FX Tampa attracts traders with a motivating but brief phrase: “Future awaits you”. The broker promises lightning-fast order execution, 24/7 technical support, and low commissions. However, before rushing to open a brokerage account, it’s important to ensure that the platform is not a scam. This review is dedicated to that. The firm claims over five years of experience, but without any proof. The headquarters is based in Estonia, but nothing is said about licenses. It’s necessary to thoroughly understand this, so let’s begin.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Fxtampa.com
The official website of any broker is primarily created to introduce potential clients to the company and its trading conditions. FX Tampa’s site only partially accomplishes this task. Trading conditions are stated, but only partially, the same can be said about the information regarding the broker’s activities. Important aspects are simply ignored: the exact founding date, instead of the abstract “over 5 years”, the business model, names of the leaders, and licenses.
The firm uses a blue-and-white color palette, while graphic design is almost nonexistent. Icons of the dollar, Google, Apple, Amazon, and other major US stock market companies can be seen. At the top of the page, FX Tampa created a panel with basic information:
- About company.
- Privacy and cookie policies.
- Legal documents.
- Account types.
Notably, the official website is translated into two languages: Korean and Japanese. Such a focus is rare, so it’s logical to assume the broker’s orientation towards the Asian region. Overall, FX Tampa did not surprise us; the company definitely used a ready-made template. This is evidenced by the abundance of meaningless and clichéd phrases.
Partnership and Bonuses
The presence of an affiliate program is an advantage, as traders can earn additional income by attracting new clients. However, FX Tampa decided not to offer such a privilege.
Instead, there are bonuses, which is not surprising. CFD companies love to push bonus funds on clients, especially newcomers who don’t understand how this trick works. FX Tampa offers bonuses, but under certain conditions: it’s necessary to complete a trade turnover within a certain period. Exact details are not disclosed, but it’s known that funds can’t be withdrawn until conditions are met.
And often, inexperienced traders lose their deposits before the required trade turnover is completed. Experienced users understand the complexity and inadequacy of such supposedly beneficial offers, so they refuse them.
Account Opening on Fxtampa.com
Having an account in FX Tampa will help us to examine the broker in more detail and possibly identify its shortcomings. The registration procedure includes providing a name, contact information, country of residence, date of birth, currency, and password. It is also necessary to pass an anti-bot check and agree to the terms.
It’s immediately noteworthy that there is no demo account. Such an option is not mentioned anywhere, so testing the functionality of the terminal without replenishing the deposit is not possible. Therefore, the level of customer orientation in FX Tampa is low.
The interface of the client portal is as primitive and template-like as the official website. Clients only have access to basic features, such as uploading documents for KYC, depositing, withdrawing funds, and editing personal information. Apparently, FX Tampa decided not to overload users with extra options.
Verification is a mandatory requirement of any regulator, so almost all brokerage companies ask to verify an identity before using their services. FX Tampa follows the AML&KYC policy, so KYC here is mandatory.
The broker requires four documents for verification:
- Proof of Identity.
- Proof of Address.
- Proof of Payment.
- Declaration of Deposit.
A detailed list of supported documents can be found on the official website in the KYC policy. The process of uploading documents occurs in the personal account, or they can be sent to FX Tampa’s email. By the way, it’s unknown how long the verification will take.
- The process of uploading documents through the personal account is convenient.
- FX Tampa requires many documents, including proof of payment.
- It’s unknown how long the verification will take.
Unfortunately, we cannot access the trading platform, as the system displays an error. FX Tampa sent a login and password to enter Webtrader via email, but when entering these data, the system shows “Account is disabled”. How to activate the account? Maybe it’s necessary to pass verification first? It’s a strange decision from the broker. Many traders want to first see what the platform looks like and then decide on cooperation, but here this is not possible.
We have to take FX Tampa’s word for how they describe their terminal. Believing this is foolish because brokers always exaggerate the capabilities of their platform, praising it as the best software on the market, and often this is not the case.
The platform operates as a web version, but additionally, a mobile trader has been developed and adapted for all browsers on iOS/Android smartphones. Capabilities are not described, but judging by the absence of a desktop and mobile application, it’s a primitive terminal with basic functions, such as technical/graphical analysis, pending orders, and indicators. Such software is unlikely to be suitable for successful trading, and FX Tampa offers no other.
How Can I Trade With FX Tampa?
The platform offers over 200 CFDs: forex (majors, minors, and exotic currencies), stocks and indices (USA, Europe, and others), metals and commodities, as well as cryptocurrencies. Trading conditions in FX Tampa directly depend on the activated tariff plan, which we will examine further.
