Alert: About TP Global FX – Investment Discretion Is Advised

Finding a reliable forex broker from the hundreds available has always been challenging. Despite rigorous regulatory checks to counterfeit scam elements, dishonest brokers persist in the forex market. Thus, careful selection of a broker is crucial, especially if you are starting. This piece discusses how suspicious brokers like TP Global FX can be a wrong choice for trading.

TP Global FX- A Quick Review

Established in 2017, TP Global FX (https://www.tpglobalfx.com/) is a Nigerian broker registered in St. Vincent and Grenadines. The firm claims to hold regulations from Vanuatu Financial Services Commission (VFSC). Besides featuring multiple trading platforms and various account types, the company boasts an STP pricing structure. The firm also claims that trading prices for the foreign exchange market are streamed live to TP Global FX customers in real-time from the top liquidity providers in the industry. The minimum deposit to open an account with the company is $50, and available payment methods include debit cards, credit cards, wire transfers, etc. While the company entices retail traders by holding different contests, it also rewards introducing brokers for bringing clients to it. The company provides customer support via telephone and email. 

Is TP Global FX Regulated?

The website states that the broker is a legal entity in Nigeria established following the Companies and Allied Issues Act of 1990, while it also boasts about its registration with the Vanuatu Financial Services Commission (VFSC) and St. Vincent and Grenadines Financial Services Commission (SVGFSA). However, SVGFSA is not a credible institution for regulating financial services providers, and it doesn't even have the authority to regulate or issue licenses to intermediaries dealing in online trading services.

More importantly, in the Financial Dealers Licensee List of VFSC dated 25 November 2022, we find that the company with regulation number 40409 no longer exists in the list, which means that it has not been regulated since then.

Moreover, the British Columbia Securities Commission (BCSC) warned this company in 2021.

Clientele Feedback

Most traders and financiers have a negative impression of TP Global FX. Customers have complained primarily about the company's withdrawal policies. Customers claim that whenever they ask for a withdrawal, the broker comes up with lame explanations and never actually releases their funds. 

Why Is TP Global FX A Scam Broker?

The broker is suspect for some reasons; count a few down below.

First, TP Global FX is an offshore broker and is subject to suspicious regulatory status. 

Second, TP Global FX runs different contests requiring traders to maintain a minimum of $500 to participate. However, customers complain that the broker never releases their winnings.

Third, what can you expect from a Nigerian company headquartered in Dubai, registered with SVGFSA & VFSC, facilitating customers via a UK contact number?  

Further, the company is also accused of displaying profitable trades to lure clients with a false sense of security and hook them on "easy money." This is done with the view that investors may put up additional capital to increase their returns and bring more referrals. However, the brokerage is good at draining an investor's account and then freezing it after restoring their faith.

Bottom Line

Whether or not a company seems legit, you must do your due diligence and research the broker thoroughly before giving them your personal and financial information. Look for brokers regulated and licensed by reputable authorities like FCA, ASIC, CySEC, etc. You can also read reviews and feedback from other traders on reviewing platforms like Brokersview to get an idea of their experience.