graphical objects, expert advisor support, one-click trading, and iOS and Android apps. It reported MT5 as the platform used specifically for spread betting, with 38 indicators, 44 graphical objects, and MQL5 scripting. And it described Web Trader as a no-download, browser-based option with real-time quotes, one-click trading, and customizable watchlists, running on Windows, Mac, and Linux; the same source’s own comparison table listed Web Trader as lacking expert advisors and customizable templates, unlike the two MetaTrader platforms sitting alongside it.

What the FCA and SPK registers show about which firm runs TeraFX now

That platform lineup was written against a specific regulatory claim: TeraFX having operated under FCA licence 564741, held by Tera Europe Limited. The FCA register shows that number is real, but it now sits with a company called Gildencrest Capital Limited, authorised and effective from 30 May 2012, of which Tera Europe Limited is a previous name rather than a separate firm. The same register shows firm 564741 stopped trading as TeraFX, TERAFXUK, and Tera Financial on 1 February 2024. The TeraFX brand today belongs to Tera Yatirim Menkul Degerler A.S., a brokerage house in Turkey, confirmed active on the Capital Markets Board of Turkey (SPK) register with a broadly authorised status, certificate number 001 dated 2 January 2015, and 21 activity permissions including leveraged trading. Any platform description written against the old FCA-regulated entity is describing a firm that no longer trades under this brand.

What the current terafx.com.tr site actually lists

The pages we fetched from the Turkish site, the site now run by Tera Yatirim Menkul Degerler A.S., list MetaTrader 5 as the trading platform, alongside a separate user-guide page for it. Those pages say nothing about MetaTrader 4 and nothing about a Web Trader; the multi-platform lineup from the earlier review does not appear on the current operator’s site as fetched. Every attempted fetch of the Turkish site’s own legal, terms, about, accounts, contact, risk, and markets pages returned a 404 error page on repeated tries, so the indicator counts, timeframe counts, and graphical-object counts claimed for MT5 in the earlier review could not be checked against anything the current site itself publishes; only navigation menu items and marketing or sign-up form pages were retrievable.

Those sign-up pages set conditions on how a client gets from a demo to a funded MT5 account. The demo account opening form states that the information a prospective client enters when opening the free demo becomes the information on the live account and cannot be changed afterward. The account-opening steps require opening and closing 50 trades on the free demo over a minimum of 6 business days, which the page describes as required by SPK regulation before a real account can be opened. To go live, the same steps describe converting the MT5 demo account’s user details into a live account and depositing a minimum of 50,000 Turkish lira or the equivalent in another currency. The site advertises a leverage cap of 1:10 for this offering, against the 1:500 figure for professional clients that the earlier review attributed to TeraFX’s ECN and Pro accounts.

Reading the two descriptions together

Put side by side, the platform story splits into two periods and, on the SPK register’s own account, two different operating companies. The MT4-plus-MT5-plus-Web-Trader offering with 1:500 leverage and a $100 minimum deposit belongs to the earlier review’s account of the UK-regulated brand. The MT5-only offering with a mandatory 50-trade demo period, a 50,000 TL live-account minimum, and a 1:10 leverage cap is what the current Turkish site pages, run by the SPK-authorised Tera Yatirim Menkul Degerler A.S., actually show. Because the current site’s own legal and terms pages did not resolve, there is no first-hand page confirming indicator counts, expert-advisor availability, or one-click trading for the MT5 build now in use; what can be confirmed is the account-opening mechanics above and the platform’s name.

Special Offers

TeraFX’s material from our earlier review states that the firm runs no sign-up bonuses, no deposit bonuses and no other promotional incentives for new or existing clients. That’s a direct claim from the earlier review being rewritten here, not something pulled from a page we fetched, so it’s reported as what that review found rather than as TeraFX’s own words.

We have nothing first-hand to add or subtract from that. The pages we actually fetched came from the Turkish site, and every attempt to fetch that site’s own legal, terms, about, accounts, contact, risk and markets pages returned a 404 (“Hata Sayfa bulunamadı”) on repeated tries. What came back instead was limited to navigation menu items and marketing or account-opening form pages, none of which mention promotions, discounts, welcome credit or any conditions attached to them. So on the .com.tr site specifically, we can’t say anything about offers one way or the other: not because none exist, but because the pages that might describe them never loaded.

