We do not recommend trading with this broker.
Launched in September 2017, TeraMusu is a Forex/CFD broker offering 100+ tradeable assets spanning cryptocurrencies, Forex, commodities and stocks. Clients can deposit in Bitcoin, Ethereum, Bitcoin Cash, Dash and Ripple as well as traditional currencies. Whilst TeraMusu doesn’t provide much information about itself, we ‘dug’ a little deeper and found out some interesting facts about this little-known broker.
Conclusion: Teramusu didn’t respond to our contact requests, making it obvious that traders should stay away from this Forex broker.
TeraMusu Demo Account
We searched in vain for a demo account at TeraMusu. We wanted to try out the trading platform and check out all the trading tools and features before making our assessment. In our experience, reliable Forex brokers are transparent to their customers and offer risk-free demo accounts with virtual money, allowing clients to test the system before depositing.
TeraMusu Trading Account
There’s no diversity in the trading account types at TeraMusu. Traders can register one type of live account with a minimum deposit of $250 in the base currencies GBP, USD or EUR. We tried contacting customer support to find out more about funding the account with cryptocurrencies, but nobody replied to our enquiries. We were especially concerned that no description of the trading account is given anywhere on the website.
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TeraMusu Trading Platform
TeraMusu doesn’t give the brand name of its trading platform, so we looked closely at the image published on the website to find a match. We concluded that the TeraMusu trading platform appears to be the SpotOption 5.0 CFD trading platform designed mainly for binary options trading. The platform offers more than 100 underlying assets for Forex and CFD trading, including 42 cryptocurrency pairs, major forex pairs, commodities and stocks. The only detail on the Teramusu website, is the cryptocurrency asset list showing 1:1 leverage, contract size of either 100 or 1, and the trading times from Monday to Friday.
Importantly, the platform is very easy to use as it’s designed to attract novice traders with high profit margins from binary options trading. The minimum trade size is $20, and traders can select the Stop-loss and Take-profit risk management tools, as well as flexible leverage depending on the asset type.
TeraMusu Customer Support
The customer support offered by TeraMusu appears impressive on the face of it, but when we tried to contact the ‘friendly’ customer services team, we did not get a reply. Support is supposedly available over live chat, phone and email from Monday to Thursday 6 am to 7 pm GMT. On Friday from 6 am to 4 pm GMT. Telephone numbers are given for the UK, Malaysia and Estonia.
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TeraMusu Payment Methods
TeraMusu is operated by Arumas Ways OU, registered to Roosikrantsi 2K 157, Tallinn City, Harju County with registration number 14230028. The business address is at Tornimae 5, Tallinn, 10145 Estonia. Further information on the website shows that TeraMusu is owned by Agatha Ltd, a company regulated by the Vanuatu International Financial Services Commission with license number 14625.
Customers can fund their trading accounts in GBP, USD or EUR with Visa, Mastercard and Maestro credit/debit cards and bank wire transfer. Also, according to the home page of the TeraMusu website, the broker accepts deposits in Bitcoin, Bitcoin cash, Ripple, Dash and Ethereum. However, there is no description about how to make such deposits or about security of cryptocurrency wallets and the commission fees charged for cryptocurrency transactions. 72 hours after making a deposit to TeraMusu, clients are asked to provide account verification documents. These include a government issue ID, an official utility bill showing address and a signed deposit confirmation. Customers using a credit card to fund the account, must provide a copy front and back, blocking the CVV code and all but the last 4 digits of the card number.
Importantly, withdrawal requests are processed only when all the verification documents are submitted to the compliance department at TeraMusu. Minimum withdrawal to a credit card or by bank wire transfer is 100 USD, EUR or GBP. Bank wire transfers typically take around 7-10 business days, whilst time needed for payments to credit cards are not mentioned. In line with anti-money laundering regulations, withdrawals are always sent to the bank or credit card used to deposit to TeraMusu. We did not see any information about deposit and withdrawal fees at TeraMusu, or any trading fees or commissions.
Check Out Our Trading Recommendation!
Clearly, based on everything we found out about TeraMusu, we can’t recommend them to our readers. So why waste your time and money, when you can trade easily with FXMasterBot, with a free ‘no obligation’ demo account.
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