TeraFX UK is a London-based forex and CFD broker operating under Tera Europe Limited. The firm is fully authorised and regulated by the UK’s Financial Conduct Authority (FCA), offering retail and professional clients access to global markets via MetaTrader 4. This TeraFX UK review assesses the broker’s regulatory standing, execution model, supported assets, trading conditions, and investor protections in line with UK and MiFID II standards.

Regulation and Safety

TeraFX UK is authorised and regulated by the Financial Conduct Authority (FCA) under firm reference number 564741. As an FCA-licensed broker, TeraFX adheres to strict capital requirements, risk disclosure rules, and segregation of client funds. It also provides negative balance protection for retail clients and is a member of the Financial Services Compensation Scheme (FSCS), which covers up to £85,000 per eligible client in the event of insolvency.

All client funds are held in segregated accounts with FCA-recognised banks, and the firm operates under full UK regulatory oversight, offering one of the safest environments for retail forex trading.

Execution Model and Trading Platforms

TeraFX UK uses a Straight Through Processing (STP) model with No Dealing Desk (NDD) execution. Client orders are routed directly to liquidity providers without internal dealing desk interference, reducing conflict of interest and improving execution transparency.

The platform of choice is MetaTrader 4 (MT4), offered for desktop, mobile (iOS and Android), and web browser access. MT4 provides full support for algorithmic trading (EAs), technical analysis, and fast execution. No proprietary platform or API integration is available, making it best suited for retail and discretionary traders.

Markets and Instruments

TeraFX UK offers CFD trading across four core asset classes:

• Forex – Over 50 major and minor currency pairs
• Indices – Global indices such as FTSE 100, S&P 500, DAX 40
• Commodities – Spot trading on gold, silver, oil
• Metals – XAU/USD, XAG/USD

The broker does not support stock CFDs, ETFs, options, bonds, or cryptocurrencies, which may be a limitation for portfolio-diverse traders. Instruments are accessible via MT4 with real-time pricing and tight spreads under FCA rules.

Accounts, Spreads and Leverage

TeraFX UK offers a single retail trading account structure, with the following key conditions:

• Minimum deposit: £100 (or equivalent in USD, EUR)
• Spreads: Variable spreads from 1.2 pips (EUR/USD)
• Leverage: Up to 1:30 for retail clients (as per FCA cap); up to 1:200 for professional clients
• Commission: Spread-only pricing model (no commission)
• Stop out level: 50%

Clients may apply for professional classification if they meet FCA requirements (experience, portfolio size, frequency). Professional status allows access to higher leverage and lower margin requirements but waives key protections including FSCS coverage and NBP.

Funding and Base Currencies

TeraFX UK supports funding via:

• Bank transfer (UK and international SWIFT)
• Visa and Mastercard credit/debit cards

Accounts can be opened in GBP, EUR, or USD. No support is provided for e-wallets (e.g., Skrill, Neteller) or cryptocurrency funding. Deposits are processed into segregated client accounts, usually within 1–2 business days. TeraFX does not charge internal deposit fees, but clients may incur banking or currency conversion costs externally.

Client Protections and Features

TeraFX UK complies fully with FCA and MiFID II obligations. Key client protections include:

• Segregated client funds in UK-based tier-1 banks
• Negative balance protection for all retail clients
• FSCS coverage up to £85,000
• Order execution policy and conflict of interest management

While client protection is robust, the platform lacks biometric security, 2FA, and advanced session management on its client portal. There are also no advanced risk tools such as margin simulators or volatility alerts.

Institutional and Retail Offering

TeraFX UK is tailored to retail and professional traders but does not offer institutional services such as prime brokerage, FIX API, or white-label partnerships. The broker provides market commentary, economic calendars, and limited educational content, but no in-house research or trading signals.

Customer service is available via email, telephone, and live chat during UK market hours. Demo accounts are available for MT4 testing with real-time pricing and simulated execution.

Pros and Cons

Pros:

• FCA-regulated with full client protection framework
• Negative balance protection and FSCS coverage
• Transparent STP execution with no dealing desk
• MT4 platform with full EA and indicator support
• Professional accounts available with enhanced leverage

Cons:

• Limited product range (no crypto, shares, ETFs)
• No proprietary or multi-platform support beyond MT4
• No e-wallet or crypto deposit options
• Minimal research, education, or analytics tools
• No institutional trading infrastructure or volume tiers

Frequently Asked Questions

Is TeraFX UK regulated?

Yes, TeraFX UK is authorised and regulated by the UK Financial Conduct Authority (FCA) under reference number 564741.

What trading platform does TeraFX UK use?

The broker offers MetaTrader 4 (MT4) only, available on desktop, mobile, and web-based terminals.

What is the minimum deposit for TeraFX UK?

The minimum deposit is £100 or equivalent in supported base currencies (USD, EUR).

Can I access higher leverage at TeraFX UK?

Yes, professional clients may apply for leverage up to 1:200, subject to meeting FCA professional criteria.

Does TeraFX UK offer negative balance protection?

Yes, retail clients benefit from negative balance protection under FCA regulations.