Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighSecurities Dealer licence SD133 is genuine and current on the Seychelles FSA register, but it is a single low-tier offshore permission with no compensation scheme, it covers none of the twenty-plus countries the site markets to, and the Bank of Russia lists the domain for unlicensed solicitation.
Identity & transparency
3/10 · LowEntity, address, phone, email and domain all match the regulator's register, the company is not struck off, the Dubai office was confirmed on site, and the broker states unprompted that SD133 is its only licence; a three-entity structure across two offshore jurisdictions and an office number that differs from the register keep it off the clean anchor.
Withdrawals & conduct
7/10 · HighFund-integrity reports from December 2023 to August 2026 across multiple countries and platforms describe the same mechanism with checkable amounts and account numbers, and the broker's own contract permits it; credible positive withdrawal reports and replies to 88% of negative reviews keep it out of the top band.
Reputation
6/10 · HighTrustpilot shows 93 reviews at 3.3 split 48% five-star and 42% one-star with a hollow middle, so neither side of the record is reliable on its own; no tier-one regulator warning names this domain.
Website claims
6/10 · HighLicence and founding-year claims are accurate and specific, but the FAQ denies offering bonuses while the site publishes a current bonus policy that clients say was used to void their profits, and expo awards are presented as recognition of being a regulated broker.
Operational history
2/10 · LowDomain registered 18 January 2019 matches the advertised 2019 founding and is corroborated by a 2019 Saint Vincent registration and 2020-dated policy documents; the figure is an upper bound because Seychelles publishes no incorporation date for active companies.
Who they are
A quick desk file on the company behind the brand.
- Brand: TNFX, also traded in Arabic-language markets as Tiran Forex.
- Legal entity: TNFX Ltd, Seychelles company number 8430050-1 as published by the broker. A second group company, TNFX Markets Ltd, is registered in Saint Vincent and the Grenadines under number 27346. Third-party records also name a Tiran Forex (SV) Ltd in Saint Vincent.
- Registered: CT House, Providence, Mahe, Seychelles. The Seychelles regulator records office 3A; the site's own footer says office 9A.
- Operating base: Baghdad, Iraq, with a regional office at Opal Tower, Business Bay, Dubai. An on-site visit by a third party confirmed the Dubai premises.
- Website: tnfx.co, with my.tnfx.co for the client area and partner.tnfx.co for introducing brokers.
- Only licence: Securities Dealer licence SD133 from the Seychelles Financial Services Authority. The broker states that this is the only financial licence it holds.
- Offers: forex, gold and other metals, indices, energies, shares and crypto CFDs on MetaTrader 4 and MetaTrader 5, leverage to 1:500, minimum deposit 100 US dollars, swap-free accounts, copy trading and an introducing-broker programme.
- Funding: Visa, Mastercard, bank transfer, Payeer, SticPay, WebMoney, and Iraqi local rails including ZainCash and Qi Card. Deposits are not crypto-only.
- Not accepted: residents of the United States, Russia, India, Cuba, Myanmar, North Korea, Iran and Sudan.
- Age claim: founded 2019. The domain was registered on 18 January 2019, so the claim is consistent.
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: Yes
We confirmed this broker on a genuine regulator’s register.
Licences the broker publishes
Financial Services Authority (FSA), Seychelles
Saint Vincent and the Grenadines, company registration
Why we reached this verdict
How the evidence adds up.
Two things are true at once here, and the score reflects both.
- The identity checks out. The Seychelles FSA register lists TNFX Ltd as a Securities Dealer, with tnfx.co as its website, +248 4374030 as the phone and support@tnfx.co as the email. All three details match the broker, which rules out impersonation. The company is not on the Seychelles struck-off and dissolved register, and the FSA has published no enforcement action, directive or licence suspension against it. There is no entry for tnfx.co on the FCA, ASIC, CFTC, MAS, CONSOB or IOSCO lists.
- One warning does name the exact domain. The Bank of Russia's warning list records tnfx.co and my.tnfx.co, added 23 June 2022, under signs of an illegal professional securities market participant. That list is about permission to solicit Russian residents rather than about theft, and TNFX now excludes Russian residents, so we weigh it as evidence of unlicensed cross-border selling, not as a fraud finding.
