Beware! TYS Finance 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.
TYS Finance is the type of scam broker we have seen thousands of times so far. It suspiciously resembles some other scam websites we have reviewed already, but that’s not the only issue with this firm. TYS Finance falsely claims to be globally regulated by many popular jurisdictions like the UK’s FCA, Australia’s ASIC and so on. Just remember one thing – this broker isn’t licensed nor authorized to offer financial services by any regulator.
Not only that but it also requires too high of a minimum deposit. Not to mention its insufficient trading platform and shady payment methods. Keep reading the full review for more details on what’s wrong with TYS Finance and why you should avoid investing there.
Regulation and safety of funds
TYS Finance claims to be fully regulated by several international jurisdictions. What’s more this broker displays a registered address in Switzerland, which in our opinion is most probably fake and you’ll see why in a couple of seconds.
Any broker based in Switzerland must be licensed by the Swiss Financial Market Supervisory Authority. However on the website of TYS Finance there isn’t anything mentioned about being regulated by this authority. Of course we searched the registers of FINMA but there was no data about TYS Finance, so apparently this broker is not authorized to operate on the forex market.
On top of that, TYS Finance claims to be regulated by many well-known financial authorities among which are the UK’s FCA, ASIC (Australia), CySEC (Cyprus) and IFSC (Belize). Needless to say that we checked all of the above listed entries but there was no company with the name of TYS Finance. Like many other scam brokers, this one also relies on the popularity of these institutions just to win your trust. In reality however TYS Finance is nothing more than a fraudulent technique that aims to pocket your money overnight.
Swiss brokers with legit forex licenses are obligated to keep up with the rules as they are constantly supervised by the local financial watchdog. As a beginning they must meet the minimum capital requirement which states that every regulated broker in Switzerland must have at least 20 000 000 CHF in order to be granted a license in the first place. After that legitimate brokers must keep their clients’ funds in segregated, trusted accounts. No matter that TYS Finance also claims to keep your money in a safe place, simply don’t trust this broker, as it operates outside the law, as we already stated.
In addition, every deposit with Swiss regulated brokers is ensured against insolvency for up to 100 000 CHF. Again, don’t expect such client protection from unauthorized brokers like TYS Finance.
TYS Finance claims to offer its own “innovative” trading platform that has “a variety of possibilities”. Apart from that there isn’t anything else mentioned on the topic – no specific information that can be useful for the trader. This broker also doesn’t give the opportunity to preview its trading software, so the only way to actually see what it looks like is to open an account. This is not advantageous at all, as you can end up using some very plain platform with no special features.
But anyway, we were curious to know what TYS Finance really offers, so we quickly registered and entered our account. First of all, everything was in Russian, which seemed suspicious and somehow familiar (like many other scam broker’s websites that we have reviewed).
Moreover it turned out exactly how we suspected it to be – this broker provides a simple web-based platform with basic tools and indicators. But wait – there’s more. In fact this software doesn’t seem to work properly, as there are no Buy and Sell amounts, therefore no data about the spread this broker offers. Take a look:
This type of “platform” is very commonly used by scam brokers, that’s why we weren’t surprised to see it here as well.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
TYS Finance claims to offer three different accounts – Beginning, Lover (whatever that means) and Professional. Take a look at some more details on the first one:
The minimum deposit for this account is 1000 USD, which is a lot more than the standard amount most genuine brokers tend to ask for (250 USD). There really isn’t any point in starting with such a high amount, especially when it comes to trading with unregulated brokers like the one we are dealing with. Not to mention that legitimate firms usually offer mini accounts for around 10 USD.
The leverage of 1:20 that this broker provides is actually OK for trading in general. There is no limit in Switzerland when it comes to leverage, but some other markets like the UK and the EU have capped the leverage to 1:30 because of the associated risks. In case you want to trade with higher leverage you can either choose some of the Swiss regulated brokers or look at some of the offshore subsidiaries of reputable forex brokers.
When it comes to spread, we don’t have the slightest idea what to expect with TYS Finance. There is no data on the website and the trading platform doesn’t work properly, as we already mentioned, so you better skip on investing here. Instead, here’s a list of some legitimate brokers that offer attractive spreads for real.
Deposit/Withdrawal methods and fees
TYS Finance also doesn’t specify what payment options it provides. After we registered it turned out that the only possible payment methods with this broker are cryptocurrencies – Bitcoin and Tether, to be precise. See for yourself:
This is typical for scammers, so if you come across such trading conditions just run as fast as you can. The reason being that crypto transactions are completely irreversible, so the chance to get your money back is practically down to zero.
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!