TemplerFx Review 2023: Trading Platforms, Instrument Variety Pros and Cons

Established in 2004 and headquartered in Kingstown, St. Vincent and the Grenadines, TemplerFx is a globally recognized foreign exchange broker. The company is owned by Templer Holdings Management Limited. While it extends its services to residents of various countries, including Uganda, Brazil, and Kenya, it's important to note that TemplerFx is not accessible for individuals in the US, UK, or the EU.

An ECN Broker

TemplerFx operates as an Electronic Communication Network (ECN) counterparty for clients engaged in forex trading. This unique positioning allows the brokerage to offer lower spreads and faster trade execution by directly connecting buyers with sellers. However, it's worth mentioning that as a counterparty, TemplerFx can still take opposing positions in the market, adding an intriguing layer of complexity.

To ensure rapid trade execution and competitive spreads, TemplerFx collaborates with a multitude of major liquidity providers. It's important to keep in mind that during periods of high market volatility, slight differences may still exist between quoted prices and the actual execution prices.

Trading Platforms

TemplerFx offers not one but two trading platforms. Alongside the widely acclaimed MetaTrader 4 (MT4), the brokerage boasts its proprietary platform called TemplerFx Trader. This user-friendly terminal facilitates in-depth technical analysis using indicators like Bollinger Bands and the Money Flow Index (MFI). Interestingly, TemplerFx solely advertises integration with the Android and iOS versions of MT4 on its website, with MT5 not being available.

Here's a glimpse of the key features of each trading platform:

MetaTrader 4

• A comprehensive set of 30 technical indicators
• Support for pending market orders
• Mobile compatibility on both Android and iOS
• Interactive charts featuring various chart types
• A choice of 7 different timeframes

TemplerFx Trader

• Multiple time series for enhanced analysis
• An internal email system for seamless communication
• Automated trading systems
• A wide array of technical indicators
• Compatibility with Windows, macOS, Blackberry, Linux, and web browsers

Diverse Product Portfolio

While TemplerFx predominantly focuses on forex, it also invites traders to explore other markets, broadening their horizons. These markets include:

• Shares CFDs, encompassing over 40 major companies like Amazon, Microsoft, Apple, and American Express
• Forex pairs, featuring over 30 options, including majors like EUR/USD and GBP/USD
• Precious metals, such as gold and silver, traded against the US dollar
• Cash indices, including the Nasdaq 100 and FTSE 100
• Cryptocurrencies, covering BTC and ETH
• Energies, specifically Brent and WTI crude oil

Traders should be aware that with CFDs, they speculate on price movements without owning the underlying assets. Unfortunately, TemplerFx doesn't offer ETFs, so those seeking diversification options may consider cash indices.

Spreads, Commissions, and Leverage

TemplerFx boasts competitive spreads that can dip as low as 0.1 pips, with most traders expecting around 0.5 pips for the EUR/USD pair. Low spreads are beneficial for traders seeking to profit from fluctuating exchange rates. Spreads for the GBP/USD pair typically start from 0.8 pips, while spot indices tend to begin at 1 point.

The brokerage refrains from charging commissions on most accounts, except for the Muslim FX account. This combination of low spreads and zero commissions makes TemplerFx a cost-effective choice for a majority of traders.

As an offshore broker, TemplerFx operates under a more lenient regulatory framework. It provides a maximum leverage of 1:2000, allowing some traders to open positions with exposure 2000 times greater than their actual investment. While this can amplify profits, it also carries the risk of substantial losses.

It's important to note that the maximum leverage of 1:2000 doesn't apply to all markets, and certain assets like cryptocurrencies may have lower leverage, typically 1:10. Additionally, the available leverage decreases as the capital in the trader's account exceeds $100,000.

Mobile App

TemplerFx leverages the power of MT4 for its trading platforms, and this means traders can engage in on-the-go trading using the mobile app. Whether you're an iOS or Android user, you can conveniently open, monitor, and close forex and CFD positions with ease. The company even extends its support to Blackberry users, ensuring accessibility for a wider range of traders.

Managing Your Funds

Deposits and withdrawals with TemplerFx are a breeze. Upon logging into the TemplerFx Members Area, you can initiate your transactions and start trading forex and other assets. Accepted deposit methods include Wire Transfer, Perfect Money, Contact, FasaPay, Leader, Skrill, and Visa. These deposits are usually processed instantly, except for wire transfers, which might take up to an hour. While Visa deposits are free, certain other deposit options may come with a fee of 1% or 1.5%. Traders should also expect fees with wire transfers. The minimum deposit amount varies, but for Visa deposits, it's as low as $1.

When it comes to withdrawals, you might encounter minimum withdrawal amounts that are higher than the minimum deposit amount for the same payment method. For instance, Visa withdrawals require a minimum of $15. Withdrawal fees are typically higher than deposit fees, with Visa withdrawals incurring a fee of 2% plus $5. Depending on the payment provider, some withdrawals are processed instantly, while others, such as Visa and wire transfers, may take 1-5 business days.