- The payout complaints form a pattern, not a pile. Of the four tests we apply, three are met. The failure described is the same each time: profits voided and withdrawals refused or stalled on grounds of a terms breach or bonus abuse. The accounts are independent, coming from different users in Iraq, Turkey, the United Arab Emirates, Mongolia, India and Djibouti across more than one platform. They are checkable, quoting 2,500 US dollars grown to 5,953 and then erased with the deposit withheld, 1,600 US dollars removed after a winning trade, 532.80 US dollars held from account 5588753 after a 50% bonus, and card withdrawals repeatedly rejected on account 539918. The fourth test fails: these run steadily from December 2023 to August 2026 rather than spiking in one window, so this reads as a standing business practice rather than a broker collapsing.
- The contract authorises the mechanism. TNFX's terms let it revoke transactions it judges to be abusive trading without prior notice, cancel a bonus and void the related trades while recovering any amount paid or withdrawn, refuse to remit payments until corrections are made to its own satisfaction, and close an account for any reason or for no reason. The complaints and the contract describe the same thing, which is why we treat the reports as credible rather than as noise.
- The site contradicts itself on the trigger. Item 11 of the FAQ says TNFX offers no bonuses and advises traders to be wary of free money and the firms that offer it. The footer of the same site links a current bonus policy, the terms carry a bonus-abuse clause, and clients in 2025 and 2026 describe receiving 50% and 100% deposit bonuses that were then cited to cancel their profits. Whether that FAQ page is out of date or misleading on purpose, it tells a visitor the opposite of what the contract says about the biggest risk on this site.
- The review profile is split, not healthy. Trustpilot's page for tnfx.co carries 93 reviews at 3.3. The spread is 48% five-star, 3% four-star, 2% three-star, 5% two-star and 42% one-star. A hollow middle like that means the two sides are telling incompatible stories, so the volume of praise is not reassurance. To the broker's credit it replies to 88% of negative reviews.
- How we got to 65. Scoring the six dimensions and weighting regulation, identity and withdrawals double gives 53. We publish 65 because three separate strands of strong evidence, a regulator listing naming the domain, a three-year multi-country pattern of clients not getting their money back, and the broker's own contract and bonus contradiction, carry more weight than that average conveys. It stays below the scam band because the licence, the entity, the office, the payment rails and a real record of clients being paid are all verified.
- One limit on the age figure. The domain dates to 18 January 2019 and the Saint Vincent registration carries a 2019 vintage, which supports roughly seven years of trading. The Seychelles registrar publishes no incorporation date for companies in good standing, so TNFX Ltd itself could not be dated and the seven-year figure is an upper bound resting on the domain.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Seychelles Financial Services Authority lists TNFX Ltd under Securities Dealer, recording the website https://www.tnfx.co, the address CT House, Office 3A, Providence, Mahe, the phone +248 4374030 and the email support@tnfx.co. Entity, domain and contacts all match the site we examined, so this is the genuine licensed operation and not an impersonation.
E2The Bank of Russia warning list records TNFX with the websites tnfx.co and my.tnfx.co, added 23 June 2022, under signs of an illegal professional securities market participant. This names the exact domain, and it concerns the right to solicit Russian residents rather than any finding of theft.
E3Trustpilot's page for tnfx.co carries 93 reviews at 3.3, split 48% five-star, 3% four-star, 2% three-star, 5% two-star and 42% one-star. Specific fund-integrity reports include a deposit of 2,500 US dollars grown to 5,953 with all profits cancelled and the deposit withheld for an alleged breach of the rules, card deposits accepted instantly on account 539918 while withdrawals to the same card were repeatedly rejected, and further reports of extended withdrawal delays.
E4TNFX's own terms name TNFX Ltd under licence SD133 as the contracting party and permit the conduct clients describe: clause 13.2 allows it to revoke transactions resulting from abusive trading strategies without prior notice and states it will not remit payments or process withdrawal requests until corrections are made to its satisfaction; clause 24.4 allows it to cancel a bonus, void the transactions concerned and recover any amount paid or withdrawn; clause 17.2 allows suspension or termination of an account for any reason or no reason.
