- Why this broker may not be the best choice
- The concerning aspects about the website
- Limited assets
- Contradictory statements and regulation rules
- Incomplete account details
- Leverage issues
Are you looking for a forex broker? Well, in this case, your objective must be to get your hands on the most reliable pick? Recently, we came across a broker by the name of Tifia. It was founded way back in 2014. It is a New Zealand based broker.
We decided to review this broker in detail so that we can give you the true picture.
We had a good look at the Tifia website, and there are many aspects that need attention. First of all, we were unable to find information about the team and the CEO of the company. Well, this information is essential to win customer trust.
The FAQ section is also missing from the website. Whenever a trader visits a broker website for the first time, then he has some questions in mind that need an answer. However, the missing FAQ section will leave you pondering over your concerns.
We also noticed the fact that there is a dearth of trading assets when you trade with Tifia. The platform offers about 20 currency pairs, some CFDS, and some precious metals. Ideally, the trader should have the freedom to choose from a large number of assets.
There is an obvious contradiction in the about us section. The about us section states that Tifia trading services are not available in the Republic of Vanuatu.
In the remaining section of the about us page, it is mentioned that Tifia is registered with Dealers in Securities Act of the Republic of Vanuatu. Now, this is where the contradiction exists. If the service is not available for the residents of the Republic of Vanuatu, then the license of Republic of Vanuatu does not hold value. It is important that the company clears its stance here because this makes the traders skeptical.
Omissions do cast suspicions, and you will experience the same with Tifia. When you look at the different account types offered by Tifia, then you will have one important question in mind. The question will most probably be regarding the commission per lot. The commission details are missing for Start and ECN Classic. When all the information regarding the accounts is not available, then it is natural that a trader may become a bit apprehensive in this situation.
Now, the account details present on the Tifia website do not mention whether the offered accounts are forex managed accounts. The managed accounts are a huge incentive for the trader. The reason is that in case of the managed accounts the money manager trades on behalf of the trader.
These accounts are the preferred choice of novice traders who lack the understanding of the market.
The leverage for the Start( Micro account) is also controversial. The offered leverage is about 1:1000 which is quite high. The deposit amount for this account is just about $10 so a new trader will readily opt for this account.
We all need to remember that high leverage means high risk so a new trader might get tempted for this account and end up losing a lot of money.
Keeping the mentioned issues into consideration, it is better to avoid Tifia in the first place.