Beware! TBFX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TBFX claims to be a UK based forex and CFD broker, offering a standard and a professional account with competitive spreads and the powerful xStation5 web based trading platform. And the broker also say to be licensed and authorized by the local the Financial Conduct Authority (FCA), citing a firm reference number’ (FRN).
As good as all of this might sound, however it turned out TBFX is just a clone website of a legit broker, which actually had been flagged by the UK regulator.
TBFX regulation & safety of funds
Clone websites are a scammer technique, where fraudsters are using corporate details of legit businesses to gain credibility and trick investors to part with their money.
Here TBFX and TBFX Limited., the company behind the scam website, have copied the entire homepage with all the corporate and trading information of a legit broker – X-Trade Brokers, or XTB, which is duly regulated by the Financial Conduct Authority (FCA) in the UK, unlike TBFX, which as we noted is just a clone website.
And here you may take a look at the FCA warning, which was published earlier this month:
TBFX deposit/withdrawal methods and fees
Here we will not comment on the payment methods TBFX accepts, because we already established that they are a scam website. Just bear in mind that most brokers accept payments with major cards like VISA and MasterCard, popular e-wallets like Neteller, Skrill and PayPal and bank wire and usually have a minimum deposit requirement of about 250 USD.
How does the scam work?
Scammers are highly organized and employ lots of resources and techniques to get to your money. We already mentioned the clone websites, but there are other traps laid down all over the internet as well, like for example the robo scam websites like Bitcoin Profit and Brexit Trader, which are basically all about a nicely cut video ad, which might lure you with a promise of easy and risk free returns – and all you have to do is leave your e-mail and phone.
And than, if you get hooked and do register, instantly you will be redirected to the web page of a unregulated, scam broker, where at last you will be asked to deposit about 250 USD.
And do not be surprised by how successful your initial trades will be – you will be making money with each trade and your funds will almost double in just a couple of days. That, however, will all be fake. Your account and trading platform will simply be manipulated, so that latter you will be more susceptible to the idea of investing a larger sum. And exactly that will suggest your “senior account manager” as well, who by then will be calling you on a regular basis – scammers always use call centers to trick their victims to deposit at least 10 000 USD.
And as strange as it may seem, but at that stage most people do invest that kind of money, without ever realizing they have been scammed until the very moment they decide to withdraw some of their funds. Than, it suddenly turns out this is not possible because they have not met some minimum trade volume requirement, most probably linked to a welcoming bonus they have so gladly accepted in the first place. The excuse certainly can be different but the end result will always be the same – scammers do not give money back.
What to do if scammed?
Unfortunately, if you have fallen a victim of a scam your chances to get your money back will not be very good. Still your only plausible option is to file for a charge back with your credit card company, and fortunately both VISA and MasterCard will allow you to do that within 540 days. That is according their new anti scam policy.
Some scammers might even try to steal money directly from your bank account. So if by any chance you have given away you credit card number or your online banking password, immediately change the password and block you credit card.
Finally, avoid any dealings with the so called recovery agencies. They will not help you in any way but will simply charge you some fees in advance, basically scamming you a second time.