Here are the 9 pros and cons:

TeraFX Fact sheet

TeraFX is authorized and regulated by the Financial Conduct Authority (FCA) of the UK (registration number FRN is 564741). As this is a top-tier regulatory authority, the broker can be trusted.

The FCA is well-known for being a very strict regulator that has some strong requirements, such as that the broker keeps client funds in segregated accounts at the Royal Bank of Scotland CitiBank. Furthermore, TeraFX is a member of the Financial Services Compensation Scheme (FSCS). This means that if the broker is unable to pay clients their own money, customers can apply to the FSCS for compensation and claim up to £85,000 per individual.

TeraFX offers STARTER, PREMIUM, ECN, and PRO live trading accounts to retail traders. In addition, CORPORATE and Demo accounts are also available. All of the account types have a lot in common. The maximum available leverage for retail traders is 30:1, while professional traders can receive up to 500:1 leverage. In addition, the trading platform is limited to only MetaTrader 4, and the available base account currencies that can be chosen are USD, EUR, GBP, and PLN. The main difference between the account types is the fee structure. You can view the difference in commissions below. Moreover, another difference is in the number of instruments each account type offers. 

TeraFX offers raw spreads to its clients on all account types and the broker charges traders commissions per traded lot. The size of the commission depends on the account type and traded instrument. In general, commissions are high with this broker. Let’s compare commissions on EUR/USD through different accounts below:

Comparing TeraFX fees with other brokers

TeraFX fees compared to Interactive Brokers fees

*Inactivity fee was eliminated by IB in 2021, it used to be $20/m

TeraFX fees compared to CM Trading fees

TeraFX fees compared to plus500 fees

TeraFX fees compared to XM fees

TeraFX fees compared to AvaTrade fees

TeraFX fees compared to Capital.com fees

TeraFX offers the most popular Forex trading platform in the world, MetaTrader 4 (MT4). It should be mentioned that most other brokers also offer this platform and TeraFX is not unique in this regard. When MT4 was released in 2005, its main purpose was to give traders access to trading currency pairs. Later, CFDs on indices, commodities, and crypto derivatives were also added to MT4. However, the platform does not support trading bonds, futures, or shares. 

The reason why the platform is so popular even today is simple. MT4 was designed a long time ago and even though the software has been continually updated over the years, it hasn't changed much in how it works or looks. Consequently, even low-budget or old computers can run the software smoothly. Despite its outdated appearance, the platform is very functional and reliable. 

TeraFX offers both mobile and web trading versions of MetaTrader 4. The mobile app enables traders to place various order types, view live price charts, and review their own performance from their trade history.

The broker’s webpage and educational sections are not fully functional. TeraFX offers educational videos and an economic calendar to its clients, however, in reality, the section is not working. TeraFX gets a low rating from us on this topic.

TeraFX offers great customer service available in 7 languages. You can reach the broker via live chat, email, or over the phone. Customer support is accessible 24 hours a day, 5 days a week, during business days. 

To sum everything up, TeraFX is a well-regulated broker that is licensed by the Financial Conduct Authority (FCA) of the UK. As such, the broker can be trusted. On the other hand, the number of available instruments is not impressive and is limited to only 82 for most account types. The trading platform section is also sparse, as it is limited to MetaTrader 4. The maximum available leverage is 30:1 for retail traders and 500:1 for professionals. In addition, traders need as little as 100 USD to open live trading accounts with this broker. The broker’s main web page is not fully functional, there are a lot of bugs and the education section is not working. Customer support is good. Overall, TeraFX is an average broker.