TRP Forex review – 5 things you should know about trpforex.com

TRP Forex review – 5 things you should know about trpforex.com

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Beware! TRP Forex is an offshore broker! Your investment may be at risk.

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TRP Forex claims to be a leading provider of financial services who offers trading in currencies, CFDs and cryptocurrencies. However, a closer inspection reveals that this is not a licensed broker, and that the website is full of false and misleading information. TRP Forex is yet another scam and should be avoided.

TRP FOREX REGULATION AND SAFETY OF FUNDS

According to the “About Us” section of the website, a company called TRP Financial Limited  is behind it. There are no Terms and Conditions, Privacy Policy or other required legal documentation. The only method of contact is via email.

The listed address of the company is in Maryland, United States:

To operate as a forex broker in the United States, a company must be registered as a futures commission merchant and foreign exchange dealer with the Commodity Futures Trading Commission (CFTC) and to be a member of the National Futures Association (NFA). But there is no company named TRP Financial Limited among NFA members:

The “About” menu on the TRP Forex trading platform lists another company address in Hong Kong:

We check the register of this jurisdiction’s financial regulator, Hong Kong Securities and Futures Commission (SFC). TRP Financial Limited is not listed there, so it is not a licensed broker in Hong Kong either.

In the footer of the website as well as in the registration form another company name is visible – T. Rowe Price. There is a company with a similar name in the USA – T. Rowe Price Group, but it is not a broker, but an investment management firm. More importantly, the official website of T. Rowe Price Group is different from that of TRP Forex.

Apparently, TRP Forex employs a tactic used by the most brazen scammers – using the name of a legitimate business to fool their potential victims. But it is beyond any doubt that TRP Forex is not a legitimate broker and under no circumstances should you trust them with your money.

You should only trust legitimate brokers operating in one of the established financial centres like the UK, EU, USA or Australia. There, the activities of brokers are controlled by powerful regulatory bodies such as Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) and Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.

In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.

Ironically, although TRP Forex hides behind fake names, they are very careful that their potential victims have a proven identity. Registering an account requires attaching a copy of ID. There appears to be some verification of the authenticity of the attachment, which is why our attempts to create an account were rejected.

TRP FOREX TRADING SOFTWARE

TRP Forex states that it offers “an elite trading platform”. After downloading the installation file, it becomes clear that it is MetaTrader 5 (MT5) – one of the most widely used software in the industry.

However, due to the inability to create an account, we were unable to verify what parameters were set in the TRP Forex platform. But given that TRP Forex are obvious scammers, they offer no real trading and the values in the trading platform have no real meaning.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4. These platforms have established themselves as leaders because they offer a wide range of features, including a wide variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.

TRP FOREX TRADING CONDITIONS

TRP Forex website describes only one type of trading account, although it claims that this is the “most recommended” option:

The minimum deposit is 1000 USD. In comparison, many legitimate brokers offer micro accounts for novice traders with a minimum deposit of 100 USD or even less.

TRP Forex claims to offer trading with leverage of 1:1000. These are levels that cannot be seen at regulated brokers and even at most offshore brokerage firms. High leverage creates opportunities for more significant gains, but carries a corresponding increased risk of excessive losses. All leading regulators therefore restrict leverage for retail traders. In the US, the maximum leverage is 1:50 for trading major currency pairs and even lower levels for more volatile assets. In the EU and UK, the maximum limit is 1:30.

The spread quoted on the TRP Forex  website is 1.2 pips, which is in line with usual industry levels. But as already noted, these parameters mean nothing when you’re dealing with scammers.

TRP FOREX DEPOSIT/WITHDRAW METHODS AND FEES

According to the information on the website, TRP Forex accepts dollar deposits via bank wire transfer. The other option is to deposit in Chinese Yuan via the UnionPay platform. After the initial deposit of 1000 USD, the minimum amount for subsequent deposits is 100 USD.

As TRP Forex does not have Terms and Conditions and other legal documentation, there is no information available on other fees and conditions for withdrawal.

HOW DOES THE SCAM WORK

With all the buzz surrounding skyrocketing prices of cryptocurrencies, many people are starting to consider investing in the financial markets as a bid to improve their fortunes. Scammers on the internet have taken notice of that and take advantage of the ignorance of the general public by creating countless websites posing as brokers. These websites offer no real brokerage services and only deceive people into believing that their money is really being invested.

If you come across such a scam website and give out your contacts, you will be contacted by experienced scammers who will convince you that they can take on all the frighteningly complex aspects of investing for you. But you will never get any real profits, nor will you be able to get back the money you deposited. The terms and conditions of these websites are riddled with clauses that make withdrawing funds from your account unfeasible – for example, extremely high minimum trading volume requirements or hefty fees of 10%, 20% or even more of the amount.

Scammers hide behind fake addresses and names and operate through offshore companies that are not subject to regulation and scrutiny. So even if all the withdrawal requirements are met, they may simply disappear and move on to their next fraudulent scheme.

