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TigersFM Review – Who Is Behind TigersFM.Com?
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TigersFM Review, Not only that this broker provide FX and CFD trading services without a license but also completely anonymously. In addition to that, they don’t provide any ownership information.
Moreover, for contact information, they have only provided an e-mail. Whereas many other Tier 1 licensed companies provide many different contracting options.
Important to realize is that TigersFM broker claims to operate under UK laws. However, any company that provides trading services in the UK should have an FCA license or TPR. Here we have already too many red flags.
|Review Rating||2.6 on Trustpilot|
|Spread||From 2 pips|
Is TigersFM Legit or a Scam Brokerage?
Not to jump to a conclusion, we have researched the Tier 1 Regulators database. In this case, those are FCA, BaFin, and ASIC. Since they are not in any of these registers, this is undeniably an investment scam. In addition to that, some TigersFM reviews are confirming this statement. Where clients got scammed for a certain amount of money.
After all, the TigersFM scam broker claims to operate under UK laws, but without an FCA license. Another key point is their insanely high leverage. According to ESMA rules for trading in the EEA zone, a maximum of 1:30 leverage is allowed. On the other hand, TigersFM provides leverage up to 1:500.
TigersFM Trading Software Overview
Like many other scam brokers, TigersFM doesn’t provide any reliable platform for trading. It is just a basic proprietary trading platform. Unlike some reliable third-party platforms, they don’t provide any advanced trading tools. For example, Meta Trader. Especially version 5 which has available algorithmic trading.
Unfortunately, platforms like web traders provided by TigersFM are often manipulated by the broker. Firstly, that is due to the lack of regulations that don’t control their actions. Secondly, that way they control clients’ trading behavior. Thirdly and most importantly, they are only scamming people. Since they are not licensed traders, they don’t have any practical knowledge about trading.
After all, they don’t even provide a demo account for their traders.
TigersFM Account Types Available
If you are still considering investing with this scam broker, here are the account types:
- Classic – $250
- Silver – $5.001
- Gold – $25.001
- VIP – $100.001
- Prime – $250.001
Must be remembered that this broker is not regulated. Any funds deposited here are at risk. Moreover, they don’t provide negative balance protection. With any Tier 1 licensed broker clients have protection not getting into debt.
For the most part, higher accounts give you similar benefits. Lower spreads, more trading sessions with market analysts, more trading signals and higher leverage. Ultimately nothing that attracts real traders to choose bigger deposits. Especially after all the negative TigersFM reviews and lack of regulations.
TigersFM Offers Welcome Bonus
Point often overlooked is a welcome bonus. That is a dirty marketing trick to lure clients into depositing more money. While traders think they get something from a broker they are actually losing. For example, on a deposit of 250.000 USD, clients get up to a 100% bonus.
But there is a trick. To be able to withdraw those funds, you have to make a huge rollover. That means that the initial deposit should be multiplied 30 times without added leverage.
That’s how non-experienced traders get very easily scammed. With that in mind, we recommend you start looking for a licensed broker on time. Keep in mind that according to any regulation or ESMA rules any kind of bonuses are forbidden. These illicit brokers will do anything to make you deposit all your life savings.
Available Trading Instruments at TigersFM
With scam brokers like TigersFM, available instruments are not even relevant. If they offer only one asset, with the manipulative platform and given trading conditions, you can make a fortune. And lose it at the same time. Nevertheless, they provide access to all 5 major financial classes. Some of the assets are:
- Forex – EUR/SEK, AUD/NZD, USD/JPY
- Commodities – oil, gold, platinum
- Indices – FTSE100, DJI, CAC40
- Shares – Nvidia, Intel, Tesla
- Cryptocurrencies – BTC, ETH, USDT
Spreads for these assets start with 2 pips and above. Important to realize is that licensed brokers offer spreads close to 0 pips. And that industry average is 1.5 pips. However, other commissions and fees remain mysterious.
Deposit and Withdrawal Procedure for TigersFM
Another important key point is missing with the TigersFM broker. They don’t disclose any of the funding methods. The broker states that withdrawals can be done only with the same method as a deposit. Under those circumstances, the client should comply with AML laws.
That is exactly what TigersFM scam broker uses as an advantage. It is a standard scheme for extending the withdrawal process.
Why we are so sure about it because they clearly state that during that process additional fees and restrictions may apply. Moreover, that’s what you can see in any TigersFM review.
Another thing that prevents traders from getting withdrawals here is the non-existent fees. The broker requires those additional fees to be paid. However, all potential fees can be taken from the trading balance. So, don’t fall for those cheap tricks. Before you make any move with this broker, think twice about it.
Got Scammed by TigersFM? Get Your Money Back!
As can be seen, there is not even one reason to trust this broker. Many traders got scammed, yet they are less than a year in the business. Unfortunately, you don’t have regulatory authority to reach out. The only solution is fund recovery. Our specialized fund recovery team can assist you through the process.
Contact us and book your free consultation now!
FAQs About TigersFM Broker
Is My Money Safe With TigersFM?
Obviously no. They don’t provide any kind of security or transparency to their clients. After all, clients are already complaining about this broker.
What Is The Minimum Deposit for TigersFM?
The minimum requirement is $250. For a non-licensed broker that is too much. Especially when you can open a micro account with a Tier 1 regulated broker.
Does TigersFM Offer a Demo Account?
No. They only provide live trading accounts with bizarrely high minimum requirements.