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TBFX Review - is it scam or safe?

TBFX Review - is tbfxtrades.com scam or good forex broker?

RATING: 1 / 0 REVIEWS TBFX
TBFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Standard  N/A 1:30 from 0.35 pips
Pro  N/A 1:30 from 0.28 + GBP 2.50 /lot

 

TBFX presents itself as a FCA-regulated brokerage with more than 14 years of experience and offices in over 13 countries. It also claims to offer trading in wide range of assets and the two account types presented above.

 

While all of this sounds really good, there is one major problem: it is actually offered by X-Trade Brokers, a.k.a. XTB, and TBFX has simply cloned its website, including the lay-out, the broker’s trading accounts, company and regulation information, etc.

 

 

TBFX Advantages

 

None.

 

 

TBFX Disadvantages

 

False claims of regulation

According to their presentation, the broker is a trademark of TBFX Limited, a company allegedly authorized and regulated by UK’s Financial Conduct Authority (FCA).

 

Click on the image to zoom in.

 

However, going on the online registry of the regulatory agency we find no mention of the company’s name, which leads us to conclude that the information presented on the website is faulty and that the broker is not legitimate. All in all, forex brokers that present such purposefully misleading information are pure scammers.

 

Exposed by the FCA as a clone

TBFX was blacklisted by the authorities in the UK as a potential scammer, which is not surprising considering that the broker’s website features the 'firm reference number' (FRN) of another company.

 

 

More specifically, the FCA reported that TBFX is not authorized to offer financial services in the country and is illegally using the details of XTB Limited., which operates the XTB forex brokerage brand. This is commonly referred to as “a clone firm” and has become a popular scam tactic among dodgy brokerages like TBFX.

 

Cloned website

As we mentioned in the beginning, TBFX doesn’t just use the FRN of another brokerage – it has cloned the entire website of XTB, even the logo. See for yourselves.

 

 

Click on any image to zoom in.

 

Furthermore, the trading account types and the trading specifications on the two webspages are almost the same.

 

No demo accounts

Like XTB, TBFX claims to support xStation5 - XOH Trader based platform which is fully-customizable and equipped with great analytics. As the broker also claims to offer demo accounts, we signed up, but only got access to this dashboard, where obviously trading is not enabled.

 

Clcik to view full size.

 

That being said, XTB also supports the MetaTrader4 (MT4) - the most popular forex trading platform for more than a decade now. This is due to the software’s user-friendly interface and the full set of professional tools and features it supports. The latter include more than 50 in-build market indicators, various charting tools and an option to run automated trading sessions, using customizable trading bots (Expert Advisors),

 

 

>> Choose some of the best MT4 brokers <<

 

 

Conclusion

 

TBFX is a brutal scam that illegally uses the details of UK-based broker XTB and has actually cloned its website. Obviously, the fraudster tries to mislead investors that it is a part of the well-established and regulated UK firm, with which it’s not related. Unsurprisingly, TBFX was blacklisted by the FCA as a clone firm and the UK financial watchdog warned the public against dealing with it.

 

The FCA is able to enforce proceedings against firms which are authorized by it, however false websites which are not licensed and do not provide any financial products (which might be the case with TBFX) often fall outside their jurisdiction. Such clone firms and websites can, of course, be considered a matter for criminal investigation.

 

So, don’t allow TBFX or any such fraudsters get you pulled by the nose. Always check the company names and registration numbers of the brokers in the websites of the respective regulators and make sure you only invest in financial services providers regulated by reputable authorities.

 


>> Find the best UK FCA-regulated brokers <<

 

 

And finally, here are the highlights of the present review of TBFX:

 

Pros Cons
None False claims of regulation
  Blacklisted by the FCA
  Cloned website
  No demo accounts

 

Latest news about TBFX
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Traders` reviews for TBFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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