TPSFX Review: Tpsfxmarkets.com Askew Forex Scam

TPSFX (Tpsfxmarkets.com) is a dreadful CFDs and Forex scam to hit the lucrative trading world. TPS FX is purporting to offer fundamental and technical analysis to traders. TpsFXMarkets is offering claims and promises which are totally unfounded. Members who tried trading with this broker are crying foul. After depositing funds with this broker, they can’t seem to withdraw funds. Read this detailed and honest TPSFX review and get the truth.

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TPSFX Review

During the last couple of weeks, we have been receiving numerous email complaints from members of this platform. Why are members complaining about this platform? These are simply brokers who are stealing money by pretending to offer trading services. TPSFX is a cloned website which is enticing users to sign up. Why do newbie investors sign up with rogue brokers? Lack of proper research leads most investors to sign up with rogue platforms. Thanks to our years of trading experience, we help expose these scam artists.

What these professional scam artists have done is create what looks like a perfect trading platform. By cloning a real trading platform, these scam artists are enticing newbie traders to sign up. Thanks to their empty claims and promises, most newbies are enticed to sign up without thinking twice. One member who is ruing after signing up is Barkley. He deposited over $5,000 and won $2,000 with his first trade. Happy with this platform, he asked to withdraw his winnings. After asking to withdraw a few more times, his account was closed.

About TPSFX

There’s conflicting information regarding who actually owns this platform. TPS Markets claims to be the sole owner of this platform. Banner at the homepage claims this broker is based in the U.K. Are these claims true? Professional scam artists will do or say anything to make their platforms appear legit. And this is where most investors go wrong. They tend to believe everything written on websites. TPSFX is fooling investors into signing up with their shoddy platform.

Who are the founding members of this platform? Scam artists will try their best to hide their real identity. They are afraid of the backlash they would face from authorities and victims. Who are the people running this website? By claiming to be based in the UK, they want to feign authenticity. These scam artists are targeting European investors. For all we know, these could be offshore brokers. Never sign up with any anonymous online trading platform. End results are chaotic to say the least.

Is TPSFX licensed or registered?

If this broker is based in the U.K, they would have to be licensed by the FCA. What we did to confirm this details is reach out to this regulatory body. As it turns out, there’s no information which confirms their licensing status. Whoever signs up with this broker should know they are signing up with an unlicensed entity. Recovering any lost funds from unlicensed brokers is a tall order. Stay safe by making sure to sign up with industry licensed and regulated platforms.

A licensed broker must be recognized by leading international regulatory bodies. These bodies include ASIC, COSNOB, CySEC, FCA, FSA, and NFA. If a broker is not recognized by any of these bodies, stay away from it. TPSFX is offering Forex trading illegally. Any unauthorized broker offering trading services is in violation of trading laws. Make sure to stay away from brokers who are based offshore too. We believe this is an offshore broker who is trying to get EU recognition status.

TPSFX disadvantages

Accounts Offered

TPSFX is furnishing users with four different account types to choose from. These account types are named Silver, Gold, Platinum, and diamond. What we noted odd with these account types is how similar they are to each other. Most accounts have different advantages from each other. With these four account types, it’s hard to spot any difference. Why would an investor deposit $5,000 and get same trading advantages as one who deposits $2,000? It doesn’t make any sense.

Another shocking feature we found with these accounts is robot trading. Members are crying foul after losing all their funds with robot trading. These accounts are mere traps set to entice users to sign up. Automated trading should not leave investors at a loss. Members are losing all their trades with robot trading. Another problem with these accounts is telephone trading which is never accurate. These brokers will place wrong trades and blame it on investors not following up.

Deposit and withdrawal

These scam artists have ensured depositing funds with this broker is easy and fast. Some of the depository channels include FasaPay, Neteller, Skrill, and Wire Transfer among others. These brokers want to get as many investors to deposit with them as possible. Depository channels are easily available in all parts of the world. Problem with this broker is withdrawing funds. The fact that they are blocking access to withdrawals makes them a certified scam. Stay away from TPS FX.

Unstable Platform

Having an unstable platform means users are vulnerable to third party attacks. Hackers find unstable platforms to be easy prey for credit card information and identity theft. Lack of proper security features is the leading cause for unstable platforms. Their MT4 platform lacks proper DDoS and SSL encryption which makes it a waste of time. Why put your bank account balance at risk with unstable platforms. Hackers will steal your credit card information and sweep your bank account clean.

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Are funds safe with TPSFX?

Safety of funds is not guaranteed by a broker who is based offshore. How can funds be safe from a broker who fails to have a valid trading license? Stay away from these brokers as they tend to be a hard nut to crack. Why have they failed to disclose where they bank funds? Is it possible users are depositing funds straight to owner’s bank account? TPSFX are mere thieves who will take your funds and run off in a heartbeat.

Another unsettling issue with this broker is in regards to segregation of accounts. TPSFX is pooling funds in one account which is extremely dangerous. Stay away from these brokers as they don’t insure funds as expected. TPSFX is breaking all rules set by the trading authorities.

Is TPSFX a Scam?

TPSFX is a scam which must be exposed by all parties. From lack of having a valid license to refusing withdrawals, this is a total scam.

Verdict

We will be adding this broker to our scam blacklist to protect our readers. Make sure to sign up with credible and leading brokers at all times.

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Wishing you all the best in your trading.