TIQ FX excels visually. We had to pace ourselves since it felt like we were reviewing a legitimate broker. Finally, we obtained proof that TIQ FX is illegal and unprofitable. We believe the following review shows why TIQ FX is not a good investment. Read on.
TIQ FX had a web trader, but the registration and scamming user areas were ordinary. A EUR/USD trade costs 0 pips. Commissions apply to higher account categories. As we opened a basic account type, we must presume that values are altered or that user accounts are the same. Apart from the minimum deposit, TIQ FX is the same. Scammers would do it. This low spread is absurd, and the account type confusion makes for very untrustworthy trading circumstances.
Stocks, cryptocurrencies, commodities, FX pairings, and indexes are offered. The basic account has a 1:100 leverage ratio and the remainder has a 1:500 ratio.
FX regulation and fund safety
FX is an SVG broker. It’s address and regulatory information are there. Let’s examine these assertions’ flaws.
Saint Vincent and the Grenadines Financial Services Authority does not control the FX market and cannot issue licenses. The body only oversees local banks. TIQ FX lied.
Saint Vincent and the Grenadines have no FX licensing regulator. TIQ FX cannot be regulated there.
Then there are thousands of registered (but unlicensed) scamming brokers in this country, all of whom have evaded local authorities, perhaps because of their forgiving attitude.
TIQ FX is unlicensed everywhere. Unregulated and dangerous!
Losing that money to scammers would be terrible. Putting money in the hands of an unregistered broker is like giving money to a criminal. No need. We advise readers to use European, UK, US, or Australian brokers, or any regulated company. Licensed entities must meet hundreds of requirements, including financial remuneration and anti-fraud measures. This broker, and others like it, have their opposition.
TIQ Forex Software
We were surprised to find MT5 at the broker. We do not suggest it!
TIQ FX did it. Web and PC traders can use MT5. Even with it, the broker is illegal and risky!
TIQ FX Deposit/Withdrawal Fees
Credit, debit, and wire transfers are user-area payment methods. The bank transfer promotes non-refundable direct bank deposits. Support should be contacted first for cards.
The withdrawal area yields nothing.
The website says the minimum deposit is $250, but we think the broker will take anything.
Common hidden fees apply. We don’t know how or when they apply, so they’re not detailed. TIQ FX scams everyone!
How the scam works
Whether a user knows it or not, bridging the broker-user gap is the first step to a scam.
Scammers will pretend to be your best friends and pressure you to buy whatever they have to offer.
Fraudsters are keeping up with the times by learning to take advantage of increasingly sophisticated ways to defraud unsuspecting victims out of their money.
Hence, think before acting and seek professional advice if needed.
Online advertising often result in phone calls, albeit how quickly this happens depends on the scammer’s skill and vulnerability.
After they receive an initial payment, scammers have already won. A victim is created at this point, and the fraudsters’ goal is to milk as much money out of them as possible for as long as feasible.
After a user makes a couple of unsuccessful deposits, they start to suspect something is amiss. But, by that time, the broker will have cut off contact and refused all withdrawal requests.
If scammed
If the user invested using a credit or debit card, they may be subject to a chargeback. That’s why investment scams involving credit cards are so uncommon these days. The 540 days that MasterCard and VISA allow for charging back card investments is wonderful news.
To resolve issues with wire transfer deposits, please contact the bank directly.
Keep your cryptocurrency payments away from unlicensed exchanges.
Additionally, recovery agents are dishonest people. Your stolen funds will be tracked by con artists who aren’t directly involved in the scheme.
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