Templer FX Broker Review
This post is meant to warn forex traders against using this broker as well as highlight the various ways such brokers manage to get away with forex scams. The Templer FX scam is also, unfortunately, very unsophisticated. I’m not saying that scams are a good thing, but I like to get that eureka moment when I realize where something is wrong. In this case, the warning signs are so obvious I found myself yawning as I kept checking off the usual checkboxes of a scam broker. Nevertheless, keep reading and perhaps you won’t ever fall into such traps ever again.
Is Templer FX legit?
At first glance, Templer FX seems to be a legitimate broker. The trademark Templer FX is used by Templer Holdings Management Limited, which is licensed to the Financial Services Authority (FSA) of Saint Vincent and the Grenadines. The provided license number is 23395 with the FSA and FSP161410 with the Financial Service Provider Commission.
However, I was taught never to judge a book by its cover, a philosophy that works both ways. So, after I’m done looking at what they want me to see, I dig deeper to see what they are hiding.
Can Templer FX be trusted?
I had a hard time trusting Templer FX especially after looking at the Templer FX reviews on several broker review websites. Actually, I should say, a lack of reviews; the number of reviews for Templer FX can be counted in one hand. A lack of reviews does not directly translate to a scam, but you should be wary of such brokers. I understand that every company had to start from the bottom, but why risk being the Guinea pig that finally alerts the rest of us. Not when there are so many other proven brokers out there.
Besides, ask yourself why a company that boasts of being founded back in 2004, more than a decade ago, would have so few Templer FX opinions. I know of many forex brokers who are less than 5 years old that have pages of reviews you can’t go through in one seating. One of such examples is the IQ Option, the broker was founded in 2013 and has hundreds of reviews. So, why does Templer FX have so few of them. Perhaps they haven’t been around as long as they say they have been; and that’s the first red flag.
In fact, a check of the PDF attached to the broker’s website reveals that they received their license in 2016! Isn’t it convenient that they can brag about being among the pioneers in the industry and escape decades of criticism?
What really irked me about Templer FX forex broker, though, was their financial regulator, the FSA. While the FSA is not a bad regulator itself, they are not among the top 5 in trustworthiness. I have found that many scam brokers choose these offshore regulators who turn a blind eye to their clients’ wrongdoing just so that they can receive the annual license fee and pay their staff.
Think about it, if you worked for an independent institution like the FSA, would you push away potential clients by acting tough? You would rather let them slide on minor offences because, after all, it is unlikely someone will fly to Saint Vincent just because they were scammed for $1,000. I also know this is a cynical view of the world, but it’s the reality as I’ve seen it in my years of forex trading.
Worse still, you can’t even check through the FSA website to confirm if Templer FX is actually a client of theirs. That’s one of the problems you face when dealing with such financial regulators. Such things do not happen with CySEC and FCA regulated brokers like XM Forex, whose licence number can be easily checked on the regulator’s website.
From the flimsy regulation and questionable company profile based on their own website and client reviews, I would not recommend working with Templer FX. If anyone at Templer FX would like to shed some light on their employer, the floor is open in the comments section below. This Templer FX review was not to bash anyone, but to ask the serious questions most traders ignore.