Founded in 1997, TFY FOREX is a UK-based forex broker specializing in providing investment services in FOREX, Precious Metals, CFD and OIL to fast-growing clients in the Asia Pacific region. The core management team is a professional trading team composed of professional investment managers, fund managers and risk control teams with decades of experience in the global financial industry. In 2015, the company obtained Vanuatu forex regulatory license (VSFC:40204).
TFY lately announced through its official account that the company’s boss had pulled out funds and fled, and warned investors to withdraw funds or call the police if their money are not returned.
Seeing the boss-flight news, WikiFX decided to go to TFY and check out.
WikiFX’s inspection team came to TFY's office.
It could be seen that the door was open.
It could be seen that TFY's office has employees at work.
The NFA license (No. 0509945) it claims to be holding is of non-forex trader (NFA-UNFX) category, so does not entitle it to do forex brokerage business it is currently doing. The company is operating beyond bounds.
It holds Vanuatu VFSC license; this type of offshore island-country regulatory relation is typically unreliable and risky.
According to available information, the broker’s MT4/5 servers are located in mainland China, marking considerable risks.
WikiFX has received 5 investor-complaints against the broker in the past 3 months.
WikiFX’s inspection team had come to TFY's office, and as can be seen from the photos, there are still employees working inside.
Since the team did not get in contact with the company’s staff or management level, it cannot be judged from the face if TFY is indeed in trouble. But based on the problematic nature of its license and numerous complaints, the news that its boss had absconded with funds is likely to be true.
WikiFX will closely track the developments and make follow-up reports.
Fraud Platform | 2-5 years | VanuatuRegulation | United StatesRegu…
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