What TeraFX’s account tiers show instead of a promotion

Our earlier review comparison lists seven tiers, from Starter and Premium through ECN, Pro, Corporate, and the UK-only Retail and Pro spread-betting accounts. None of those is described as a limited-time or promotional tier: the differences our earlier review lays out are minimum deposit, instrument count, execution model and leverage, not any credit or match tied to funding an account. Starter and Premium accounts are put at a $100 minimum with no commission and STP execution; ECN sits at $500 with raw spreads from 0.0 pips plus a per-trade commission; Pro requires $10,000 for a dedicated account manager and ECN execution; Corporate is negotiated case by case. That’s a fee structure built on spreads and commission tiers, as our earlier review frames it, not a promotional structure.

The deposit-trigger clause on terafx.com.tr

One piece of evidence from the Turkish site is worth flagging here even though it isn’t a promotion: the account-opening steps on that site describe converting a MetaTrader 5 demo account into a live one by depositing “minimum 50.000 TL veya muadili döviz” (a minimum of 50,000 TL or equivalent foreign currency). That’s a funding threshold to activate the account, not a bonus for hitting it, and it sits far above the $100 minimum our earlier review gives for TeraFX’s UK accounts. The same site also requires opening and closing 50 trades on the free demo over a minimum of 6 business days before a live account can be opened, which it ties to SPK regulation rather than to any promotional qualifying period.

Put together: the record available to us says TeraFX runs no promotional offers, and the pages we could reach from the .com.tr domain neither confirm nor contradict that, because they 404’d before any offers page could be checked.

Opening an Account

The account tiers below come from the earlier published review of TeraFX’s www.terafx.com site, not from any page our review process fetched directly. Separately, a Turkish language site at terafx.com.tr was fetched for our evidence, and it describes a different account opening process under a different regulator. The two do not read as the same offer, and both are reported here as found.

The route the earlier review described

The earlier review was written when TeraFX was the brand of Tera Europe Limited, an FCA firm that the FCA register shows stopped trading as TeraFX on 1 February 2024. It lists seven account types with sharply different entry points: Starter and Premium at a $100 minimum deposit, ECN at $500, Pro at $10,000, and a Corporate tier with a custom minimum subject to negotiation. Two UK only spread betting variants sit alongside these, Retail at $100 and Pro at $10,000. Funding methods reported include bank transfer, Visa and Mastercard, and the e-wallets Skrill and Neteller, each with a $100 minimum; card deposits are described as instant, while bank transfers take 1 to 5 business days.

This narrative describes TeraFX as FCA regulated under licence 564741, held by Tera Europe Limited. The FCA register itself tells a different story: FRN 564741 is now held by Gildencrest Capital Limited, authorised, effective from 30 May 2012, and Tera Europe Limited is a previous name of that same company (Companies House number 07604372). The FCA register also shows that firm 564741 stopped trading as TeraFX, TERAFXUK, and Tera Financial on 1 February 2024. Anyone opening an account expecting FCA cover under that number is opening it with a firm that no longer trades under the TeraFX name.

What the Turkish site actually asks a new client to do

Pages fetched directly from the Turkish site describe a different route to a live account, one tied to Tera Yatirim Menkul Degerler A.S., the brokerage house confirmed active on the Capital Markets Board of Turkey (SPK) activity permission lists, holding a broadly authorised status and 21 activity permissions including leveraged trading. The site’s own account opening steps require a prospective client to first open a free demo account, then complete a minimum of 50 trades on that demo, spread over at least 6 business days, describing this as a requirement of SPK regulation before a real account can be opened. The site also states that the personal details entered at demo signup cannot later be changed: “Bu nedenle bu bilgiler daha sonra değiştirilemez.”

Once the demo trading condition is met, the stated next step is to convert the MetaTrader 5 demo login into a live account and fund it with a minimum of 50,000 TL or the equivalent in foreign currency. That minimum sits far above the $100 figure quoted for TeraFX’s UK account tiers in our earlier review. The Turkish site’s homepage also advertises leverage up to 1:10, a tenth of the 1:500 professional client leverage our earlier review attributes to TeraFX.

Pages that did not resolve

Repeated attempts to fetch the Turkish site’s own legal, terms, about, accounts, contact, risk, and markets pages each returned a 404 page, “Hata Sayfa bulunamadı.” No independent verification of a licence number, registered contact detail, or contract term was possible from that site’s own first hand documentation beyond the navigation menu items and the marketing and signup form pages that did load.

Whether these are the same account opening process

The $100 minimum deposit and 1:500 leverage described for TeraFX at terafx.com and the 50,000 TL minimum and 1:10 leverage cap described on the Turkish site, paired with a mandatory demo trading requirement neither the FCA licence nor our earlier review mentions, point to two distinct offerings rather than one process presented twice. A prospective client should treat instructions found on one site as applying to that site’s own regulator and entity, and should not assume the $100 route applies where the SPK linked demo requirement is in force, or the other way round.

