Beware! TDX Markets 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.
TDX Markets allegedly offers its clients cutting-edge platforms while revolutionising Forex trading by allowing clients to gain access to pricing and liquidity previously only available to investment banks and high net worth individuals. Well, fraudulent claims are all over the place- in fact, the brokerage reviewed is a shady entity that’s worth being avoided. Find out why in the full TDX Markets review.
TDX Markets REGULATION AND SAFETY OF FUNDS
TDX Markets claims that honesty, integrity and transparency are its core values, but it operates without a license from a shady jurisdiction bustling with scammers precisely because of the regulation deficit. To cut it short, your funds will be at risk if you deposit with TDX Markets because it’s unregulated.
The first thing to note is that St. Vincent and the Grenadines doesn’t license or monitor Forex brokers, as you can see from the screenshot below. That being so, the brokerage firms legally operating from the islands are not required to follow any rules, meaning that they can work while bearing no responsibility for their actions- your funds may get exposed to unnecessary risks or downright stolen.
However, that’s just the beginning of the story, as St. Vincent and the Grenadines is also a country with strong confidentiality legislation that allows the creation of International Business Companies with hidden ownership. Simply put, the people running TDX Markets are anonymous, making the brokerage even more dangerous as no one’ll take responsibility if things go wrong. Moreover, the SVG companies are not required by law to provide access to their accounts or file financial reports, meaning that your funds will simply disappear without a trace.
That’s why we advocate for regulated brokers licensed by trustworthy authorities like CySEC or FCA, for example. Due to regulations, the European brokers should keep deposits segregated, which helps prevent fraud, and most importantly, if a broker goes bankrupt, people won’t lose their money. Also, there are deposit insurance funds in Europe put in place to protect funds- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.
TDX Markets TRADING SOFTWARE
TDX Markets promises to provide MetaTrader4 and MetaTrader5, both of which are market leaders featuring numerous advantages- automated trading, strategy testers, complex indicators and so on. However, the brokerage fails to deliver anything whatsoever. As you can see from the screenshot below, we couldn’t even register, not to mention that the website doesn’t have a valid certificate. That being so, we can’t even confirm that TDX Markets has a platform at all. What a failure!
So, we can’t talk through real-time spreads and trading costs. Still, we can do a risk assessment based on the brokerage claims- it says to offer leverage of up to 1:500, which is a dangerous level that may cause an instant-quick total loss. In fact, leverage is restricted in many countries only because of the immense risks involved- 1:30 in the EU, UK and Australia and 1:50 in the US.
In fact, on the Contact page, TDX Markets claims to be headquartered in Britain, so you can see for yourself that it provided leverage levels that are no longer allowed by the local regulator FCA. That’s yet another proof that TDX Markets is a fishy illegitimate broker that’s worth being avoided.
TDX Markets DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit is $500, but the funding methods are not revealed, and we can’t show the broker’s deposit system either. Nevertheless, we need to note that the safest option by far is Credit/Debit cards as major issuers like Visa and MasterCard grant chargeback rights, so clients can dispute transactions for up to 540 days and possibly get a refund.
As for withdrawals and fees, there is nothing even mentioned. Moreover, TDX Markets doesn’t even provide legal documents, which further damage its overall rating and once again proves that it’s most probably a scam. Docs such as Terms and Conditions, User Agreement, Client Agreement etc., serve as contracts between both parties, so clients can’t form a legal relationship with a broker unless they submit signed copies of such papers. Avoid!
HOW DOES THE SCAM WORK
TDX Markets is a shady offshore brokerage that’s most likely a scam, and now we’ll concisely describe how scammers usually work while trying to milk people out of their savings.
When scammers get hold of your contact numbers, they’ll approach you immediately, promising the moon and the stars. To gain your trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have your money, the cons will distort prices and forge fake reports to make you believe that you are on the winning side, manipulating you to start thinking big and consider more deposits.
Gradually, the fraudsters will ask you to increase the size of your investment and will make up stories claiming that you need to fund your account for whatever reasons. Sooner or later, you’ll get determined to withdraw your money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise that there is something wrong, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.
Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.
Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!