Unlicensed TF GLOBL Blocked Investor’s Withdrawal

Broker: TF GLOBL

Regulatory status: unregulated

Complainant: Mr. Lv

Cause of complaint: withdrawal failure

The lucrative forex market has drawn a growing number of brokers to this industry, yet it's not easy to become a forex broker because the regulatory license is usually difficult and costly to obtain. Statistic shows that 90% of forex brokers started out without a proper license.

Unlicensed brokers have no protection for investors'assets, so choosing such brokers suggests high risks in investment. Recently, Mr. Lv reported unlicensed forex broker TF GLOBL to WikiFX and shared his experience of being defrauded.

Mr. Lv's ID card

Event recap

In early June, Mr. Lv opened an account and deposited at TF GLOBL after seeing its advertisement online, making some profits at first with his trading strategies. He was able to deposit normally and received the money withdrawn twice. Therefore, he continued depositing and trading on the platform. On July 3rd, he again applied to withdraw and the system showed his application had been approved. But unlike the previous applications, he didn't receive the money this time, while the customer service didn't offer much helpful information when Mr. Lv contacted them. Later Mr. Lv made more inquires about the matter near the deadline of refund, but received no reply from the customer service. Till now, Mr. Lv still has balance yet unavailable to be withdrawn.

WikiFX: Be careful about online advertisements and risky brokers without proper licence.

As per Mr. Lv's case, Investors should watch our for online advertisements and unlicensed brokers.

With the rapid development of the internet, online advertisements enable more brokers to promote themselves and expand their market shares. WikiFX's monthly list of largest ad-spending brokers shows that besides many credible high-rating brokers, illegal brokers are also spending much on marketing. Although the forex market environment is improving overall, some illegal brokers are still trying to attract investors by stepping up their marketing efforts. So investors should never take the words of brokers'online advertisements completely without doing your own research about their credibility. Failed to fully inspect the broker by checking various sources, Mr. Lv was fooled by the misleading advertisement of TF GLOBL and fell into its trap.

Unlicensed brokers are unable to provide even the basic protection for investor's assets, not to mention offering satisfactory trading experience. TF GLOBL currently has no valid regulatory status, nor does it hold license from any authorities. The unreliable broker was rated at 1.12 only on the WikiFX App, and investors should definitely avoid choosing such unlicensed brokers as they bear high risks.

Conclusion

The mix of credible and illegal brokers on the forex market requires investors to carefully verify the accuracy of brokers' information through multiple channels. WikiFX strives to help investors obtain reliable and comprehensive information of brokers. More information about them is available on the WikiFX App or website.