However, evidence tells that's totally untrue. Here TMFX is a scam website who is using these ways to fraud traders.
Only a registered firm, not overseen by NFA
TMFX claims to be a global excellent preferred broker, offering traders investment on forex, commodity, index, crude oil. The platform also states that it is subject to strict supervision by the US National Futures Association (NFA) under ID No. 0542137.
But fact-checking confirms that the company is not overseen by NFA as it is not an approved member of the regulator. That means, this broker is merely a registered firm rather than a regulated one and is not qualified to carry out such services.
Maximum leverage of 1:200
The broker offers a maximum leverage of 1:200, a risky ratio thats prohibited in various regulated regions and countries. You already know the basic supervisory rules, which allow EU, British and Australian brokers to provide a limited leverage of less than 1:30 for FX majors for retail clients, while Canadian brokers and US brokers also have a limit, far below 1:200. That is to say, the company doesn't comply with the financial regulators.
Unproven capital security & unavailable payment methods
TMFX does not have a standard amount as their minimum deposit. Furthermore, the platform does not have any withdrawal or deposit requirements. That is to say – information about deposits, withdrawals, fees etc., is not available.
The broker states it has sound capital security, and it will never use your fund to conduct any type of transaction or investment operation. Unfortunately, there is no segregation in this self-regulated entity even though it claims it has separated capital account.
The absence irrefutably proves that the entity must be a scam scheme.
You should always make sure to trade with licensed companies.
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