Try Before You Dive In

TemplerFx offers a demo account, providing an opportunity for customers to test the broker's services without risking their own capital. This is particularly useful for traders who want to get acquainted with a new trading platform. Moreover, you can download Templer's FX Trader to use with the demo account, creating a realistic investment experience.

Deals and Promotions

As an offshore broker, TemplerFx isn't bound by the same promotional restrictions as European brokers. Consequently, they offer a diverse range of bonuses to attract and retain traders. In their Loyalty Program, subsequent deposits made after the initial one can receive a loyalty bonus of 1% for each trading year with the firm (up to 10% or 11.5% for bank transfers). This means the more you deposit and the longer you stay with TemplerFx, the more rewards you'll reap.

In addition to the Loyalty Program, TemplerFx offers various other bonus promotions where traders can receive up to 100% of their deposit amount. New customers are eligible for a no deposit welcome bonus of $30. It's important to note that, whether you're trading forex or other markets, your trading volume must exceed 5 lots before you can withdraw the bonus or any associated profits.

Navigating the Regulatory Landscape

TemplerFx operates in a unique regulatory space. It is not strictly regulated, which may raise security concerns compared to other fully regulated brokers. The company is registered as an offshore brokerage with the Financial Services Authority (FSA) of St. Vincent and the Grenadines. Offshore brokers often come with added risk for traders, as they are subject to less stringent oversight.

This means that traders may have less protection if the company faces financial difficulties or refuses to facilitate withdrawals to their bank accounts. When considering TemplerFx, it's essential to weigh these additional risks against the benefits.

Additional Resources

While TemplerFx provides an Education section on its website, it primarily consists of a glossary defining relevant trading terms. This can be helpful for traders who often find themselves befuddled by financial jargon.

Moreover, TemplerFx offers a free PDF document/ebook on their website, providing a comprehensive introduction to forex trading. They also offer a range of online handbooks for free, including "Finding The Right Hedge Fund."

In terms of trading features, TemplerFx equips traders with several advanced market orders to help manage risk and make more informed trades. These include Buy Limit orders, where positions are opened at specified price points, and Sell Stop orders.

Account Types

TemplerFx offers various account types, each with distinct initial deposit requirements and spreads:

1. Universal FX

• Initial deposit: $25
• Spreads from 0.1
• Zero transaction fees

1. XBTC

• Deposit in Bitcoin
• Initial deposit: 0.000001 BTC
• Spreads from 0.1
• Zero transaction fees

1. Cent FX

• Initial deposit: $1
• Spreads from 0.1
• Zero transaction fees

1. MAM (Multi-Account Manager)

• Initial deposit: $1,000
• Spreads from 0.1
• Zero transaction fees

1. Muslim FX

• Muslim/Islamic account
• Initial deposit: $25
• Spreads from 1.0
• $5/lot transaction fee

1. Segregated Account

• Initial deposit: €50,000
• Spreads from 0.1
• Zero transaction fees

Trading Hours

Trading hours with TemplerFx vary depending on the market you're interested in. For instance, the Gold/US Dollar market is open from Monday to Friday, 01:00-00:00 (EET). While TemplerFx hasn't specified its forex trading hours, the forex market, in general, operates 24 hours a day from Sunday evening to Friday night, providing flexibility for traders.

Customer Support

At TemplerFx, customer support is available 24/5, ranging from Sunday 11 pm GMT to Friday 9 pm GMT. The support team is easily accessible through various channels, including live chat, phone (+44 20 33557076), email (info@templerfx.com), and the website (www.templerfx.com). A recent test scenario indicated that queries were addressed in real-time, with a response time of just 8 minutes, underscoring their commitment to customer satisfaction.

Securing Your Investments

Client funds with TemplerFx are held in segregated accounts, ensuring that customer deposits are kept separate from the company's funds. This provides a layer of protection for traders in case TemplerFx encounters financial difficulties. It's important to note that this safeguard only goes so far.

When signing up with TemplerFx, customers are required to provide proof of identity and residence, a practice commonly referred to as "Know Your Customer (KYC)." This practice is prevalent across many brokerage firms to enhance security.

Pros and Cons:

Pros

• An ECN broker offering competitive spreads as low as 0.1 pips, along with fast execution and no commissions
• A diverse array of promotions, including loyalty bonuses and no-deposit bonuses
• Support for Expert Advisors and custom indicators on both trading platforms
• Responsive customer support team
• Various fast and free deposit methods
• Low minimum deposit of $1
• Efficient transaction processing

Cons

• Operating as an offshore and unregulated broker
• Not available to US, UK, and EU clients
• A narrower selection of assets compared to other brokers
• Unfavorable conditions for the 'segregated accounts' service
• Limited educational resources
• Higher withdrawal fees for bank transfers, with a €50 fee

In summary, TemplerFx offers low spreads and zero commission on most account types, making it an attractive choice for cost-conscious traders. However, it's essential to bear in mind that as an offshore broker operating under more relaxed regulations, it does come with heightened security risks compared to fully regulated brokers. Furthermore, it's not accessible to traders in the US, UK, or the EU.

TemplerFx Broker Details

Disclaimer: - We at forexoverflow do not endorse neither refer anyone to trading broker websites. The information is for educational purpose and source of information is from the broker website.