WHAT TO DO WHEN SCAMMED

It is very important not to rush into trusting people on the internet who offer to magically refund your money for a fee. These are also scammers, and they may even be the same ones who scammed you in the first place.

If you have made the transfers using credit or debit card, you can claim a chargeback. Visa and MasterCard allow this to be done within 540 days. However, such a request may not be approved if you have given the fraudsters documents such as a copy of an ID and proof of address. This will allow them to claim that the transaction is legitimate and approved by both parties.

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27 Comments

  1. TRP financial limited- they stole my 800 usd. How can I get back. Is there any chance to ban them from mt5. Or can I get my money back.

    1. I have same case as you, I lost 15.000 USD can we comunicate.

      1. Hi ..
        How are you trying to withdraw ?

  2. Trp financial limited is scam I’m using MT5 forex trading app with broker name is TRP FINANCIAL LIMITED at the time of complete withdrawal they are asking for taxation amount of 20% on outstanding mt5 wallet account after i paid this amount they told me to deposit 5% of one time handling fee then after this they are saying that they received transaction error from receiving end so that I need to pay fresh withdrawal fee of 2000 usd again
    Please ban this trp financial limited from forex trading..save others hard earned money

    1. Hello Swapnil,
      did you get any solution as I am also facing the same problem. TRP customer care have asked to deposit 20% of the wallet money as tax verification.

      1. Please come to my whatsapp

  3. I have a account in TRP I was trying there I invest here 3000 USD and I make progit 5000 now I have in my account 7865 USD.
    When I needed money I subbmiited withdraw application but funds not arrived in my account. Can any one help me here plz

  4. There is Chinese girl behind these scams they find the guy who is willing to invest in trp financial limited broker through mt5 app firstly they will add some amount by themselves later once profit generated they will force to deposit you the more amount in return of more profit but once you put withdrawal request of your funds they will simply asking for 20% taxation amount later one time handling fee even after you have meet all these requirements they will told you something that some error of something like you need to deposit more amount
    Don’t get trapped also mt5 needs to ban and report these trp financial broker from their site

    1. Hi swapnil ,pls share your email /phone to communicate further ,we have to take a certain step to stop this fraud broker . I lost 20000 $ , going to register a case soon against this broker to recover my hard earned money .

  5. sir maine trp financial limited a fraud hai ise band kar dena chahiye
    maine 2000 hajar invest kiye ab mere account me 3200 usd hai maine jab withdraw kiye to account disbled kar diya hai
    please isko hatao

  6. Trp financal limited Definitely a scam company. I deposited 2000 dollars. When I made a withdrawal, they said that you need to switch to vip. They want 2000 usd money to switch to vip. Do not be fooled by this company.

  7. Did anyone successfully withdraw their funds from TRP Financial Limited? They are asking to deposit 20 percent tax even before withdrawing anything? How is everyone trying to recover their money. Please reply

    1. I was able to make withdrawals of around 500 dollars in different exhibitions but I currently invested 8 thousand and it tells me that to withdraw I have to pay 20% taxes of the total of my account, but now that I see this I do not feel safe
      —————–
      Yo pude hacer retiros como de 500 dólares en diferentes exhibiciones pero invertí 8 mil actualmente y me dice que para retirar tengo que pagar un 20% de impuestos del total de mi cuenta, pero ahora que veo esto no me siento segura

    2. I’ve withdrawal 300 USD

      1. Help me sir please

        1. Brother, has your money been seriously withdrawn, if it has happened, please help us too.
          ———-
          Bhai aapka money seriously withdrawal ho gya kya , agr ho gya hai to please humari bhi help krdo please

  8. Trp financial limited is a scam they disabled my account after rejecting my withdrawal request. They are the worst scammers

  9. I’ve my 3500 dollars stuck in TRP.

    Can anyone know, how can we get it done.. ?

  10. What is happening I can’t login to my account can someone please explain what is happening with the trp broker or have I bee scammed

  11. Hi did you manage to get access to your account

  12. My count is been disabled to login please help this lady called Jing scammed me

  13. They did the same with me. If there anyone knows how to send all of the money back. Let’s communicate.

    Thx. I have lost my hard earned money

  14. I lost $9000 by these bastards, they disabled my account

  15. I also lost lot of money. My account also disable.i have no online customer service number. If you contact with trp plz share how to activate account

  16. Hello, they have also asked me to pay the 20% tax and they have disabled my account, something must be done so that this company does not deceive anyone anymore.
    —————–
    Hola también me han pedido que pague el 20% de impuesto y han desabilitado mí cuenta, hay que hacer algo para que esa compañía no engañe más a nadie.

  17. This is an end broker who has no clue who has scammed my net 33000.And also locked my account and now it has also closed the phone contact number, mail id is also fake

  18. There is someone here whose money has come out from the trp Finance, if any, please help me too ,

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