TNFX

TNFX has one of the most baffling regulation statements we have encountered so far, which speaks volumes of its illegitimacy. Read on for more details.

Both the footer and the Terms and Conditions claim different things, all of which will be discussed.

This paragraph is concerned with the footer. TNFX is claimed to be a trading name of a total of 3 companies. The first one is TiranForex which is authorized and regulated by “Saint Vincent and the Grenadines the Financial Conduct Authority”.

For those of you who are not aware, Saint Vincent and the Grenadines (SVG) do not not regulate Forex and CFD brokers. Furthermore, the Financial Conduct Authority is a UK based regulator that has nothing to do with SVG. We nevertheless checked the FCA official database for a “TiranForex” and got no results, to no one’s surprise.
The next trading name is TIRAN-DWC-LLC that is regulated by the “Government of Dubai, Dubai Aviation City Corporation”.

This is quite nonsensical. In Dubai brokers must be regulated by the Dubai Financial Services Authority (DFSA), for them to operate within legal frames. Needless to say, TIRAN-DWC-LLC was not found in the DFSA public registry.
Next is Tiran Broker that is registered “by Ministry of Trade Republic of Iraq”.

In Iraq, the responsibility of overseeing the conduct of the financial marker is the Iraq Securities Commission. Their website, also, did not offer any info on Tiran Broker.
Last but not least, TNFX presumably is regulated in Cyprus. The broker has laughably misspelled “Cyprus”, among other comical errors.

We checked with CySEC, just to make sure, and found nothing on TNFX.

The Terms and Conditions mixes in the FCA and the International Financial Services Commission (Belize) with Saint Vincent and the Grenadines.

We already covered the FCA, now it’s time to check the International Financial Services Commission in Belize for a TNFX. Is it a surprise that the search produced zero results?

At last, we can safely conclude that TNFX is most definitely UNREGULATED, and as such is a risk to traders that invest in it.

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. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The leverage has been capped at 1:400, which is a very typical value for offshore brokers.

We opened a trader with a demo account and got a spread for the EUR/USD pair of 1.4 pips on average which is actually a pretty good value.

The list of trading instruments is derived form the trading platform: Forex Pairs, Stocks, and Indices.

The only languages that the website is available in are English and Arabic.

TNFX LOGIN

The broker has included an MT4 trader which is always a good sign.

METATRADER 4

The platform offers some, by now, essential tools for every trader if he or she wishes to survive today’s online trading industry: Expert Advisors, technical analysis, mobile and tablet support, simultaneous charts among many other elements.

The EUR/USD spread on a demo account is 1.4 pips, and the leverage is capped at 1:400.

As far as commissions go, the T/C have this to say:

So there are commissions on spreads, and they can be added or removed whenever the company feels like. This wouldn’t be a problem if we had access to the Online Trading Facility. You will find out soon why it has not been included (check Additional Fees and Taxes).

The platform is solely accessed as a desktop software.

TNFX MINIMUM DEPOSIT

The minimum deposit according to the website is $300 which is just above average, but is still acceptable.

The FAQ offers Wire Transfer, Credit Cards, Moneybookers, and Transfer from Existing Brokers as depositing methods. The T/Cs hint at some additional options like bitcoin deposits, some unrevealed e-wallets, and Debit Cards. We cannot check with the dashboard, for one needs to be a verified user before accessing the deposit section. And so we must conclude that the depositing methods are unclear.

As we have, multiple times, concluded, this unregulated broker is not to be trusted, hence we advise against making any deposits whatsoever. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

TNFX WITHDRAWAL TIME AND FEES

The minimum withdrawal is not indicated anywhere. We think that the only way to know it is to verify your account and proceed to deposit.

The broker claims that it will do it’s best to process all withdrawals within 1 business day.

There are undisclosed fees that can be added or removed at the company’s sole discretion. These charges can be withdrawal fees, as well as any other type of fees:

Also, the Terms and Conditions mention that there are Credit/Debit card and Bank Transfer fees, but does not expand beyond that (does not mention the actual cost)

ADDITIONAL FEES AND TAXES

There aren’t really any clauses that stir up controversy here, for one main reason. It being that the Terms and Conditions at TNFX are a copy/paste version of the ones by XM, or Trading Point of Financial Instruments Ltd. This is a blatant and unabashed move by TNFX, and it staples it as a remorseless fraudulent broker. The broker has failed to erase all the evidence of its theft, as illustrated in the multiple references to XM instead of TNFX.

The only clause worth a mention is one that is concerned with the dormant fee. An account becomes inactive after 90 days during which no trades/deposits/withdrawals have been detected. The monthly fee is $5.

We believe that any effort to withdraw will be in vain. Either the broker will firmly advise you against withdrawing, or it will ask for more deposits. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible. And even if the Terms and Conditions are not their own, we can assure you that they will inconspicuously add justifiable clauses.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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

TNFX is nothing more than a pure fraud and thief. We have accumulated more than enough evidence. Do yourself a favor and stay as far away from this one as possible.