Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalHeld a genuine SPK full-service licence since 2015, but the SPK suspended all activities on 30 Sep 2026 and cancelled three individuals' licences; an active regulator shutdown is the strongest adverse signal.
Identity & transparency
2/10 · LowFully disclosed, Borsa İstanbul-listed entity with a verified Istanbul head office, trade-registry and MERSIS records, and named executives; the identity itself is genuine and transparent.
Withdrawals & conduct
8/10 · CriticalA regulator-ordered fund liquidation, a suspended firm and reports of money clients could not withdraw form a time-clustered, multi-source fund-access problem, partly offset by segregated client securities and approved interim payments.
Reputation
8/10 · CriticalSubject of a nationwide 2026 fund scandal, regulator action and executive arrests, with a low score on the main Turkish complaints platform.
Website claims
6/10 · HighCore SPK and listing credentials are genuine, but the sites present business-as-usual and still invite new accounts with no visible notice of the suspension.
Operational history
6/10 · HighGenuine long history: company since 1990, main domain since 2014, Borsa İstanbul listing since 2022, licence since 2015.
Who they are
A quick desk file on the company behind the brand.
- Brand: Tera Yatırım (forex brand: Tera FX)
- Legal entity: Tera Yatırım Menkul Değerler A.Ş.
- Registered: Maslak Mah. Eski Büyükdere Cad. Kapital Plaza, Sarıyer, İstanbul, Turkey (Trade Registry 270149; MERSIS 0781014040900015)
- Incorporated: 15 November 1990; trading under the Tera name since 2005
- Listed: Borsa İstanbul Main Market, ticker TERA, since 22 December 2022
- Website: terayatirim.com and terafx.com.tr
- Only licence: SPK full-service brokerage licence (Geniş Yetkili Aracı Kurum) G-001(348), dated 2 January 2015, now suspended
- Offers: Borsa İstanbul shares, VIOP derivatives, investment banking and IPO services, research, and SPK-regulated forex and CFDs via Tera FX on MetaTrader 5
- Current status: all capital-market activities suspended by the SPK on 30 September 2026
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Sermaye Piyasası Kurulu (SPK), Capital Markets Board of Türkiye
Why we reached this verdict
How the evidence adds up.
We rate Tera Yatırım very high risk because its own regulator has shut it down while a criminal investigation runs.
- The SPK, Turkey's capital-markets regulator, suspended every activity of the firm on 30 September 2026 and permanently cancelled the licences of three of its people.
- Istanbul's Chief Public Prosecutor, through its money-laundering bureau, is running a fund investigation. Senior Tera figures, including chief executive Emir Münir Sarpyener and group chairman Emre Tezmen, have been arrested.
- The SPK ordered 131 investment funds, Tera's included, into liquidation and moved fund custody to a bank to manage the wind-down.
- Turkish complaint platforms show a low satisfaction score and reports of clients who could not withdraw money.
- These are facts about serious regulatory and criminal action, which the Turkish press has reported widely. No court has yet ruled, and the people involved are presumed innocent until it does. On the evidence available we assess the risk of fraud as high.
Evidence ledger
Every finding, with its source and how strongly it points.
E1SPK Bulletin 2026/67 suspended all of Tera Yatırım Menkul Değerler A.Ş.'s capital-market activities on 30 September 2026 at 18:10 and permanently cancelled three individuals' capital-market licences under the Capital Markets Law.
E2Istanbul prosecutors (money-laundering bureau) arrested Tera Portföy chairman Erdin Özel and chief executive Emir Münir Sarpyener on 1 October 2026 in the fund investigation; 21 people were detained.
StrongHürriyetE3The SPK placed 131 investment funds across seven portfolio firms (Tera among them) into liquidation and authorised interim payments to fund investors of up to 1,000,000 TL each.
E4Mainstream financial daily confirms the SPK suspended Tera Yatırım's activities and permanently cancelled three named individuals' licences, acting under Article 96 of the Capital Markets Law.
