TegasFX Review (2023)

Is TegasFX a scam or legit broker?

No, it is not safe to trade with TegasFX. TegasFX is a trading name of the Clover Markets Limited company located in Vanuatu, while regulated by the VFSC to ensure the highest level of client funds protection, as claimed.

TegasFX also claims its International standards achievement while the client funds are held in segregated bank accounts with international banks. The broker’s ability to offer market-leading pricing and trading conditions through the MT4 platform by providing clients with True ECN/STP environment (True ECN Brokers).

TegasFX claims to be a new way of true ECN/STP trading with low-latency infrastructure, low market spreads (Best Low Spread Forex Broker) and a wide offer of trading instruments that get extended from time to time.

However, the main concern throughout the broker’s offering is that Vanuatu is an offshore zone, which in fact does not implement strictest rules of the financial firm establish or constant overseeing. Therefore, offshore firm claims about its sustainability are rather funny than serious, as may be just sweet words. Therefore, it became an offshore zone for shady forex brokers such as RCM FX, EssenceFX and more. We have a detailed article explaining the risk of trading with brokers from Vanuatu.

Furthermore, a lack of regulation seriously hurts the investors’ protection, while the trader cannot be sure how exactly the firm delivers its trading environment and manages funds, apart from its alleged trustful states.

Although there are many ways the trader can protect himself and not fall under a number of risks, the first of it is to choose among the most reputable and of course well-regulated brokers. Since after making the mistake of investing with a company that misses serious regulation it will be very hard and almost impossible to get the funds back or claim any compensation. And that’s beside the spoiled experience with the trading itself.

Conclusion

We advise all investors and traders to avoid TegasFX and other brokers from Vanuatu. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade, FXTM and eToro (Check eToro broker review by link).

You can also share your trading experience with TegasFX by commenting on this review.