Tfxgo

Tfxgo does nothing out of the ordinary to impress us. The moment we scrolled through the home page of this broker, we swiftly concluded that something was off. Read on to find out if our skepticism paid off.

The closest we get to a regulation is an address in the footer and the T/C. The address locates the broker in London.

As is known, in order for a broker to legally thrive in the UK it must be regulated by the FCA. The FCA requires detailed reports, proof of financial stability and unconditional compliance with rules and requirements for all brokers under its gaze. For the safe being of traders the FSCS is able to reimburse victimized clients up to £85 000, if the broker is unable to pay its debts.
Both Tfxgo and CHFB Limited (a subsidiary) are not included in the FCA registry, thus confirming our suspicions, and putting Tfxgo directly into the UNREGULATED brokers category.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Always double check if a broker is licensed, especially if it does not include any information in the footer or anywhere else on the website.

Tfxgo’s EUR/USD spread is directly read from the broker’s trading platform. The average cost of trade is 3 pips, which is exceedingly high. Considering that this spread is twice the size of what is considered the industry standard, it’s simply not worth a trader’s effort.

According to the website the only assets for trading are cryptocurrencies and blockchain. However, on the web trader one sees a range of different instruments: all the standard assets:

The website can be accessed in English and German.

TFXGO LOGIN

As the majority of unregulated brokers, Tfxgo has included just one trading platform.

TFXGO TRADER

This proprietary trader is nothing to get excited for. The premise is simple and typical for an unlicensed brokerage. The are multiple time frames, chart indicators, and options for optimizing a traders game, but the bulk of it leaves us wanting more. In order to retain us the trader needs to add more to its repertoire.

The average EUR/USD spread is 3 pips, which is high and is not really beneficial to anyone. The leverage as mentioned in unknown.

We were able to only open a web version of the trader. After going through the website a second time, we are sure that this is the only way to access the trader.

TFXGO MINIMUM DEPOSIT

The deposit methods are via Wire Transfer, Bitcoin, Credit/Debit Card.

The minimum deposit with Bitcoin is $20, while with Credit/Debit Cards it’s $250.

Due to the broker’s lack of any regulation, we advice against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

This brokers explicitly mentions in the T/C to cover the CVV code when providing details, yet we feel compelled to remind you of the dangers anyway. The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

These two softwares allow for others (in our case the people behind the shady brokerage) to log-in to your PC and flip through all files and browser history, essentially taking over your computer as another user and having access to your personal information like bank account passwords, credit card information etc. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TFXGO WITHDRAWAL TIME AND FEES

The minimum withdrawal for Credit Cards is €200, and €300 for Wire Transfer. Considering that the average minimum withdrawal rarely surpasses €50, Tfxgo’s minimum not only seems but is ridiculous. In fact this is extremely rare, and we have not encountered such a high requirement before.

Process times range between 3-4 days. Once the request is handled by the broker, it’s up to the payment system to transfer funds to your account. The time for that to happen depends entirely on your chosen method of payment.

Withdrawal fees are subject dependent on the chosen payment methods. Credit/Debit Cards will be issued with a €20 withdrawal charge, while Bank Transfer withdrawal are taxed with €20 plus 1% of the amount:

ADDITIONAL FEES AND TAXES

Inactive accounts are charged with €50 per month, after 30 days of inactivity. This is the highest and fastest occurring dormant fee, even more ridiculous than Investteck’s one.

Any owned payments to Tfxgo by the client, prior to accepting the T/C, can be withdrawn from your account without notice:

The broker’s pretension turns into sheer arrogance with the following fee. The brokerage reserves the right to charge users a fee from their Chargeback.

How this is administered is not explained.

Traders who deposit from an Exclude Territory – the US and its territories, France and its territories, Turkey- will have their deposits returned minus a 10% fee:

Judging by these abnormal fees and by its unlicensed status, this broker will most definitely not return you deposit. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

We strictly advise against giving away an ID and proof address to this one. Once your deposit is gone forever and you become aware of this, your charge back request will be useless for the broker will have your ID and proof address to build a case against you.

The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

This is one of the most pompous broker we have reviewed so far. Everything about it screams “Stay Away”. From the simple platform and lack of regulation, to the absurd fees, this is one “broker” that should not be approached.