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It has always been difficult to choose a trustworthy forex broker from among the hundreds that are accessible. Dishonest brokers continue to operate in the forex market despite stringent regulatory procedures to identify and counteract scam components. Hence, choosing a broker carefully is essential, especially if you’re just getting started. This article outlines why trading with dubious brokers like TP Global FX may not be a good idea.
A Brief Overview of TP Global FX
TP Global FX is a Nigerian broker that was established in 2017 and is registered in St. Vincent and the Grenadines (https://www.tpglobalfx.com/). The business asserts to be governed by the Vanuatu Financial Services Commission (VFSC). The business offers a STP pricing structure in addition to offering several trading platforms and different account kinds. According to the company, the leading liquidity providers in the market transmit live trade rates for the foreign currency market to TP Global FX customers in real-time. Debit cards, credit cards, wire transfers, etc. are all acceptable forms of payment, and there is a $50 minimum deposit required to start an account with the business. While the firm compensates introducing brokers for referring clients to them, it also uses contests to attract regular traders. The business offers email and telephone customer care.
TP Global FX: Is it governed?
The website boasts about the broker’s registration with the Vanuatu Financial Services Commission (VFSC) and the St. Vincent and Grenadines Financial Services Commission, and claims that the broker is a legal entity in Nigeria established in accordance with the Companies and Allied Issues Act of 1990. (SVGFSA). The SVGFSA, however, lacks credibility as a regulator of financial service providers and lacks the power to licence or oversee intermediaries that offer online trading services.
Most crucially, the firm with the regulation number 40409 is no longer listed in the Financial Dealers Licensee List of the VFSC from 25 November 2022, indicating that it has not been regulated since then.
Also, this firm was cautioned by the British Columbia Securities Commission (BCSC) in 2021.
The majority of traders and investors have a poor opinion of TP Global FX. Consumers have mostly voiced complaints over the business’ withdrawal practises. Consumers complain that the broker always offers weak justifications when they request a withdrawal but never truly distributes their money.
TP Global FX: Why Is It A Fraud Broker?
The broker is questionable for a number of reasons, some of which are listed below.
First of all, TP Global FX is an offshore broker with a dubious regulatory history.
Second, TP Global FX organises a variety of competitions in which traders must maintain a minimum balance of $500 to take part. Customers say, however, that the broker never pays their gains.
Lastly, what can you anticipate from a Nigerian business with a Dubai headquarters that is licenced by the SVGFSA & VFSC and offers consumers a UK contact number?
The business is also charged with using lucrative transactions to deceive consumers into feeling secure and hook them on “easy money.” This is done with the hope that investors will contribute more money in order to boost their returns and generate more recommendations. The brokerage, on the other hand, excels at draining an investor’s account and then freezing it after winning back their trust.
To sum up
You must exercise due diligence and properly study the broker before disclosing your personal and financial information to them, regardless of how legitimate a firm may seem. Seek out brokers who have been approved and regulated by recognised organisations like the FCA, ASIC, CySEC, etc. To learn more about other traders’ experiences, check their reviews and comments on review sites like Brokersview.