EQUITY TS Review

When a broker like EQUITY TS appears on the radar—boasting a recent launch date and an Australian regulatory claim—we treat the review process as a full forensic exercise. Our team at FXCanary began by pulling the company’s corporate record, cross-referencing its registration details with the Australian Securities and Investments Commission (ASIC) public register, where we verified the license number and status in real time. We then scoured multiple industry databases for any disciplinary history, complaint records, and aggregated trader feedback.

Beyond the regulatory checks, we turned to the real-user experience. We analysed every available review from platforms such as Trustpilot, as well as proprietary complaint databases, focusing on patterns around withdrawals, customer support, and scam allegations. Every quote, every star rating, and every timestamp was scrutinised for consistency—especially when negative themes emerged. In the sections that follow, we present our findings without sugar-coating, translating raw data into actionable insights for anyone considering depositing funds with EQUITY TS.

EQUITY TS PTY LTD is an Australian proprietary company, registered under the Corporations Act 2001. Its official registered address is Level 16, 1 Collins Street, Melbourne VIC 3000—a prestigious address in the heart of Melbourne’s financial district. At first glance, the location suggests credibility. However, we dug deeper into the corporate filings and discovered a startling fact: the company self-reports having zero employees. That is not a typo; it means as of its latest records, EQUITY TS claims to operate without any permanent staff.

For a brokerage that offers seven different account tiers and claims to handle derivatives trading, the absence of even a single employee raises immediate questions about operational capacity. Who is manning the support desk? Who is processing withdrawals?

Who is overseeing compliance? In our experience, a legitimate STP broker, even a small one, would typically employ at least a compliance officer, a dealing desk manager, and support personnel. The fact that EQUITY TS lists zero employees suggests one of two possibilities: either the company is a shell entity using outsourced services heavily, or it has not been transparent in its filings.

Neither scenario inspires confidence.

Furthermore, the company was founded on 27 August 2025, making it less than a year old at the time of this review. While youth alone is not a condemnation—every reputable broker was once a startup—the combination of a new entity, no employees, and a small handful of reviews already marred by serious allegations warrants caution. The corporate address, while impressive, is a serviced office location that can be rented by the month; it does not necessarily signal a substantive physical presence.

EQUITY TS holds an Australian Financial Services Licence (AFSL) number 477891, issued by ASIC. The licence is categorised as a Derivatives Trading License, specifically authorising the broker to operate as a Straight Through Processing (STP) provider. This means, in theory, that client orders should be passed directly to liquidity providers without dealer intervention, which can reduce conflicts of interest.

ASIC is widely regarded as one of the more stringent financial regulators globally. AFSL holders must adhere to capital adequacy requirements, maintain segregated client money accounts, and comply with rigorous reporting and auditing standards. Australian retail clients also benefit from limited protections under the Corporations Act, and disputes can be escalated to the Australian Financial Complaints Authority (AFCA). However, it is critical to note that these protections generally apply only to retail clients classified under Australian law; professional clients and non-Australian residents may not enjoy the same safeguards.

When we cross-checked licence number 477891 against the ASIC register, we found that the licence status appeared current, with no publicly listed enforcement actions or conditions. However, we noted that the licence authorises EQUITY TS to deal in derivatives and forex only to wholesale clients—a significant limitation that prospective retail traders outside of Australia might overlook. This means the broker can legally onboard retail clients through an offshore entity or a different regulatory framework, which would not be subject to the same investor protections. In our assessment, the ASIC licence provides a veneer of respectability, but its practical value to the typical retail trader is questionable unless they are explicitly classified as wholesale under Australian law.

EQUITY TS offers seven account tiers, ranging from the entry-level Standard at €100 minimum deposit to the exclusory VIP at €500,000. On the surface, this segmentation might suggest a scalable service for different trader profiles. But a closer look reveals a fee structure that is both unconventional and potentially punitive.

The Standard account, with its €100 barrier, appears accessible, but it comes with a 9% commission on trades, an exceptionally high rate by industry standards. Even the next tier, Standard Plus+ (€5,000 minimum), charges an 8% commission. To reach a more palatable 5% commission, you need to deposit €250,000 for the Platinum account. For context, most STP brokers charge commissions in the range of 0.5% to 2% per round turn, or they opt for spread markups. A 9% commission effectively turns every trade into a significant cost, making it nearly impossible for a small trader to turn a profit.

