Find out what lurks under the murky waters of GroupTFM in our Review
The only means to contact the frauds directly is through a contact form on the website. All the links that lead to legal documentation are dead, and there is no trading platform to speak of. Surely, this is not how a legitimate company operates. While writing this GroupTFM Review we had to dig deep to find any information. What we found proves that GroupTFM is a scam company.
|Broker status:||Anonymous Unregulated Broker|
|Regulated by:||Unauthorised Broker|
|Blacklisted as a Scam by:||N/A|
|Supported Platforms:||Web Trader (Alleged)|
|Cryptocurrencies:||Yes – Bitcoin, Ripple, Ethereum, Litecoin|
|Types of Assets:||Forex, Cryptocurrencies, Stocks, Indices, Commodities|
|Free Demo Account:||No|
|Accepts US clients:||US Clients are accepted|
How Reliable is GroupTFM? Are They a Scam Company?
Our every attempt of finding credible information about GroupTFM regulation and licenses was fruitless. Their website is so opaque and vague, we couldn’t even find information about where their company HQ would be situated.
For brokers, a trading license obtained from a regulator in a developed nation is paramount. Not any license provides enough security. On the example of TegasFX you can learn how loose an offshore license is and why it’s important to have a Tier 1 regulation.
In the EU, one of the most important regulatory standards is MiFID, enforced by ESMA. EU standards include a minimum trading capital of at least €730 000, and a compensation scheme of €20 000. There is a limit on leverage,set at 1:30. Bonuses are not allowed in the EU, but their traders enjoy Negative Balance Protection and Segregated Bank Accounts.
Although not a member of the EU, Switzerland is part of the EEA. This means their regulation is fully compliant with EU standards. There are some variations when it comes to the UK, however. Their regulator, the FCA, requires a starting capital of £730 000, and a compensation fund of £85 000. The UK does not conform to the MiFID.
We have checked the databases of many Tier-1 regulators when it comes to GroupTFM and their license. Neither the FCA, BaFIN, FMA, FINMA, CONSOB, CNMV and CySEC from Europe, Australian ASIC nor the Canadian New SRO contain any information about this broker. This is solid evidence that GroupTFM is unregulated.
We don’t find this surprising in a bit. GroupTFM has a leverage as high as 1:600 and bonuses up to 35%, yet this pack of hyenas offer their services in many EU nations. This is an unlawful, illicit practice that leads us to the conclusion that GroupTFM is indeed a scam company.
In Which Countries is the GroupTFM Scam Most Active?
The victims of GroupTFM scam are most predominantly citizens of EU nations, as well as the UK. These countries have developed and stable economies, and their residents have above average disposable income. For scammers, this is the most popular hunting ground.
GroupTFM actively targets the people of the following countries:
- United Kingdom
Reviewing GroupTFM Trading Software Was Difficult
Scammers call their trading platforms “cutting edge” and “innovative”. Most of them, just like Finviz Pro from our previous review, fall short of their promises. The Web Trader they use is a simplistic, and somewhat obsolescent trading software. You may run it from a web browser, with no download necessary.
What distinguishes GroupTFM is that these guys aren’t even trying to provide a trading platform. Although the scammers allege the existence of a trading program, it simply isn’t there.
The buttons on the website that should lead to the trading program are directed to the account creation page. The dashboard, after logging in, contains the “deposit” and “withdrawal” links, but not the trading platform proper.
Tradable Assets Offered By GroupTFM
Allegedly, GroupFTM offers a diverse set of different trading instruments. These are separated into a selection of categories. Unfortunately, there isn’t much information about individual assets and their trading conditions. Since the trading software is non-functional, we couldn’t reliably test all of the broker’s claims.
Here is a short list of what is offered on GroupTFM:
- Forex – EUR/USD, GBP/USD, AUD/CAD, CHF/USD
- Cryptocurrencies – Bitcoin, Ethereum, Polkadot, Cardano, Dogecoin
- Stocks – Burberry, Lloyds, Walmart, Amazon
- Indices – JP225, UK100, SWI20, US30, US500, USTEC
- Commodities – Brent, Gold, Cocoa, Sugar
GroupTFM Account Types
Legitimate brokers nowadays always offer a selection of different accounts. These would include different market strategies and trading platforms to cater to personal preferences of traders.
This is, again, not the case with GroupTFM. The accounts only differ in accumulated deposits. A client would advance to a different account type if they reach a certain deposit threshold.
Let’s have a look at these tiered accounts now:
- Basic – $250
- Premium – $2 500
- Business – $25 000
Needless to say, there is no demo account available with GroupTFM. Not that it would matter, though, since you can’t really test anything when there is no platform to trade on.
How Does the GroupTFM Scam work?
GroupTFM is quite an obscure broker, even when compared to other scammers like TegazFX. How did they manage to swindle so many people, then? There are two main methods this scam company uses. One is the promise of guaranteed income through automated trading.
AI seems to be all the rage these days, and the scammers have come aboard the bandwagon. GroupTFM claims to utilize advanced computing algorithms to predict the market positions, and allow their clients to earn passive income. This is a bold statement indeed – the technology for this doesn’t exist yet, and nobody can guarantee profits.
Another spider’s web is in the referral program. Clients are encouraged to recruit more people to the GroupTFM website. Doing so will earn them some bonus funds on their trading accounts. This, coupled with the tiered account types is more reminiscent of a Pyramid Scheme than to how a broker operates.
Withdrawing Profits From Your Broker Account
The general lack of information on the GroupTFM website also covers the Withdrawal Policy. The links that should direct you to legal documentation don’t work, and are simple placeholders. GroupTFM claims that their accounts will be updated with deposits and withdrawals instantly, but this is far from true.
We have come across much criticism online when it comes to withdrawals. Because there is no actual company information, the swindlers simply cut off communication when you try to withdraw and leave you hanging. The payout might even be impossible without legal aid.
I Was a Victim of GroupTFM Scam, What Should I Do?
If you, or somebody you know, has become a victim of GroupTFM scam, you should take immediate action. The more you wait, the slimmer the chances of recovering your lost money. Our staff is working tirelessly to obtain as much information as possible about these swindlers, and give them the justice they deserve.
Contact our team of experts today, via the online chat for the quickest response time, and take the full advantage of the free consultation. Your money might not be lost after all! With your help, we can aid you and many others recover funds from GroupTFM.
Is GroupTFM a Regulated Broker?
GroupTFM is an anonymous company that lacks any regulation or authorization to provide their services to the public.
Does GroupTFM Have a Referral Program?
GroupTFM has a referral program that encourages clients to recruit more members to the fraudulent site.
Does GroupTFM Offer a Demo Account?
There is no demo account available for traders on GroupTFM.