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Score

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/10
The WikiFX Score of this broker is reduced because of too many complaints!

TP Global FX

Mauritius|5-10 years|
Suspicious Regulatory License|MT4 Full License|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

http://tpglobalfx.com/

Website

Rating Index

MT4/5 Identification

MT4/5

Full License

TPGlobal-Demo

United Kingdom
MT4
4

Influence

C

Influence index NO.1

India 4.29
The WikiFX Score of this broker is reduced because of too many complaints!

MT4/5 Identification

MT4/5 Identification

Full License

4
Server Name
TPGlobal-Demo MT4
Server Location United Kingdom

Influence

Influence

C

Influence index NO.1

India 4.29

Surpassed 36.43% brokers

Biz AreaSearch StatisticsAdvertisingSocial Media Index

Contact

+44 7441 416320
support@tpglobalfx.com
http://tpglobalfx.com/
305 Griffith Corporate Park, Beachmont Kingston, Saint Vincent & the Grenadines

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Disclosure

Danger

NZ FMA
2024-03-14

Contact number

English

+44 7441 416320

Other ways of contact

Broker Information

More

Company Name

TP GLOBAL FX LTD

Abbreviation

TP Global FX

Platform registered country and region

Mauritius

Company website
Twitter
Facebook
Instagram
YouTube
Linkedin

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

This platform is a Ponzi Scheme. Please stay away! 7
Previous Detection : 2024-07-18
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
  • The number of the complaints received by WikiFX have reached 21 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • United StatesNFA (license number: 0533098) The regulatory status is abnormal, the official regulatory status is Unauthorized. Please be aware of the risk!
  • This broker exceeds the business scope regulated by United States NFA(license number: 0533098)National Futures Association-UNFX Non-Forex License. Please be aware of the risk!
  • The VanuatuVFSC regulation (license number: 40409) claimed by this broker is suspected to be clone. Please be aware of the risk!
  • The Vanuatu VFSC regulation with license number: 40409 is an offshore regulation. Please be aware of the risk!

WikiFX Verification

TP Global FX · WikiFX Survey

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TP Global FX · Company Summary

TP Global FX Review Summary in 10 Points
Founded 2017
Registered Country/Region Mauritius
Regulation No regulation
Market Instruments Forex currency pairs, Metals, CFDs, Indices, Stocks, etc.
Demo Account N/A
Leverage 1:500
EUR/USD Spread from 0.1 pips
Trading Platforms MT4, MT5
Minimum deposit $50
Customer Support 24/5 telephone, email

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.

unavailable website

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

Pros Cons
• Competitive trading conditions • Verified scam broker/ponzi scheme/illegal
• MT4 & MT5 trading platforms • Many complaints from users about withdrawals
• Low minimum deposit requirement • Website is currently unavailable
• Range of trading instruments • Lack of regulation and oversight
• Multiple account options and types • Poor customer service and support
• No commission on some account types and markets • Lack of transparency and information
• No negative balance protection for retail clients
• Limited payment options for deposits and withdrawals

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.

Account Types

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:

Broker EUR/USD Spread Commission
TP Global FX From 1.2 pips $0
FXTM From 0.1 pips $2/lot
AvaTrade From 0.9 pips $0
IG From 0.6 pips $0

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:

Broker Trading Platform
TP Global FX MetaTrader4, MetaTrader5
FXTM MetaTrader4, MetaTrader5, FXTM Trader
AvaTrade AvaTradeGO, MetaTrader4, WebTrader
IG IG Trading Platform, MetaTrader4

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

TP Global FX Most other
Minimum Deposit $50 $100

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:

Broker Deposit Fee Withdrawal Fee Inactivity Fee
TP Global FX No fees No fees $10/month
FXTM No fees No fees $5/month
AvaTrade No fees $3.5 + 0.5% $50/quarter
IG No fees No fees $12/month

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.

User Exposure on WikiFX

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.

Pros Cons
• Multiple communication channels available • No 24/7 customer support
• No personal account manager for lower-tier account holders
• Slow response times to queries and issues

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)

Q 1: Is TP Global FX regulated?
A 1: No. It has been verified that this broker currently has no valid regulations.
Q 2: Does TP Global FX offer the industry-standard MT4 & MT5?
A 2: Yes. Both MT4 and MT5 are available at TP Global FX。
Q 3: What is the minimum deposit for TP Global FX?
A 3: The minimum initial deposit to open an account is $50.
Q 4: Is TP Global FX a good broker for beginners?
A 4: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and too many negative reviews.

News

ED Arrests Key Player Viraj Patil in Illegal Forex Scam

NewsED Arrests Key Player Viraj Patil in Illegal Forex Scam

2023-12-29 11:09

ED arrests Viraj Patil in a high-profile illegal forex trading case, marking a key step in combating money laundering and financial fraud.

WikiFX
2023-12-29 11:09
News
ED Arrests Key Player Viraj Patil in Illegal Forex Scam
 The Indian ED seizes Rs 242 crore of assets from TP Global FX for illegal forex trading.

Exposure The Indian ED seizes Rs 242 crore of assets from TP Global FX for illegal forex trading.

2023-09-20 17:48

The Directorate of Enforcement (ED) of India has launched a significant crackdown on illegal forex trading activities in Ahmedabad, targeting TP Global FX and its associates.

WikiFX
2023-09-20 17:48
Exposure
 The Indian ED seizes Rs 242 crore of assets from TP Global FX for illegal forex trading.
“Since nine months, I’m unable to withdraw” Victim stated

Exposure“Since nine months, I’m unable to withdraw” Victim stated

2023-09-05 14:46

Scams are the biggest problem in the forex industry. You can only save yourself by being alert. This is the only possible way to save your hard-earned money. If you are not careful, you can be a victim of forex scams.

WikiFX
2023-09-05 14:46
Exposure
“Since nine months, I’m unable to withdraw” Victim stated
WikiFX Review: TP Global FX, things to know before investing

NewsWikiFX Review: TP Global FX, things to know before investing

2022-12-27 16:57

TP Global FX has been considered one of the leading and most trusted forex brokers of 2021. This article is to show you a comprehensive review of this broker based on the data, regulatory status, and so on.

WikiFX
2022-12-27 16:57
News
WikiFX Review: TP Global FX, things to know before investing

Review 52

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