TIQ FX review – 5 things you should know about tiqfx.com

TIQ FX review – 5 things you should know about tiqfx.com

Rating: 1

Beware! TIQ FX is an offshore broker! Your investment may be at risk.

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The one strong side of TIQ FX is its visual aspect. At times it really felt like we were about to review a legit broker, and so we had to manage our time and expectations, and take it slow. Ultimately, we found what we came for: evidence that TIQ FX is actually very illicit and in no way profitable to anyone exempt itself. In the following review we have gather, what we think is, substantial evidence for why TIQ FX is not worth investing in. Read on for more.

We were soon faced with a common registration and scammer user area, of course typical for the likes of TIQ FX. At least there was a web trader. There we find that the EUR/USD cost of trade is 0 pips. However, there are commissions, but applied for the higher account types. Considering that we opened a basic account type, we have to assume that ither the values are manipulated, or that there is no difference in the accounts a user choses. TIQ FX has made it all the same, except perhaps for the minimum deposit requirement. It’s a scammer move if there ever was one. This low a spread is impossible, and add to that the confusion with the account types, and what we have is one very untrustworthy set of trading conditions.

The available assets are stocks, cryptocurrencies, commodities, forex currency pairs, and indices. The leverage is said to be 1:100 for the basic account, and 1:500 for the rest.

TIQ FX REGULATION AND SAFETY OF FUNDS

TIQ FX is a Saint Vincent and the Grenadines broker through and through. Its official address is there, and its regulatory information states that it is regulated by the Saint Vincent and the Grenadines Financial Services Authority. Let’s see what it wrong with these claims.

First and foremost, the Saint Vincent and the Grenadines Financial Services Authority does not regulate the FX market industry and thus has no right to issue licenses. The authority regulates the local banking sector and that’s as far as its power goes. TIQ FX has lied here.

In fact, there is no regulator in Saint Vincent and the Grenadines pertaining to the licensing of FX entities. Therefore, TIQ FX cannot be regulated there.

Then we have the fact that this country is home to thousands of registered (but unlicensed) scammer brokers, all of which have somehow eluded the local authorities, probably due to the forgiving nature of said authorities.

And so, TIQ FX is not licensed there, nor anywhere. It is unregulated 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 EuropeanUKUS, 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.

TIQ FX TRADING SOFTWARE

Yes, the broker offers the MT5, something that we never expected to find here. But, nevertheless, we do not recommend it at all!

We don’t know how TIQ FX did it, but it did it. It offers the MT5 as both a web trader and a desktop trader. But even with it included it does not change the fact that the broker is illicit and a risk!

TIQ FX DEPOSIT/WITHDRAW METHODS AND FEES

From the user area, the payment methods are credit cards, debit cards, and wire transfer. The bank transfer encourages direct bank deposits, which means that they won’t be refundable. As for the cards, the user is encouraged to contact support, initiating the first major soliciting step.

We get nothing from the withdrawal area.

The website, reveals the minimum deposit to be $250, but something tells us that the broker will accept what ever you send its way.

As for fees, we have the common undisclosed charges that are there. But there are no details on them, as we don’t really know how and when they apply. TIQ FX is a risk to all and a scam!

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.

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