TigersFM Review: Stay Away from This Fraudulent Broker
TigersFM falsely claims to provide transparent market access. However, clients may be dealing with a shady offshore company, which increases the risk of fraud.
While its trading software lacks a competitive edge, its conditions offer wide spreads and high leverage. The deposit policy is also questionable. Please read our TigersFM review for a closer look at these issues.
License and Regulations of TigersFM
TigersFM, an anonymous broker, claims to be governed by UK law. However, it’s not registered with the FCA or other Tier 1 regulators. It’s not in compliance with ESMA rules and lacks safety measures. All this makes it risky to trade with TigersFM.
No financial support is available if you deal with a broker without a license, so reporting such a scammer is crucial. Negative reviews associated with withdrawals also exist.
Trading Platform Available at TigersFM
TigersFM offers a poor WebTrader platform with only an asset overview, a few charts, indicators, and news. Compared to advanced platforms like MT4, MT5, and cTrader, which offer EAs, social trading, and a variety of TAs, TigersFM lacks such features, leaving users with just the basics.
MetaTrader 5 is nowadays the industry standard, which offers automated trading and advanced TA tools. However, offshore firms with reliable platforms may not be a wise option. You will probably ask why? The answer is quite simple.
The software can easily be manipulated to display fake trading volume. It’s wise to trade with a reputable firm that has a secure platform to avoid falling victim to such scams.
TigersFM Account Types
TigersFM offers 5 trading accounts, each of them bringing different so-called benefits. These are the following accounts:
- Classic – $250
- Silver – $5,0001
- Gold – $25,001
- VIP – $100,001
- Prime – $250,001
There are differences in spreads, leverage, bonuses, and priority withdrawals among the accounts.
Tip: Keep in mind that it is essential to exercise caution and only use legit brokers. These brokers are authorized and supervised by regulatory bodies. Moreover, they absolutely need to provide financial services in compliance with industry standards and legal requirements.
Deposit and Withdrawal Methods
To request a withdrawal from TigersFM, you must complete a printed and signed PDF form. However, one of the conditions is that no loans or bonuses can exist. If you choose to accept a bonus, you will need to repay the awarded amount and 30 times the deposit before being eligible for payout.
Moreover, it is essential to adhere to Anti-Money Laundering (AML) regulations and request a withdrawal via the same payment method used for the initial deposit, such as a bank account or credit card.
Despite seeming like a legitimate process, customer reviews indicate that withdrawing funds without legal assistance is difficult in reality.
The minimum deposit requirement is $250. Lastly, the available payment methods are credit and debit cards, used via OpenUp, and an e-wallet.
Offshore Brokers Fraudulent Tactics
Typically, the first step to becoming a victim of a scam, knowingly or not, involves bridging the critical gap between a user and a broker. While legitimate entities usually maintain a formal relationship, scammers will attempt to establish a friendly relationship at first. Soon, their tone will turn aggressive and demanding. To avoid falling prey, exercise caution and seek professional advice when needed.
Scammers usually initiate contact through online ads and quickly move to phone conversations, depending on their manipulative abilities and the user’s susceptibility.
The scammer’s ultimate objective is to convince the victim to invest an initial deposit. Once achieved, the user becomes trapped, and the fraudsters will try to retain the client for as long as possible.
On average, it takes two to three deposits for a user to realize that they are the victim of scammers. However, at this point, the broker will stop all communication and deny any withdrawal requests.
TigersFM is an unlawful broker that lacks any semblance of legitimacy. TigersFM’s fraudulent practices are geared towards scamming trusting traders, offering them trading opportunities in FX, crypto, and CFDs, as well as attractive conditions. However, the reality is that TigersFM is an unauthorized broker that engages in deceitful and exploitative practices.
The primary targets of TigersFM’s financial scams are traders from Canada, Australia, Germany, Croatia, and Poland. It is critical to note that TigersFM is not authorized or regulated by any financial body in these countries. This means that traders who choose to invest with them are taking a considerable risk.
Is TigersFM regulated?
No, TigersFM is not regulated. You should avoid it and save your finances.
What is the Minimum Deposit for TigersFM?
The minimum deposit for TigersFM is 250$. This is a standard amount among many brokers.
Is TigersFM a Trustworthy Broker?
No, they are not trustworthy. In fact, this broker is an outright liar and con artist.