While authentic brokers can increase your prospects of success, opening an account with a dubious broker can make your trading journey far from desirable. Numerous cases exist of people losing significant amounts of money to substandard brokers each year. This article discusses why brokers like TegasFX can make investments riskier.
TegasFX - A Quick Overview
TegasFX (https://www.tegasfx.com/) is an offshore broker based in Vanuatu. It facilitates trading across multiple financial markets, including Forex, Commodities, and Cryptocurrencies. Besides providing access to various platforms, such as the MetaTrader 4 (MT4) and MetaTrader5 (MT5), the company also offers funds management services through PAM/MAM accounts. Moreover, copy trading facility is also available at TegasFX. The company also provides various educational materials, from basic tutorials to more advanced topics, and provides 24/7 customer support in multiple languages.
Is TegasFX Regulated?
No! TegasFX claims to be the brand name of Clover Markets Limited and holds regulations from the Vanuatu Financial Services Commission (VFSC) under license number 14697. However, currently, neither the company nor the number can be found in VFSC. Obviously, the broker is not regulated.
Investors hold diverse opinions concerning their experiences with the broker. While a few clients appreciate the company due to the plethora of services it offers, others denounce it for poor trade executions and delayed withdrawals. BrokersView also received several complaints about the broker's misconduct.
It is recommended that investors try to reduce risk when choosing a broker by trading with one that is strictly regulated or has multiple regulators. Many offshore brokers choose to apply for a license from a relatively lax regulator like the VFSC, but in recent years the VFSC has also been scaling back its policies and raising the bar for registration. Last October the regulator required regulated companies to have a local office in Vanuatu. After the policy was enacted, a large number of brokers gave up their VFSC licenses, resulting in a sharp decline in the number of regulated firms.
If you have questions about dealers, please feel free to contact Service@BrokersView.com.