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Is TFXGO a scam broker?
The TFXGO broker is situated in the UK and provides three trading account types. The broker is not regulated by any authoritative body and features a fairly low-grade trading environment. Before trading with this broker you should follow this review.
The TFXGO offers traders with plenty of CFDs on indices, commodities, precious metals, stocks, also on cryptocurrencies and provides many of forex pairs. The CHFB LIMITED is the parent company of TFXGO that is operating out of the UK. After thorough analysis, it is evident that the firm not registered with FCA, UK or any other financial body. Regulation affirms the safety and security of the trader’s funds. Also, an unlicensed company has low credibility and clients are potent to scam. Another fact that is bothering about TFXGO is undisclosed trading features like the minimum deposit, spreads, and leverage levels. The scam brokers do not provide information on their trading environment. According to the website, the only assets for trading are cryptocurrencies and blockchain. However, on the web trader, one sees a range of different instruments and all the standard assets.
The TFXGO claims to feature the MetaTrader4 platform but in reality, proved a web-based interface. The platform provided by TFXGO is handy but does not have advanced features like charts, MQL marketplace, automated trading, Expert Advisors, and more. It provides the spread on EUR/USD is pretty high and capped at 3 pips. The minimum deposit required is $10000, $25000, and $50000 for Gold, Platinum, and Diamond accounts respectively. This MD is soaring high. the TFXGO’s Terms and Conditions are not properly versed and confusing. The broker charges $20 for each withdrawal request, and 1% extra on bank accounts. The charges on withdrawal change dramatically according to withdrawal options. The minimum withdrawal is also capped. It also charges $50 on the inactivity for a month. Also, the operation charge of $50 is applied every month. Furthermore, the trader should attain certain trading volumes to qualify for withdrawal.
Is TFXGO scam or legit?
Taking into account TFXGO’s unregulated status we can say that it is not a good option to trade with. The client’s funds are at high risk considering the number of scam brokers in the market. These brokers are trying to rip-off misinformed investors in every possible way. The market is filled with many regulated and reputed brokers and traders must avail their services to gain profit.