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TNFX (TNFX.co) is a brutal CFDs and Forex scam broker to hit the lucrative trading world. TN FX is purporting to reduce trading costs by offering some of the tightest prices in the industry. And this is why we decided to carry out a thorough investigation regarding this broker. After receiving email complaints, it became clear this broker was up to no good. Read this detailed TNFX review for more.
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Most of the complaints sent centered on how this broker goes missing after deposits are made. What’s even more damning is how some of the account managers respond harshly to withdrawal requests. At the end of the day, all traders should sign up with brokers who are sure of what they are doing. Sadly, it seems most of the members are losing funds with this brutal broker. Stay tuned for more details regarding this platform.
When it comes to how these brokers target investors, it’s really simple. As a rule of thumb, make sure to follow due diligence before signing up with any online platform. Are funds safe with this broker? How often does the broker allow withdrawals? What platform are they using for trading? These questions help define a broker.
After landing on their homepage, we noticed why most newbie traders fell for this trap. With a well-designed website, this looks like a totally legit brokerage firm. This is far from the truth; this is simply a brokerage firm which is out to cause malice. To begin with, who is the actual owner of this platform? Can we get the details of the founding members? Lack of this vital information is proof we are dealing with an anonymous broker. And this is a possible red flag.
Why would anyone deposit money with an unknown third party? For all we know, this could be a brokerage firm based offshore. Offshore brokers are notorious for breaking industry regulations and rules. This is why no one should ever sign up with an anonymous broker. They tend to shut down their platforms without giving notice.
This broker claims to be licensed by the Iraq’s Ministry of Trade. They also claim to be owned by TiwanForex which is a company based in Dubai. What’s more shocking is the lack of proper license when it comes to this platform. And this is where we have to warn users from signing up with any unlicensed entity. Stay away from this broker.
We also checked with some of the leading regulatory bodies and found no information regarding TNFX. Damning evidence is lack of proper license and registration certificates. A real broker will post copies of their license for all to see. This helps to create a solid reputation and also transparency. Lack of these vital documents is proof TNFX IS NOT licensed. All investors are asked to stay clear from this broker. Signing up with TN FX will lead to more misery than good.
There are three different account types which TNFX is offering to investors. These accounts are named Standard, Professional, and VIP. What made us worried with their accounts is minimum acceptable deposit. Deposit made start at $300, $5,000, and $50,000 respectively. Why do they ask for a hefty minimum deposit price? Set industry standards have always been $250. It means this broker is targeting certain investors.
Accounts have almost similar features which is alarming in a way. Minimum lot size is the same as well as market execution. Account managers are made available after users deposit more than $10,000. What we noticed queer with these account managers is how they call users constantly to make deposits. Why would they do this? They simply want to fill their pockets with your funds.
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When it comes to the type of platform they prefer, TNFX is using MT4 platform. In order to test how well this platform works, we decided to download it. Reason for downloading the platform is to check compatibility with various devices. And this is where we noticed some few errors worth mentioning. Their platform was not compatible with our desktop. Set up did not complete as download stalled at around 45%. What this pointed was we are dealing with an unstable platform.
Hackers find unstable platforms as easy prey for credit card information. Once they get a hold of your credit card details, they buy good online and pay with your card. And this is what makes trading with this broker scary. Anyone who signs up with TNFX is bound to be a target of hacking by simply using their unstable platform. Make sure to stay away from this and any other platform which shares same characteristics.
Funds will never be safe from a broker who is anonymous and totally unlicensed. Signing up with such a broker is simply throwing your money to the wind. And this is a major blow to anyone who already signed up. How are they handling funds deposited by members? Which bank are they using to store funds? Is it possible members are depositing funds straight to owners personal bank account?
When it comes to segregation of accounts, this broker fails to do so. As a rule of thumb, all brokers should segregate accounts. What this means is we are dealing with a broker who is pooling funds in a single account. In case this broker faces bankruptcy or insolvency; all funds will be lost without question. Make sure to check whether a broker follows set standards. What this means is TNFX is never going to compensate users at any given time when disaster strikes.
After going through some of the evidence, it’s clear we are dealing with a rogue broker. Make sure to stay away from this broker by ignoring their pleas to sign up. Whoever signs up will face withdrawal issues as well as losing their funds. By marking all their emails as Spam, investors will be safe from their marketing gimmicks. Stay away from this broker and any other who shares similar characteristics.
To protect our readers, we have to add TNFX to our scam blacklist. And this will hopefully prompt relevant authorities to sign up with them. Make sure to stay away from this broker. Go for industry backed and recommended Forex trading tools.
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Finally, we wish you all the best in your Forex trading experience.
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