I’ve conducted a comprehensive analysis of TegasFX, operating under Clover Markets Limited, based on the provided criteria. Below is a detailed breakdown addressing online complaints, risk assessment, website security, WHOIS lookup, IP and hosting, social media, red flags, regulatory status, user precautions, brand confusion, and website content. The analysis draws from available web information, critically evaluated to provide a balanced perspective.

1. Online Complaint Information ¶

• Complaints Overview: Multiple sources report significant user complaints about TegasFX, particularly regarding withdrawal issues, profit deletions, and deceptive practices. Key grievances include:
• Withdrawal Delays and Profit Confiscation: Users report depositing funds (e.g., $250 deposited, only $195 credited) and facing delays or outright refusals when attempting to withdraw profits. Some claim TegasFX deleted profits, citing “abusive trading” or “off-market” trades, even when trades were executed via their MT4/MT5 platforms.
• Slippage Manipulation: Several users allege TegasFX added plugins to accounts, causing excessive slippage (e.g., 800–2000 pips), leading to significant losses. This suggests potential manipulation to disadvantage traders.
• Misrepresentation of Broker Type: TegasFX advertises as an ECN/STP broker but has been accused of acting as a market maker or STP-only broker, contradicting their claims and raising concerns about trade execution fairness.
• Pressure Tactics: Complaints mention aggressive communication, including persistent calls to deposit more funds, which is a common tactic among dubious brokers.
• Positive Reviews: Some reviews on platforms like Trustpilot and Myfxbook praise TegasFX for fast execution, tight spreads, and responsive support. However, these reviews often lack specificity and could be biased or incentivized, especially given the volume of negative feedback elsewhere.
• Critical Observation: The stark contrast between glowing reviews and detailed scam allegations suggests potential review manipulation. Negative reviews are more detailed and consistent, pointing to systemic issues.

2. Risk Level Assessment ¶

• High-Risk Indicators:
• Regulatory Concerns: TegasFX claims regulation by the Vanuatu Financial Services Commission (VFSC) under license number 14697. However, searches on the VFSC registry yield no matching results, indicating the license is either invalid or fabricated. This lack of verifiable regulation places client funds at significant risk.
• Offshore Jurisdiction: Vanuatu is an offshore, low-regulation jurisdiction with minimal capital requirements ($2,000) and lax oversight, making it a haven for questionable brokers. This increases the risk of fraud or insolvency.
• User Losses: Reports of deleted profits, manipulated slippage, and withdrawal refusals suggest a high likelihood of financial loss for traders.
• Unregulated Status: Without valid regulation, there are no legal safeguards or compensation schemes to protect investors, amplifying risk.
• Risk Level: High. The combination of unverifiable regulation, offshore status, and consistent scam allegations indicates TegasFX poses a substantial risk to traders.

3. Website Security Tools ¶

• SSL Certificate: The TegasFX website (https://www.tegasfx.com/) has a valid SSL certificate issued by Let’s Encrypt, expiring on March 16, 2025. This ensures encrypted data transmission, a basic security standard.
• Security Concerns:
• Scamadviser flags TegasFX with a low trust score, citing a high likelihood of being a scam due to hosting and ownership issues (see IP and Hosting Analysis below).
• The website lacks transparency about security protocols beyond SSL, such as two-factor authentication or advanced fraud detection for trading accounts.
• Critical Observation: While SSL is present, it’s a minimum requirement and doesn’t offset broader trust concerns. The low trust score from scam detection tools is a significant red flag.

4. WHOIS Lookup ¶

• Domain Details:
• Domain Name: tegasfx.com
• Registrar: NameCheap, Inc.
• Registration Date: July 18, 2016
• Expiry Date: July 18, 2024 (expired, but may have been renewed post-analysis)
• Name Servers: guy.ns.cloudflare.com, maya.ns.cloudflare.com
• Domain Status: clientTransferProhibited (prevents unauthorized transfers)
• DNSSEC: Unsigned (no additional security against DNS spoofing)
• Ownership: The WHOIS data is anonymized, a common practice but one that reduces transparency. Legitimate brokers typically provide clear contact details for accountability.
• Critical Observation: Anonymized WHOIS data and an expired domain (as of last check) raise concerns about the broker’s legitimacy and long-term operational intent.