Deposits & Withdrawals

TeraFX’s own withdrawal fee terms are not in what we read here; the fee figures below come from the earlier published review, restated in our own words rather than quoted, and the firm’s identity behind them needs a flag before any of it can be trusted at face value.

Which firm actually takes the deposit

The FCA register shows firm reference 564741 as Authorised, effective 30/05/2012, but that licence now sits with Gildencrest Capital Limited. The FCA register records that this same company, Companies House number 07604372, stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024 and now trades under the Gildencrest name. The FCA register does not show this entity taking retail clients under the TeraFX brand today. The TeraFX brand currently sits with Tera Yatirim Menkul Degerler A.S., which the Capital Markets Board of Turkey (SPK) activity permission lists show as Aktif (active), Geniş Yetkili (broadly authorised), holding authorisation certificate 001 dated 2 January 2015 and 21 activity permissions including leveraged trading. So a deposit made to “TeraFX” today lands with a Turkish brokerage house under SPK, not with the FCA firm number the earlier review cites.

What the earlier review reported on deposit and withdrawal fees

The earlier review reported that TeraFX charges no fee on deposits or withdrawals regardless of payment method, though the client’s own bank or payment provider may apply its own charge. It listed three funding rails: bank transfer, with a minimum of $100, no stated maximum, and processing of one to five business days each way; credit and debit cards through Visa and Mastercard, minimum $100, instant on deposit and one to three business days on withdrawal, again with no stated maximum; and e-wallets through Skrill and Neteller, minimum $100 and a cap of $10,000 per transaction, instant on deposit and one to three business days on withdrawal. None of these figures came from a page our review process fetched itself, so they should be read as what the earlier review found, not as terms our review process verified against terafx.com’s own pages.

What we could and could not check on terafx.com.tr

Every attempted fetch of the Turkish site’s own legal, terms, about, accounts, contact, risk and markets pages returned a 404 page not found, on repeated attempts. That means no deposit minimum, withdrawal fee, processing time or payment method for the Turkish site could be confirmed from the firm’s own first hand pages. What did come back was the account opening flow itself, and it carries a funding condition worth stating plainly: to convert a demo account to a live one on the Turkish site, the site’s own text instructs the client to fund it with a minimum of 50,000 TL or the equivalent in foreign currency. That is far above the $100 minimum the earlier review gives for TeraFX’s UK accounts, and the two figures cannot both describe the same funding step at the same firm.

A funding gate before any money moves

Before a live account can even be opened for funding on the Turkish site, the site’s own account opening steps require the prospective client to open and close 50 trades on the free demo account over a minimum of six business days, stated on the page as a requirement under SPK regulation. On top of that, the demo signup form states that the personal information entered when opening the free demo account is the information the live account will use, and that this information cannot be changed afterward. Together these mean a deposit is not the first hurdle: a client has to clear a fixed demo trading period first, and lock in account details that stay fixed once the live account opens, before any of the deposit or withdrawal terms above come into play.

What TeraFX’s negative balance protection does not cover

Whatever a client withdraws sits downstream of the account’s balance, and the earlier review’s account of TeraFX’s negative balance protection matters here: it reported that the protection covers trading losses alone and leaves out non-trading debits such as fees, charges and withdrawals, so a client can still end up owing money on the account through those non-trading routes even with protection in place. The same reporting states that TeraFX reserves the right to assess the circumstances behind a negative balance and may, at its own discretion, withhold that protection if it judges the client to have traded abusively or breached its terms, with no independent review of that decision described. A client relying on the deposit and withdrawal terms above should weigh that discretion against them.

The leverage figures do not match between sites

Our earlier review for terafx.com states leverage up to 1:500 for professional clients, while the Turkish site advertises leverage up to 1:10 on its own homepage. A tenfold gap between the two sites, on top of the 50,000 TL live funding minimum against the $100 figure quoted for the UK entity, points to two different regulatory offerings rather than one set of deposit and withdrawal terms. We searched 1,441 warning list entries mirrored from CYSEC, the FCA and the FSC Mauritius, and TeraFX does not appear on any of them, though that clean result covers only the lists we mirror and not every regulator that might hold a view on either entity.

Customer Support

How to reach TeraFX

Our earlier review lists four contact channels: live chat on the website, a UK phone line (+44 (0)203 048 4764), a Dubai phone line (+971 4 401 9666), and an email address, customerservices@terafx.co.uk. Facebook, Twitter and Instagram accounts are listed alongside these, though the same material notes social media isn’t treated as a primary support channel. One detail in that earlier review is worth flagging on its own rather than passing along quietly: the support email runs on the .co.uk domain while the site it’s attached to is described throughout as .com. That mismatch is worth checking before treating the address as current.

