Texas

Texas is a forex and CFD broker that was founded on April 20, 2021, with a registered address in Hong Kong, though it claims registration in the United Kingdom. The broker operates under the domain texas-forex.com and targets retail traders seeking leveraged exposure to foreign exchange, commodities, and CFDs. However, our review found that Texas holds no known regulatory licences, which is a significant red flag for potential clients.

As of our assessment, the broker has no independent user reviews available, and its presence in industry databases is minimal. The lack of regulatory oversight means that traders have no recourse to a financial ombudsman or compensation scheme in the event of a dispute. This absence of regulation is a central theme in our evaluation of the broker's trustworthiness.

Our research indicates that Texas is not regulated by any financial authority. The broker's known facts list its country of registration as the United Kingdom, but it does not hold a licence from the Financial Conduct Authority (FCA) or any other UK regulator. Similarly, its Hong Kong address does not correspond to a licence from the Securities and Futures Commission (SFC).

We cross-checked the broker's details against public registers and found no matching entries. The absence of regulatory oversight is a severe concern, as unregulated brokers do not have to adhere to minimum capital requirements, client money segregation rules, or transparent operational standards. This makes Texas a high-risk choice for any trader.

Texas offers a single account type called Standard, which requires a minimum deposit of $1,000. The maximum leverage available is 1:200, which is relatively high and can amplify both gains and losses. The broker does not appear to offer any other account tiers, such as Islamic or VIP accounts, based on the known facts.

The high minimum deposit may be a barrier for many retail traders, especially given the absence of regulation. While the leverage is attractive to some, it also increases the risk of significant losses. Traders should note that unregulated brokers may change their terms at any time without notice.

According to the known facts, Texas provides trading instruments across foreign exchange, commodities, and CFDs. This is a standard offering for a retail forex broker. However, no specific details about the trading platform are available. Most brokers in this space offer MetaTrader 4 or 5, but we cannot confirm this for Texas without further information from its website.

The selection of instruments is limited compared to larger, regulated brokers, and the lack of platform information adds to the uncertainty. Traders should expect to use a web-based platform or a proprietary solution, but we advise caution until more details are available.

Texas was founded in April 2021 and is registered in the United Kingdom, but its physical address is in Hong Kong. This discrepancy is a common characteristic of shell companies or brokers operating from jurisdictions with lax oversight. The broker's FXCanary Scam Risk Score is 75 out of 100, indicating a severe risk level.

The high risk score is driven by the lack of regulation, the opacity of the company's ownership, and the absence of a track record. Without verifiable information about the management team or company history, we cannot trust the broker's claims. We consider Texas unsuitable for most traders, especially those who prioritise safety and regulatory protection.