Beware! TGMFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TGMFX has the mark of the shady broker. Most of what we saw in the first five minutes of our interactions with it, point to exactly that. Judging by the URL, we won’t be dealing with your common legit broker today. We don’t believe that we have ever encountered a URL ever before. At first sight, TGMFX might seem like your commons broker, but then you start discovering things that pile up until we had no other choice but to start doubting the broker. The following review contains all the crucial aspects of TGMFX.
Registering was easy, very much so, and we were very quickly redirected to a user area that was as uninspiring as it was unimpressive. But we did not expect anything better. We encountered an issue with the trading software, that ultimately led us to rely on the website for all the trading conditions. Keep in mind that the website is not trustworthy, especially with trading conditions! So what we are about to talk about might not be 100% accurate.
In the Trading Accounts sub-page we learn very odd things about the average spread values per account type:
We are no entirely sure if the broker tries to tell us that the account offers on average a cost of trade between 3 and 5 pips, or something else. Nonetheless, the only account type that seems to be worth it is the gold one, and it requires a $20 000 minimum deposit to open. However, we cannot be entirely sure that TGMFX offers account types- experience has taught us that most shady brokers have just one account type. What is written on the website is mostly for show.
The leverage is capped at 1:500, which is the typical offshore broker leverage value. The tradeable assets are said to be forex currency pairs, oils, gold, stocks, Bitcoin, and other CFDs not specified.
The website is available in English and Arabic.
TGMFX REGULATION AND SAFETY OF FUNDS
The holding company is Safe tech global Limited, a firm allegedly located in the Marshall Islands. The Marshall Islands is a nation that is well known to the scammer broker community for its lack of an FX regulator. However, at the same time, many illicit brokerage firms go there to open shop, because the local laws allow it. What is important to remember is that TGMFX is not licensed in the Marshall Islands.
Later on, we found the following clause claiming that Safe tech global Limited will abide by the laws of the jurisdictions from which it is accessed. This is essentially a smart way of telling users that Safe tech global Limited is regulated everywhere it is accessed from, but this is of course not true. No broker has this amount of freedom.
There is nothing more to help us on the matter at hand, which is to find a regulation. The broker is UNREGULATED, and therefore a risk to all investments!
We always say that investing in unregulated brokers is a sure way to lose money. The first and foremost thing to do when picking a broker to invest in is to look for a license. Preferably look for FCA or CySEC regulated brokers, or other European watchdogs, or US ones. All legit regulators have long lists of rules and prerequisites that all brokers must abide by. Not doing so, will lead to penalties or foreclosure! Furthermore, many regulators have in-store financial compensation schemes for all users under licensed brokerages. For example, CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
TGMFX TRADING SOFTWARE
The website claims that there is a standalone desktop trading terminal, but none of the download links actually functioned, nor did those we found in the user area.
The web trader was inaccessible for us. At first, we were able to log in easily, but soon enough, we were kicked or something, for we had no way of going back in. None of the user names or passwords we provided worked with it. The loss is not so dramatic because, as we remember, the trading area was a typical platform used by scammer brokers.
The reason we were kicked, we assume, is because we are not investors and TGMFX has sensed this. Not being potential deposits is a no-go with scammer brokers, and so they have no need for us.
TGMFX DEPOSIT/WITHDRAW METHODS AND FEES
There was no trace of a depositing section in the user area. According to the website, the minimum deposit is $250, but there are no payment methods revealed. As far as we’re concerned, clients cannot deposit. There exists the possibility that registered users are contacted directly by the broker with offers, and only when they agree the firm will send out a payment form.
The withdrawal section of the user area reveals that clients can withdrawal either through a credit card or a bank transfer, which we assume are also the depositing methods. Withdrawals will either be processed on the day of the request, or on the following day.
The broker has adopted a reimbursement policy. According to this policy, users can apply for reimbursement, but they will have to pay a $40 fee in getting their money back through a bank transfer.
There is also an inactivity fee of $99.90 that is applied each month, after 3 consecutive months of account dormancy. This is a big charge where inactive account fees are considered.
There isn’t a lot left to say of TGMFX. This is a broker without a license, one that is a risk to all investments, and probably a scam! Do not deposit here!
How does the scam work?
Online ads are the gateway to most investment scams. Ads that seem extravagant with quite impossible promises are most certainly the entry point into a scam. Gibing into one of these ads is the first step to being scammed.
The second step is to deposit. Once users click on the ad, they will be redirected to a scammer broker site or an intermediary website. What follows is a registration, where users will be asked to provide a phone number or a phone number.
Next, the scammer will directly contact those that have fallen for it. The first calls are made by the first level of fraudsters, the rookies. Their one and only goal is to compel users to deposit for the first time. Once a deposit is made, the user is hooked onto the scam.
The second wave of scammers, the core of the fraud, sometimes called “account managers”, will try to keep you invested in the shame for as long as possible. They might even pay some profits, just to keep you invested. The user will deposit an additional 2-3 times, which is actually the perfect scenario for these criminals. At some point, the user will realize he or she is in the middle of a scam
There are no more steps to the scam. The user has deposited as much as he or she did, and the fraudster have disappeared. The money is gone, and users cannot withdraw.
What to do if scammed?
If money was lost through a credit or debit card, the good news is that most credit card companies have an easy way of recovering money. Furthermore, MasterCard and VISA have a chargeback period of 540 days.
Wire transfer frauds, that is broker/investment scams, are harder to recuperate, but not impossible. The crucial thing to do is to change your bank account username and password! Aside from that, we advise users to contact their banks, because most banking institutions might have a plan on how to deal with money lost to investment scams!
Never invest in unregulated brokers through any sort of cryptocurrency wallet, no matter how good the returns sound! Crypto deposits are untraceable!
The last scam that users might stumble upon is in fact most of the time one that has nothing to do with the investment scam, although a potential relationship between the two is not excluded. We are talking about the so-called recovery agents or agencies. These will claim to be able to recover lost funds in return for a fee. After users pay this charge, they can kiss their money goodbye!
Rich Snippet Data