TIQ FX Review: Tiqfx.com Fraud Firm

TIQ FX Review
  • Regulation
  • Fund Safety
  • Customer Support
  • Trading Conditions
0.5

Summary

TIQ FX claims to have a base in St. Vincent and the Grenadines and provides a corporate address as proof. The location could not be any more ideal for a scam broker, but we will come to this later. Further, the broker provides telephone and email addresses for inquiries or customer service support. 

Did you know that the internet has revolutionized forex trading? If you are wondering how the answer is simple, you can perform online transactions rather than transact on exchange floors! The ubiquity of the internet is also pivotal since it allows small-scale/retail traders to join the forex market, which was, before that, a preserve for the elite. However, it has not been a smooth sail per se because, while forex trading presents a genuine investment opportunity, the industry is fraught with scamming incidents. This happens when unregulated brokers dupe unsuspecting investors into depositing money and then stealing those deposits, which puts TIQ FX, an illicit broker, into perspective.   

TIQ FX Review, TIQ FX Company

Regarding scamming, brokers use all tactics to convince you to invest with them and defraud you. Some brokers hide in plain site, and you can discern them just by a glance at their website. However, not all scammers use apparent strategies to defraud you. On the contrary, some brokers use subtle techniques, including faking regulation and falsifying track records. Other brokers dangle a carrot of irresistible offers, such as bonuses, only to strike when you deposit and vanish with your money.

Fortunately, we can uncover their covert and overt tricks, primarily through thorough background checks. In the subsequent review, we share the alerts you should look for to identify scammers. We also share specific tips to use in choosing a legit forex broker.

Tiqfx.com Review

The broker paints itself as an ideal broker with a profit orientation. In TIQ FX’s words, the broker’s mission is to ensure an “all-around winning trading experience.” Moreover, the broker claims to have a credible track record citing over ten years of experience. According to the whois database, nothing could be further from the truth. The broker has been in the market for only two years. The broker is trying to impress traders using false credibility.

Regarding its services, the broker allegedly gives access to over 3000 trading instruments in over six classes of digital assets. The instruments include metals, cryptos, energies, futures, shares, forex, and indices. Traders on this platform will supposedly enjoy other resourceful tools, including the broker’s Tiq Bee technical analysis and VPS trading (ultra-fast execution, low slippage and latency, high uptime ).

Contact Details

TIQ FX claims to have a base in St. Vincent and the Grenadines and provides a corporate address as proof. The location could not be any more ideal for a scam broker, but we will come to this later. Further, the broker provides telephone and email addresses for inquiries or customer service support. 

However, we couldn’t help but notice that the telephone contact given traces to the UK and not SVG. Such discrepancies though trivial, show a broker who is not straightforward in dealing. As a result, we advise contacting this broker as it is up to no good.  

TIQ FX Investment Plan

TIQ Fx offers three investment plan accounts. The gold account has a minimum deposit requirement of $250. Traders in this plan do not access any commission. Next, the diamond plan has a funding threshold of $2500. Diamond traders get a $5 per side per lot for metals and forex trading. Lastly, to open a ruby account, a trader must deposit at least $10000. Ruby traders also get a $3.5 per side per lot for forex and metals trading.

Its basic gold account reveals the minimum deposit is relatively high. We say that because you can open an account with a legit broker for much lower. The broker is desperate to get as much as possible from you, thus the costly accounts. This is not to say you should go for brokers with cheap accounts. Rather, we are emphasizing that affordability must be accompanied by legitimacy. It would be wise to explore other options for better offers.

Deposit & Withdrawal Policy

Reputable brokers typically accept a wide range of payment options, including credit cards, wire transfers, debit cards (Visa, Visa Electron, MasterCard, Maestro, American Express), bank wire transfers, and e-wallet payment systems (e.g., Skrill, PayPal, Neteller). The flexible options allow you to use the most convenient method where you can trace a recipient and file for a refund.

Tiqfx.com Review, Tiqfx.com Features

TiQ FX accepts credit cards, debit cards, and wire transfers. Bank transfers are designed to incentivize non-refundable direct bank contributions. However, traders should reach out to broker customer support for credit card deposits. We will not commit more words to this since all signs are unmistakable. The broker is unscrupulous, and depositing with it should be out of the question.

TIQ FX Trading Conditions

Although the broker has attached some legal documents, we find this inconsequential as they do not address what they ought to. Traders are left to speculate on applicable charges and hidden fees. The lack of clarification should deter you from engaging with the broker since you will be in the dark.

 The maximum leverage available at TIQ FX is 1:500. High-leverage trading can bring in a lot of money, but there is a downside. Due to the speculative nature of the forex market, high-leverage trading can decimate your investment in just one wrong prediction.

The ability to trade with low spreads is desirable for any investor. Indeed the industry standard spread is 1.5 pips. Although the broker’s 1.7 pips is not badly off, we still can’t vouch for the broker. You shouldn’t trust your money with a dubious broker just because it has a small spread.

TIQ FX also advertises a 100 percent bonus for brokers who deposit a minimum of $1000. Anytime a broker gives such incentives, be sure you will pay back, one way or the other. Although the broker has not clarified withdrawal conditions, you can bet it will have predatory conditions to deny you funds. The most likely scenario is that you will have to attain a specific trading volume to withdraw your funds. There is no need to take chances with a broker who will eventually swindle you.

TIQ FX Trading Platform

TIQ FX allows its customers to use the MT5 on either a web-based or a desktop platform. Still, despite having such a reliable platform, we cannot recommend this broker. The security of your money is more crucial than the platform itself. As a result, you should not risk your investment by working with brokers who are not subject to any oversight.

The broker also offers a demo account, which though good for familiarization, does not redeem the broker from its tainted reputation as a scam. Additionally, the broker provides copy trading services, which is suspicious. Copy trading allows you to mirror the moves of professional traders. Although legit, it may be a ploy for the broker to steal your trading funds while giving you the impression that you are investing money.

 Licensure & Regulation

Saint Vincent and the Grenadines is home to TIQ FX. Due to lax regulation, the SVG is a preferred jurisdiction for illegal brokering. Surprisingly, the broker asserts that the Financial Services Authority of Saint Vincent and the Grenadines regulates them. The foreign Forex market in SVG is unregulated, and the Financial Services Authority issues no licenses. On the contrary, local banking is subject to oversight by the FSA. So, don’t mistake the broker’s inclusion in the FSA’s registry for actual regulation.

Furthermore, TIQ FX states that it is supervised by the International Financial Services Commission (IFSC). To set the record straight, the International Financial Services Commission is the government entity in Belize charged with overseeing the country’s forex market. The broker wants to confuse traders about its regulation. For clearance of doubt, this broker is unregulated.

Dealing with TIQ FX will certainly hurt your investment ambitions. Your deposits are unsafe with the broker since they do not segregate funds. Also, you cannot enjoy zero balance protection, which cushions you from overdrawing. Also, you will not be compensated for your lost funds when the broker vanishes. So why should you subject yourself to this?

Our Take

If you want to boost your online investment, rest assured that TIQ FX is not your go-to broker. The broker’s credibility is questionable as its regulation. Also, the lapses of information indicate a crooked broker. Subsequently, investing with this broker is a gamble you shouldn’t take.

That said, you should search and settle for a legit forex broker. If anything happens, you are assured of compensation. Importantly, such brokers secure your funds and have reasonable conditions to help you boost your investment.

 

 

 

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