Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Time4X is a forex and CFD broker, offering over 50 currency pairs and CFDs on 150 stocks, all major global indices, commodities like sugar, cocoa and wheat, precious metals like gold, silver and palladium, as well as oil and natural gas. With Time4X you can choose between four account types with minimum deposit requirements between 500 EUR and 50 000 EUR. The maximum leverage allowed is rather generous – up to 1:1000 and is in sharp contrast with the new European Securities and Markets Authority (ESMA) regulations, capping the maximum leverage in all EU countries to 1:30. As tested with a demo account the benchmark EUR USD spread reached 1,6 pips, which is slightly above the industry average of between 1pip and 1,5 pips. Time4X supports the MetaTrader4 platform.
Time4X regulation & safety of funds
Time4X is owned and operated by FAH INVESTMENT LTD., which is registered on the St Vincent & the Grenadines. However neither the broker, nor the company behind it hold any licenses to provide financial services. That is unfortunate by itself as proper regulation is crucial for the safety of any investment on the forex market. But if that is not enough, recently the Italian financial regulator (CONSOB) issued a warning against Time4X.
All that said, we should conclude that Time4X is an unregulated offshore broker with very limited credibility.
Just have in mind that investing with unregulated brokers is associated with a significant risk of loosing your money to scammers. That is why we strongly advise you to deal only with brokers, holding a license by a respected financial authority, like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
Properly regulated brokers are obliged to follow strict financial and ethical rules and in some cases even to insure traders money.
Traders with FCA brokers for example are entitled to a compensation of up to 50 000 GBP in case their broker goes insolvent. A similar CySEC backed compensation scheme guarantees traders up to 20 000 EUR of their capital.
Time4X deposit/withdrawal methods and fees
You can fund your trading account at Time4X with all major credit or debit cards like VISA, MasterCard and American Express, the i-Payments e-wallet or a bank transfer. However, we miss other popular e-wallets like Neteller, Skrill and PayPal, as well as the option to pay with bitcoins.
How does the scam work?
Although scammers use various scenarios to get to your money, here is one of the most widely used:
Usually it will all start with a video you will happen to watch on the internet. And there you will be tempted that by just investing with a new cutting edge financial company you will make a fortune. Surely there will be testimonials by ordinary people like you, who will tell their stories of how they become rich overnight by simply investing in the forex or the crypto market.
If you are interested in the proposal and you want to learn more, you will have to fill a simple registration form, leaving your e-mail and phone. And next you will receive a call by an expertly sounding “financial adviser”, who will convince you to invest just 200 USD or so and start making money right away.
Your first traders will go perfectly and in a short while the money in your account will double. However, have in mind that this will most probably happen not because you have necessarily made great trading decisions, but simply because your trading account would be manipulated. And that is when you will receive another call, this time by a “senior account manager”, who will be impressed by your trading performance and will advise you that if you want to start making real money, you will surely have to invest more – let say 10 000 USD. Chances are that you will agree and will continue to trade and make profit, while your account manager will most probably try to convince you to invest even more.
The base line is that everything will be fine until you decide to withdraw some of your profit. Suddenly it will turn out that because of some obscure clause in the Terms and Conditions, you have agreed with, you can not withdraw anything until you reach a certain trading volume. That condition will most probably be connected to the welcoming bonus, you have so gullibly accepted, when you opened your account in the first place. In any case, you will not be able to withdraw any of your funds.
Keep in mind that at some point the scammers will ask you to send them copies of your ID and a proof of address (your electricity bill for example). They will cite some ant-money laundering regulation, but the truth is, if you have voluntarily sent them your personal details, they will have a much stronger case, when you file for a charge back with your credit card provider.
Some scammers may even try to get to your bank account directly. They will suggest you to install Team Viewer on the pretext to help you with the installation of some software or to help you with the funding of you account. If you agree, you can be sure the scammers will get to your credit card number and the password for you online banking and will steal money form your bank account directly.
What to do if scammed?
In the unfortunate event you are tricked by scammers immediately file for a charge back with your credit card provider. Keep in mind that you will be able to do that within a 6 month period only.
If you have given away your credit card number and the password for your online banking, immediately block your credit card and change the password for your online banking service. If you have installed Team Viewer, do the same and delete the program.
And finally, if you have lost money to scammers do not seek the services of the so called recovery agencies, as they will simply ask you for an upfront payment and in the end will leave you even deeper in to the red.