Temple FX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TempleFX Review.
Clients of TempleFX can sign up for one of 4 basic account types, all of which offer floating spreads, micro tradeable lots, market execution and leverage up to 1:400. Basic and Advanced accounts offer are commission-free, while ECN ones provide spreads as low as zero, but involve a commission fee.
TempleFX stands out among most FX brokers, as it offers an account, specialized in algorithmic trading. TempleFX Algo trading system uses advanced mathematical tools, allowing users to trade based on a set amount of rules, thus taking away any human emotion. It is also appropriate for less experienced traders.
In addition, TempleFX` clients may opt for corporate account (with a minimum of $10 000), as well as for Multi Account Manager (MAM) account, which is a practical and convenient way to manage multiple accounts simultaneously from a single interface on the MT4 platform.
TempletonFX offers Swap-free accounts designed for clients of Islamic belief.
The Company. Security of Funds
TempleFX is a London-based brokerage firm, providing online financial trading in forex, various CFDs, as well as spread betting.
Active since 2007, TempleFX (formerly TempletonFX) is the rading name of Templeton Securities Limited, which is authorised and regulated by the Financial Conduct Authority (FCA). In fact, TempletonFX is an Introducing Broker to ACM Group PLC (Alpha Capital Markets), which is also licensed by FCA. Alpha holds clients` accounts and respective funds and acts as the counterparty to their trades.
FCA is famous for the strict rules and supervision it applies to license holders. For example, UK-based brokers are obliged to hold at least €730 000 in order to prove their financial stability. What is more, as a regulated entity, TempletonFX is subject to the client money rules set by UK’s financial watchdog and keeps all client money separated from the company`s own funds into segregated accounts. Licensed companies are obliged to report to the commission on a regular basis and adhere to a number of standards and procedures.
What is probably most important with regard to safety of funds invested in FCA-regulated firms is the Financial Services Compensation Scheme (FSCS) coverage. In the event of company insolvency, FSCS is able to cover your investment loss up to a maximum of £50,000.
Minimum Initial Deposit
The minimum deposit for opening or maintaining a trading account with TempleFX is $50, which is a comparatively low initial amount. In comparison, HYCM (also FCA-regulated) also requires $50, and FxPro – $500.
Average spreads & Commissions
TempleFX offers floating spreads, which vary by account category. The average ones on the Advanced account amount to around 1.5 pips on EUR/USD and the spreads on the ECN account start from 0.1 pips, but involve a $8 commission per standard lot (round turn). So trading costs on ECN accounts are around 1.3 pips for the EUR/USD pair. Such trading cost is average for the forex market and according to us, for an account accessible with a minimum of $2 000, it could have been lower.
In comparison, FxPro offers average spread of 0.4 pips on the EUR/USD for its cTrader ECN accounts, charged $4.5 per standard lot, accessible with just $500.For further information, you may look up and compare real-time spreads of 15 leading brokers may be viewed here.
The maximum leverage rates at TempleFX are up to 1:400. Such leverage is considered high, although many other FCA-regulated brokers offer similar or higher leverage rates. For instance, leading broker FxPro, holding licenses from both FCA and CySEC, provides leverage up to 1:500. You may look up more forex brokers offering leverage equal to or exceeding 1:500 here.
Please, be advised that higher leverage ratios may multiply your earnings on a small deposit, but they may also lead to heavy losses, exceeding initial investments.
When trading with TempleFX, you will be offered their web-based TempleFX Trader and the renown Metatrader 4 (MT4).
TempleFX Trader is easy to use and provides the basic features offered within standard trading environments. It offers real time execution amongst an extensive offering of asset classes. Its intuitive and multi-lingual interface, along with its powerful tools, charting package and custom layouts will provide traders all they need to start their trading journey. Mobile versions are also available.
TempleFX Trader platform. Click to enlarge.
Like most forex brokers, TempleFX supports the most popular front-end application in the industry – MT4. It is preferred by most experienced traders, as it provides all the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, or create and use automated trading strategies (EAs). Here is a list of more forex brokers offering MT4 platform.
Methods of Payment
Clients of TempleFX can make deposits to and withdrawals from their accounts via credit/debit cards (Visa, MasterCard, Diners Club, American Express, Maestro and JCB), bank wire, and e-wallets Skrill, Neteller, China UnionPay, and Sofort.
Accepted currencies: GBP, EUR and USD.
TempleFX is an introducing broker with strong regulation, offering trading in various currency pairs and CFDs on two trading platforms with a STP/ECN execution, placing a focus on algo trading.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TempleFX Review Conclusion
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