TpsFXMarkets Review: this is the name of a Forex broker that claims to be based in the United Kingdom. Is tpsfxmarkets.com a scam Forex broker?
In the opening presentation on the website, the broker claims to be “UK based”. As we are well aware, all Forex brokers based in the United Kingdom are to hold licenses from the FCA. This is mandatory for any legal broker there. We find that TpsFXMarkets is not among the list of Forex brokers regulated by the FCA.
Instead, what we find is that it mentions being located in the offshore region of St. Vincent and the Grenadines. It claims to hold a license from the FSA there. This is false because Forex trades are not regulated in that region.
To lure clients in, the brokerage claims to offer a contest in which traders can win up to $1,000. It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
The summary of benefits offered to traders by the brokerage is listed here:
Free E-Books and Educational Webinars
Free Technical and Fundamental Analysis
TpsFXMarkets Trading Platform
It is mentioned that TpsFXMarkets trading software is operated on a MetaTrader 4 platform available to all their clients.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: Forex currency pairs, precious metals, and CFDs on commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverages can reach up to 1: 500 and while this is generous, it can pose danger as well. High leverages can lead to huge loss of funds as well. Spreads are said to start from 1 for the Silver account which is the most affordable.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on TpsFXMarkets
The means of making payments and withdrawals with this broker are: VISA, MasterCard, Union Pay, PayPal, Neteller, Skrill, QIWI, WebMoney and FasaPay. We find the availability of e-Wallets encouraging.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is placed at $100 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Trading bonuses are offered and we have found that this is a means brokers use in tying down clients. Its presence is a disadvantage.
Is TpsFXMarkets Licensed?
No. We find the fact that TpsFXMarkets falsely claims to be located in the UK uncomfortable. Also, it mentions being registered under the FSA of the St. Vincent and the Grenadines. This is also a lie and makes it difficult to believe much of what the broker offers.
It is located in an offshore location where Forex trades are not regulated. We have warned traders countless times to avoid unlicensed brokers.
Offshore locations are notorious because scam brokers choose to be based and operate from there. It is the same with this broker and they are not under any regulatory commission.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the Forex broker or a customer care representative, traders should send an email to: email@example.com
Since TpsFXMarkets is not a licensed broker, we do not recommend it. False information that is given on the page is also discouraging as some of its trading conditions are attractive. Another problem we find with the brokerage is the offer of trading bonuses. Traders will do well to seek out other legit brokers and ignore this one.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
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