Beware! TBXCapital is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TBXCapital is yet another offshore broker, which is not worth your time or money. If this is not enough of a warning for you, read on – there are many shady things TBXCapital does, and we have exposed all of them in the following review:
TBXCapital regulation and safety of funds
TBXCapital is not a licensed, or regulated broker – that is because the company is incorporated on the islands of St. Vincent – here is the broker admitting that itself:
St. Vincent is infamous for refusing to regulate its Forex markets – something that the government of the islands admitted themselves in a press release. This has made scammers absolutely flock to the offshore location.
If you wish to trade safely, you are better off doing so with brokers from jurisdictions which actually regulate them – for example, EU brokers are required to report on a daily basis on open and closed trades, so they can be held accountable for any scams that take place. There are many more protections that the EU has placed for its citizens and the customers of brokers it oversees – if interested, you can learn more here.
TBXCapital trading software
TBXCapital provides access to a web-based trading platform – however, the broker never verified our account. Therefore, we were only able to get as far as the following screen with it:
However the platform looks, it probably cannot compare to industry standard Metatrader 5 – few platforms even come close to its sophisticated trading features and powerful automated trading capabilities.
As for the trading conditions of the broker – we know it offers a leverage of 1:400, which is much more than any reasonable regulatory body would allow – indeed, such high leverage is often the sign of an unlicensed broker – if you see it in the wild, proceed with extra caution.
TBXCapital deposit and withdrawal methods and fees
TBXCapital accepts deposits only through credit cards – this singular method might seem limiting, but consider the fact that cards are eligible for a chargeback within 540 days of any transaction – an ace up your sleeve with brokers like TBXCapital.
The ability to file a chargeback is especially useful considering the following clause from the broker’s Terms:
As you can see, accounts credited with a bonus need to achieve a turnover of a fourth of that bonus in order to withdraw any of their profits and bonuses – the catch is that they need to reach that volume in standard lots, with each standard lot being worth 100 000 units of currency. In the example TBXCapital gives, the trader would need to achieve a profit of $5 million to withdraw a meager $200 bonus!
How does the scam work?
After reviewing TBXCapital, we cannot help but come to the conclusion it is running a scam – the broker is doing so, following a vey simple, yet efficient model. The scam starts when a would-be victim follows an ad to a website much like TBXCapital’s one. The ads always promise impossibly lucrative investment opportunities. Once they are on the site, the scammers’ “client” is prompted to leave a phone number – if they do so, a barrage of calls, demanding one thing and one thing alone – deposits, always follows.
If the victim deposits, the scammers will demand more and more. They will only stop when the person depositing realizes they are being scammed or tries to get a withdrawal – at this point, the scammers simply cease all contact and disappear.
What to do when scammed?
If you have been the victim of a scam, you can take several steps to limit further loss – first off, delete all desktop sharing software the brokers had you install on your PC – the criminals sometimes use it to snoop around without your permission. Also, immediately change your ID and credit cards if the scammers had access to any of them.
You should contact your bank and explain what happened – they might be able to issue you a refund, depending on the payment method you have used. Also, if contacted by a recovery agency, do not give it any payments in advance, whatever you are promised – that is simply another scam!
Finally, do not be ashamed to talk about your experience – anyone can be the victim of scam, and that is why spreading awareness of such schemes is so important!
Rich Snippet Data