Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalNo licence in force; a Vanuatu company number is presented as VFSC regulation, the firm is absent from the VFSC dealers register, and a Bank of Russia warning names the site.
Identity & transparency
6/10 · HighEntity, Vanuatu address and contacts are disclosed, but two entity names are used and the fund-holding company is an unlicensed shell with no working register link.
Withdrawals & conduct
8/10 · CriticalRecurring, specific reports of profits deleted and accounts suspended after withdrawal requests, partly offset by positive payout reviews and active broker responses.
Reputation
7/10 · HighA national regulator warning plus detailed scam complaints, against a high but paid Trustpilot profile that a reviewer alleges is padded with paid reviews.
Website claims
7/10 · HighOverstates its status by presenting a company registration as regulation and advertising segregated, audited, tier one bank liquidity with no verifiable licence; the 'since 2016' age claim is accurate.
Operational history
3/10 · LowContinuous brand, domain and web presence since 2016, so longevity is a mitigating factor.
Who they are
A quick desk file on the company behind the brand.
- Brand: tegasFX
- Legal entity: tegasFX Limited, operated by Clover Markets Limited (Vanuatu)
- Registered: Pot 615/304, Rock Terrace Building, Kumul Highway, Port Vila, Vanuatu
- Website: www.tegasfx.com, with a client portal at account.tegasfx.com
- Only licence: none in force; a Vanuatu company number (14697) is presented as VFSC regulation
- Offers: MetaTrader 4 and 5 and FIX API, forex and CFDs, crypto CFDs, copy trading and MAM accounts
- Not accepted: United States, Singapore, Vanuatu (its own base), Iran, North Korea and several others
- Age claim: trading since 2016, which matches the domain first registered in July 2016
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Vanuatu Financial Services Commission (VFSC)
Why we reached this verdict
How the evidence adds up.
Three findings drive the likely scam rating.
- The regulation claim does not hold up. We searched the Vanuatu Financial Services Commission licensee list and found no entry for tegasFX or Clover Markets Limited. The number 14697 is a company registration, not a Financial Dealers Licence, so the firm is not a regulated broker. [E2]
- A national regulator has flagged the site. The Bank of Russia lists tegasfx.com and clovermarkets.com for signs of illegal professional securities activity. [E1]
- Users describe a profit-confiscation pattern. Across several years, traders report making a profit, requesting a withdrawal, then being told the account is 'under investigation' and the profits are deleted for 'abusive trading'. Deposits are also credited short of the amount sent. [E3][E5]
- The broker's own public replies confirm it suspends accounts and voids profits, which supports the reported mechanic rather than rebutting it. [E4]
Evidence ledger
Every finding, with its source and how strongly it points.
E1Bank of Russia warning list names 'Clover Markets Limited, tegasFX' with websites tegasfx.com and clovermarkets.com for signs of illegal professional securities market participant activity, dated 01.02.2021 and still listed (page updated 17.02.2026).
Hard proofBank of Russia warning listE2The Vanuatu FSC Financial Dealers Licensee List (66 entries) contains no tegasFX or Clover Markets Limited; searches for 'tegas' and 'clover' both return no matching records. The claimed VFSC number 14697 is a company registration, not a dealer licence.
E3Trustpilot one-star reviews describe a consistent mechanic: one client deposited 250 USD (only 195 USD credited), made a profit, requested withdrawal, and after three days was told profits were deleted and the account suspended; another (Oct 2022) was accused of abusive off-market trades after requesting withdrawal.
StrongTrustpilotE4The broker's own public replies confirm it suspends accounts and voids profits, citing alleged bonus abuse or abusive trading, which corroborates the reported profit-confiscation behaviour.
ModerateTrustpilot broker responsesE5Deposit shrinkage reported by users (250 USD sent, 195 USD credited; a separate report of 460 USD deposited, 425 USD credited), alongside crypto deposits and withdrawals promoted on the site.
ModerateTrustpilot and broker websiteE6Domain tegasfx.com was registered on 18 July 2016 and has continuous archived homepage snapshots from September 2016 onward, matching the site's 'True ECN/STP since 2016' claim, so there is no age misrepresentation.
E7The broker's site presents a Vanuatu presence and restricted-country list but publishes no working regulator verification link for any licence, and lists a Singapore phone prefix while blocking Singapore clients.
ModeratetegasFX websiteE8Trustpilot shows 218 reviews at a TrustScore around 4.5 on a claimed profile with a paid subscription; many positive reviews report smooth withdrawals, though one reviewer alleges the glowing reviews are paid promotion.
