Alert! TP Global FX Suspected of Illegal Ops, Fraud Exposed

In the dynamic world of online trading, it is crucial to stay vigilant and be aware of brokers' fraudulent behaviors, as the temptation of high profits can make people let down their guard and fall into traps. TP Global FX is a broker that has faced numerous allegations and is highly controversial. Next, we will conduct a step-by-step analysis to expose the true face of TP Global FX as a fraudulent broker.

What is TP Global FX: Legit Facade, Hidden Scam?

In the fiercely competitive financial market, various trading brokers have emerged one after another. Among them, TP Global FX has caught our attention. It was founded in 2017 and registered in Mauritius. It claims to be a broker for forex and Contracts for Difference (CFDs). However, beneath this seemingly legitimate appearance, there are actually many hidden problems.

Generally speaking, when considering the selection of a broker, the number of years it has been in the market is one of the important reference criteria. TP Global FX claims to have been established for many years, but there are contradictions in its actual information.

Many traders and financial practitioners generally have a poor opinion of TP Global FX, and its withdrawal policy is the most criticized aspect. According to numerous customer reports, when making withdrawal requests, this broker always responds with various far-fetched reasons. Worse still, the customers' funds have never actually been credited to their accounts.

More seriously, TP Global FX is currently not effectively regulated by any authoritative regulatory authority. It is “peddling its wares” with a problematic and seemingly cloned license. After verification, it is an utterly illegal operating platform and has been included in the list of scam brokers by WikiFX.

Regulatory Status in Doubt

Although it claims to be regulated by the Vanuatu Financial Services Commission and holds a Retail Forex License (License No. 40409), the current status of this license is marked as a suspicious clone. This means that its claimed legitimate regulatory identity is likely to be forged or involved in fraudulent activities, and it cannot provide reliable protection for investors.

Ponzi Scheme

A Ponzi scheme, also known as a pyramid scheme, operates based on the “principle of value multiplication”. It circulates funds through rolling or static means, using the money of new members to pay returns to earlier members. This concealed, deceptive and socially harmful model takes advantage of people's desire to get rich quickly. Scammers behind such platforms usually conduct fundraising activities underground and typically abscond with the money within 1 - 2 years, which means that this fundraising model usually lasts less than 3 years.

Fraudulent Promotion

TP Global FX claims to offer cutting-edge technology, genuine STP pricing, a wide range of trading instruments, and a seamless trading experience across more than 100 instruments. The platform alleges to provide 24/7 support and offers three main account types: Standard, Professional, and Institutional. It also provides Islamic accounts. However, beneath the surface lies a web of deception, with exaggerated claims about tight spreads and STP pricing. According to our WikiFX investigation, it engages in manipulative trading, exposing traders to significant risks and losses.

Customer Feedback

WikiFX has received 23 complaints about this broker in the past years. These indicate a high level of risk and potential for fraud.

Multiple Indian clients have reported encountering withdrawal difficulties on the TP GLOBAL FX platform, and the situation is far from optimistic. Since the beginning of 2023, many clients have submitted withdrawal applications successively, but the funds have not yet been successfully credited to their accounts. In terms of time, some clients' withdrawal requests have been delayed for months, and even a client who submitted an application on February 1, 2023, has not been processed yet, with a time span of nearly a year.

As a broker of a certain scale claiming to provide professional foreign exchange trading services, TP GLOBAL FX's occurrence of such widespread and long-lasting withdrawal problems clearly reveals serious deficiencies in its capital management and customer service. This situation not only brings great financial pressure and distress to investors but also seriously damages the credibility and image of the industry.

Summary

This is a verified scam broker involved in a Ponzi scheme and operating illegally. There are numerous user complaints regarding withdrawals, and its website is currently inaccessible. Moreover, it lacks proper regulation and oversight, offers poor customer service and support, and does not provide negative balance protection for retail clients.

There are several aspects proving that it is a Ponzi scheme:

Hidden Fees

Traders have reported unfair practices, such as exorbitant fees charged for overnight stock index trading and unclear interest deduction clauses. Moreover, TP Global FX does not provide any tax reporting documents.

Slow Withdrawals

The withdrawal process of TP Global FX is slow, which has triggered numerous complaints. The long wait for funds makes investors anxious. The company lacks customer support, and traders have reported difficulties in withdrawing funds.

Suspected Ponzi Scheme and Fraud

TP Global FX is suspected of being involved in multiple fraud cases and has been banned by the Reserve Bank of India. This platform is a Ponzi scheme and should be avoided. The associated broker has been verified as illegal, all of its licenses have expired, and it has been included in WikiFX's list of scam brokers.

Mechanized Customer Service Support

Investors suffer while waiting for TP Global FX to process withdrawals and receive only standardized email responses. For example, a customer has over $20,000 trapped in the platform and unable to withdraw. In response to customers' repeated inquiries and urgings, the platform mainly attributes it to the lack of cryptocurrency liquidity, but this explanation fails to convince many customers.