You finally decided to invest your hard-earned money in trading. After searching for a broker, you’ve come vis-à-vis the eye of the tiger. This unscrupulous broker’s manner could bring many traders’ careers to the survival stage. If you don’t want to suffer that fate, then the TigersFM Review is a must-read.
Additionally, we strongly advise you to avoid the fraudulent brokers Caplita, Pioneer Markets, and XBTFX.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Minimum Deposit:||250 USD|
|Cryptocurrencies:||Yes – Bitcoin, Ethereum, Ripple (10 in total)|
|Types of Assets:||Forex, Crypto, Indices, Stocks, Commodities|
|Free Demo Account:||Unavailable|
|Accepts US clients:||No|
Is TigersFM a Scam or a Legitimate Crypto Broker?
Nothing about TigersFM is legitimate. Right off the bat, we noticed that the broker is anonymous, and consequently, unlicensed. All that the fraudster mentioned was some fictional Sabrin Alliance Inc. This imaginary name was probably derived from the work of B. F. Sabrin titled Alliance for Murder.
Nevertheless, we found something else in the T&C section. Namely, the illicit provider claims that its operation falls under the jurisdiction of UK law.
Therefore, we decided to check what the UK’s Financial Conduct Authority has to say about TigersFM. Unsurprisingly, there’s nothing. It seems that the financial swindler is unlicensed.
TigersFM is an unauthorized and scamming broker that allegedly offers Forex, crypto and CFDs trading and favorable conditions. The financial swindler’s main targets are traders from Canada, Australia, Germany, Croatia and Poland.
Arguments for Trading With a Licensed Broker
Brokers that operate in the UK simply have to be registered with the FCA. Prior to that, they have to ensure a minimum operating capital of GBP 730,000. After obtaining a license, rigid rules come into effect.
We’re referring to enabling clients to have negative balance protection and covering them with GBP 85,000 in case of bankruptcy. Also, their funds have to be stored in a segregated account in one of the UK’s Tier 1 banks. These are the perfect conditions that you’ll never have with TigersFM.
What Trading Platform Does TigersFM Provide?
TigersFM offers a simple browser-based platform known as WebTrader. This software features built-in news, an asset overview, and several elementary charts and indicators.
In addition, a platform like this one can easily be manipulated by the fraudulent broker to display trading volume that isn’t taking place. Instead, your funds are transferred directly into the scammer’s pocket. Thus, promoting an unlicensed web platform is selling snake oil.
Legitimate brokers offer standardized software such as MT4, MT5, and cTrader. These cutting-edge platforms offer social trading, and a wide range of TAs, automated trading, API integrations, etc.
What Can Be Traded? – List of Assets
According to TigersFM’s website, clients are offered the following:
- Forex pairs – EUR/USD, USD/JPY, EUR/AUD…
- Indices – NASDAQ 100, GERMANY 30, DOW 30…
- Stocks – Lloyds Bank, Visa, Tesla…
- Commodities – wheat, coffee, crude oil…
- Cryptocurrencies – BTC, ETH, LTC, XRP…
All in all, this seems like a comprehensive list of instruments. However, due to the fraudster’s unregulated status, we wouldn’t recommend you invest. After all, the safety of funds comes first.
Where Does TigersFM Engage In Fraud? – Countries Of Service
We did our research on which countries this malevolent scammer intends to get its claws into. The bad thing is that none of the local financial market authorities have reacted to the threat known as TigersFM. The good thing, however, is that we managed to get this info out. Now, we hope that this reaches traders in time.
Also, avoid the trading frauds ETF Corp, Equalpros, and Cryptocycle at all costs! Moreover, before investing, always look into the past of internet trading firms!
Trader’s Reviews of TigersFM
At the time of this writing, TigersFM had zero reviews on TrustPilot. We checked some other forums as well and found no reviews. But that could be good news. It could imply that nobody’s yet fallen victim to this vile scheme. We certainly hope that’s the case.
Bonuses And Dangerous Conditions
If you need any more red flags regarding TigersFM, here’s a big one. We’re talking about bonuses. Yes, these annoying ‘incentives’ were designed to draw you into deep waters and prevent you from getting your money.
There’s a reason they’re banned by top regulators. Read the following clause out loud and then ask yourself if making a withdrawal is possible under these terms. Seriously, the mentioned trading volume was set absurdly high on purpose.
What Are the Different TigersFM Account Types?
TigersFM offers five different account types. The financial market predator cunningly devised each of these to suit its needs, rather than the clients’. Thus, we have extremely high minimum deposits and leverage as well as persistent bonuses. Take a look.
- Classic – $250;
- Silver – $5,0001;
- Gold – $25,001;
- VIP – $100,001;
- Prime – $250,001;
Information About Demo Account
Things just keep getting worse with TigersFM. There’s no demo account. Yup, if you want to trade with this phony broker, you have to pay straight up without a taste of what it offers. Any legitimate broker will provide at least a sample.
About Leverage, Spreads and Fees
As for the trading conditions, i. e. leverage, spreads and commissions, TigersFM really hit below the belt. Commissions weren’t disclosed and we believe that they’re extremely large. When it comes to spreads, we got 2 pips for the benchmark EUR/USD pair, which isn’t great either. It’s much wider than the industry’s standard of 1 pip and not competitive at all.
Last but not least, we got leverage. The levels range from 1:200 to 1:500. Keep in mind that regulators have limited leverage to 1:30 for retail clients, simply due to the fact that high leverage could equal great losses, especially in volatile markets like the crypto one. Guess what, TigersFM is primarily engaged in crypto trading.
High Minimum Deposit and Withdrawal Terms
The minimum deposit is $250, too high for an unregulated provider. Kiss goodbye to your funds if you decide to invest because TigersFM will pull out the vexing bonus clause mentioned earlier. Because the fraudster is anonymous, there’s little you can do to serve justice. Fees exist but weren’t disclosed. Shady to say the least.
For much less money, you can find a suitable and reliable broker that stores your funds in a safe place, not its own pocket.
Payment Methods Available
Acceptable payment methods with TigersFM include credit cards and wire transfers. Nothing wrong with keeping it old-school but that offer is pretty scarce. E-wallets and crypto payments weren’t included. Nevertheless, at least there are ways of getting a refund for credit cards and wires.
Scammed by TigersFM Broker? – Allow Us to Hear Your Story
TigersFM has been put back into its cage. This menace will no longer bother anybody, hopefully. However, if the cyber fraudster managed to take your funds, consider the two ways of getting your money back. Read below about a chargeback and a recall.
How Does Chargeback Work?
- A chargeback can be requested at the issuing bank within 540 days.
- It could potentially reverse credit card transactions but only if you haven’t provided the scammer with copies of your personal documents.
- For wire transfers, you ought to request a recall at the bank.
- If the transaction has been completed, the recall is bound to fail.
Get in touch with us today!