TFIFX Video Review
TFIFX is an online Forex broker that is owned by TFI Markets, one of the oldest Forex brokers that allow for “margin Forex trading” since the year of its establishment in 1999. The online Forex dealing platform, TFIFX came at a later date in 2006. Unlike what most Forex other brokers are doing, TFIFX tend to discourage their clients to trade with high leverages which is good thing in a way. According to the company’s CEO Loucas Marangos, “The industry itself should rethink offered leverage levels rather than wait for regulation to impose caps.”
TFIFX Reliability – Is TFIFX a scam?
When it comes to evaluating the reliability of a forex broker, there are three (3) things that we normally look at. First is the regulatory enviroment which they are operating in. second, we look at their operational history to judge how well or how badly the broker had fared during the course of operations. Lastly, we look at their technical competency. Each f these factor taken on its own doesn’t mean very much but when taken as a whole, the overall picture tells a much clearer picture about the reliability of the broker.
Regulatory Environment of TFIFX
As for TFIFX, the online Forex broker is owned by its parent company TFI Markets Ltd. established in 2006, TFIFX operated out from Cyprus and is regulated by the Cyprus Securities Commission (CySEC). This mean the broker is in compliance with Markets in Financial Instruments Directive (MiFID) issued by the European Parliament. The MiFID actually set the minimum fiduciary standard which all financial services providers in the European Union (EU) must comply with. The republic of Cyprus is one of the few EU countries that have managed to fully comply with the recommendations of the MiFID. In other words, although is a less developed economy, its financial regulatory standard by virtue of its compliance with the MiFID is not lacking in any way as compared to a more developed economy like the U.K.
Although the fact that Cyprus is in need of a bailout from the IMF and European Central Bank (ECB), the crisis that its banking system is facing is not due to mismanagement but rather due to the writedowns the Cypriots banks had to make on its Greek Bond holdings. Despite the fact that the Cypriot government intended to impose a levy on deposits held in Cyprus banks, this would not have must effect on TFIFIX’s clients as the broker had the foresight to diversifying their clients’ funds across several European banks and not just Cypriot banks. This fact clearly demonstrated the value which TFIFX put on the trust that their clients had placed in them.
Operational History of TFIFX
TFIFX was established in 2006 and has been in business for more than six (6) years now in the online Forex brokerage business. What this can tell us is that TFIFX is certainly no bucket shop operation. The parent company TFI Markets Ltd has an even longer operational history stretching way back to 1999. From this we know that TFIFX intend to grow their business for the long term. Their technical competency is also evident through the high quality support provided by their dedicated customer support team. If we were to rate TFIFX reliability out of a score out 10, they would easily scored a 7.5 in my opinion.
The mainstay of TFIFX’s trading platform is the online forex industry standard MetaTrader 4. Nevertheless, TFiFX is also aware of the changing landscape of the online trading world. Thus, for the convenience of their clients, TFIFX also provide the option of trading with a mobile trading platform.
MetaTrader 4 Platform
Ever popular among traders for its robustness, TFIFX MT4 client terminal features numerous tools to helps traders in their quest for maximum profitability. These include:- 30+ Built-In Technical Indicators
– Analytical Tools for Determining the Price Dynamics
– Archival Of Quotes for Future Reference
– Expert Advisors (EAs) Testing
– Full Screen Display of Charts for Easy Analysis
– Numerous Chart Options
– Optimized For Expert Advisors (EAs)
Mobile Trading Platform
With the TFIFX mobile trading solutions, Forex traders literally have the world of Forex in the palms of their hands. Now, traders can stayed connected to the mainstay of their trading platform MT4 with the use of Smartphones or iPhones with:- TFIFX Mobile Forex iPhone application
– TFIFX Mobile Webtrader
– TFIFX Windows Mobile Trading Platform
Safe to say, TFIFX have managed to cover the trading needs of their clients wherever they may be.
At TFIFX, traders have the choice of four (4) types of trading accounts.
With the unlimited demo account, traders can familiarize themselves with the TFIFX trading platform. The account comes with $50,000 virtual cash and simulates the actual market conditions which traders are going to face in reality.
The Premium Account is geared towards professional traders. Maximum trade size is up to 200 lots in a single trade. This equate to €20 million in monetary value. In addition, premium accounts holders also enjoy the benefit of fixed spreads and trading over the phone is required. For a full list of benefits, please visit their website.
TFIFX’s Corporate Accounts are for corporate clients who want to trade in very high volumes. The main benefits that corporate clients get to enjoy with this type of account are competitive spreads and the dedicated service of the dealing room 24/5.
Commissions and Spreads
Like most Forex brokers, TFIFX doesn’t charge any commission for their brokerage services. Instead they earn an income by adding Percentage in points (PIPs) to the interbank market rates. The level of spreads added to the interbank rates can be floating or fixed depending on the trading account types. For Power Accounts, the spreads starts from 0.5 pip. For other premium and corporate accounts, the spreads are fixed and pre-agreed.
As an old timer in the Forex industry, there is no doubt that TFIFX takes the customer support services seriously. Their website is featured in five (5) major languages, English, Russian, Japanese, Italian and Greek. The support team is available 25/5 and can be reached by:
- Requesting a Call Back
- Emailing them at firstname.lastname@example.org
- Calling them on at the support number @ +357 22 749 800
In view of their service performance, there is no doubt that dealing with TFIFX holds several advantages for the average retail trader.
The only con which I can see is the fact that the average trader has no access to the ECN market rates as TFIFX has yet to adopt the cTrader trading platform as part of their array of trading platforms.
Overall, TFIFX pass with flying colors as a top rated Forex broker. In fact, TFIFX was the recipient of IBTIMES award for Best Forex Broker in Eastern Europe for 2011. The fact that they have remain in this competitive business for so long speaks volumes about the quality of their services.