TSAForex Review – Broker Throwing Fake Regulations
TSAForex is one of those trying to look legit but they fail hard. In this case, even at first glance on the website, you can realize how poor the company is.
Starting with unprofessional design and missing crucial information. Not to mention that the company is trying to mislead traders to believe in their legitimacy.
Some general words about TSAForex Broker
TSAForex RGB Ltd is allegedly the owner of the company. Since Terms&Conditions don’t exist here we are unable to check their headquarters country.
Thus, they have Italian as their primary language on the website. That could tell us who their primary customers are.
|TSA Forex||Reliable Broker Must Have|
|Legal name:||TSA Forex RGB Ltd||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Unregulated||Within your legal jurisdiction – local regulator|
|Registered in:||N/A||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2023||The older the domain – the higher the possibility the company is trustworthy|
|Website:||Tsaforex.com||Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings:||CNMV, A-TVP||None|
|Contacts:||E-mail: [email protected]||Phone, email, social media, web form|
|If a withdrawal is possible:||Highly unlikely||Yes|
|Fees:||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media:||No||Often present on social media|
|Investor Protection:||No||Compensation fund|
Considering the Italian language is the primary one on the list, we are checking the first Italian CONSOB registers. Also, the broker mentions Spanish CNMV and Cypriot CySEC on the website. Yet, there are no license numbers anywhere presented. But we did the hard work and if you check any of the registers you will see that this broker is not licensed at all.
We tried also Tier 1 registers like FCA, BaFin and ASIC. Thus, the results were the same. In fact, there are two warnings issued against this broker already. As can be seen, the broker is mainly scamming traders from:
TSAForex Broker Profile
TSAForex is not the broker with the highest credibility. Primarily, there are no transparent TSAForex fees. Therefore, you can quickly realize that you will get robbed. One way or another.
Also, after you complete the TSAForex login procedure we could only see the poorly designed proprietary web-based platform. There is nowhere to be seen trusted software. Such as Meta Trader or cTrader. We strongly suggest you check our CA Trade Capital, CryptoGo365 and EmpireFxPlus reviews to avoid any uncomfortable future endeavors.
|Trading platforms:||Proprietary platform|
|Account types:||Bronze, Silver, Gold, Platinum, VIP|
|Financial Instruments On Offer:||
|Minimum Deposit:||200 EUR|
|Commissions/bonuses:||Commission unavailable / Bonuses up to 100%|
|Education or Extra tools:||Basic videos and market research tools|
Is This Broker Safe?
Absolutely not. The company is not regulated anywhere and they don’t provide funds protection features. If they are really CySEC-regulated they would offer negative balance protection, segregated bank accounts and compensation fund. Yet, there is nothing like that.
On top of that, the broker is openly lying about connections with the FCA. But not only that, but they also claim to be members of the FCSC (compensation scheme) and EMIR (European Market Infrastructure Regulation).
TSAForex Bonus and Trading Conditions
The main problem with the bonuses in general is malicious policy coming with them. TSAForex bonus is available up to 100%. In general, you have to reach a certain trading volume to be able to withdraw the bonus. For that reason, bonuses are banned in Europe.
Another key problem with this broker is its leverage. They provide up to 1:200 while in Europe regulations allow you a maximum of 1:30.
How TSAForex Platform Reach Clients and Who Are They?
Scam brokers like TSAForex often advertise crypto investments. This is not unusual because of its volatility. However, you can’t have here crypto TSAForex exchange services. Instead, you are trading CFDs.
They will advertise software that is used to do everything for you. But in reality, they will sell you some other stuff. Their only goal is to get your contact details so they can harass you constantly. Unfortunately, in this case, the most harassed ones are traders from Spain, Italy and Romania. To learn all the traps scam brokers are using, book your free consultation with our experts.
Deposits and Withdrawal Methods
With quite a poor funding options explanation you can already see some irregularities. The broker doesn’t mention anything about fees or processing time.
Not even directly mentions funding methods. Even though TSAForex minimum deposit is only 200 EUR, that’s too much for such a shady broker. The broker has icons of the following funding methods:
- Wire transfer
- Visa/Master Card
Allegedly the broker will initiate the withdrawal request process in one day. However, it will most likely take much longer. If not even forever.
Reasons To Avoid This Company
Primarily, the company is not regulated. On top of that, they are misleading traders to believe that they are licensed by CySEC, CONSOB and CNMV. But they are not. Also, the company offers bonuses and high leverage.
There is no TSAForex demo account or an advanced educational program for new traders. Avoid at all costs!
Summary of TSAForex Broker review
In general, nothing to hope for here. The broker is completely fake and it’s just a matter of time before it will be exposed by regulators.
Instead, you should find yourself a Tier 1 licensed and fully transparent broker. Our team is there to assist you without any hidden costs or obligations. Get in touch now and book your first consultation!
Is TSAForex Good For Beginners?
No. The company doesn’t offer any attractive educational program for newbies. Also, the demo account is not available.
What is the minimum account for TSAForex?
The minimum deposit requirement starts already at 200 EUR. But without regulations, your funds would be exposed to extreme risk.
Does TSAForex Provide a Good Trading Platform?
As can be seen, the company doesn’t advertise any trusted third-party software. So, they might have a proprietary fake platform. Let us help you find trusted broker! Contact us today!