All Info About Accounts
The minimum amount to start a cooperation with FX Tampa is $250. This is the necessary deposit for opening the first type of account, and there are five options in total:
- Classic. All trading tools, daily market analysis and recommendations, exclusive updates, 24-hour support, no commission, account manager, and leverage up to 1:100.
- Silver. Differs from “Classic” in the minimum deposit of $5,000, leverage of 1:200, and the presence of VIP support. What VIP support entails and whether it’s worth the money remains an open question.
- Gold. The minimum deposit is $25,000. Introduces the option of swap-free, and leverage increases to 1:300. Additionally, a personal trainer is offered.
- Platinum. From $100,000 and more. FX Tampa adds only the service of a personal assistant.
- VIP. $250,000 and above. Leverage up to 1:1000 – the only difference from the previous tariff.
The logic in the size of leverage is missing. Why do clients who can afford a VIP for $250,000 need leverage of 1:1000? At such amounts, additional funds are not needed, but they are necessary for smaller deposits, for example, on the Classic account type. Moreover, the presence of such huge leverage in FX Tampa clearly indicates a lack of regulation.
The minimum deposit is high, and there is no demo account. Moreover, FX Tampa does not disclose details regarding the sizes and types of spreads. Surprisingly, there are no commissions. How does the broker earn revenue? This indicates a dealing desk business model, which is another serious drawback. Swap-free is available only with a deposit of $25,000 and more, although such an option should be available to everyone. In short, the trading conditions leave much to be desired.
- The size of the spreads is not specified, and the business model is 100% B-Book with a conflict of interest.
- The minimum deposit is high, and there is no offer for a demo account.
- There is no ECN, and an Islamic tariff is available with a deposit of $25,000.
Market Analysis and Education With Fxtampa.com
Besides the daily market analysis and recommendations available to all clients, according to the account types description, FX Tampa offers a small FAQ section where one can find answers to common questions, as well as a table with current market quotes. There’s nothing more.
How does the firm plan to compete with other brokers who offer their traders a multitude of free opportunities and privileges: comprehensive educational courses, economic calendars, expiration dates, online calculators, and other services?
Deposit, Withdrawal, and Fees
Before withdrawing funds, a trader must complete a turnover of $100,000, otherwise, the withdrawal will not be available. FX Tampa supports various options for transferring money:
- Bank wire transfers.
- Credit/debit cards.
The broker promises to process withdrawal requests within 1 working day, but it should be remembered that depending on the payment method, the money may take different times to reach the recipient. For example, a bank transfer will take 2-5 business days, while a cryptocurrency within one hour, as the transaction is confirmed in the blockchain. Depositing in FX Tampa occurs without commission, but for withdrawals, a fee of $50 will be charged.
How Can I Contact It?
If you look in the “contacts” section, you can find a phone number and email. Checking the contacts did not yield anything, but curiously, the number listed is British, not Estonian, although FX Tampa is based in Estonia. Users can also submit a request through a special feedback form on the official website, or in the personal account. Another way to contact the managers is online chat, but it is unknown how quickly they will respond there.
- There are basic ways of communication with the firm’s managers.
- No accounts on social media.
Is FX Tampa Dangerous?
Firstly, we were puzzled by the official website, as it looks boring and template-like. Secondly, access to the trading terminal is closed, as it is necessary to activate the account. Thirdly, the trading conditions are absolutely inadequate and disadvantageous, and they resemble those offered by other fraudulent companies. So FX Tampa certainly does not look like a profitable and safe place for CFD trading, but to confidently assert the scam nature of the organization, we need to study its period of operation and licenses.
How Long Does The Broker Work?
The exact founding date is concealed by FX Tampa, but it is stated that the firm has been operating for over 5 years. Okay, of course, this cannot be believed. Especially since there is no evidence. There are very few mentions of the company on the internet, and its domain was registered in July 2023. Therefore, there is no doubt that the platform was launched only in 2023, and the tales of 5 years of experience should be kept to themselves by the organization.
How Is FX Tampa Regulated?
It’s no secret – every broker must have permission to operate from regulators. FX Tampa cannot boast of this, as regulation is not even mentioned on the website.
For complete confidence in the illegal activity of the platform, let’s try to find data in the legal registries of Estonia. In the E-Business register, there is such an organization, but it has different data and the type of activity is “Other business support service activities n.e.c.,” so probably this company has nothing to do with brokerage services. Also, the broker is not listed on the Financial Supervision Authority.
Frequently Asked Questions (FAQ)
Japanese and Korean traders, be careful, as this scam broker is clearly targeting your region, judging by the supported languages on the website. FX Tampa is a bold and fraudulent firm whose task is scamming. Legally the firm does not exist, it has no license, so there can be no talk of safety and reliability guarantees. This should be added to the 100% anonymity of the team and the lack of popularity and reviews on the internet. Do not think of investing money, as it is a one-way road for them.