Tifia Review Is Tifia.com A Legit Broker Or Scam

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Tifia Review: Is Tifia.com A Legit Broker Or Scam?

Tifia Review: This is a forex broker that offers clients a “smart Forex trading on perfect conditions”. It is run by Tifia Markets Limited and the address given is:

Govant Building, BP 1276 Port Villa, The Republic of Vanatu.

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The above address is preceded by a statement that the company is licensed as a “Dealer in Securities” by the Ministry of Finance and Economic Management, the Republic of Vanatu. But this claim seems to be false as we will see.

However, investigation showed that Tifia used to be a registered brokerage in New Zealand under Tifia Investments Limited, until they lost their license in 2020. They are now said to operate from Dubai, United Arab Emirates.

Tifia Trading Platform

Like many other forex brokers, Tifia Trading Software claims to use the MetaTrader4 platform. MT4 has become a widely used platform for trading because of its many advantages. There is no web-based MT4 for testing.

The broker offers leverages and spreads depending on the type of account a client uses. ECN Pro, which is most expensive, comes with a leverage of 1:100 and a spread of 0.5 pips with $8 per lot round trip. The other accounts Start and ECN Classic have respective spreads of 2.0 and 1.5 pips.

There are more than 36 forex currency pairs, precious metals, commodities and indices to be traded on, according to Tifia.com.

Deposit and Withdrawal Methods On Tifia

Deposit and withdrawals are allowed via a wide range of means including Visa, MasterCard, wire transfer, Skrill, Neteller, Perfect Money, FasaPay, and so on.

Minimum deposit for the Start account is $10 while $100 and $500 are applicable for ECN Classic and ECN Pro, respectively.

There is no information on withdrawal charges on the page other than the mention of “Fast Withdrawal”.

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This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is Tifia Licensed?

Although Tifia claims to be from the opening statement, it is not. Just above the statement about licensing, there is a disclaimer that reads:

“Our Company’s service is not provided to the citizens (residents) United States of America, Canada, Israel, Belgium, Japan and the Republic of Vanatu and citizens of any state or country where the service is not made available”.

It shows that the broker holds no license from the Republic of Vanatu as it claims because it does not provide its service there.

Support

There is no means for contacting a customer care agent stated on the page despite promising a “friendly customer care 24/5”.

Conclusion

Tifia provides good spreads, low minimum deposit requirement, MT4 and an ECN account. However, it is not a regulated broker, no demo account and no mention of trading instruments. It is risky investing in this broker.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

Forex Brokers Lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

Tifia

Trust

Commissions and fees

Customer Service

Platform & Tools

Product Portfolio

  • MT4 supported
  • Low initial deposit
  • Unregulated broker
  • No choice of trading platforms, no web-based one

Regulators :

Minimum Deposit: $10

Maximum Leverage: 1:1000

Spreads: Low

My Score: 2.2

Hello guys, I am here with Tifia review today. Tifia is established in 2020, offering to trade with Forex and CFDs. The broker’s website is tifia.com. According to the website, the broker is located at Govant Building, BP 1276 Port Vila VANUATU.

The average number of visitors on the website per month is 80k. The visitors are from Malaysia and Singapore mainly.

In this Tifia review, you will get the answers to these questions: Is Tifia scam or legit? What kind of account types does Tifia offer? What are the trading conditions such as spreads, minimum deposit, and maximum leverage? Is Tifia regulated?

Let’s start with regulation which is the most wondered feature of the broker.

Regulation of Tifia

Tifia Markets Limited is the company behind the broker. Tifia Markets Limited claims that it is licensed as a “Dealer in Securities” (registration number 40209) by the “Ministry of Finance and Economic Management” and regulated in accordance with the “Dealers in Securities (Licensing) Act [CAP.70]” of the Republic of Vanuatu.

You know this is a loose regulation. Because it is easy to get Vanuatu license, the minimum capital holdings requirement is just $2,000.

However, there are some reputable regulators who require strict rules to brokers. For instance, the UK’s Financial Conduct Authority (FCA) requires to hold €730,000 minimum net capital.

Also, if a broker wants to get a license from Australian Securities and Investments Commission (ASIC) in Australia must hold $1,000,000 minimum net capital. This shows how strict it is to be a member of this organization.

There are compensation schemes that protect your money when there is an unexpected bankruptcy or withdrawal problem on well-regulated brokers. One of them is Financial Services Compensation Scheme (FSCS). The FSCS covers investor’s moneys up to a maximum amount of £50,000.

Before you start trading with a broker, be sure to check for legal regulation. This is the only way to protect you from scammers. If you want a reliable Forex broker recommendation, I’d say check out my top forex brokers list.

Account Types & Spreads

Tifia offers its clients four account types. These are Start (Micro), Classic, ECN Pro, and Crypto. You can choose the best one that suits you.

The Start account type has $10 minimum deposit and it is comparatively low. Spreads are from 2.2 pips and there is no commission. The maximum leverage is 1:1000 which is quite high.

The minimum deposit is $100 on the Classic account. Spreads are from 1.1 pips and there is no commission too. The maximum leverage is same with Start account, 1:1000.

ECN Pro account is the most attractive account type of the broker. The minimum deposit is $400 for this account type. The maximum leverage is lower than Start and Classic account types, 1:100. The Spreads are from 0.5 pips and including a commission of $8 per standard lot round turn.

Trading Platform

Tifia supports MetaTrader 4 which is the most popular platform among traders. You can use the platform on the desktop, Android or iOS devices. Unlike many other brokers that provide this platform, the broker does not offer web-based platform.

A high work rate and reliability, a variety of tools, easy-to-use interface, high-security level, auto-trading, access to the latest financial news – these benefits as well as many others are an explanation for the choice of MetaTrader 4.

Trading Instruments

Clients of the Tifia able to trade on forex, indices, commodities, precious metals, and cryptocurrencies. I can say the product portfolio of the broker is wide.

Some cryptocurrencies that the broker offers are Bitcoin, Litecoin, Ethereum, Dash, Neo, Monero, and ZCash. It is an advantage to provide these very popular cryptos.

Payment Methods

Tifia offers a large number of payments methods; bank wire transfer, credit/debit cards and e-wallets Skrill, Neteller, Perfect Money, FasaPay, and Bitcoin transfer.

There is no any fee when you deposit. But there are commissions and fees on some methods when you withdraw.

Conclusion

Finally, Tifia offers good trading conditions but its product portfolio is somewhat limited. However, in my opinion, the main problem with this broker is its regulation.

Note that, it is risky to trade with a broker who is not duly-regulated. So, I suggest you prefer more reliable forex broker to trade.

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