Beware! Tigersfm 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.
With a name like Tigersfm there is no way that this broker will turn out to be legitimate. The title is funny and not in the good smart way, but in a very awkward way. Relying on such a common and heavy imagery is a sign that the broker does not have anything solid to hold on to, and so it choses a symbol to keep it steady. It’s the common sign that a company has no professional or expert leverage, and is in for the profit alone. Read the review to get to know this shady broker.
We were able to register with extreme ease, meaning that just about anyone can do so, allowing the broker to scam anyone. This, in turn, produces more opportunities for profit for the scammer.
We were redirected straight to the web trader. At least Tigersfm has one. There we could trade with the following categories of financial instruments: forex currency pairs, stocks, indices, commodities, and cryptocurrencies. The EUR/USD cot of trade was 2 pips, which is just next to the border of the unacceptable. The leverage is capped at 1:200 according to site’s basic account type. However, during our registration process we were never asked to chose an account type so how can we know that the account types advertised on the site are applicable? We don’t think they are. Moreover, the trading info on the site can be quite contradictory to the one on the website, another subtle sign that Tigersfm is a scam!
TIGERSFM REGULATION AND SAFETY OF FUNDS
The only useful thing we found out is that the broker, allegedly, adheres to the laws of the United Kingdom. But this is not nearly enough evidence to place our trust in Tigersfm. In fact, it actually makes us ask more questions, more than those it attempts to resolve. Let us try to answer the main ones.
Is Tigersfm regulated in the UK. The big one. Well, not it isn’t, for not only is there no proof of this on the website, but the UK’s FCA has no information pertaining to Tigersfm holding any sort of license. So, the broker is not regulate in the UK.
What about it adhering to the laws? It cannot abide by the laws of the UK without being officially recognized as a legit FX broker by the FCA first.
And a registration? At least Tigersfm should have that, right? Again, without a UK license any UK-based registration is a hoax.
In other words Tigersfm is not affiliated with the UK in any legal way. Considering that there are no further legal details, we can safely conclude that this broker is completely unlicensed. And a risk to all!
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
TIGERSFM TRADING SOFTWARE
Here’s the web trader:
It was glitchy and buggy at the same time, and when we were not constrained by its constant errors we came to realize that it offers very little in terms of both quantity and quality.
TIGERSFM DEPOSIT/WITHDRAW METHODS AND FEES
In the user area, we are told that the minimum deposit requirement is $250.The available payment methods are credit and debit cards, used via OpenUp, an e-wallet that did not strike us a a very legitimate one.
The withdrawal area present contradictory information; that the payment methods for withdrawing are wire transfer, crypto wallet, credit cards, and “other”. What the last category entails, we have no idea. Not to mention that with the inclusion of all these methods, safe for the credit cards, Tigersfm essentially reveals that it does not follow anti-money laundering rules.
There are also undisclosed withdrawal fees, and a non deposit funds clause (essentially saying that profit gains are not available for withdrawing). Tigersfm is an obvious risk to all!
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.