Which TeraFX actually answers

Working out which company sits behind those contact details matters more than the number itself. The FCA register shows that FRN 564741, the licence number the earlier review attaches to “Tera Europe Limited,” is held by Gildencrest Capital Limited, authorised with effect from 30 May 2012. Tera Europe Limited is a previous name of that same company rather than a separate firm, but the FCA register also records that firm 564741 stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024. A client calling the UK number or emailing under the TeraFX name today is not reaching an FCA-authorised TeraFX entity.

The TeraFX brand currently sits with Tera Yatirim Menkul Degerler A.S. in Turkey. The Capital Markets Board of Turkey’s (SPK) activity permission list shows this firm as active and broadly authorised, holding authorisation certificate number 001, dated 2 January 2015 and itself active, with 21 activity permissions on file, including the leveraged-trading category that covers forex and CFDs. We tried to fetch that firm’s own legal, terms, about, accounts and contact pages directly from the Turkish site, and every one of them returned a 404 not-found page on repeated attempts, so none of its own published support or complaints details could be checked first hand. Anyone contacting “TeraFX” today should expect to be dealing with the Turkish entity, not the UK one the earlier review describes.

We also searched 1441 warning-list entries mirrored from CySEC, the FCA and the Mauritius FSC for this firm’s name and found no match on any of them. We tested that search against a firm already known to be listed before running it here, so this clean result reflects an absence on those three lists rather than a search that simply returned nothing.

What TeraFX’s terms say about a negative balance dispute

Our earlier review describes a Negative Balance Protection clause in TeraFX’s terms and conditions that covers trading losses only; it does not extend to other debits such as fees, charges or withdrawals, so a client could still end up owing money on the account outside that protected category. The same clause, per that earlier review, also gives the broker discretion to withhold negative balance protection altogether if it decides a client has engaged in abusive trading or breached the terms, with no independent review process described. For a client raising a complaint over a negative balance, that combination means the outcome can turn on the broker’s own assessment of the client’s trading conduct rather than on a fixed guarantee.

Prohibited Countries

We checked the TeraFX pages we fetched for a published list of restricted countries and found none. Those were its home pages as served in the UK, the UAE, Germany and Turkey, plus its fee and platform pages; the Turkish site’s legal and terms pages returned errors. An earlier draft of this review had named specific excluded countries, but that list could not be tied to anything the broker actually publishes on those pages, so it has been dropped rather than carried forward on trust.

That is not the same as saying TeraFX serves every country without limit. The pages we fetched simply did not carry a restricted-country list; such a list may sit inside a client agreement PDF we did not fetch, or surface only in the country dropdown on the account-opening form itself, neither of which this check reached.

terafx.com.tr: the pages that would carry this information return 404

We also attempted the Turkish-language site terafx.com.tr, which turns out to be a separate operation from the terafx.com pages above. Every fetch of that site’s own legal, terms, about, accounts, contact, risk, and markets pages came back “Hata Sayfa bulunamadı” (page not found), on repeated attempts. That means no restricted-country list, no licence number, and no contact detail could be independently verified from the Turkish site’s own first-hand pages; the only material we could retrieve there was navigation menu items and marketing or sign-up forms.

Which regulator, if any, stands behind a given TeraFX offering

Who can or cannot open an account also depends on which entity a prospective client is dealing with, and the two entities carrying the TeraFX name are not the same regulatory offering. The FCA register lists firm reference number 564741 as held by Gildencrest Capital Limited, authorised since 30 May 2012, and the register shows this firm stopped trading under the names TeraFX, TERAFXUK and Tera Financial on 1 February 2024. The TeraFX brand today is run by Tera Yatirim Menkul Degerler A.S., a brokerage house authorised by Turkey’s Capital Markets Board (SPK), listed as active and broadly authorised (Geniş Yetkili) under authorisation certificate number 001 dated 2 January 2015, holding 21 activity permissions including leveraged trading. Neither register publishes a nationality or residency exclusion list for the firm it authorises; both confirm licensing status only.

Practically, this means a client reading about an FCA-licensed “TeraFX” with a Dubai branch and a $100 minimum deposit is reading about an offering the FCA record no longer attaches to the TeraFX brand, while the Turkish-language site that does currently carry the TeraFX name asks for a live-account deposit of 50,000 TL or its foreign-currency equivalent, not the $100 figure quoted elsewhere for this brand.

