Hello guys, I am here with Tifia review today. Tifia is established in 2014, offering to trade with Forex and CFDs. The broker’s website is tifia.com. According to the website, the broker is located at Govant Building, BP 1276 Port Vila VANUATU.
The average number of visitors on the website per month is 80k. The visitors are from Malaysia and Singapore mainly.
In this Tifia review, you will get the answers to these questions: Is Tifia scam or legit? What kind of account types does Tifia offer? What are the trading conditions such as spreads, minimum deposit, and maximum leverage? Is Tifia regulated?
Let’s start with regulation which is the most wondered feature of the broker.
I reviewed Tifia based on the following criteria.
- MT4 supported
- Low initial deposit
- Unregulated broker
- No choice of trading platforms, no web-based one
Regulation of Tifia
Tifia Markets Limited is the company behind the broker. Tifia Markets Limited claims that it is licensed as a “Dealer in Securities” (registration number 40209) by the “Ministry of Finance and Economic Management” and regulated in accordance with the “Dealers in Securities (Licensing) Act ” of the Republic of Vanuatu.
You know this is a loose regulation. Because it is easy to get Vanuatu license, the minimum capital holdings requirement is just $2,000.
However, there are some reputable regulators who require strict rules to brokers. For instance, the UK’s Financial Conduct Authority (FCA) requires to hold €730,000 minimum net capital.
Also, if a broker wants to get a license from Australian Securities and Investments Commission (ASIC) in Australia must hold $1,000,000 minimum net capital. This shows how strict it is to be a member of this organization.
There are compensation schemes that protect your money when there is an unexpected bankruptcy or withdrawal problem on well-regulated brokers. One of them is Financial Services Compensation Scheme (FSCS). The FSCS covers investor’s moneys up to a maximum amount of £50,000.
Before you start trading with a broker, be sure to check for legal regulation. This is the only way to protect you from scammers. If you want a reliable Forex broker recommendation, I’d say check out my top forex brokers list.
Account Types and Spreads
Account Types & Spreads
Tifia offers its clients four account types. These are Start (Micro), Classic, ECN Pro, and Crypto. You can choose the best one that suits you.
The Start account type has $10 minimum deposit and it is comparatively low. Spreads are from 2.2 pips and there is no commission. The maximum leverage is 1:1000 which is quite high.
The minimum deposit is $100 on the Classic account. Spreads are from 1.1 pips and there is no commission too. The maximum leverage is same with Start account, 1:1000.
ECN Pro account is the most attractive account type of the broker. The minimum deposit is $400 for this account type. The maximum leverage is lower than Start and Classic account types, 1:100. The Spreads are from 0.5 pips and including a commission of $8 per standard lot round turn.
Tifia supports MetaTrader 4 which is the most popular platform among traders. You can use the platform on the desktop, Android or iOS devices. Unlike many other brokers that provide this platform, the broker does not offer web-based platform.
A high work rate and reliability, a variety of tools, easy-to-use interface, high-security level, auto-trading, access to the latest financial news – these benefits as well as many others are an explanation for the choice of MetaTrader 4.
Clients of the Tifia able to trade on forex, indices, commodities, precious metals, and cryptocurrencies. I can say the product portfolio of the broker is wide.
Some cryptocurrencies that the broker offers are Bitcoin, Litecoin, Ethereum, Dash, Neo, Monero, and ZCash. It is an advantage to provide these very popular cryptos.
Tifia offers a large number of payments methods; bank wire transfer, credit/debit cards and e-wallets Skrill, Neteller, Perfect Money, FasaPay, and Bitcoin transfer.
There is no any fee when you deposit. But there are commissions and fees on some methods when you withdraw.
Finally, Tifia offers good trading conditions but its product portfolio is somewhat limited. However, in my opinion, the main problem with this broker is its regulation.
Note that, it is risky to trade with a broker who is not duly-regulated. So, I suggest you prefer more reliable forex broker to trade.