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Is Tenko FX Scam or Legit Broker?

Tenko FX is not safe to trade with. The broker is suspected to be a scam. Although the broker states its years of experience and favorable conditions, it does not provide any information about registration.

• In Forex trading it is essential to trade with only a reliable broker with tight regulations. In the case of Tenko FX, it seems the broker does not hold any license from top-tier authorities. This means, that traders’ investments are not protected, and by signing with Tenko FX clients might put their trust only in the broker’s words.  

What is Tenko FX?

On its website, TenkoFX states that it provides access to both the Forex market and CFD commodity markets with a focus on delivering flawless and instant deal execution for optimal trading outcomes. The broker also operates as an ECN broker with direct access to the interbank market and executes orders via Market Execution mode, where clients' transactions are processed by other traders, banks, and funds. Also, the broker mentions how important are reliability, tight regulations, and transparency. Since its foundation, it has tried to deliver great services to its clients.

• However, the broker has evidently issues with safety and regulations. Brokers that have licenses from top-tier regulatory bodies, always mention this fact as in Forex trading safety of funds goes first. This is not the case with  TenkoFX, as there is hardly any mention of regulation on the broker’s website.
• Instead, visitors of the website can only find the provided address and company number (Tenko Systems Limited (Сompany No. C 49112), Nevis, Charlestown, Corner of Jews Street & Marion Avenue, Ramsbury Site). Apparently, Nevis is an offshore location that does not provide sufficient protection to the financial companies registered there.
• We strongly recommend choosing a reliable broker with tight regulations, favorable conditions, and years of proven experience in the market.
• On the other hand, based on our investigation, the Tenko FX reviews from traders are mostly positive. Very rarely there are problems with withdrawal or other issues, yet mostly the impressions are good. Thus, it is necessary to mention, that not all unregulated brokers are scams. There might also be good brokers with favorable offerings. However, signing with brokers such as Tenko FX, traders rather trust the broker’s word and reviews from other clients, still being unprotected legally.

Overall Tenko FX Ranking

Taking into account our findings relating to safety and regulations problems with Tenko FX, we do not rank positively Tenko FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.

• Tenko FX Overall Ranking is 4 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Tenko FX Alternative Brokers

Taking into account our revelations of Tenko FX reliability and regulations issues, here are much better Alternatives to Tenko FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:   

• FP Markets – Powerful trading technology and ECN environment
• InteractiveBrokers – Good for Trading Real Stocks
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

Tenko FX states about its easy and effortless deposits and withdrawals. The range of options and terms is regularly updated by the broker. Besides, Tenko FX covers money transfer costs if any, and does not charge more than the cost to the company.

• Withdrawals are processed on working days (Mon - Fri - 9:00 am to 9:00 pm, GMT+4). The delivery of funds to the client’s bank account depends on the transfer method.
• Deposits and Withdrawals are processed through Bitcoin, BitcoinCash, Litecoin, and Ethereum.

Tenko FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. Our revelations showed that TenkoFX is a broker with good offerings, and the reviews of traders are also rather good. Still, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. We recommend well-regulated brokers with UK’s FCA or Australian ASIC registration. We advise signing in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for Tenko FX is Negative

Is TP Global FX Scam or Legit Broker?

TP Global FX is not a safe broker for investments. The broker has no license from a world top-tier financial regulatory authority. Instead, based on the information provided on the broker’s website, TP Global FX is registered in two offshore zones:

• TP Global FX is registered in Saint Vincent and the Grenadines with registration number 25274 BC 2019 (registered office: Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown Saint Vincent and the Grenadines). However, brokers registered in SVG FSA are not reliable, as the license set-up costs are very low, and do not necessarily request any business planning, and other major requirements. 
• Besides, the broker also mentions its Vanuatu license with the registration number 40409 (with the address Law Partners House, Kumul Highway, PortVila, Vanuatu). Anyway, Vanuatu is also an offshore zone notorious for scam brokers. To be more informed read why to avoid Vanuatu brokers. 

What is TP Global FX?

TP Global FX is a forex broker that offers online trading services for various financial instruments such as currency pairs, commodities, and indices. The company website states that they offer competitive spreads, fast execution, and a range of trading platforms, including a proprietary platform TPG Trader, also,  MetaTrader 4, and MetaTrader 5.

• Besides, the broker offers educational resources and trading tools to help traders improve their skills and make informed trading decisions. One of the advantages of TP Global FX is its Trading Central. Through Trading Central traders have access to a range of essential tools, that help to make informed market decisions. Also, the broker offers Copy Trading.
• TP Global FX offers three main account types: Standard, Pro, and Institutional. TP Global FX also offers Islamic accounts.
• In fact, TP Global FX offerings are quite diverse and favorable. Yet, the broker does not hold a serious license from one of the world's top regulatory bodies, such as ASIC, FCA, or CySEC. This is a big red flag as it goes without saying, that safety comes above anything in trading.  
• Also, we cannot ignore numerous complaints that traders share on different social platforms about the broker. One of the major complaints seems to be about complications in the withdrawal process. 

Overall TP Global FX Ranking

Taking into account our revelations on the safety and regulations issues with TP Global FX, we do not rank positively TP Global FX, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.