StrongDünyaE5KAP (Public Disclosure Platform) confirms Tera Yatırım Menkul Değerler A.Ş. is a Borsa İstanbul Main Market company (ticker TERA, listed 22 Dec 2022), incorporated 15 November 1990, trade registry 270149.
E6MKK e-Şirket confirms the legal entity (MERSIS 0781014040900015, Istanbul trade registry 270149, Maslak head office, paid-in capital 700,000,000 TL), matching the broker's own disclosures.
E7The firm's own site is live and presents business-as-usual (research, IPO notices, an award) with no visible notice of the suspension, while Tera FX still invites visitors to open demo and real accounts.
ModerateTera Yatırım websiteE8Tera FX is the firm's SPK-regulated domestic forex brand on MetaTrader 5, with leverage capped at 1:10, a 50,000 TL minimum, the SPK-mandated practice period, and SPK-mandated profit/loss disclosures; a conservative, regulated product, not a high-leverage offshore operation.
ModerateTera FX websiteE9The firm held a genuine SPK full-service brokerage licence (Geniş Yetkili Aracı Kurum, G-001(348)) dated 2 January 2015, now suspended; the licence and the suspension are recorded in the SPK's own bulletin.
StrongSPK recordsE10The main Turkish consumer-complaints platform shows a low satisfaction score (around 28/100) with recurring complaints about blocked withdrawals, money not arriving after fund sell orders, and unreachable support.
ModerateŞikayetvarE11The main domain terayatirim.com was registered on 6 December 2014; combined with the 1990 incorporation and the 2022 Borsa İstanbul listing, this confirms a genuine, long operating history rather than a freshly created site.
ModerateVerisign RDAPE12Legal analysis of Bulletin 2026/67 notes the decision itself says nothing about client assets; client securities are segregated at MKK, and as of early October 2026 no Investor Compensation Centre (YTM) decision had been issued for Tera.
ModerateTurkish legal commentary
The other side
The strongest case in this broker’s favour.
In fairness, this is not a fake broker, and some protections exist.
- Tera Yatırım is a real, long-established company: incorporated in 1990, SPK-licensed since 2015, and listed on Borsa İstanbul. It is not a clone or an offshore shell.
- Its forex arm is a conservative, SPK-regulated product, with leverage capped at 1:10, a 50,000 TL minimum and a mandatory practice period, not a high-leverage offshore operation.
- Client shares are recorded in each investor's own name at the central depository (MKK), separate from the firm's assets, and client cash must sit in segregated accounts.
- The SPK has approved interim payments to fund investors of up to 1,000,000 TL each, so smaller fund holders are set to recover at least part of their money.
- The individuals are under investigation, not convicted, and Turkish law presumes innocence until a court decides.
What would change this
What we would need to see to revise the verdict.
We would lower the risk rating if:
- The SPK lifts the suspension and restores the firm's authorisation in good standing.
- The investigation ends without charges, or a court clears the firm and its managers.
- Client assets are confirmed intact and either returned or transferred cleanly to another licensed broker.
- A compensation decision is issued and honoured for any shortfall.
We would raise it further if the SPK permanently cancels the firm's licence, or a court records a fraud or embezzlement finding against the company.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
SPK weekly bulletin 2026/67 (suspension decision)
The regulator's decision suspending the firm's activities.
SPK brokerage register
Turkey's capital-markets regulator and its list of licensed brokerages.
KAP listed-company record (TERA)
Official corporate disclosures for the listed company.
MKK e-Şirket company record
Central Securities Depository record confirming the legal entity.
Tera Yatırım official website
The broker's own website.
Frequently asked questions
Quick answers about this broker’s safety.
Is Tera Yatırım a scam?
Tera Yatırım is a real, SPK-licensed brokerage listed on Borsa İstanbul, not a fake website or a clone. However, Turkey's regulator suspended all its activities on 30 September 2026 and prosecutors have arrested its executives in a fund investigation, so we treat it as very high risk and advise against depositing.
