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Tfxgo Review - is it scam or safe?

Tfxgo Review - is tfxgo.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Trading account Min. deposit  Max. leverage Spread
Gold  $10 000 N/A  3 pips fixed
Platinum $25 000 N/A N/A
Diamond  $50 000 N/A N/A

 

 

Tfxgo is a UK-based forex broker that offers three trading accounts. However, it presentation of trading conditions is rather poor, and, what is worse, the broker is not overseen by any authority, hence the low rating we gave it. Below, you may find all issues regarding Tfxgo, along with a few possible benefits, provided that the broker is not a scam.

 

 

Tfxgo Advantages

 

Many asset classes covered, including cryptocurrencies

For all its faults, the brokerage at least does provide traders with a wide variety of CFDs. Clients of Tfxgo  are offered a lot of forex pairs and CFDs on indices, commodities, precious metals, stocks, as well as some of the most popular cryptocurrencies. If you are keen on trading Bitcoin and other digital assets, however, you’d better select a broker from the below list.

 

 

>> Trade Bitcoin with a regulated forex broker <<

 

 

Tfxgo Disadvantages

 

No financial regulation

Tfxgo says to be owned and operated by CHFB LIMITED, a company operating out of UK. The firm, however, is not authorized by the local Financial Conduct Authority (FCA), nor by any other EU regulator, as required by law.

 

Regulation is the single most important factor for the safety of any investment and the fact that Tfxgo does not have a license significantly lowers its credibility. The people operating the brand are not bound by any law, nor government regulator. So, potential clients (or victims) of this broker have no one to turn to in case they have legitimate grievances.

 

 

Trading conditions not fully disclosed

Another worrisome sigh regarding Tfxgo is that the broker’s website has not disclosed any essential trading parameters, other than the minimum investment required. There is no information on spreads, leverage levels provided, etc, which we always view as a huge negative.

 

Information is some pretty solid criteria for judging a broker’s legitimacy. Scammers would not share much of information on trading conditions, because they are afraid that some inconsistencies and irregularities may appear and expose the whole set-up.

 

No access to MT4, high spread

Although Tfxgo claims to support the MetaTrader4 (MT4) platform offers, it actually offers some unproven web-based interface.

 

 

Click on the image to view larger.

 

The platform seems easy to use, but lacks many of the advanced features of the good old MT4, such as great charting, MQL marketplace, automated trading via Expert Advisors, and more. 

 

 

>> Prefer trading with a MT4 broker? <<

 

 

Besides, as you can see from the image above, the spread on EUR/USD is pretty high, fixed at 3 pips. The majority of forex brokerages offer significantly lower spreads.

 

Excessive minimum investment required

It seems that one has to deposit at least 10 000 EUR or USD with Tfxgo in order to open a live account which is pretty excessive in our view. Most forex brokers require something in the range of $100 - $250 as a start, including well-established and regulated companies.

 

Unusual fees and requirements in the T&C

When we went through Tfxgo’s Terms and Conditions we spotted more worrisome things. First of all, the broker applies some pretty salty withdrawal fees. Its clients have to pay 20 EUR for each withdrawal request, and if the withdrawal is requested directly to a bank account, additional 1% of the withdrawal amount is deducted. Besides, clients cannot withdraw less than 200 EUR, and if the payment method is bank wire, the amount is even higher, 300 EUR.

 

Second, Tfxgo charges inactivity fee of 50 EUR if a client’s account is not active for 30 days, and once an account is considered dormant, a monthly administration fee of 50 EUR applies.

 

Third, it appears that the broker also requires certain volumes to be traded, in order to allow a client to make a withdrawal volume.

 

 

Click on the image to view larger.

 

 

Conclusion

 

Considering Tfxgo’s unregulated status, as well as all the other negatives we described in detail above, we are certain that there are far better trading options for forex traders. Considering the number of scam brokers on the forex and cryptocurrency markets trying to rip-off misinformed investors in every possible way, you’d better not risk it with Tfxgo or any other unregulated CFD provider.

 

There are plenty of brokerages that hold licenses issued by reputable financial authorities. Speaking of reputable regulators, one of the most prominent ones is the UK’s FCA.

 


>> A list of FCA regulated brokers <<

 

 

 

Here are, finally, the highlights of our review on Tfxgo:

 

Pros Cons
Many asset classes covered, including crypto Not regulated
  Trading conditions not fully disclosed
  Excessive minimum investment required
  No access to MT4
  Unusual fees and requirements in the T&C

 

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Traders` reviews for Tfxgo

Spread

Pros

Cons

 

 

Slippage

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Cons

 

 

Requotes

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Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Pushy, aggressive, dishonest and untrustworthy.

Very pushy when getting money from you, but with all the clever talk and figures on the web site to show you how much you can make from them trading for you. After a particularly pushy and aggressive phone call from one of there staff I requested funds from my account that was showing available and had an automated response saying it would take 5 days to transfer to my bank account.That was two and a half months ago. Many phone calls. Many promises. Four different stories as to why the money has not been paid. and three separate emails saying the money will be paid by certain dates that never happened. Now silence and cannot contact any one to try and get answers. My advice. Do not use. Tell your friends not to use.

Mr James Stace 06/02/2019
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