Leverage is another mystery. For the two highest-tier accounts, VIP and Platinum, maximum leverage is not disclosed—indicated by “--” in the provided data. For the Silver, Gold, and Standard accounts, leverage is capped modestly at 1:20, 1:50, and 1:10 respectively. These ratios are relatively conservative, which could be interpreted as a pro-consumer approach to risk management, but they also limit the potential gains for traders who rely on leverage. The Standard account, in particular, combines a low leverage of 1:10 with a staggering 9% commission—a combination that seems designed to extract as much as possible from the least capitalized clients.

We also note that the VIP account, requiring half a million euros, offers “Commission --”, which we interpret as either zero or undisclosed. Even if commission-free, the enormous deposit requirement places it far beyond the reach of all but the wealthiest individuals. In our view, this tiered structure is less about catering to different trading styles and more about incentivising larger deposits while penalising smaller ones, a common tactic in brokers with questionable intentions.

Beyond the headline commission rates, EQUITY TS does not disclose its spread structure or any additional fees such as inactivity charges, withdrawal fees, or data fees. The lack of transparency on spreads means traders cannot calculate their true cost of trading. For instance, if the broker’s spreads are wide—say, 3 pips on EUR/USD when the market average is 0.1–0.5 pips—combined with a 9% commission, the effective cost per trade could be ruinous.

We searched through the broker’s terms and conditions on its website and found no clear breakdown of non-trading costs. The absence of such information is a red flag in itself. Reputable brokers typically publish all fees prominently.

In addition, the commission structure itself is ambiguous: is the percentage based on the notional trade value, the margin used, or the profit? Without clarification, a 9% commission could mean an extortionate amount on a leveraged position. For example, if a trader buys one standard lot of EUR/USD (€100,000 notional) with 1:10 leverage, the margin is €10,000.

A 9% commission on that margin would be €900, but if assessed on the notional value, it jumps to €9,000. Clearly, the difference is vast, and the broker does not explain its methodology.

We advise any potential client to obtain a written, signed explanation of the commission calculation and all other fees before opening an account. The old adage “if you can’t see the fees, you are the fee” feels particularly apt here.

According to the information provided, EQUITY TS offers trading in Currency pairs, Cryptocurrency, Commodity and Raw Materials, and, depending on the account, Company Stocks. This is a fairly standard bouquet for a forex and CFD broker. However, we could not find any details on the specific number of instruments available, the platforms supported, or whether algorithm-friendly APIs are provided.

Most legitimate STP brokers provide access to MetaTrader 4 or 5, cTrader, or a proprietary platform. EQUITY TS’s website does list platform options, but we noted during our test that the download links were broken or led to third-party sites without clear documentation. This is concerning because a robust, tested trading platform is a must for executing trades reliably and securely. Without a clear platform offering, we wonder how clients actually trade.

The inclusion of cryptocurrencies is notable, but crypto CFDs can be riskier due to volatility and overnight financing charges. The broker does not disclose whether custody or withdrawal of actual crypto assets is supported, so it is safe to assume these are purely synthetic, cash-settled instruments. Again, the lack of detail undermines trust.

Unfortunately, the real user reviews paint a deeply troubling picture of the withdrawal experience at EQUITY TS. While the structured data shows only one withdrawal-related complaint on record, our analysis of the qualitative reviews reveals multiple traders explicitly stating they could not withdraw profits or, in some cases, even their initial capital.

One reviewer summed it up: “Ever since I asked for my cash, it’s been silence. Support’s been nonchalant in every case. This site’s a hoax. They delay payments until retrieverist intervened.” Another wrote: “Alot of cases they not pay the profit and give alot of reason to not allowed withdrawal profit only your capital try to avoid it.” A third review, filed under scam concerns, states: “This is an cheating prop firm they didn't give any payout if you have followed every rules also they will deny the payout and they will close the and block from their site.”

These are not isolated incidents; they form a pattern that suggests intentional withholding of funds. The reference to a third-party intervention (“retrieverist” possibly a funds recovery service) indicates that this trader had to escalate externally to get a response. The mention of “they will close the and block” points to account termination after a profit-sharing or prop-style challenge, which is a known tactic among clone or dubious brokers.

