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TGC FX Review - is it scam or safe?

TGC FX Review - is tgcgroupfx.com scm or good forex broker?

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

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Trading Accounts and Conditions

 

 

Trading account Minimum deposit Minimum trade size   Average Spread (& commission)
Standard Not specified 1:200   2.2 pips + $50 / lot

       

Times Global Capital Group (TGC FX) is a Hong Kong based forex and CFD broker that offers trading in forex and CFDs on the good old MetaTrader 4 platform. It has not specified clearly the trading conditions on its website, but our research revealed that the broker’s cost of trading is quite high. Worse still, TGC FX is not regulated in Hong Kong, nor anywhere else, despite the claims it makes, so you’d better not involve with it.

 

 

TGC FX Advantages        

 

MT4 available

It seems that the only positive side of this broker is the fact that it offers its services on the MetaTrader 4 (MT4) platform, which most traders know well and love using. This is due to its reliability, ease of use, and advanced functionality. The MT4 has one of the best charting packages, with numerous technical analysis indicators, and is highly praised for its Expert Advisors – automated trading strategies, written in the MQL language, which is not hard to learn, so many traders actually create trading robots of their own (and the same applies to indicators).

 

 

>> Trade with a better MT4 broker <<

 

 

TGC FX Disadvantages

 

Not licensed, SFC warning against it

Allegedly founded in Hong Kong in 2010, TGC FX is not a regulated financial services provider by the local Securities and Futures Commission (SFC). Instead, it claims to be a member of USA’s NFA, which of course is not true.

 

 

Only a few brokers have left operating in the USA due to the regulatory limitations imposed on OTC financial services providers, and TGC FX is not one of them. That being said, making false claims of regulation does not inspire a lot of trust, to put it mildly. What is worse is that Hong Kong’s regulator has officially warned the public against TGC FX.

 

High cost of trading

TGC FX has not announced its cost of trading on the website, which is not all that surprising, considering that that it is way too high than the average in the industry.

 

 

TGC FX’s MT4 in demo mode. Click on the image to zoom in.

 

We opened a demo MT4 account for the purposes of this review and found the spreads on EUR/USD floating around 2.2 pips – significantly higher than the spreads most brokers offer.

 

 

>> Take a look at the spreads of top-tier brokers <<

 

 

When we initiated a trade, it became clear that the cost of trading with TGC FX is even higher: a commission of $50 applies on top of the spread per standard lot. This means that the overall cost of trading in this par exceeds $7 (Spread + Commission) per lot.

 

Product portfolio quite limited

Another thing we noticed on TGC FX’s demo MT4 is that the broker’s product portfolio is quite limited. Clients of TGC FX are offered trading in less than 20 currency pairs, CFDs on several indices, commodities and precious metals. Most brokers offer far more forex pairs, as well as a wider range of CFDs, which also includes popular assets such as stocks and cryptocurrencies like Bitcoin.

 

 

Conclusion

 

TGC FX is one of those brokers who have shared very little information with the public, at least on the English version of its website. It is based in Hong Kong, but not regulated by the local governmental agency, nor any other. This is our main concern with this broker, as most unregulated brokers, especially those making false regulation claims, are scams.

 

On top of that, TGC FX’s offering is not all that attractive – the cost of trading is very high, and many popular assets are not included in its product portfolio.

 

 

>> Reliable Hong Kong forex brokers <<

 

 

To sum up the strong and weak sides of TGC FX

 

Pros Cons
MT4 available Not regulated, despite the fake claims
  SFC warning against it
  Very high cost of trading
  Limited product portfolio

 

Latest news about TGC FX
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Traders` reviews for TGC FX

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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