TitanFx Pro review – 5 things you should know about titanfxpro.com

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Beware! TitanFx Pro is an offshore broker! Your investment may be at risk.

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

TitanFx Pro is an offshore broker advertising trading in Forex, Stocks, Indices, Commodities and Cryptocurrencies. They have three types of accounts, or plans – Basic, Advanced and Pro – but apart from the leverage of 1:200 that they come with there are no other details on the website.

We signed up for an account – the registration form asks for first and last names, email address, phone number, address and currency. At providing those we were redirected to the client area but there was no email confirmation – a big red flag as every website, especially one providing financial services, will make sure there is an email engine implemented on their website. Another thing we noticed was that the trading plans in the client area are four, with completely different names – look for yourself.

They also come with quite hefty minimum deposit requirements – from $1000 to $50,000.

TitanFx Pro Regulation and Safety of funds

The broker claims that “Services are provided by TitanFx Pro Ltd, Marsh Wall, E14 United Kingdom” on their Contacts page. In their Terms and Conditions, however, we see something else – “TitanFx Pro, a brand name of Securcap Securities Limited… a company formed, registered and licensed in Seychelles, operating under the brand name TitanFx Pro.”

Seychelles is an offshore jurisdiction that has quite lenient policy for obtaining a Forex Broker License – there are capital requirements of $50,000 plus 2 local directors and a physical office. The time to receive the license ranges from 4 to 6 months.

Because of the broker’s UK address we checked the UK’s financial regulator, the Financial Conduct Authority (FCA) database for the two entities’ names but as expected they were not listed there. That does not stop them from making strong claims about the safety of the their clients’ funds – look for yourself:

We always advise traders to avoid offshore companies and to invest with brokers regulated by reliable authorities such as the FCA in the UK or the Cyprus Securities and Exchange Commission (CySEC). These watchdog agencies impose strict rules on the brokers they license – Client Account Segregation requires that clients’ funds are kept separate from the broker’s operating funds. while Negative Balance Protection ensures that traders cannot lose more money than what they invested. Other policies include a Minimum Capital Requirement of 730,000 EUR in order to guarantee the broker’s good financial standing and participation in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).

TitanFx Pro, however, is an unregulated, offshore broker and they are not bound by the rules and policies imposed by recognized regulatory bodies. We advise our readers not to invest with them as there is no guarantee for the safety of their funds.

TitanFx Pro Trading Software

What increased our suspicions that this broker is a scam was that we did not find any trading platform on their website or the client area. In the latter there is an integrated live chart service provided by TradingView. This is not a real trading software, but simply a web service with historical and real-time data – only the first step towards a working platform.

What is more, despite the number of trading instruments advertised on their website we found only crypto pairs here. In contrast, respectable brokers offer established trading software to their clients. The MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms are available as Desktop, Web and Mobile (Android and iOS) applications.

MT4 is the world’s number one platform, preferred by more than 80% of users worldwide. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. It can be further customized to create different trading strategies using its proprietary MQL4 programming language. Its successor, MT5, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option.

TitanFx Pro Trading Conditions

The broker does not say much about trading conditions – forex spreads are not mentioned anywhere. Regulated brokers usually provide spreads between 1 and 1.5 pips for major currency pairs, such as EURUSD.

TitanFx Pro offers leverage of up to 1:200. Offshore brokers enjoy no restrictions on leverage, but leveraged trading entails significant risks, especially to inexperienced traders. High leverage provides huge profit potential, but also presents great risks to the traders because any losses incurred will be multiplied. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also started restricting leverage for major currency pairs to 1:30 from March this year.

TitanFx Pro Deposit/Withdrawal Methods And Fees

When it comes to the broker’s financial transaction conditions we again see a number of inconsistencies. On their website they have the logos of major credit cards, VISA, MasterCard and Maestro, as well as e-wallets, such as Skrill and Neteller, and Bitcoin. The actual situation is quite different, however – in the client area the only choice is between 3 different cryptocurrencies.

Bitcoin is a preferred method by scam brokerages because it is completely untraceable and anonymous – one should always be on their guard if this is the only payment option available. Respectable brokers generally provide a number of deposit and withdrawal methods, including wire / bank transfers, credit / debit cards, PayPal and e-wallets.

The minimum deposit amount according to the Terms and Conditions is $200, although the trading plans start from $1000. $200 is not excessively high but most brokers ask for $100 on average and there are many who offer micro accounts on which you can start trading with just $10.

Though TitanFx Pro claims they do not charge any withdrawal fees we would not risk putting that to the test. They also have a dormant account fee, which is quite excessive – “in case of absence of any activity for a period of at least three (3) months, the Company reserves the right to apply a fee of US$ 500 thereafter, charged on a quarterly basis.”
In conclusion, we want to note that this broker is surely a scam, since they do not even have a working trading platform. TitanFx Pro is not a regulated broker and investing money with them is a huge risk!

How does the scam work?

The most common scams are quite simple and straightforward and involve a multi-level scheme that usually goes by the following scenario. Internet users are lured by the numerous ads promising quick and easy fortunes by trading in the Forex world. When they click on such an ad they are redirected to a website tailored to the continuation of these false pledges, which asks them to register with their personal information. This data is then used by the scam brokers who immediately start to work on getting them to make an initial deposit of $200 – $300 by making even greater promises of big profits.

Once the users make their first deposit, the scam brokers get a fat commission on it. Now the senior scammers enter the scene. They are smooth talkers who will not stop at anything to convince traders that they are on their way to become very rich, if only they follow their advice and deposit more money to trade with.

Sooner or later the users will start suspecting something is not right and will want to withdraw their funds. This will not prove very easy, however. The scammer will do everything to delay their requests, by persuading them now is not the right time, asking for additional documents, or referring to specific withdrawal clauses. This is also part of the scam since the con-artists are trying to delay the users from filing for chargeback with their financial institution, and they miss the time frame for such chargeback, traders will lose their money without a chance of getting it back.

What to do when scammed?

If you’re scammed you should immediately file for a chargeback with your credit card provider. Good news is that VISA and MasterCard recently extended the chargeback period to a year and a half in an effort to combat online fraud. If you deposited with bitcoin or bank wire there is not much chance.

If you provided the scammers with any bank account or credit card details, such as security codes or passwords, make sure to cancel the card and talk to your bank. Also, if you are being approached by any “recovery agencies” promising to get your money back for a fee, do not fall for that. This is a piggyback scam, using the vulnerability of recently defrauded people and their hope the fraud may be reversed, and it will not recover your funds. These so-called agents will collect their fee and you will never hear from them again.

Rich Snippet Data

Reviewer

The Forex Review

Review Date

2021-05-31

Reviewed Broker

TitanFx Pro

Broker Rating

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