E5Item 11 of the broker's FAQ states that TNFX does not offer bonuses and advises traders to be wary of free money and the firms that offer such incentives, while the same website publishes a current bonus policy document, the terms carry a bonus-abuse clause, and clients report receiving 50% and 100% deposit bonuses that were later cited to cancel their profits. A visitor reading the FAQ is told the opposite of what the contract says about the main risk on this site.
StrongTNFX FAQ, item 11E6Further fund-integrity reports against tnfx.co, all describing the same mechanism: 532.80 US dollars of profit withheld on account 5588753 after a 450 dollar deposit and a 50 per cent bonus, with a named representative said to have promised there were no conditions on withdrawing profits (April 2025); 1,600 US dollars removed after a winning trade and withdrawal request, attributed to a 100 per cent deposit bonus (August 2026); profits frozen for an alleged terms breach (July 2026); a 30,000 US dollar deposit with a withdrawal deducted but never credited pending further verification (May 2024); and profit deleted on a withdrawal request (December 2023).
ModerateA third-party broker directoryE7No tier-one regulator warning names this domain. Searches across FCA, ASIC, CFTC, MAS, CONSOB, IOSCO, BaFin, CNMV, AMF and FINMA material return no entry for tnfx.co. The FCA warning for Top Notch Forex, which uses the handle @TNFX, names topnotchforex.vip, topnotchforextrading.com and topnotchfx.com, a different operation that shares the same initials, so none of it is attributable to this broker.
E8The domain tnfx.co was created on 18 January 2019, registered through GoDaddy with Cloudflare nameservers and an expiry of 18 January 2027. This matches the 2019 founding year the broker advertises, so there is no overstatement of its trading history.
E9A search of the Seychelles struck-off and dissolved IBC register for TNFX returns no matching records, which on that register means the company has not been struck off or dissolved. The register covers struck-off and dissolved companies only, so an absence is the expected result for a company in good standing.
E10The Seychelles FSA's regulatory enforcement pages carry no action, directive, administrative penalty, suspension or revocation naming TNFX or TNFX Ltd, and licence SD133 remains current on the register.
E11Funding runs on conventional rails rather than raw crypto wallets: Visa, Mastercard, bank transfer, Payeer, SticPay and WebMoney, with Iraqi local methods including ZainCash and Qi Card offered alongside. Card and bank routes leave clients a chargeback path, which crypto-only operations deliberately avoid.
E12A separate site at tnfx.ae has impersonated this brand since at least January 2021 and carries its own complaints, including a report that a withdrawal of 409 US dollars was blocked until the client funded a further plan of 600 dollars. That advance-fee behaviour belongs to the impersonating operation, not to tnfx.co, and we excluded it. tnfx.ae no longer serves a working site.
E13The single Seychelles licence sits against a wide solicitation footprint. The site runs dedicated country pages and local funding guides for Iraq, Turkey, the United Arab Emirates, Saudi Arabia, Egypt, Jordan, Syria, Lebanon, Palestine, Yemen, Pakistan, Bangladesh, Indonesia, Vietnam, Brazil, Nigeria and South Africa, city pages for Baghdad, Erbil, Basra, Mosul and Dubai, and a Dubai regional office, none of which is covered by a local authorisation.
E14The broker's About page states that its licence is SD133, Securities Dealer, from the Financial Services Authority of Seychelles, that this is the only financial licence TNFX Ltd holds, and that readers should verify it by going to the Seychelles FSA register directly rather than through a link on the broker's own page. The disclosure is accurate and more candid than this tier usually manages.
ModerateTNFX About pageE15Awards are presented as independent recognition but come from trade expos with no identified awarding body, and two of them, Best Global Regulated Broker 2023 and Best Licensed Global Broker, imply a regulatory standing that a single offshore securities dealer licence does not support. One is attributed to an Indian expo although the broker's own terms exclude residents of India.
WeakTNFX awards pageE16An on-site visit by a third party to the company's United Arab Emirates regional office found the premises as described. A verifiable physical presence is one of the harder things for a purely fictitious operation to produce.
