TFY Delayed Refunding for Two Months Suspected of Running Away

The investor didn't receive his money two months after submitting withdrawal. So he contacted the customer service staff and got nothing but to wait constantly.

The broker was suspected of being on the run.

Accordingly, it is advised that investors should be alert to the broker.

These days TFY officially stated that the boss of TFY had absconded with capital and there wasn't current fund in the company's account.

Thus, the broker suggested that investors should withdraw money and those who didn't receive the money should call the police as soon as possible.

Screenshot of official account from TFY

Knowing that TFY officially announced that the boss skipped off, WikiFX team visited the office of the broker as soon as possible.

The photo of TFYs office

WikiFX team came to the office of TFY. From the photo, we can see that there were some staff working in it.

As to the matter whether the boss of TFY has run away, WikiFX will continue to follow up it.

Recently, one of investors reported TFY to WikiFX for the broker delayed refunding him for over two months.

And the problem still wasnt solved though many communications had been made.

The investor reported TFY with real name

Photo of the investor's ID card

The investor reported TFY with ID card.

【Case Review】

Mr. Qi shared his terrible experience with WikiFX

Mr. Qi has been depositing on TFY through a friend since September this year.

Records of Mr. Qi's deposit

In October, Mr. Qi intended to withdraw money, and submitted withdrawal twice on 10th and 12th this month respectively.

Records of Mr. Qi's withdrawal

After the application was submitted, the broker approved it quickly and notified Mr. Qi by email that the money had been refunded.

Email notification of the broker

Mr. Qi got the notification of remittance from TFY soon, but didnt receive the money withdrawn twice.

(Bank statement)

　　【Broker's reply】

Not receiving the money withdrawn, Mr. Qi contacted the customer service staff several times. But, the problem still wasnt solved.

Screenshot of the conversation between Mr. Qi and customer service staff

From the conversation, we can see that the broker kept delaying refunding instead of dealing with the problem. So, Mr. Qi didn't receive the money.

　　【WikiFX identification】

>>>>The regulatory information of TFY

Screenshot of TFY’s regulatory informatio

According to inquiry, TFY holds regulatory licenses from two countries, including one of VFSC which is limited to general financial service and the other of NFA.

So without the qualification of forex brokerage, TFYs business in China is illegal. At the same time, the broker has great risk because of weak regulation of its VFSC offshore license.

　　【Warning!】

Screenshot of TFY interface from WikiFX

According to the identification, the NFA license held by TFY is limited to general financial service, thus the broker doesn't have the qualification of forex brokerage.

Moreover, the broker has great risk due to its VFSC offshore license. Finally, the broker delayed refunding investors for almost two months inspected of being on the run.

Therefore, it is suggested that investors should keep themselves away from the broker to steel clear of property losses.

       Conclusion

TFY, as a new broker within 2 years, has many warnings from WikiFX. And Investors can easily find the broker with high risk by searching relevant information before investing.

Now, TFY has been remarked as “Fraud Broker” by WikiFX to remind investor to stay away from the broker, which was suspected of running away.

Consequently, it is suggested that investors who can't withdraw money should maintain their rights as early as possible.