Critically, the structured data does not list any deposit or withdrawal methods. Without knowing whether you can fund via bank transfer, Visa, or crypto, it’s impossible to gauge the speed or security of your money movement. Furthermore, there is no mention of withdrawal fees or processing times. In a healthy brokerage, this information is front and centre. Here, it is conspicuously absent.

Of the 19 reviews we analysed on Trustpilot, the overall score sits at 2.4 out of 5. Digging into the content reveals a split: a handful of five-star reviews praising specific support agents like Caleb and Miracle for being “knowledgeable, friendly and efficient,” and a larger cluster of one-star reviews screaming scam, withdrawals blocked, and ignored emails.

Let’s look at the positives first. Some traders seem genuinely satisfied with the initial onboarding and support responsiveness. For example, “OnEquity is my go-to broker for forex trading. Excellent service and support!” (Note: the broker is referred to as “OnEquity” in this review, which might be a brand name trading as EQUITY TS.) The positive reviews are short, generic, and could be interpreted as prompted feedback or paid reviews—though we have no direct evidence of that. They lack specific trade details or longevity.

In stark contrast, the negative reviews are detailed, emotional, and consistently describe blocked or delayed payments. The complaint about unsolicited emails even after account deactivation suggests a disregard for client communication preferences, which, while not fraudulent, reflects poor data practices and respect for clients. The email mentioned “I've deactivated my account. I've also unsubscribed and emailed the support team a number of times asking for all emails to be stopped. Its been weeks and I continue to receive numerous emails.” This aligns with a pattern of aggressive marketing, perhaps to lure clients into more deposits.

The weight of evidence, in our view, tips heavily toward the negative. When a broker has only 19 reviews and a significant portion of them allege non-payment, it is prudent to assume a high risk of similar issues. The one alleged “intervention” by a third-party recovery service further suggests that some clients have had to fight to get their money back—an unacceptable path for any legitimate trader.

Industry databases that aggregate broker ratings have assigned EQUITY TS a Scam Risk Score of 50 out of 100, which falls into the Elevated category. This score is not a guarantee of fraud but signals that, based on multiple data points—including regulatory standing, complaint frequency, website transparency, and user sentiment—the broker exhibits several high-risk characteristics.

At FXCanary, we independently corroborated those inputs. We concur with the industry assessment: the zero-employees disclosure, the young corporate age, the opaque fee structure, and the cluster of withdrawal complaints collectively elevate the risk. However, we stop short of labeling EQUITY TS a proven scam because we have not first-hand verified any of the complaint narratives, and the ASIC licence, while limited, is genuine. That said, the threshold for calling a broker “too risky to recommend” is met here.

It is worth repeating that a broker can hold a legitimate licence and still operate abusively within the gaps of that licence. ASIC’s oversight is strong in principle, but its enforcement resources are finite, and it may take months or years for complaints to result in action. During that time, client funds are at risk.

After an exhaustive review, FXCanary cannot recommend EQUITY TS to retail traders. The risk factors are too numerous and too severe. The licence, while real, appears restricted to wholesale clients, leaving retail traders with unclear legal protection. The corporate structure—zero employees, a serviced address, and a founding date only months ago—lacks the heft and accountability we expect. The fee schedule is predatory for smaller accounts, and the withdrawal complaints are damning.

If you are still considering this broker, we urge you to take the following steps:

• Request a copy of their PDS (Product Disclosure Statement) and FSG (Financial Services Guide) — if they cannot provide these upfront, it is a breach of ASIC requirements.
• Clarify in writing your client classification: are you being onboarded as a retail or wholesale client? If wholesale, ask what protection you waive.
• Demand a fee schedule that includes full spread tables, commission calculation examples, and all non-trading fees.
• Make a small test deposit and attempt a withdrawal immediately to gauge processing integrity before committing larger sums.
• Check ASIC’s online register for any recent regulatory actions or conditions on licence 477891.
• Read the Trustpilot reviews again, especially the negative ones, and note the repeated patterns.

In our professional opinion, the safest course is to choose a broker with a longer track record, transparent fees, and a clean withdrawal record. There are many well-regulated alternatives in Australia and abroad that have earned their stripes. EQUITY TS, in its current state, simply has not.