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Tfxgo Review - is it scam or safe?

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

RATING: 1 / 4 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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Requotes

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Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

Tfxgo - Loss, loss, loss

I found my experience quite exhausting.
I initially invested £250. I received a phone call and was advised I needed more funds. I paid my first installment and agreed to chat the following week. I received another call from the broker and was told that it was growth time to invest in a companies shares. Again I was talked into depositing more funds. I asked how my profit was going, no feed back. Again the broker said he would phone me back the following Monday that he was keeping an eye on my funds. On the Monday he called me and tried to get me to take a loan, saying 'it will be covered by' the company'. To arrange the loan then get in touch to give the details. He said he would phone me in 5 minutes and to see how it was going. During the time I was on the phone he was on my computer screen sending messages to me. He rang me later and when I said I could not get the funds. I said I was fed up with calls asking for more money at which he got verbally aggressive telling me I was not committed and why did I not trust him. That his company had put money in as well. After the call I felt pretty angry I went into my account and made a couple of transactions. On the Monday I had a call from him saying what have you been doing you have lost all your money as one of my funds had crashed. I tried to ask him why he had not closed it when he saw it on screen. No answer. I am still trying to get money back 2 weeks later and my account is blocked by hin so I cannot see what if any funds I have left.

Philip Hollins 08/07/2019

Fraud

They make millions by skimming money from customers accounts in to their shady accounts by having access to your trading acount and making trades on your behalf, but at the same time they open versa trades with bigger volumes of their shady accounts and you loose big time, and they gain, then they blame market. Report them to actionfraud.police.uk , these scammers need to be shut down.
Do not invest money with them - there are true trading platforms , if you wish to do any trading

Jane 07/21/2019

TFXgo - SCAM

TFXgo is a company from Sarajevo - Bosnia. The real name is IN Solution, owned by Chen Ganon. And there is a way to get your money, just involve your lawyers guys.. The money ends up in Cyprus

Magnus 06/17/2019

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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