A gate on the Turkish site that applies before nationality even comes into it

The Turkish site’s own account-opening steps impose a condition on every applicant, not a country-specific one: the site states a client must open and close 50 trades on a free demo account over a minimum of 6 business days before a live account can be opened, describing this as a requirement tied to SPK regulation. The same account-opening text says the personal details entered at demo sign-up are locked in for the live account and cannot later be changed. Neither of these is a country restriction, but both function as a barrier to onboarding that does not appear in our earlier review of TeraFX’s UK account tiers.

What TrueBroker’s warning-list search showed for TeraFX

We searched 1,441 warning-list entries mirrored from CySEC, the FCA, and the FSC Mauritius, and TeraFX appears on none of them. That result covers only the three regulators mirrored here, not a global sweep of every regulator, and it speaks to whether the firm itself has been flagged rather than to which client countries it will or will not onboard.

Conclusion

The overall score of 5.9 sits where it does because the two things TrueBroker checked hardest, regulation and reviews, are the two weakest numbers on the card, at 4.5 and 4 respectively. Support scored highest at 8, fees came in at 6.9 and platform at 6.1. None of those numbers is close enough to the top or bottom of the scale to call this either a clean pass or a firm to avoid outright; it is a mixed file, and the regulatory picture is the part a reader needs spelled out before anything else.

What the FCA register actually shows for TeraFX

The FCA register confirms FRN 564741 as authorised, effective 30 May 2012, but the firm holding it today is Gildencrest Capital Limited, not TeraFX. Tera Europe Limited, the entity named in our earlier review this review draws on, is a previous name of that same company (Companies House 07604372), so the licence claim rests on an outdated name rather than a different firm entirely. More to the point for anyone opening an account now: the FCA register shows firm 564741 stopped trading as TeraFX, TERAFXUK and Tera Financial on 1 February 2024 and trades today as Gildencrest Capital. Separately, the Capital Markets Board of Turkey’s activity permission lists confirm Tera Yatirim Menkul Degerler A.S. as an active, broadly authorised brokerage house, authorisation certificate 001 dated 2 January 2015, holding 21 activity permissions including leveraged trading. That Turkish entity, not the old FCA-licensed London company, is the one running the TeraFX brand today. A reader relying on the FCA number alone would be checking a licence that no longer covers this brand.

Two offerings under one name

Our earlier review describes TeraFX at www.terafx.com as FCA-regulated, headquartered in London with a Dubai branch, a $100 minimum deposit, and leverage up to 1:500 for professional clients. The pages TrueBroker was actually able to fetch came from the Turkish site, a Turkish-language site referencing “Tera Yatırım,” and they describe a different product: leverage advertised up to only 1:10, a minimum live-account deposit of 50,000 TL or the equivalent in foreign currency, and a mandatory step before any live account opens, at least 50 trades opened and closed on the free demo account over a minimum of six business days, described on the site as required by SPK regulation. The same demo signup form states that personal details entered at demo stage cannot be changed once the live account is opened. Every attempt to fetch the Turkish site’s own legal, terms, about, accounts, contact or risk pages returned a 404, so none of this could be checked against the firm’s own legal documents, only against its account-opening and marketing pages.

What TeraFX charges and offers

On the deposit and withdrawal side, our earlier review reports no fees for either, on any payment method, though a client’s own bank or payment provider may still charge something on its end. The account tiers it describes range from a Starter and Premium tier at a $100 minimum up to an ECN tier at $500 and a Pro tier at $10,000, with leverage stated at 1:30 on the standard tiers and 1:500 on ECN and Pro. On negative balance protection, the earlier review it draws on reports that protection applies only to trading losses, not to other debits such as fees or charges, and that the broker can decide not to honour it at all if it judges a client’s trading to have been abusive, with no independent review of that decision described. That carve-out matters more than the deposit-fee figure: it is the clause that determines who is actually protected from owing money they didn’t expect to owe.

Platform, support, and the clean warning-list result

The material from our earlier review describes MetaTrader 4 for forex and CFD trading, MetaTrader 5 for spread betting, and a browser-based Web Trader with no EAs or custom templates; the terafx.com.tr site lists MetaTrader 5 as its own platform, with no MT4 mentioned there. Support channels reported include live chat, phone numbers for the UK and Dubai offices, and an email address at customerservices@terafx.co.uk, a .co.uk domain that doesn’t match the .com address the same material uses for the site itself. On the cleaner side, TrueBroker’s search of 1,441 warning-list entries mirrored from CYSEC, the FCA and FSC Mauritius turned up no match for TeraFX under any of its names.

TeraFX scores 5.9 out of 10: solid support and no deposit or withdrawal fees, set against an FCA licence that has already moved to a different company and a Turkish site whose leverage, minimum deposit and legal pages don’t match the brand’s own marketing.

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