Note: TP Global FXs official site is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is TP Global FX？
Established in 2017, TP Global FX is a forex and CFD broker registered in Mauritius. TP Global FX currently doesnt hold any valid regulatory licenses. Their National Futures Association (NFA) license (No. 0533098) in the United States is unauthorized and Vanuatu Financial Services Commission (VFSC) license (No. 40409) is a suspicious clone.
TP Global FX has been verified to be illegal and all of its licenses have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
Pros & Cons
Please note that due to the verified scam nature of TP Global FX, it is not recommended to trade with this broker.
TP Global FX Alternative Brokers
There are many alternative brokers to TP Global FX depending on the specific needs and preferences of the trader. Some popular options include:
FXTM - a well-regulated broker with competitive spreads and a wide range of trading instruments.
AvaTrade - known for its user-friendly platforms and excellent customer service.
IG - a reputable broker with a long-standing history, offering a comprehensive range of trading instruments and platforms.
In contrast, FXTM, AvaTrade, and IG have established reputations, offer competitive trading conditions and a wide range of trading instruments, and have reliable customer support.
Is TP Global FX Safe or Scam？
Based on the evidence and reports from customers, TP Global FX appears to be a scam and should be avoided. There are numerous complaints about the broker, including allegations of fraudulent activities, inability to withdraw funds, and the company's website being unavailable. It is important to always conduct thorough research before choosing a broker to ensure that they are legitimate and regulated.
Market Instruments
TP Global FX offers a diversified range of tradable instruments, which include Forex currency pairs, Metals, CFDs, Indices, Stocks, and more.
Accounts
TP Global FX offers investors three different types of accounts, the Standard Account (minimum deposit of $50), the Pro Account (minimum deposit of $500), and the Institutional Account (minimum deposit of $25,000). The minimum initial deposit of acceptable $50 is lower than the industry standard ($100). As TP Global FX is a scam broker and is no longer operating, it is not recommended to open any trading accounts with them.
Leverage
Trading leverage differs depending on trading accounts. The Standard and Pro accounts offer the maximum leverage of up to 1:500 for forex and precious metal trading. The institutional account offers the maximum leverage of up to 1:200. Since trading leverage can magnify gains as well as losses, traders should take care when using it.
Spreads & Commissions
Trading costs (spreads & commissions) are significantly affected by what trading accounts you are holding. The minimum spread for Standard accounts starts from 1.2 pips, and no commission is charged for trading. The minimum spread for Pro accounts starts from 0.2 pips, with a commission of $15 per lot charged. Institutional accounts have spread starting from 0.1 pips and commissions of $8 per lot.
Below is a comparison table about spreads and commissions charged by different brokers:
Note that the information varies based on account types and market conditions. It's always important to check the most up-to-date information on each broker's website before making a decision.
Trading Platforms
TP Global FX offers traders market-leading and highly acclaimed MT4 & MT5 accounts. MT4 is the industry's leading forex trading platform with a user-friendly interface, powerful charting tools, and data analysis tools that help traders develop their trading strategies and make trading a comfortable experience. MT5 is an upgraded version of MT4, and users can choose flexibly according to their actual needs.
See the trading platform comparison table below:
Note: Each broker may offer additional trading platforms depending on the region and account type. The information provided on the table is based on the standard accounts offered globally.
Deposits & Withdrawals
Traders can deposit and withdraw funds to their TP Global FX accounts via Bitcoin, Wire Transfer, and USDT. Wire transfers require a minimum deposit of $1000, otherwise, a fee will be incurred.
TP Global FX minimum deposit vs other brokers
Fees
As TP Global FX is an unregulated and illegal broker, it is not recommended to open an account with them. It is important to note that unregulated brokers may charge hidden fees and commissions, and there is no protection for clients in case of fraudulent activity. It is recommended to choose a reputable and regulated broker with transparent fee structures to ensure the safety of your funds.
See the fee comparison table below:
User Exposure on WikiFX
On our website, you can see that some users have reported scams and unable to withdraw. Please be aware and exercise caution when investing. You can check our platform for information before trading. If you find such fraudulent brokers or have been a victim of one, please let us know in the Exposure section. We would appreciate it and our team of experts will do everything possible to solve the problem for you.
Customer Service
TP Global FX provides clients with a client support team who are available 24/5 and can be reached via telephone (+44 7441 416320), email (support@tpglobalfx.com), and social media such as Twitter, Facebook, Instagram, YouTube and LinkedIn.
Note that the above information is subject to change and may vary based on individual experiences.
Conclusion
Based on the verified reports of TP Global FX being a scam broker, it is strongly advised to avoid trading with them. While they may offer competitive trading conditions and a low minimum deposit requirement, the risk of being unable to withdraw funds or falling victim to fraudulent practices far outweighs any potential benefits. It is important to always do thorough research before choosing a broker to trade with, and to only select reputable and regulated brokers.
Frequently Asked Questions (FAQs)
2024-02-29 17:25
2023-03-09 04:56