Is Tera Yatırım a fraud?
No court has found Tera Yatırım or its managers guilty of fraud, and they are presumed innocent. But Istanbul prosecutors are investigating the group for capital-markets and money-laundering offences and have arrested senior executives, so we assess the risk of fraud as high.
Is Tera Yatırım regulated?
It held a genuine full-service brokerage licence from the SPK (Capital Markets Board of Türkiye) from 2 January 2015. On 30 September 2026 the SPK suspended all of the firm's capital-market activities, so it cannot legally operate while the suspension stands.
What happened to Tera Yatırım in 2026?
It became caught up in a large Turkish fund scandal. The SPK ordered its funds into liquidation, suspended the brokerage on 30 September 2026, and cancelled three individuals' licences. Prosecutors arrested senior Tera figures, including the chief executive, on 1 October 2026.
Can I withdraw my money from Tera Yatırım?
Normal activity is suspended, so withdrawing or trading through the firm is disrupted, and clients report problems getting money out. Your best step is to check your holdings on the state MKK e-Yatırımcı service and follow official SPK, MKK and Takasbank notices.
Is my money safe at Tera Yatırım?
Client shares are recorded in your own name at the central depository (MKK), separate from the firm, and client cash must be segregated, which gives real protection. But money is hard to access during the suspension, larger fund investments may not be fully covered, and no final compensation decision has been issued yet.
Who owns Tera Yatırım?
It is part of the Tera group (Tera Yatırım Holding), which also includes the fund manager Tera Portföy. It is a publicly traded company, so some of its shares are held by market investors. Several of its executives and board members were arrested in October 2026.
How old is Tera Yatırım?
The company was incorporated on 15 November 1990 and has used the Tera name since 2005. Its main website dates from 2014, and its shares have traded on Borsa İstanbul since December 2022. It is a long-established firm, not a new one.
What is Tera FX?
Tera FX (terafx.com.tr) is Tera Yatırım's own SPK-regulated forex and CFD brand, offered on MetaTrader 5 with leverage capped at 1:10 and a 50,000 TL minimum. It is a registered trademark of Tera Yatırım Menkul Değerler A.Ş.
Is Tera Yatırım a clone or a fake website?
No. terayatirim.com and terafx.com.tr are the genuine sites of Tera Yatırım Menkul Değerler A.Ş. Note that an unrelated UK broker also uses the TeraFX name; the Turkish firm is regulated by the SPK, not the UK FCA, and the two are different companies.
What should I do if I have money with Tera Yatırım?
Do not deposit more. Check your holdings on e-Devlet (MKK e-Yatırımcı), request a written statement, keep records, and watch for official SPK and MKK announcements. Consider Turkish legal advice, and ignore anyone charging a fee to recover your funds.
What is the SPK and does it protect investors?
The SPK (Sermaye Piyasası Kurulu) is Turkey's statutory capital-markets regulator. It licenses and supervises brokerages, oversees Borsa İstanbul, and runs the Investor Compensation Centre (YTM). Here it acted against Tera by suspending the firm and ordering funds into liquidation.
Will the Investor Compensation Centre (YTM) pay me back?
YTM can compensate when a brokerage fails to return client cash or securities, but only after a separate SPK decision and within limits. No such decision exists for Tera yet. Separately, the SPK approved interim payments to fund investors of up to 1,000,000 TL each.
What we recommend
The practical takeaway from everything above.
If you are a client or are thinking about this broker:
- Do not open an account, deposit, or send any further money.
- Check your own holdings through the MKK e-Yatırımcı service on e-Devlet, and ask for a written account statement.
- Keep records of balances, orders and transfers, and follow only official SPK, MKK, Takasbank and Borsa İstanbul announcements.
- Be careful with anyone who offers to recover your funds for a fee or who claims a state guarantee, and never share passwords or one-time codes.
- Consider taking Turkish legal advice about your rights as a brokerage client or fund investor.
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 October 7, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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