Beware! Tierl-fx 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.
Tierl-fx is a very well-presented broker. If were to embody something, we cannot think of a better personification than that of a well-dressed businessman. It’s slick, smooth, confident, and hides its own agenda buried beneath smiles and handshakes. Behind all the splendor, Tierl-fx turns out to be quite underwhelming, as it continued to undermine our expectations. Its visual high ground is its most powerful tool and it uses it well. The details here are crucial, and Tierl-fx has made the mistake of assuming that the stone will be left unturned.
We could not register because of a very uncommon issue. The broker would not accept any password that we gave it, with each attempt producing an error message that did nothing to clarify our mistake. After a couple of very frustrating minutes, we came to the verdict that Tierl-fx did not want us to enter its client portal.
And so we have to rely on the website. The promoted asset types are forex currency pairs, commodities, indexes, and cryptocurrencies. The average EUR/USD spread is said to be 0.2 pips, but not without a certain undisclosed commission. The leverage is capped at 1:30.
The website is available in English with no other language choices.
TIERL-FX REGULATION AND SAFETY OF FUNDS
The parent company of the broker, we are told, is regulated by the MFSA, or the Malta Financial Services Authority. The regulation checks out, however soon after we realized the truth of Tierl-fx.
The broker currently being reviewed is actually a clone of another company with a very similar name- Tier1FX. The subtle difference lies in the substitution of the number “1” for the letter “l”. As you can imagine, this can very easily go unnoticed.
And thus, it is not Tierl-fx that is licensed by the MFSA but Tier1FX. The former is a complete and utter clone and a scam. Even the site of Tier1FX has been updated with a warning pertaining to the clone firm.
Tierl-fx also gives a contact address in Singapore but it seems to us that its inclusion was a last-minute decision. Just to make things clear, Tier1fx is neither regulated in Singapore by the local overseer nor is it registered there. The address is misleading.
Therefore, we can once and for all conclude that Tierl-fx is not regulated, is a clone, and a scam. All investments will be lost! It’s also one of the best copy-cat companies we have ever seen making it even more dangerous!
If one were to find a reason for investing in unlicensed brokers it would create a seismic shift in the market industry. But until then, your money will be wasted with unlicensed entities. Their only purpose is to steal money and use it for their own benefits. Not unlike regulated brokers, whose goal is to provide a stable, safe, and fair trading environment. We say go for any UK, EU, US, or Aussie-regulated brokers, although there are many other great licensors out there. Financial watchdogs are responsible for sustaining the market industry as a whole, and they are what keeps everything in place. Without them scammers would be rampant. Put your trust in them, for we have!
TIERL-FX TRADING SOFTWARE
The site claims that it offers the MT4 plus its very own proprietary tech for improving the client’s trading experience.
Yet, without access to the user are we could not get our hands on the software. And let us not forgo the crucial detail that the broker is a clone and a scam. Therefore, we are more than certain that the MT4 used by Tierl-fx does not have its own trading servers.
As for the innovative proprietary tech features, we doubt that they even exist. This is another attempt by Tierl-fx to trick users.
We can conclude that there is no trading software used by this complete scam of a company.
TIERL-FX DEPOSIT/WITHDRAW METHODS AND FEES
All we have left is the website for all the payment conditions. We would like to remind our readers that Tier1fx is not regulated, and therefore whatever it says on the site is most probably a lie.
The minimum deposit is said to be $1000, and the payment methods are credit cards, debit cards, and wire transfers. Withdrawals are burdened by fees: $20 for wire transfers.
We don’t know how much of the payment conditions have been copied from the original legit site, and we don’t have to get into details. The most important thing to remeber is that Tierl-fx is not worth a second of your time. It is a clone and a scam! Never invest in it!
HOW DOES THE SCAM WORK
The way the scam works is the same way it has been since the begining. Very few changes have been made since its inception.
First, the user is attracted to one of many online ads that promise wealth and prizes, or he can be triggered via an email received from the broker.
If these sound too good to be true, then the user, out of curiosity, will scout the website of the broker and either be fooled by the offers there or will immediately understand the fraudulent nature of things.
The broker will require some sort of contact method from the user, so that the scammers can keep a tab on the user. The client will then be pushed into investing as many times as possible, but the general rule is that once an initial deposit is made the user will be more willing to invest more.
At some point – it’s inevitable – the user will feel like he wants to see some of that promised money, and will ask for a withdrawal. At this point, the broker has lied his way through a couple of investments. Once the withdrawal request hits, the broker will do everything in its way to stall it or cancel it. One way or another, the user will have a very hard time receiving his money back.
WHAT TO DO WHEN SCAMMED
VISA and MasterCard have extended their chargeback periods to 540 days, meaning that user has more than enough time to file for one. This is the safest bet for your money back.
If the money invested was made through a bank, then we urge victimized users to change their bank account pass and user name ASAP. And then they should contact the bank support team and explain their situation.
Crypto investments are the riskiest of all because they are untraceable. Only the broker can repay you if it wishes to do so.
Do not put your money with recovery agents no matter how tempting it may sound. It’s the temptation that got you in this mess in the first place! Recovery agents will promise to reimburse users for an exchange fee that will be also stolen!