The foreign exchange broker TFXGO is a UK-based company. It provides three different trading account types. However, the trading environment presented is not credible. The main issue with this broker is it’s licensing and regulation. We are here to provide you a critical analysis of TFXGO. Please make sure you go through this scam broker review.
There are several offerings of TFXGO. It starts from a plethora of CFDs on commodities like metal, oil, the farm produces, shares, and cryptos. The company called CHFB LIMITED is the owner of TFXGO and claims to be situated in the UK. On the contrary, this company is unauthorized by the local Financial Conduct Authority (FCA) of the UK and also other EU regulators. The unauthorized and nonregulated foreign exchange brokers are not trustworthy. Also, they fall under a potential scam brokers list.
Another fact of worry about this brokers is its website does not showcase the trading environment. The traders are kept blind until they open a real account with depositing real funds. This trick is used by various scam brokers to lure the traders. Such brokers try to hide as much information so no one can expose them. These sorts of irregularities are a key component to find out any potential scam broker. Another misinformation provided by TFXGO is that it offers to trade on the MetaTrader4 platform. Unfortunately, this broker offers an unknown web-based trading platform. This platform misses everything which is provided by MT4 platform. Also, the interface is hard to use and has several bugs.
The spreads provided by TFXGO on EUR/USD FX pair are high and capped at 3 pips. Genuine brokers provide lesser spreads. The minimum deposits range from $10000 to $50000. This minimum initial investment is multifold higher than the market average of $200. The terms and conditions mentioned are unusual and unfair. Withdrawal costs $20 each time. Direct bank withdrawal also costs 1% extra on above mention value. The withdrawal limit is capped at a minimum of $200. It also applies a dormant fee of $50 for one month’s inactivity. Also, it can be noticed that to be eligible for withdrawal traders must achieve some trading volumes.
Is TFXGO scam or legit?
From the above discussion, we can confirm that the TFXGO is unregulated and unlicensed FX broker. It is also evident that TFXGO is an offshore broker. The trading conditions are unfavorable and the trading cost is super high. Withdrawal terms and conditions are insane. In conclusion, TFXGO can be a potential scam broker. There are several genuine brokers available in the market and traders are advised to use them.
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