ModerateField survey published by a third-party broker directory
The other side
The strongest case in this broker’s favour.
The case for TNFX deserves a fair hearing, and parts of it are strong.
- This is not an impersonation. The regulator's own register ties the licence, the entity name, the address, the phone number, the email and the domain together. Most brokers we rate at this level fail that test outright. TNFX passes it cleanly.
- Searches for this brand are polluted by someone else. The FCA warning for Top Notch Forex, which uses the handle @TNFX, names topnotchforex.vip, topnotchforextrading.com and topnotchfx.com, and has nothing to do with this company. Separately, a site at tnfx.ae impersonated this brand from early 2021 and attracted its own complaints, including demands that clients fund a further plan before a withdrawal would be released. That is the clearest advance-fee behaviour anywhere in this material and it belongs to the impersonator, not to tnfx.co. tnfx.ae no longer serves a working site. We did not charge any of it to TNFX.
- Clients do get paid. Reviews through 2026 praise fast withdrawals in specific terms, and one reviewer reports going ahead despite the negative reviews and finding them overstated. A broker that pays most of the time and fights a minority of cases is a different proposition from one that never pays.
- Enforcing bonus and arbitrage rules is legitimate in principle. Brokers do suffer genuine bonus abuse and latency arbitrage, and voiding those trades is normal practice. Several complainants may disagree with a decision that was contractually correct. We cannot audit the trades, and we say so rather than assuming bad faith.
- The infrastructure is real. MetaTrader 4 and 5 are served from MetaQuotes' own distribution network under the broker's own identifier, the funding rails are cards, bank transfer and established e-wallets rather than raw crypto wallets, and local Iraqi methods are supported. A third-party on-site visit confirmed the Dubai office.
- Disclosure is better than average for this tier. The About page states that SD133 is the only financial licence the company holds and tells readers to go to the Seychelles FSA register directly rather than trust a link on the broker's own page. That is not what a firm hiding its regulatory position does.
- The Russian listing is the weakest of our incriminating items. That list names a great many foreign brokers, including reputable ones, purely for operating without a Russian licence. It should not be read as an accusation of theft.
What would change this
What we would need to see to revise the verdict.
These specific findings would move the verdict in either direction.
- Towards a lower risk score: TNFX removing or rewriting the clauses that let it void trades, cancel bonuses and recover amounts already withdrawn, so that payouts no longer depend on its sole discretion.
- The FAQ being corrected so that the site's statement about bonuses matches its own bonus policy and terms, ending the contradiction at the centre of the case.
- A documented run of resolved cases, where clients who reported cancelled profits confirm the money was returned, and a Trustpilot distribution that fills in rather than staying split between 48% five-star and 42% one-star.
- A licence from a regulator that supervises conduct and operates a compensation scheme, covering the markets the site actually sells into.
- The Bank of Russia removing tnfx.co from its warning list.
- Towards a higher risk score: a warning naming tnfx.co from the FCA, ASIC, CFTC, MAS or another tier-one authority, or any enforcement action by the Seychelles FSA against licence SD133.
- A credible, specific report that TNFX demanded a further payment, framed as a tax, fee or verification cost, before releasing a client's funds. We found no such report attributable to this operation, and it would change the verdict if one emerged.
- A sharp cluster of new withdrawal failures inside a single month, or the withdrawal page or client area ceasing to function, either of which would point to an operation winding down rather than a standing dispute.
- Evidence that the Seychelles licence lapsed while the site continued to advertise it.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Seychelles FSA, Securities Dealer register
Open the Securities Dealer tab and look for TNFX Ltd; the entry shows the licensed entity's recorded website, address, phone and email.
Bank of Russia warning list entry
The listing that names tnfx.co and my.tnfx.co, added 23 June 2022.
Seychelles struck-off and dissolved IBC search
Search TNFX to confirm the company has not been struck off or dissolved.
Seychelles FSA regulatory enforcements
Where any penalty, directive or licence suspension against a Seychelles licensee would appear.
TNFX terms and conditions
The clauses on abusive trading, bonus abuse and withdrawal refusal that govern your account.
