TYS Finance Review: Tysfinance.com is Unregulated
TYS Finance disguises itself as a multi-regulated forex broker. Since we’ve been down this road several times, we have learned not to take anything a broker says at face value. Most times, there is usually more than a broker is letting on.
The allure of forex trading stems from its low account minimums, 24-hour trading, limitless currency options, and availability of large amounts of leverage. While you need extensive skills, there is no handbook for successful trading in the financial markets. So treat any broker claiming to have the blueprints to profitable trading with contempt. Meanwhile, you can manage your risks by utilizing tools like leverage. While this is not a foolproof strategy, it ensures that you only suffer inevitable losses.
Again, it’s a good idea to weigh the advantages and disadvantages of online investment before venturing into it. Whereas investing in this space might be exciting, what you may not know is that there is a psychological element to it. Not everyone is cut for this rollercoaster, so be sure it’s right for you.
Your journey to digital investment is halfway complete when you pair with authorized forex brokers. The article shares more information on how to identify them. We’ve also cracked the code to uncover scammers. Find out from the review.
TYS Finance claims to be in the market since 2019. There could be some truth to this since the whois database reveals the broker registered its domain on 6 August 2019. However, just because this is correct does not mean everything else is. Despite the broker claiming to serve over 380k successful clients, we couldn’t find a single review proving that.
The broker purports to offer over 200 trading instruments, including forex, metals, stocks, commodities, indices, and cryptos. According to this entity, investors will get a user-friendly interface, speedy transactions, risk protection, and financial security. To clarify, the deposit insurance that the broker mentions is not the same as the Financial Services Commission’s compensation fund.
The broker probably wants to confuse you into thinking your funds are insured, which is not the case. It also promises full transparency, an assurance we found ridiculous since this broker is as dodgy as they come.
TYS Finance Contact Details
A broker’s location offers more clues to the restrictions it is subject to. Some countries have more stringent regulations than others. In particular, offshore zones have lax oversight, explaining why lawless brokers prefer them. Tys Finance gives a corporate address suggesting it is in Switzerland. This country has forex regulation, so in all likelihood, the broker is lying about being located there.
Traders frequently require prompt assistance, so they don’t lose out on crucial trading opportunities. Since you’ll undoubtedly need to speak to them during your trading career, choosing a broker with a skilled customer support team is imperative. Speed is of the essence, so you need a broker with functional telephone contacts to get instant help.
Unfortunately, this broker hasn’t provided its telephone contacts. This is good since you won’t be tempted to contact them. This also means the broker won’t give the broker more ammunition (your contact details) to manipulate you.
Deposit & Withdraw Policy
TYS Finance only accepts bitcoin and crypto deposits. Crypto payments are popular with scammers as they provide the perfect cover for their deceptive schemes. First, crypto wallets do not have personally identifiable information, meaning you cannot tell who the funds’ recipient is. Moreover, you lose money the instant you deposit since crypto transactions are irreversible.
As a tip, you should invest with decent brokers that have various deposit methods at your disposal. These include debit and credit cards and wire transfers. Credit cards are the best since they allow you to file for a refund. As for digital payments, there are popular e-wallets like PayPal, Neteller, and Skrill. You can choose the most suitable.
Once again, the broker leaves investors to their own devices regarding applicable fees. It is not a good sign when a broker can’t be upfront with relevant charges. Chances are that you will find hidden and outrageous fees when you are on board.
TYS Finance Investment Plan
TYS Finance has three investment accounts. The beginner account has a minimum deposit of $1000. The second account, lover, has $25000 as its minimum deposit requirement. Lover investors can also get PAMM account services. Lastly, the professional account has a funding threshold of $ 50000. These investors allegedly access deposit insurance, personal manager, and PAMM accounts.
Scam forex brokers sometimes use PAMM (Percentage Allocation Management Module) accounts to entice unwary investors. With these accounts, traders can entrust a professional money manager with their assets to make trades on their behalf. However, these dishonest brokers may falsify the results of trades and embezzle investor funds.
Notice that the broker’s deposit request is too high. Most scammers have exorbitant charges because it’s their last bullet. They know that it won’t take long to figure them out, so chances of subsequent deposits are slim. The acceptable deposit range is $200-250. This shouldn’t keep you from exploring more affordable brokers with $10 micro-accounts.
The broker has attached some legal documents but exempts those that matter (T&Cs, client agreement). We must admit that is a cunning move, but it doesn’t fool us. When it comes to legal paperwork, genuine brokers publicize them all. Still, you must read through the fine print to ensure the broker’s terms won’t work against you. If a broker cannot access these documents, you shouldn’t get into arrangements with them.
TYS Finance allows a leverage of up to 1:100. This leverage, though relatively low, is still above most regulators’ restrictions; CFTC and IIROC cap leverage at 1:50. The ASIC, CySEC, and FCA impose a 1:30 limit. The leverage limit is a risk mitigation strategy by regulators, to protect you from excessive losses. This is especially useful for investors who struggle with risk management.
Details on the spread are unavailable, and we don’t think this is a coincidence. This is not information that decent brokers would omit. Why? Because spread (the difference between the bid and ask prices) determines the returns you get from trades. To this end, the market standard is 1.5 pips. Nonetheless, there are worthy brokers with spreads below 1 pip. Keep your options open.
TYS Finance Regulation
TYS Finance tries to save face by claiming to be under FCA, ASIC, Belize’s IFSC, and Mauritius’s FSC regulations. Notice that it doesn’t mention Switzerland’s regulation anywhere, despite claiming to be there. We swiftly dismissed the FCA and ASIC regulation claims since the broker’s leverage (1:100) breaches the agencies’ regulations. Also, the FCA does not allow crypto services, an instrument that this broker is offering. We checked with ASIC and FCA’s registries to clarify doubts but came short. We anticipated similar results with the other agencies, so we didn’t bother checking.
Brokers in Switzerland, where the broker allegedly operates, are under the Swiss Financial Market Supervisory Authority. Although the agency is less stringent than others like FCA, brokers must have at least 20000000 CHF to obtain a license. They are also mandated to segregate investors’ funds. Such measures ensure your money is not squandered. Equally important, they also ensure the broker is financially stable to run its operation.
This entity offers a web trader who appears to be dysfunctional. The web trader is relatively bland as it only allows basic functionalities. If you want a competitive trading experience, this is not your platform. You can only get that from MetaTrader, lauded as the industry-standard trading platform.
The MT4 and MT5 present limitless trading possibilities. The software’s leading-edge technology underscores its popularity with traders, with statistics showing that 84 percent of traders worldwide use MT4, while 6 percent use MT5. Thanks to the software’s handy feature, you can back-test, place multiple trades, and use algorithmic trading. Other practical features include order execution alternatives, built-in technical indicators, and timeframes. Also, MT4/MT5’s infrastructure allows signal duplication from other platforms.
TYS Finance exhibits several characteristics of a scammer. Not only does the broker falsify its regulation, but it also conceals vital trading conditions and offers a lackluster trading platform. In addition, we suspect this broker operates from an offshore location, making it more dangerous. Its four years of operation have nothing to do with credibility or legitimacy. You don’t want to be involved with a serial fraudster like this!
Authorized forex brokers are easy to find, provided you do your research well. These brokers deserve more credit than we give them. Imagine a broker who creates a favorable trading environment and secures what you earn so that your investment flourishes!