An obvious scam, TGMFX is an offshore broker with all the tell-signs of a fraudulent platform. We begin this TGMFX.ae review with their URL, which shows that this is probably an unregistered site. The platform has all the hallmarks of today’s online scam brokers. With shoddy brokerage, you expect to find several complaints regarding withdrawal. TGM FX is no different as trading forums are filled with complaints from users. That’s why we must expose this platform to avoid further repercussions.
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A Brief Overview of TGMFX
On their about us page, the broker spills the beans by claiming that they are a leading broker. They go ahead and claim that the broker resides in the Marshall Islands. One issue with this region is that it doesn’t have strict regulatory rules.
That’s the reason brokers that want to cut the line choose this region. Claims that they have offices in Asia, Australia, Europe, and Latin America are false. No one in these regions has heard about this platform.
Opening an account is easy with this broker; you need to fill in your name and address. What made us question this platform is the validation part. You have to send your personal details such as passport and credit card number.
We immediately knew that this is a scam platform targeting unsuspecting investors. It’s our duty to expose this platform to avoid naïve investors from falling into this scam.
If you are an affiliate marketer, the broker does not see payments through. Affiliate marketers in Europe recently blacklisted the broker. Victims are now turning to these affiliates for directing them to a scam.
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With the broker failing to meet their obligation, we fear the website might shut down. If that happens, no one will have the chance to withdraw their funds. The broker will shut down without informing members.
Assets and trading instruments tgmfx.ae
There are six assets to trade within the platform. These assets include CFDs, commodities, CFDs, Forex, Indices, and Shares. Other free services to get include educational materials and SMS signals.
Please note that the learning materials are from leading websites, including Wikipedia. The broker tries to appear professional, but their free education feature is a burst. You can easily get free trading courses via other trusted websites.
Awards and accolades TGM FX
The disclaimer at the footer of their homepage has several awards. Please note that these awards are logos. If the award were real, the broker would have their name on the logo. These are attempts trying to showcase the platform’s legitimacy.
The awards date back to 2016, and the broker’s website didn’t exist then. These scam artists will try and use every trick in the book to fool investors. That’s why we urge you to stay away from them.
Safe Tech global Limited is the company claiming to own this platform. There is not even one single name on the platform mentioning the CEO or CFO of this company. A closer look at the Company Registrar shows no such website exists.
This means we are dealing with an anonymous trading platform. Members who deposit funds are throwing away their money. The problem is, no one can help with the recovery of funds.
Domain background and history (tgmfx.ae review)
Their IP location is in Germany, which is likely their place of residence. Their contact details have a UK phone number which we believe is a virtual line. Scam websites turn to virtual phone numbers to attract users from that area code.
The domain checker tool shows that the website has been running for over a year. We do have the registrant’s name, Steve Miller. However, this could probably be a pseudonym these scam artists are using.
Features of TGMFX
TGMFX furnishes users with three accounts. These accounts include Standard, Silver, and Gold. The broker also targets our brothers and sisters from the Islamic faith. Standard account holders will have to deposit $250 to start trading with this platform.
The leverage for these accounts starts at 1:400. Gold account members have a maximum leverage of 1:500. The broker clearly flaunts regulations that cap maximum leverage to 1:30.
Bonus after depositing
There’s a welcome bonus you get once you deposit funds with this platform. Newbies might see this as an incentive to sign up and deposit more money. And that’s the idea behind it, as the scam broker wants you to deposit as much as you can. The broker promises up to $6,000 in bonus amounts.
BEWARE as this is a well-calculated move that ensures that you won’t withdraw funds. Before allowing any withdrawals, you must pay back the bonus with a new deposit amount.
The broker also offers a demo account to users. The demo account seems off as you get 9 out of 10 winning trades. Members click on your estimate, and the demo account works in your favor by providing positive results.
It will make you appear to be winning with the demo account, which will drive you to open shop. That’s the biggest mistake, as the demo account does not come close to actual trading.
There are several payment options available on the platform. These include bank and wire transfers. We did not see any crypto depository option or wallet. Depositing is easy, and the process takes less than five minutes to complete.
Withdrawing funds with this platform remains the biggest hurdle facing members. No one has made any withdrawals since the platform’s inception.
Although the broker claims to offer a custom-made trading platform, we reserve our comments on custom platforms, but we highly recommend MT4, MT5, and SIRIX platforms. That’s the only true way of trading as these terminals offer advanced trading tools.
Is TGMFX Licensed or Registered?
TGMFX is not a legit trading platform as they don’t have a trader’s license from regulators. There’s no way an offshore broker will pass the strict regulations set by regulators. An excellent example is Europe, where brokers must deposit a minimum capital requirement with authorities. The amount is used as a security cover for deposits made by clients.
Safety of funds with TGMFX
There’s no safety of funds with a platform that doesn’t have a valid license. Segregation of accounts is out of the question. We believe that the broker is redirecting all funds to their personal account.
A huge issue with such a broker is that there’s no security cover. It’s possible the broker won’t insure deposits as dictated by trading regulations.
Scam or Legit tgmfx.ae
TGMFX is a scam, and the people behind it don’t want investors to know about it. The broker is anonymous and tries to hide behind this platform. Once you deposit funds, it’s the last you will hear from the broker.
We won’t recommend an anonymous broker with a suspicious URL. Please stay away from TGM FX or risk losing your entire deposit.
For a chance to trade with a clear conscience, use dependable brokers with a proven track record. These brokers will safeguard your interest at all costs.
We wish everyone a happy and prosperous trading experience.