No, TudoFX is not a legit broker to invest in. They have several issues with their authenticity and investing process. Also, the scarcity of the proper information on their website claims of being a scammer more stronger. Read the full TudoFX scam broker review to know more.
What is TudoFX?
Presented as a reliable online forex and CFD broker, TudoFX offers millions of traders worldwide simple access to more than 1000 trading instruments, including about 250 cryptocurrency CFDs, and a very sophisticated trading platform.
The trading platform being utilized is described as “incredibly advanced” on the Tudofx website, although it is not made clear which one. Upon creating an account and accessing Tudofx’s client portal, it is evident that MetaTrader 4 (MT4), a widely utilized platform among brokers globally, is being used on the web.
For forex, Tudofx recommends leverage of 1:50 to 1:100, and for cryptocurrency, 1:2 to 1:20. While high leverage might result in larger profits, it also raises the possibility of unexpected and large losses.
TudoFX Details
Broker status: | Offshore Broker |
Regulated by: | Unlicensed brokerage |
Scammers Websites: | |
Blacklisted as a Scam by: | N/A |
Owned by: | N/A |
Headquarters Country: | Saint Vincent and the Grenadines |
Foundation year: | N/A |
Supported Platforms: | Web trader |
Minimum Deposit: | $250 |
Cryptocurrencies: | Yes |
Types of Assets: | FX, commodities, indices, shares, cryptocurrencies |
Maximum Leverage: | 1:100 |
Free Demo Account: | No |
Accepts US clients: | N/A |
Deposits and Withdrawals
The Tudofx deposit menu offers two options: payment methods exclusive to Brazil (Ted, Pix, and Boleto) and cryptocurrency.
The Terms and Conditions state that there is a steep 5% fee associated with any withdrawal from an account. It also specifies that Tudofx is allowed to “reclaim any such funds” and that any money in the account—including any profits—that isn’t directly deposited isn’t regarded as the client’s money.
A monthly fee of 10% of the total amount, or USD 100, is assessed to accounts that remain dormant for longer than ninety-nine days. While respectable brokers charge comparable inactivity fees, Tudofx’s cost is once more exorbitant.
If you have lost money to companies like UOBE FX, or Exopip; please report it to us on our Report a Scam form.
Account Types
Tudofx’s website lists five types of trading accounts: basic, silver, gold, platinum, and VIP. Although the Tudofx system requires a minimum of 220 USD to open an account, the minimum deposit for a Basic account is given as $250 USD. Apart from USD, the account may also be in BRL. It is important for you to be aware that numerous authorized brokers provide micro accounts for novice traders, with a minimum investment of just $100 USD.
Red Flags and Warning Signs
The legal company that purports to be the broker is not even identified on Tudofx’s website or in any supporting papers. When your money is on the line, it is not a good idea to deal with someone you don’t know exactly.
Not even the office address is listed on the website. “This agreement and the relationship between the parties shall be governed by, and interpreted in accordance with the laws of Saint Vincent,” the Terms and Conditions language states. Presumably, Saint Vincent and the Grenadines (SVG) is meant by this.
This offshore area is well known for not regulating brokerage firm operations. On its website, St. Vincent and the Grenadines’ Financial Services Authority (FSA) makes it clear that it does not “regulate, monitor, supervise or license” international business companies that deal in foreign exchange trading or other brokerage services.
However, it appears that Tudofx does not even have an offshore registration given the absence of a company name and the partially spelled name of the jurisdiction. There is nothing in the FSA database on Tudofx.
Customer Complaints and Negative Reviews
A quick search online reveals a litany of negative experiences from disgruntled TudoFX users. Common complaints include:
- Difficulties withdrawing funds: Users report facing long delays, unreasonable withdrawal fees, and unresponsive customer service when attempting to withdraw their money.
- Hidden fees: Beware of hidden commissions and charges that can significantly erode your profits.
- Unprofessional customer service: Users often describe dealing with rude and unhelpful customer representatives who fail to address their concerns.
TudoFX Alternatives
Instead of risking your hard-earned money with TudoFX, consider reputable and regulated brokers with a proven track record of customer satisfaction. Here are some well-regarded alternatives:
- Interactive Brokers
- eToro
- Fidelity
- Zacks Trade
- Charles Schwab
Remember, choosing the right broker is crucial for your trading success. Prioritize transparency, regulation, and a positive track record before investing your money.
Got Scammed by TudoFX? We Help Victims!
If you’ve fallen victim to TudoFX’s deceptive practices, there may be hope. Several organizations and resources can assist you in recovering your lost funds. Do not hesitate to seek professional help and report your experience to relevant authorities.
Our team of professionals will help you in recovering the lost funds. They will provide you with a free consultation and recovery service recommendations to help you recover the lost funds or You Can report to us today by the below form.
