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TpsFXMarkets Review - is it scam or safe?

TpsFXMarkets review - Is tpsfxmarkets.com scam or good forex broker?

RATING: 1.1 / 1 REVIEWS ForexBrokerz TpsFXMarkets
TpsFXMarkets is an offshore broker. Your money is not safe.

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TpsFXMarkets is a forex and CFD broker offering four account types with leverage as high as 1:500 and a choice between the MetaTrader4 and the MetaTrader5 platform.

 

Account type Min. deposit Max. leverage Spreads
Silver Account $100 1:500 1 pip
Gold Account 500 1:400 1 pip
Platinum Account 2000 1:200 0,8 pips
Diamond Account 5000 1:200 0,5 pips + $10/lot

 

And TpsFXMarkets claims to be based in Australia and to be regulated in St. Vincent and the Grenadines. There are a lot of issues about the regulatory status and the legitimacy of the broker however, so if you are about the open a trading account with them better read this review first.

 

TpsFXMarkets Advantages:

 

Supposedly a large selection of trading instruments

 

From their presentation we understand that TpsFXMarkets offers over 175 trading instruments, ranging from currencies, commodities, and metals, to options and indices.  TpsFXMarkets does not mention crypto assets however, so here you may also check our list of brokers, trading with bitcoin CFDs:

 

 >>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Ever since the European Securities and Markets Authority (ESMA) capped the maximum leverage allowed for retail traders, following similar steps by the regulators in the U.S., Canada and Japan, in a coordinated effort to curb investment risks, such high leverage levels are available only with offshore brokers like TpsFXMarkets or brokers regulated in places like South Africa or New Zealand.

 

Various payment methods

 

TpsFXMarkets says to accept payments with credit and debit cards like VISA and MasterCard, Union Pay, which is predominantly used in China, bank wire and a number of e-wallets including PayPal, NetellerSkrill, QIWI, Webmoney and FasaPay. Unfortunately we were not able to proceed with our registration to confirm that. 

 

Also, as we do not see the option to pay with crypto currencies here you may check our list of brokers accepting bitcoins:

 

 >>Forex Brokers Accepting Bitcoin<<

 

Acceptable minimum deposit requirement

 

Just for the record, in one part of their presentation TpsFXMarkets say you need to deposit 100 USD to open a trading account, while in another they talk about 200 USD. Even if the minimum deposit requirement is 200 USD however, it is still in the range of what most other brokers would also require. And yet, bear in mind that with some big and well established brokers like FBS and IG you will be able to open a trading account with just 5 USD or so.

 

A choice between MetaTrader4 and MetaTrader5

 

At least that is what TpsFXMarkets promises us in the presentation. Unfortunately we were not able to download the platforms and test a demo account. Otherwise MtetaTrader4 is undoubtedly the most popular trading platform on the market – featuring well over 50 customizable market indicators and trading robots, with the help of which you can easily run algorithmic trading sessions. And the platform is equipped with an excellent set of advanced charting tools, so here you may also check our list of brokers supporting the platform:

 

>>MT4 Brokers<<

 

TpsFXMarkets Disadvantages:

 

Falsely claims to be regulated

 

TpsFXMarkets, which is owned and operated by TPS Markets Ltd, says to be a privately owned Australian broker with headquarters in Sydney. Instead of an Australian forex license however, they claim to be  regulated by the Financial Services Authority (FSA) of St. Vincent and the Grenadines. 

 

So far so good, except for the fact that  FSA of St. Vincent and the Grenadines regulates only the banking and the insurance sector, and not retail forex and CFD brokers. In fact FSA has even issued a warning, that can be seen on their homepage:

 

 

All that means TpsFXMarkets is deliberately trying to mislead investors that they are a regulated broker, while in reality they have no legit forex license.

 

Trading with a properly regulated broker is the only way to avoid getting scammed. Legit forex licenses are issued by official financial regulators like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

What is more, with a FCA broker you will even get an insurance, covering 85 000 GBP of your funds. Here you may check our list of forex brokers regulated by the FCA in the UK: 

 

>>FCA Regulated Forex Brokers<< 

 

Trading bonuses

 

You should be especially wary if a broker offers you a trading bonus, because of the additional withdraw conditions such promotions are invariably linked to. For example a trading bonus is always liked to some minimum trade volume requirement, which quite too often is used as a pretext to cancel your withdraw requests. As you can see TpsFXMarkets offers you a trading bonus even before you get the chance to fully open their website.

 

 

No link to the client agreement

 

The client agreement is a key legal document, containing all the terms and conditions a trader agrees to, when signing for a live trading account. Unfortunately we were not able to find it on TpsFXMarkets homepage. Just bear in mind that you should always read through your client agreement carefully before depositing any money with a broker.

 

No demo account

 

Unfortunately we were not able to open a demo account and taste the TpsFXMarkets trading conditions first hand. Otherwise they say to be offering spreads starting form 1 pip with their opening account, which if true sounds attractive. In any case you can always check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

 

TpsFXMarkets is not a broker we can recommend. They falsely claim to be regulated by the Financial Services Authority (FSA) in an apparent attempt to mislead their customers. As we already discussed trading with unregulated brokers is extremely risky as quite too  often such brokers are simply involved in scam.

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Traders` reviews for TpsFXMarkets

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