Is TBFX a scam or legit broker?

No, it is not safe to trade with TBFX. TBFX is owned and operated by TBFX Limited and claims to be located in London, UK.

According to the website, “with more than 14 years experience, TBFX is one of the largest stock exchange-listed FX & CFD brokers in the world. We have offices in over 13 countries including the UK, Poland, Germany, France and Turkey. TBFX as a group is also regulated by the world’s biggest supervision authorities including the Financial Conduct Authority, KNF, and CMB.”

However, it turned TBFX is just a clone of the regulated financial institution. The license number TBFX has been using belongs to the FCA-regulated XTB Limited that is not associated with TBFX in any way.

A lot of companies, such as TBFX, purposely use the details of the well-regulated entities to mislead the potential clients. Such companies are called “clone firms” and should be avoided at all costs.

In addition, the Financial Conduct Authority has blacklisted the broker:

We advise all investors and traders to avoid TBFX and other unregulated brokers. The lack of information about the broker’s regulation, trading conditions, and contact details should be the biggest red flag for those who plan to invest with the entity. Usually, such companies run investment scams. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as Alpari and FP Markets.

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