TEXTTFOREX Review

About TEXTTFOREX

According to the Financial Conduct Authority (FCA), a warning was issued on April 5, 2024, stating that TEXTTFOREX is not authorised to provide financial services in the United Kingdom, indicating it may be operating unlawfully; the broker is not listed on the FCA register.

Claims by TEXTTFOREX of being registered as a Money Services Business (MSB) with the U.S. Financial Crimes Enforcement Network (FinCEN) and of holding membership or licensing with the U.S. National Futures Association (NFA) were investigated and found to be unsubstantiated. No such registration appears in either FinCEN or NFA databases, and the provided NFA ID does not correspond to the standard format or records.

The firm presents trading in forex, stocks, futures, energy, precious metals, cryptocurrencies, and CFDs via a platform named “ST5”, quoting variable spreads from 1 pip, leverage between 1:100 and 1:500, a contract size of 1 lot = 100,000 units, and margin call/stop‑out levels at 100%/50%. However, no details are provided regarding account types, minimum deposits, commissions, deposit or withdrawal methods and fees.

Who it’s for

• Traders seeking brokers offering a wide range of asset classes, including forex, CFDs, cryptocurrencies, and commodities.
• Those comfortable trading with high leverage (up to 1:500), acknowledging associated risks.

Pros and cons

Pros

• Offers trading across multiple asset classes including forex, stocks, metals, energy, and crypto.
• Provides high leverage options up to 1:500.

Cons

• Unregulated; operating without proper authorisation in key jurisdictions such as the UK.
• Regulatory claims regarding FinCEN and NFA registration are false or unverifiable.
• Lack of transparency: key information including account types, commissions, and deposit/withdrawal details are undisclosed.