5. IP and Hosting Analysis ¶

• Hosting Provider: Cloudflare, Inc., a reputable US-based provider (AS13335, CLOUDFLARENET).
• IP Address: Resolved, with a response time of 1.86 seconds, indicating decent server performance.
• Concerns:
• Scamadviser notes that Cloudflare hosts a high proportion of spam and scam websites, suggesting TegasFX’s hosting choice aligns with lower-trust entities. This may reflect a weak “Know Your Customer” process by the host.
• No specific IP-related vulnerabilities were identified, but the association with a high-risk hosting environment is concerning.
• Critical Observation: While Cloudflare is a legitimate provider, its use by many scam sites reduces confidence in TegasFX’s credibility.

6. Social Media Presence ¶

• Facebook: TegasFX maintains a Facebook page with 160 likes, describing itself as a licensed brokerage since 2016. The page promotes institutional trading liquidity but lacks engagement or detailed updates.
• Other Platforms: No significant presence was found on other major platforms like Twitter/X, LinkedIn, or Instagram, limiting transparency and community interaction.
• Critical Observation: The minimal and low-engagement social media presence is unusual for a broker claiming global operations. Legitimate brokers typically maintain active, multi-platform profiles to build trust.

7. Red Flags and Potential Risk Indicators ¶

• Regulatory Misrepresentation: Claiming VFSC regulation without verifiable evidence is a major red flag, suggesting potential fraud or a “clone” operation mimicking a legitimate entity.
• Profit Deletion and Slippage: User reports of deleted profits and manipulated slippage indicate possible market maker behavior, despite ECN/STP claims.
• High Minimum Deposit: Some sources cite a $20,000 minimum deposit for certain accounts, which is unusually high for retail traders and may target high-net-worth individuals for larger scams.
• Aggressive Marketing: Promises of “institutional liquidity” and “offshore advantages” (e.g., fewer limits) are vague and appeal to inexperienced traders, a tactic used by scam brokers.
• Conflict of Interest: TegasFX’s client agreement admits to acting as a market maker in some cases, holding positions contrary to clients’ interests, which contradicts their ECN/STP branding.
• Lack of Transparency: The website provides limited details about ownership, management, or operational history, reducing accountability.
• Critical Observation: These red flags collectively suggest TegasFX operates with deceptive intent, prioritizing broker profits over client interests.

8. Website Content Analysis ¶

• Claims and Offerings:
• TegasFX promotes itself as a “true ECN/STP broker” with access to over 100 instruments (forex, CFDs, cryptocurrencies, commodities) via MT4, MT5, and FIX API platforms.
• It highlights low-latency execution, tight spreads (e.g., 0.2 pips on EUR/USD), and segregated accounts with DBS Bank Singapore.
• The website emphasizes “offshore advantages” and “institutional liquidity,” which may appeal to traders seeking high-leverage or unregulated environments.
• Issues:
• Vague Language: Terms like “deep liquidity pools” and “no-last-look liquidity” are technical buzzwords that lack substantiation, potentially misleading novice traders.
• Contradictory Information: The client agreement reveals market-making activities, undermining the ECN/STP claim.
• High-Risk Warnings: The website includes standard risk disclaimers but downplays the severity of risks associated with its unregulated status.
• Critical Observation: The content is polished but overly promotional, with discrepancies between advertised services and actual practices (e.g., market-making vs. ECN/STP).