• TP Global FX Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

TP Global FX Alternative Brokers

Taking into account our revelations of TP Global FX safety and regulations issues, here are much better Alternatives to TP Global FX with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below:   

• AvaTrade – Good Instruments and Copy Trading
• Pepperstone – Low Spreads and Competitive Trading Conditions
• XM – Wide Range of Trading Opportunities

Deposit & Withdrawal

The broker states about its easy and effortless deposits and withdrawals, however, numerous complaints from traders about complicated withdrawals hint about the opposite. On its website, the broker offers multiple options for funding their accounts, such as bank transfer, Bitcoin, or Tether.

• The minimum deposit for the Standard account is $50. For Pro accounts, it is $500, and for Institutional accounts, the deposit starts from $25,000.

• With TPG Global FX bank transfers require a minimum withdrawal of $1,000. Payments under that amount include an additional charge. 

TPG Global FX Review Conclusion

Being an unregulated or an offshore broker does not mean that the broker is a scam. However, many brokers with offshore registration are not trustworthy, and signing with them might result in risking your investments. Thus, we do not recommend trading with TPG Global for this very reason. Instead, traders should pick a well-regulated broker with UK’s FCA or Australian ASIC registration. We advise signing in with reliable brokers such as AvaTrade, Interactive Brokers, and HFM.

• Overall ranking and experience for TPG Global FX is Negative

Is Gemliteassetsltd Scam or Legit Broker?

It is not safe to trade with Gemliteassetsltd. On its website the broker praises its reliability, claiming that it conducts absolutely legal activities. However, as proof, the broker has nothing to display.

• Gemliteassetsltd is not a regulated broker and it does not hold any license – neither from a top-tier authority nor even an offshore one. This is a direct red flag and means that traders should stay away from investing with the company, no matter how attractive their offerings are.

What is Gemliteassetsltd?

Gemliteassetsltd positions itself as a leading financial investment platform providing access to over 4,000 funds and assets, from investments banking, stock Broking, fund escrow services, forex, Gold and Cryptocurrencies to ETFs and Assets, etc.

Gemliteassetsltd was established in 2001, incorporated in 2020, and started offering Cryptocurrencies in 2020.

• On its website, the broker’s address is Stirk House, Cross Lanes, Tollerton, England, YO61 1LP. This means the company is located in England, as there is no other information that states otherwise. However, all the companies located in England and offering financial services should hold a UK FCA license. In this case, it is evident that the broker is not FCA-regulated, as there is no mention of the license.
• Another important point is, that the broker mentions its FSO license No. CHE-399.474.466, yet, by further investigation we found that under the same license number, there is another financial company – BinuxFx (.binuxfx.com) and by the looks of it this is just the same company, with the same website interface, the same offerings and conditions. BinuxFX is also located in England, only the provided address is different (1 Great George St, London SW1P 3AA @51.501128,-0.129027, UK).
• Another issue with Gemliteassetsltd is the negative reviews. Clients complain about the services the broker provides. Especially, clients claim to face withdrawal problems, never being able to withdraw their profits or investments. Many reviews state that the broker is a total scam that only tries to get its hands into the traders’ funds.
• Besides, another thing that seems fishy and is a good ground for doubts, is that Gemliteassetsltd constantly tries to attract new customers, by contacting them via different social platforms and offering their services. Experience in the market shows that this is the way scam brokers operate. They find people interested in investments in different online platforms, make very attractive proposals to them, and later just vanish with the traders’ funds.

Overall Gemliteassetsltd Ranking

Because of the revelations in regard to the safety of Gemliteassetsltd, we do not rank positively Gemliteassetsltd, based on our Expert Opinion with over 10 Years of experience in Forex Trading due to its lack of regulation and numerous negative reviews from traders.

• Gemliteassetsltd Overall Ranking is 2 out of 10 based on our testing and compared to 500 other brokers, see Our Ranking below compared to other popular and industry Leading Brokers.

Gemliteassetsltd Alternative Brokers

Taking into account the issues we revealed about the Gemliteassetsltd safety and regulations, here are much better Alternatives to Gemliteassetsltd with good regulations and excellent conditions. We select Good Brokers and reliable options for your comparison below: 

• Capital Index – Good Trading Conditions
• ThinkMarkets – Competitive Spreads
• XM – Wide Range of Trading Opportunities

Deposits and Withdrawals

Gemliteassetsltd offers different funding methods to make the process for its clients easier.

• The deposits are reflected on the account immediately once it is confirmed on the blockchain network. Traders can make as many deposits as they want, there is no limitation.
• When the withdrawal request is received, it is processed immediately and sent to the provided wallet address.
  For cryptocurrency investments, the minimum deposit starts from $100 for the Beginner’s plan. The Business plan deposits start from $10,000, and for the Executive plan, the deposit is $50,000.

Gemliteassetsltd Review Conclusion

It is not safe to trade with unregulated or offshore brokers, so we strongly recommend staying away from them. Traders should invest only with brokers holding licenses from authorities alike UK’s FCA, Australian ASIC, or other similar regulators, that provide compensation and are strictly supervised. We recommend signing in with well-regulated brokers, such as eToro, BDSwiss, and HFM.

• Overall ranking and experience for Gemliteassetsltd is Negative