Home » 4TFX Review – 4tfx.com Broker Warning!

4TFX Review – 4tfx.com Broker Warning!

4TFX Review - 4tfx.com Broker Warning!

Our first experience of the 4 TFX design is that with cliche depictions of performance and control, it looks dull and lacklustre. What is more relevant, though, is if this broker is trustworthy to deal with so on its website we look at several main features.

4TFX Review - 4tfx.com Broker Warning!
Income Mentor Box

4TFX Regulation and Funds

The first thing you can do if you are searching for a reputable forex broker to deal with is to search if it is controlled by the respective jurisdiction’s financial services authority. We came empty-handed, but we tried hard to locate the address of this broker on its platform. Our only hint is the communication telephone number that begins with the UK country code and the declaration in the contract of the Terms and Conditions that the prevailing rule in the event of a conflict is the one on the Marshall Islands that happens to be a forex trading offshore region. Brokerages are not controlled in that jurisdiction and as such do not offer any assurance for the security of the funds of their clients and defence against scammers.

We do not consider this forex broker trustworthy to trade with and furthermore the Financial Conduct Authority (FCA), the advisory body controlling forex traders in the United Kingdom, advises that this broker is not allowed to do any financial activities (screenshot below). In its alert, this declaration can not be more clear and we hope you have received the letter.

If you are new to forex trading and need to locate a trustworthy broker, but don’t know where to search, we will assist you by offering valuable knowledge and connections that you can explore. Our recommendation is to search for a broker from the US, Australia, the EU and the UK, one of the well-established regions around the globe. Forex traders in these territories ought to be well-capitalized which acts as a buffer against scammers, among other items. For eg, forex brokers in the US have to deposit a staggering sum of $20 million as original investments, AUD 1 million in Australia and EUR 730,000 in the EU and the UK.

No scammer is ever going to equal these massive sums of money just to appear legit. Although this would not stop with security steps! Registered brokers must hold traders’ accounts with tier-1 bank establishments separately and disclose transparency on their transactions on a regular basis. Moreover, in the EU and the United Kingdom, brokers are allowed to subtract funds from settlement funds or programmes from which their customers will be paid in the event of insolvency.

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If the broker is supervised by CySec and contributes to the Investor Protection Scheme, up to EUR 20,000 per individual would be refunded to its customers. The level of compensation in the UK is even higher than that, up to GBP 85,000 per client, but only if the broker is supervised by the FCA and contributes to the local compensation fund for financial services.

You’re not going to find better situations than this so please do your diligence and carefully study these brokers to find the right one for you.

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Platform 4TFX Trading

4TFX is a CFD, commodities, indexes, cryptocurrency and forex broker and a web trader is the trading software given to its customers (image below). On the left side of the platform, you can see the trading items menu that displays the foreign currency pairs with their bid/ask price in this scenario. The chart of one of these forex pairs, EUR/USD, and the fluctuation in its price in a specified time frame are shown in the centre of the panel. The keys to conduct transfers are on the right-hand side. We would predict the gap to be 0.4 pips by taking a look at the bid/ask price for this pair, which is far below the market average and is advantageous to traders since the cost of transactions would not be too big and they will be able to make a decent profit in the long run.

Also, you can see that the leverage is 1:2 if you look at the right-hand side of the picture. Such low leverage is therefore advantageous to traders because in the event of trades resulting in financial damage, it would not subject their assets to too much harm. Holding low debt is also one of the strategies for protecting traders’ assets and it is not possible for approved brokers in the EU and the UK to reach 1:30. However if you glance at the last screenshot where the details on the account forms is you can find that the leverage is 1:40 on one of the accounts, which is over the leverage limit in the UK which is once again evidence that this broker is non-legit.

You will recognise that a web trader is not the best of them if you have any experience with trading apps, and does not provide many trading resources and instruments to boost the experience of traders. MetaTrader 4 and MetaTrader 5, on the other hand, have so many more to give, and among about 80 percent of forex brokers, they are the number one option. Their credibility is well-deserved because, relative to other trading sites, both platforms offer several benefits. They are fitted with an option for auto trading, VPS, trading signals that can be accessed for a monthly price, custom scripted code base, an app sector, a financial calendar, etc. Furthermore, their charting options and technical analysis metrics are second to none and enable traders to forecast and make a profit on the potential course of exchange rates.

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We highly suggest that a licenced broker be sought that supports any software.

4TFX Ways of deposit/Withdrawal

4TFX provides five trading accounts: Basic, Silver, Gold, Platinum and Diamond (screenshot below). Unfortunately, the picture of the account forms does not indicate what the minimum initial deposit is and we were not able to find out due to certain damaged ties in the ‘available account’ keys. A reasonable starting point for you is to realise that as low as $1-5 would be demanded by certain approved brokers.

We find that purchases can be made via credit card, Western Union and CashU on the footer of the company’s website.

The fact that it gives varying incentives based on the trading account is another indication that this broker is not legit. It is 50 percent for the Standard account, while it is 150 percent for the Diamond account . You should recognise that there are never bonuses or other benefits from approved brokers. A bonus might look nice to you and you might assume that your trading power would improve. The secret aspect of it, though, is that it belongs to the broker, not the trader, and there are typically certain strong requirements added to it to accommodate it.

Under this scenario, because you conduct a transaction volume equivalent to 30 times the deposit plus the incentive sums, you would not be able to redeem the funds if you accept a bonus. Also for traders with some expertise, this is not easily done, so we advise you not to consider incentives and in general, to keep away from brokers who offer them.

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