TpsFXMarkets

Read on to find out if TpsFXMarkets is worth the time, or if this one should be ignored.

For starters, the broker claims that it is operated by TPS Markets Ltd which is registered with the Financial Services Authority (FSA) of ST. Vincent and the Grenadines. Furthermore, in the About Us page it claims to be regulated by ASIC.

First of all, the SVG does not regulate the forex market, so TpsFXMarkets might be registered in St. Vincent and the Grenadines, but it is most certainly not regulated there.
As for the ASIC regulation, is it surprising that the regulator’s official database gave no results?

In conclusion, TpsFXMarkets is UNREGULATED, and as such is a risk to your deposit.

We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.

The leverage is capped at 1:1000. We opened a Silver Live Account type, since it’s the one that most traders use, and we were presented with a EUR/USD spread of 0.8 pips. There are three other accounts with different costs of trading.

The trading terminal gave us the following assets: Energy, Forex Pairs, and Metals. The website mentions that there are indices and futures on top of what the platform offers, but the trader speaks differently. This is common with shady brokers to offer less than what they claim to have in store.

But as we shall see in the following section, the aforementioned information matter not.

The website is exclusively in English.

TPSFXMARKETS LOGIN

There is one big issue here that looms over the entire MT5/MT4 experience. Both the MT4 and MT5 do not belong to TpsFXMarkets or PS Markets Ltd, but to TradePro and TradeProMarket respectively.

This can mean only one thing. And that is that the broker has no actual trading terminal under its name, and therefore lacks the building stone of any online forex broker. Without a trading platform, what is TpsFXMarkets, actually?

In reality, the spread we mentioned before, as well as the leverage and assets, are completely irrelevant.

TPSFXMARKETS MINIMUM DEPOSIT

The minimum deposit is said to be $10, as derived from the website. We cold not proceed with depositing on the client dashboard, so we cannot really confirm this.

As for the depositing methods, they are given to us on the client portal. They are Neteller, PerfectMoney, and bitcoin.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

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

AnyDesk and TeamViewer software are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

TPSFXMARKETS WITHDRAWAL TIME AND FEES

The minimum withdrawal via Neteller is $100, while for bitcoin and PerfectMoney it’s $50.

The website assures us that there are no withdrawal fee charged by the broker. However, payment system fees may be issued, as is expected.

Requests for withdrawing that are received before 03:00 GMT (14:00 AEST) are processed on the same day.

ADDITIONAL FEES AND TAXES

There are no fees, taxes and hidden clauses because there are no legal documents. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. 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

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. 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 charge back is the best advise we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

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.

At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you chose to indulge them, they will disappear with the money without a hint of remorse.

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

TpsFXMarkets is not even a broker by standards, but a website built to take your money, following in the footsteps of similar “brokers” such as ProudMarket. Stay away!