Talent FX – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Talent FX - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://talentsfx.com
Founded: 2022
Regulations: None
Languages: English, Chinese
Deposit Methods: Bank Transfers (Royal Bank of Scotland, Credit Suisse, Citibank, Morgan Stanley, Bank of America, SEB)
Minimum Deposit: $200
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex, CFDs, Commodities
Trading Accounts and Conditions
Talent FX offers their clients the following trading accounts:
- Standard Account: The minimum deposit is $200. Leverage ranges from 1:50 to 1:400. The floating spread for Europe and America is from 2.2 to 2.8 pips.
- VIP Account: The minimum deposit is $500. Leverage is the same from 1:50 to 1:400. The floating spread for Europe and America is from 1.2 to 1.8 pips.
- ECN Account: The minimum deposit is $10,000. Leverage stays the same from 1:50 to 1:400. The floating spread from Europe and America is from 0.0 – 0.3 pips.
Talent FX – Advantages
There are no advantages to trading with Talent FX.
Talent FX – Disadvantages
Here are all the reasons why Talent FX is not a broker that anyone should trust:
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Issues about Regulation
Talent FX claims to be owned by Talent Fintech Limited, a company that is supposedly an old British financial trading service provider. The broker claims that their company was established in 2004 and that they are headquartered in the UK.
The broker establishes their claim by providing us with an address in the UK, however, the telephone number is a mobile number with a +97-country code, which means that it is not a UK number. There is a registration number also provided, however, when we checked that registration number in the FCA (Financial Conduct Authority) database, we came up empty-handed.
The FCA is the UK’s financial regulator, so if a broker is not listed with them, it means that that broker is operating without an appropriate license, i.e., illegally.
This means that Talent FX, despite all their claims, are an unregulated broker.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lack of Legal Documents
A legitimate broker ensures that there are clear and detailed legal documents present on their website for all users to read through. We always advise all traders to read through these documents before they sign up with a new broker.
This is because these legal documents tell you exactly what you can expect from that broker – the trading conditions, terms of use, fees, commissions and so on. If these documents are missing, and you sign up with that broker, then you are setting yourself up to be scammed. That broker could walk away with all your money, as well as your personal information and scam you, and you would not be able to do anything about it since you already agreed to do business with them.
With Talent FX, we know they are a scam because they have not provided any legal documents. We do not know anything about their terms of service, trading conditions, withdrawal and deposit conditions, fees and so on.
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Targeting Asian Customers
From their website, we can clearly see that Talent FX is targeting Asian – specifically Chinese – customers. Their entire website is in Chinese, and their English option has very poor translations.
Had Talent FX actually been an English broker, they would have had clear high-quality English content as well as quality translations in multiple other languages (since they also claim to target customers in Europe and America).
This is not the case which clearly tells us that we are dealing with a scammer.
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Lies About Trading Platform
Talent FX claims to offer their clients the MetaTrader 4 trading platform. The MT4 platform, as it is popularly called, is one of the best trading platforms in the world. If a broker actually offers this software, then we would mark it a huge advantage for traders.
Unfortunately, Talent FX does not provide us with any download links or even web links to access the MT4 platform. In fact, there isn’t a link to any trading software.
There is a registration process – you are asked to fill in a registration form on their website, and then you are asked to wait for approval. Despite doing so, we never were given approval to open an account with this broker, therefore we don’t really know what kind of platform – if any – this broker actually offers.
The fact that there doesn’t seem to be a trading platform, and the fact that there is no way to easily create a trading account shows us that we are dealing with just another scammer here.
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Issues with Trading Conditions
While we have established the fact that there may not even be a trading platform, we still need to discuss the kinds of trading conditions offered by this broker.
A minimum deposit of $200 is okay. But if you consider the fact that so many excellent brokers offer accounts with minimum deposits of less than $10, this sum becomes rather high.
The leverage offered by this broker is a clear giveaway of their scam. The maximum limit on leverage in the UK is 1:30. But Talent FX offers a maximum leverage of 1:400. This clearly shows us that this broker is operating illegally. No broker registered with the FCA would offer such leverage ratios.
The spreads offered by this broker are also too high. The market range is from 0.5 pips to 1.5 pips. So, the spreads starting from 2.2 pips are way above the market range, which means that trading with this broker would be disadvantageous and too expensive for traders.
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Issues with Payments
On their website, this broker has provided us with logos of multiple banks, indicating that they offer bank transfers. However, beyond this hint, there is no information about payments at all. We do not know what the withdrawal fees and conditions are, or how payments can be made.
A clear scam!
Conclusion
Talent FX is a scammer and it would be best to stay away from this broker.
Talent FX
Pros
- None
Cons
- Issues about Regulation
- Lack of Legal Documents
- Poor Trading Software Targeting Asian Customers
- Lies About Trading Platform
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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