Beware! TFmarketsFX 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.
TFmarketsFX is nothing but another offshore broker, targeting Chinese residents. On its broken website, TFmarketsFX does not provide us with an address, a claim to regulation or even its Terms and Conditions. There is no way that investing with TFmarketsFX would be profitable, or worthwhile for anyone. So, let’s take a closer look at the company in the following review:
TFmarketsFX regulation and safety of funds
TFmarketsFX is not regulated – as we stated, the company does not even claim to be – and that is an incredibly huge red flag. Without a license, there is no guarantee that the broker you are dealing with is not running a scam.
Scams are rampant in the Forex world, and to combat them, governments all over the world have created different regulatory bodies, which hold brokers accountable – for example, the companies licensed in the UK have to report back on a daily basis on open and closed trades, so that if they decide to engage in any kind of price manipulation or fraud, they can be punished accordingly.
Always trade with licensed brokers – that is the only way to be profitable and not get conned!
TFmarketsFX trading software
TFmarketsFX provides us with a distribution of the Metatrader 4 platform – that is the most revered piece of software out there, which boasts a clean interface and powerful automated trading features. Here is what the platform looks like:
Note that while we do endorse the MT4 platform, TFmarketsFX is still not a licensed broker and is still best avoided!
The spreads the company has are also wider than what is generally accepted to be the normal amount – within 1 pip for currency pairs like the EURUSD. The leverage TFmarketsFX offers is also too high – 1:500 is an amount, which has been banned in most countries, because it is too risky for retail traders to engage with. Still, unlicensed brokers offer it – they hardly care about their clients’ safety of funds and are only looking to attract more people. So, should you see a leverage that high in the wild, exercise caution!
TFmarketsFX deposit and withdrawal methods and fees
TFmarketsFX accepts deposits via wire transfers – and that is cause for alarm, as such transfers are not eligible for a chargeback. What’s more, the broker does not state what its withdrawal policy is – this can only mean that withdrawals are probably quite expensive and complicated!
How does the scam work?
It would seem that TFmarketsFX is yet another scam – and, what’s more, we believe we know exactly what model the scammers are running. Here is how it usually plays out:
You stumble upon an ad that promises you high profits and follow it to a website, much like the one TFmarketsFX operates from. There, you are prompted to register and leave your phone number in the process – should you do so, you can expect a barrage of calls from the scammers, demanding one thing, and one thing alone – deposits. If you cave in, more and more money will be solicited from you, until you realize you are being scammed and either stop depositing or demand a withdrawal. At that point, the scammers simply cut you off, never to contact you again.
What to do when scammed
If you have been scammed, do not be ashamed – the people running these scams are ruthless criminals and anyone can be vulnerable to them. What you should do, however, is limit your further losses by following the steps prescribed below:
First off, you will want to remove all software the scammers had you install on your PC – this is a crucial step in restoring your compromised privacy. Once that is done, you also need to recall what forms of ID, credit cards and so on the scammers had access to and issue new ones immediately.
Once that is done, you can start thinking about getting your money back – the best way to do so is by contacting your bank and explaining your predicament. The people there will walk you through the available refund options. However, do not fall for further scams! If contacted by a recovery agency, which demands an upfront payment for its services, know that you are simply dealing with more scammers!
Finally, do not hesitate to get the conversation going in the comments section below – that way, we can raise a higher awareness of the scam, which is the only way to effectively combat it!