TNFX Review: Transparency and Regulatory Analysis
Presenting itself as the best Middle East brokerage, TNFX dragged our attention. There are a few deceptive claims on the broker’s website we’ve decided to explore. And yes, we had what to see.
Check our TNFX review for further details about the broker and how to get your money back.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed brokerage|
|Owned by:||Tiran Group|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, MT5|
|Types of Assets:||FX, commodities, indices, shares|
|Free Demo Account:||No|
|Accepts US clients:||No|
TNFX Regulations and Security
TNFX is an online trading brokerage owned by Tiran Group. Allegedly, this group consists of three different entities – Tiran Forex (SV) Ltd, TNFX Commercial Broker LLC in Dubai, and Tiran Broker in Iraq. However, only the first entity in Saint Vincent and the Grenadines is listed adequately as a trading broker. The entity in Dubai has been signed as a marketing agency, while the entity in Iraq doubtfully exists. The company says it’s regulated by the Ministry of Trade of the Republic of Iraq. However, the official regulator in charge of online trading in Iraq is the Iraqi Securities Commission or ISC.
Fund Withdrawal Issues
After defrauding its clients about all the offices around the Middle East, TNFX broker starts extorting money. And once it’s done, it just blocks clients without ever calling them again or giving them access to their trading account.
If you think you will be able to withdraw your funds from the TNFX broker, unfortunately, you won’t. According to several reviews of the brokerage, there are significant issues when a client wants a payout. Since there is no official regulator and nobody is checking this broker’s activities, we are not surprised to hear of many problems.
If you’re opening a trading account, always choose a Tier1 regulated broker from the UK, Australia, or Germany.
According to many of the TNFX reviews we’ve read, this company provides terrible trading conditions. First of all, the minimum deposit is too high since the broker asks for $300 for a Standard Account. Besides, there are issues with accessing the platform. And last but not least, there is a vast number of complaints regarding withdrawals. TNFX will definitely not win in the contest of broker’s popularity.
How Does Online Trading Scam Work?
The online trading scam starts with a trading ad showing some unrealistic profits and trading conditions. If you invest a minimum of $300, it’s unrealistic to expect thousands of profit, which the TNFX broker promises. After the initial deposit, some sort of an account manager will start explaining to you why you need more money and why it’s never enough. What good trading opportunities you’re missing. Only after you invest more and potentially make more will you not be able to withdraw it. Be careful when investing with TNFX brokerage.
Scammed by TNFX?
If you have been scammed by TNFX, report it immediately. File a dispute and request a chargeback. Since there is no official regulator, a chargeback is your only solution to get your money back.
But what is a chargeback?
This is a way for you to get your funds back from the bank. You need to prove you have been scammed and what exactly happened. Contact our support via online chat to get professional help. Let’s get back to what’s rightfully yours!
What is TNFX?
TNFX is an online trading brokerage from Saint Vincent and the Grenadines without regulation.
Is TNFX a scam?
TNFX is a scam brokerage that provides financial services without any proper regulations.
Is TNFX regulated?
No, TNFX is not regulated and cannot provide financial services legally in any country.