9. Regulatory Status ¶

• Claimed Regulation: TegasFX states it is regulated by the VFSC (license #14697) under Clover Markets Limited, registered in Vanuatu.
• Verification:
• No matching VFSC license was found, confirming TegasFX is currently unregulated.
• WikiFX labels TegasFX as a “suspected fake clone” with a low trust score (2.01/10), indicating it may mimic a legitimate broker’s identity.
• Implications: Operating without valid regulation means no oversight, no client fund protection, and no recourse in case of disputes. Vanuatu’s lax regulatory environment further exacerbates risks.
• Critical Observation: The unverifiable regulatory claim is a critical indicator of potential fraud, aligning with scam broker tactics.

10. User Precautions ¶

To protect against potential risks when considering TegasFX, users should:

• Verify Regulation Independently: Check the VFSC registry or other regulatory bodies directly. Avoid relying on broker claims.
• Start with a Demo Account: Test the platform without risking real funds to assess execution, spreads, and withdrawal processes.
• Deposit Minimal Amounts: If trading, start with the smallest possible deposit (e.g., $200) to limit exposure.
• Document Everything: Keep records of all communications, trades, and transactions for evidence in case of disputes.
• Avoid High-Leverage Trades: TegasFX offers up to 1:200 leverage, which amplifies losses in a potentially manipulated environment.
• Research Reviews Critically: Cross-reference user reviews on multiple platforms (e.g., Forex Peace Army, Trustpilot) and prioritize detailed, verifiable complaints over generic praise.
• Use Secure Payment Methods: Opt for payment methods with buyer protection (e.g., credit cards) over irreversible options like crypto or wire transfers.
• Consult Regulators: If issues arise, report to the VFSC or international bodies like the FMA or ASIC, though recovery may be limited due to TegasFX’s unregulated status.
• Critical Observation: Given the high-risk profile, the safest precaution is to avoid TegasFX entirely and choose a fully regulated broker.

11. Potential Brand Confusion ¶

• Clone Risk: TegasFX’s “suspected fake clone” status suggests it may impersonate a legitimate broker or use a similar name to confuse traders.
• Similar Names: The domain analysis lists variations like tegasfx.net, tegasfx.org, and misspellings (e.g., regasfx.com, egasfx.com), which could be used to create fraudulent sites or phishing scams.
• Related Entities: TegasFX is linked to NebulaXC.com and CloverMarkets.com under Clover Markets Limited, but these sites lack transparency and may be part of the same questionable operation.
• Critical Observation: The potential for brand confusion is high, especially with multiple domain variations and a lack of clear corporate identity, increasing the risk of falling for a scam.

12. Overall Assessment and Conclusion ¶

• Summary: TegasFX, operated by Clover Markets Limited, presents significant risks due to its unverifiable regulatory status, consistent user complaints about profit deletions and slippage manipulation, and offshore operation in Vanuatu. While the website is professionally designed with SSL security and offers popular platforms (MT4/MT5), these are overshadowed by red flags: lack of transparency, aggressive marketing, contradictory ECN/STP claims, and a low trust score from scam detection tools. Positive reviews appear less credible compared to detailed scam allegations.
• Risk Level: High. TegasFX exhibits characteristics of a potential scam broker, including regulatory misrepresentation, financial misconduct, and operational opacity.
• Recommendation: Avoid trading with TegasFX. Instead, opt for brokers regulated by reputable authorities (e.g., FCA, ASIC, CySEC) with transparent operations and strong user protections. If you’ve already engaged with TegasFX, document all interactions and contact relevant authorities or recovery services, though recovery is challenging due to the unregulated status.

Sources ¶

This analysis is based on critical evaluation of web sources, including user reviews, scam detection tools, and regulatory checks. Key citations include:

• WikiFX reviews and regulatory status
• BrokersView regulatory verification
• ForexBrokerz and Myfxbook user feedback
• Scamadviser trust score and hosting analysis
• TegasFX official website and client agreement
• WHOIS and hosting data If you need further details or assistance with specific aspects (e.g., contacting regulators, recovery options), let me know!