TusarFX.com Review Is TusarFX A Legit Or Scam Broker

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TusarFX.com Review: Is TusarFX A Legit Or Scam Broker?

TusarFX Review: this is an introducing broker working with FXCL, which is a broker located and registered in an offshore location. Is TusarFX.com a legit broker or a scam?

As an introducing broker, it claims to be major “participants of trading Forex, gold and silver markets”. To do this effectively, they state that they set out to understand the “desires, problems, fears, hopes” of clients.

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The introducing brokerage mentions that their goal is “to offer clients the best combination of advanced modern software, low expenses and margin requirements”. It also claims to have wide range of trading instruments available for traders to make profits.

Some of the benefits listed on the page that clients stand to gain by trading with this broker are: no commissions, hedging opportunity, tight spread, modern software trading, low margin requirements and so on.

TusarFX Trading Platform

The introducing broker claims to offer the MT4 trading platform that is provided by the FXCL on the demo account.

Legit brokers are known to offer at least the popular MetaTrader 4 trading platform.

This platform is a very good sign along with MT5, as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered by the brokerage is not much. The currency pairs are found to be less than 30 and the CFDs are stated only on gold and silver.

Leverage offered by TusarFX can reach a maximum of 1:500 and the spreads on the EUR/USD pair is around 1.1 pips.

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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on TusarFX

We could not find much information on the means that are opened for withdrawal and deposits this broker, we find this disturbing and highly unusual.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $1 is required to start a trade with this broker and withdrawal does not come with fees or charges.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is TusarFX Licensed?

No. TusarFX is located in an offshore region like the broker FXCL. They operate without a recognized license and funds may not be considered safe with them.

We also found that the older versions of the MT4 on Desktop and Mobile is no longer supported by TusarFX by June 1, 2020. The new one is said to work on both Android and iPhone. This introducing broker’s website is among those that the Indonesian government blocked.

Support

To contact the customer care agent, clients are to fill an online request form on the website.

Conclusion

TusarFX holds no license but FXCL has been trading for more than 9 years. It provides a good trading platform and the minimum requirement is affordable. The broker is blocked in Indonesia and this may discourage traders from trusting them.

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TusarFX Review – is tusarfx.com scam or good forex broker?

Trading Accounts and Conditions

Trading account Min. deposit Max. leverage Spread
Standard $1 1:500 2 pips, fixed
Light $1 1:500 2 pips, fixed
Premium $1 1:500 from 1.1 pips + 0.6 pips /lot
Advanced $1 1:500 from 1.1 pips

TusarFX is an introducing broker (IB) of offshore financial services provider FXCL. It is also registered offshore, and offers four account types with a leverage of up to 1:500 and the MetaTrader4 platform. Here are our impressions of this broker, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with TusarFX.

TusarFX Advantages

Seemingly attractive trading conditions

As an IB, TusarFX is supposed to be offering the same trading conditions as the brokers it introduces to clients. In this case, the trading conditions really seem similar to those on some of FXCL’s accounts.

First of all, TusarFX’s clients can start with an initial investment of just $1 and use leverage as high as 1:500. Although leverage levels as high as 1:500 are not appropriate for everyone, they will suit pretty much suit all trading strategies.

The spreads announced on TusarFX’s website are actually good on most account types – fixed at 2 pips or floating, starting from 1.1 pips on EUR/USD. Besides, when we tested the broker’s MT4 in demo mode, we found the spread on EUR/USD floating around 1.1 pips

Click on the image to view larger.

That being said, keep in mind that a number of brokers offer similar or lower spreads. Many of them, unlike TusarFX and FXCL, are also duly licensed.

As TusarFX is an IB of another company, it is no surprise that it offers trading on a MetaTrader4 (MT4), powered by FXCL. Still, the MT4 is still preferred by most traders and therefore its presence in a broker’s offer is always good news.

This platform is globally popular due to it being incredibly reliable, customizable, and easy to use. It is equipped with advanced charting package, a wide range with built-in technical indicators, automated trade options (EAs) and extensive back-testing environment.

IB of a well-known broker

Although FXCL is an offshore broker, it has been operating for more than 10 years and has built itself a reputation of being relatively reliable

TusarFX Disadvantages

No legit license

TusarFX is allegedly a trademark of TUSARFX Ltd., which is registered in Nevis – an island country in the West Indies. The broker does not mention anything about a license and that is not a surprise. The financial authorities on St. Kitts and Nevis – the Financial Services Regulatory Commission (FSRC) – regulate exclusively the banking sector and don’t bother with the forex and CFD brokers registered on the island.

The situation of FXCL is similar – the broker is currently registered on Saint Vincent and the Grenadines (SVG), where forex brokers are not licensed nor monitored by any authority either. This brings along a lot of uncertainty to clients of TusarFX – they have no guarantees for the security of their funds, whether they are held separately in segregated accounts or not, what happens with their investment in case the broker goes bankrupt, etc.

Blocked in Indonesia

We also found out that the Indonesian government blocked more than 100 websites of forex brokers back in 2020, including those of TusarFX. Of course, that is another red flag regarding this CFD provider.

An introducing broker

Basically, an IB acts as an agent which introduces new customers to one or several forex brokers for which it is paid a certain commission (a mark-up on the spread or a commission).

As we made clear in the beginning, introducing brokers are only intermediaries between real brokerages and traders. They simply act as marketing agents which recruit clients to brokerage partners, which is an obvious disadvantage.

Not that many CFDs

When we tested the MT4 offered by TusarFX in demo mode, we also noticed that its product portfolio is not very rich. It included less than 30 forex pairs, CFDs on precious metals and several cryptocurrencies. We suppose many traders will miss dealing in popular instruments such as Euro Stoxx 50,
S&P 500, or dealing in stock CFDs.

Conclusion

TusarFX is an offshore company which acts as an Introducing broker of FXCL – a broker that is also registered offshore. Although the reputation of the latter is not all that bad, clients of TusarFX are exposed to significant risks and overall uncertainty.

As always, our best advice for investors looking for a reliable forex broker, is to select among those licensed by reputable financial agencies such as the Financial Conduct Authority (FCA) in the UK or ASIC in Australia, for example.

And finally, here are the highlights of the present review of TusarFX:

Pros Cons
Generous leverage, seemingly good spreads No financial regulation
MT4 available, low initial deposit Blocked in Indonesia
IB of a well-known broker An introducing broker
Not that many CFDs
Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

Trading212 is a European broker with an excellent proprietary trading platform, which is now available as an iPhone app as well (we tried it out and we loved it). Trading 212’s customers enjoy fast execution a vast selection of trading instruments.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

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