TMFX Trading – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
TMFX Trading - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2023
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://tmfxtrading.com
Founded: 2013 – 2022
Regulations: No Regulation
Languages: English
Deposit Methods: Visa, Bitcoin, Ethereum
Minimum Deposit: Unknown
Free Demo Account: Unavailable
Number of Assets: Unspecified
Types of Assets: Commodities, Crypto Currencies, Foreign Currencies, Stocks, Indices
Trading Accounts and Conditions
TMFX Trading seems to offer only a single trading account to all their clients. We also could not find any trading conditions anywhere on their website. Not even the minimum deposit requirement.
TMFX Trading – Advantages
There are no advantages to trading with TMFX Trading.
TMFX Trading – Disadvantages
Here are all the reasons why it would be unwise to dealing with TMFX Trading:
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Lack of Regulation
On their website, TMFX Trading claims to be globally regulated and registered. And in their FAQ section, the broker states that they are an official registered UK-based company that is focus on cloud crypto mining.
However, when you check their footer of their website, the broker mentions the company TmFx Trading Ltd, a company that is headquartered in the Cayman Islands. The broker also mentions that they have a branch in the Seychelles, but no complete address is provided. There is also an incomplete address for San Francisco, California.
This information is a red flag. A regulated broker would clearly tell us the name of their parent company. Along with an address – a complete address, that is, as well as all contact information. We would also know which regulator has authorized the broker and what their license and registration details are.
With TMFX Trading, we have none of that information – as you can see. We have no UK address; no Cayman Islands or Seychelles address and an incomplete US address. The company name may or may not be TmFx Trading Ltd; we do not know. So, we are dealing with an anonymous entity here. With no regulation details either.
Just to be sure, we checked the FCA’s online register (since this broker claims to be a UK-based broker). Of course, we were not surprised to see that this broker is not registered with the Financial Conduct Authority, which is the government body that oversees forex brokers in the UK.
All of our investigation has clearly shown us that we are dealing with an anonymous and unregulated entity – a scam.
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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Warning by FCA
We are not the only ones that have noticed that things are not right with TMFX Trading. The FCA, the authority of the country in which this broker claims to be based, has issued a warning against this broker. In their warning, the regulator has stated that we are dealing with an unregulated broker that is operating illegally in the UK. The authority also states that dealing with broker would mean that you would lose all protection against fraud from the FCA.
Such a warning needs to be taken seriously. Dealing with a scammer means that if you are scammed, then the FCA cannot enforce the law and help you get compensation for your losses.
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Issues with Trading Platform
Legitimate brokers make a big deal about the trading platform they have. This is because the trading platform is a broker’s only product offering. These brokers also offer a free demo account so that prospective customers can check out their software and also their test their trading conditions before they invest with them.
With TMFX Trading, there is no mention of a trading platform anywhere on their website. We had to register for an account so that we could access this broker’s client area to check if they had a trading platform or not. And we found out that they do not have a functional trading platform at all! What this broker has in place of a trading platform is a set of charts they have imported from TradingView.com. There is absolutely no functionality in any one of those charts.
A broker without a functional trading platform is only one thing – a scammer.
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No Trading Conditions
Besides not having any trading platform this scammer does not even make the effort to manufacture trading conditions. We are not even told what the minimum deposit requirement are. All that is mentioned in their website is that TMFX Trading offers competitive spreads, super-fast trade executions, and hi-tech trading tools. All verbiage but no substance.
The lack of trading conditions is just another very prominent indication that TMFX Trading is a scammer and therefore is not to be trusted.
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Promises of Profits
This broker also claims that you do not need to be an experienced trader, that you will profit when their Strategy Managers earn. These are all lies that are designed to trap unwary novice traders who do not know how the forex and crypto markets work and will get lured in by promises of profits.
The investment markets are notoriously unpredictable. Most traders lose money while trading – not the other way around. In fact, legitimate brokers have to publish the percentage of their clients that have lost money while speculating. This figure is usually in the range of 75% to 85% – a massive number.
So, when a broker promises you profits, it is a clear sign that they are out to scam you.
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Single Payment Method
On their website – in extremely small print – this broker claims to offer two types of payment methods: Visa and Cryptos (Bitcoin and Ethereum, to be exact).
However, when we checked their payments section, we found out that there is only one way to make payments – cryptos. This is another red flag. Crypto payments are anonymous and permanent; once your money is gone, you cannot trace it or get it back. Which works perfectly for scammers.
Conclusion
TMFX Trading is not a broker to be trusted. They are scammers and you will lose your funds if you trade with them.
TMFX Trading
Pros
- None
Cons
- Lack of Regulation
- Warning by FCA
- Issues with Trading Platform
- No Trading Conditions
- Promises of Profits
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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