WeakTrustpilot
The other side
The strongest case in this broker’s favour.
In fairness, some points cut the other way.
- tegasFX is an established brand. The domain and website have run continuously since 2016, so this is not a throwaway site. [E6]
- It is not impersonating a well known regulated firm. tegasFX uses its own name, domain and entity, so the earlier 'suspicious clone' label does not fit.
- Its Trustpilot profile is high, with 218 reviews and a score around 4.5, and many users report smooth deposits and withdrawals. We weight this lightly, because the profile is a paid subscription and one reviewer alleges paid reviews. [E8]
- Some disputes involve a no deposit bonus promotion, where the firm says accounts were closed for opening multiple accounts to farm the bonus.
What would change this
What we would need to see to revise the verdict.
We would revisit this rating if:
- tegasFX or Clover Markets Limited appeared on the Vanuatu FSC financial dealers licensee list, or on the register of any tier one or tier two regulator, with a licence that covers taking retail client deposits.
- The Bank of Russia removed the warning against tegasfx.com.
- A clear, independent record showed clients consistently withdrawing profits without the account being frozen or the profits voided.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Vanuatu FSC financial dealers licensee list
Search the Vanuatu regulator's own list; tegasFX and Clover Markets Limited do not appear.
Bank of Russia warning list entry
Regulator warning naming tegasfx.com for signs of illegal securities activity.
tegasFX website
The broker's own site; note it publishes no working regulator verification link.
Frequently asked questions
Quick answers about this broker’s safety.
Is tegasFX a scam?
We rate tegasFX a likely scam. It is not properly regulated, a Bank of Russia warning names its website, and several users report profits being deleted after they asked to withdraw. Treat it as unsafe for deposits.
Is tegasFX regulated?
No. The firm points to a VFSC number, 14697, but that is a Vanuatu company registration, not a Financial Dealers Licence. tegasFX and its operator Clover Markets Limited do not appear on the Vanuatu regulator's licensee list, and no tier one or tier two regulator lists them.
What is VFSC licence 14697?
It is a Vanuatu company registration number for Clover Markets Limited, presented on aggregators as if it were regulation. A company number only shows the business exists; it gives no client-money protection and is not a licence to run a brokerage.
Can I withdraw my money from tegasFX?
Some users report smooth withdrawals, but others describe requesting a withdrawal, then having the account frozen and the profit removed for alleged abusive trading. That pattern makes withdrawals unreliable, especially after a profit.
Is my money safe with tegasFX?
There is no meaningful protection. The entity holding your funds is an unlicensed Vanuatu company, so there is no regulator or compensation scheme to turn to if funds are withheld.
Who owns tegasFX?
The brand tegasFX is run by Clover Markets Limited, a Vanuatu company (number 14697). The website also uses the name tegasFX Limited. The registered address is in Port Vila, Vanuatu.
How old is tegasFX?
The brand has operated since 2016. The domain tegasfx.com was first registered in July 2016 and the site has been online continuously since then, so the 'since 2016' claim is accurate.
Is tegasFX a clone of another broker?
No. tegasFX uses its own name, domain and company, and does not copy a known regulated firm. An older 'suspicious clone' label does not match what we found.
Why is tegasFX on the Bank of Russia warning list?
The Bank of Russia added tegasfx.com and clovermarkets.com in 2021 for signs of illegal professional securities market activity, meaning the operator was offering investment services to Russian residents without the required authorisation. The entry is still published.
What should I do if I already deposited with tegasFX?
Request a full withdrawal in writing and save all records. If a profit was voided or the account frozen, report it to your national regulator and ask your bank about a chargeback or recall. Do not pay any 'release fee' or 'tax' to get funds out.
What should I check before depositing with any broker like this?
Confirm the licence number on the regulator's own register, not on the broker's site or a directory. Check that the licence permits holding retail deposits, that the entity name matches, and that the broker is not on any regulator warning list.
What we recommend
The practical takeaway from everything above.
Treat tegasFX as unsafe for deposits.
- Do not send new funds, and do not pay any fee to 'unlock' a withdrawal or clear a bonus.
- If you hold a balance, request a full withdrawal now and keep written records and screenshots.
- If a profit was deleted or an account frozen, report it to your local financial regulator, and if you paid by card or bank transfer ask your bank about a chargeback or recall.
- Ignore anyone who contacts you offering to recover your funds for an upfront fee, as that is a common follow up scam.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed August 9, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.