Trustpilot reviews for tnfx.co
93 reviews at 3.3, split 48% five-star and 42% one-star.
FCA warning: Top Notch Forex / @TNFX
A different operation that shares the TNFX initials; it names topnotchforex.vip and two related sites, not tnfx.co.
Frequently asked questions
Quick answers about this broker’s safety.
Is TNFX a scam?
No, not in the sense of a fake or cloned broker. The Seychelles Financial Services Authority lists TNFX Ltd as a licensed Securities Dealer with tnfx.co as its recorded website, the company is not struck off, and there is no tier-one regulator warning against this domain. We do rate it high risk at 65%, because clients across several countries report profits cancelled and withdrawals refused under the company's own bonus and terms clauses.
Is TNFX a fraud?
No regulator or court has made a finding of fraud against TNFX Ltd. We found no enforcement action, no tier-one warning naming tnfx.co and no fraud-related court record against the entity. What we did find is a recurring pattern of clients saying profits were voided and withdrawals refused on grounds of a terms or bonus breach, and a contract that expressly permits that. On the evidence we hold, we assess the risk to client funds as high without alleging a crime.
Is TNFX regulated?
Yes, but only lightly. TNFX Ltd holds Securities Dealer licence SD133 from the Seychelles Financial Services Authority, and the entry appears on the regulator's own register. That is a low-tier offshore licence. It is the only financial licence the company holds, and the broker says so itself.
Does the Seychelles licence protect my money?
Not meaningfully. A Seychelles securities dealer licence involves far lighter supervision than a UK, Australian or EU authorisation, and it comes with no investor compensation scheme and no deposit guarantee. If TNFX refuses to pay you, there is no fund that reimburses you.
Can I withdraw my money from TNFX?
Many clients do, and reviews through 2026 praise fast withdrawals in specific terms. But a steady stream of reports from December 2023 to August 2026 describes withdrawals refused or stalled after a profitable run, with the company citing a breach of its terms or abuse of a bonus. Keep balances small and withdraw early rather than letting funds accumulate.
Why do people say TNFX cancelled their profits?
Because its contract allows it. The terms let TNFX revoke trades it judges to be abusive trading without prior notice, cancel a bonus and void the related trades while recovering any amount already paid or withdrawn, and withhold payments until corrections are made to its own satisfaction. Clients report that these clauses were applied after they requested a withdrawal, in one case erasing a balance that had grown from 2,500 to 5,953 US dollars and withholding the original deposit as well.
Does TNFX offer bonuses?
Its FAQ says no and warns traders to be wary of free money and the firms that offer it. The same website publishes a current bonus policy, its terms contain a bonus-abuse clause, and clients in 2025 and 2026 describe receiving 50% and 100% deposit bonuses. Because the bonus is the stated trigger for the profit cancellations we found, we would decline any bonus offered on this account.
Is TNFX a clone of another broker?
No. The regulator's register matches the entity, the domain, the phone number and the email, which is the test a clone fails. The reverse has happened instead: a site at tnfx.ae impersonated this brand from early 2021 and gathered its own complaints. It no longer serves a working site. Check you are on tnfx.co.
Is the FCA warning about TNFX?
No. The FCA warning for Top Notch Forex, which uses the handle @TNFX, names topnotchforex.vip, topnotchforextrading.com and topnotchfx.com. That is a different operation that shares the same initials. It is not about tnfx.co, and we did not count it against this broker.
Why is tnfx.co on the Bank of Russia's warning list?
The Bank of Russia added tnfx.co and my.tnfx.co on 23 June 2022 under signs of an illegal professional securities market participant. That list concerns the right to offer services to Russian residents without a Russian licence; it is not a finding of theft. TNFX's own terms now exclude residents of Russia.
How old is TNFX?
The domain tnfx.co was registered on 18 January 2019 and the company's Saint Vincent registration carries a 2019 vintage, which matches the founding year the site advertises. That gives roughly seven years of trading history. The Seychelles registrar does not publish incorporation dates for companies in good standing, so the operating company itself could not be dated and the seven-year figure is an upper bound.
Who owns TNFX and where is it really based?
The contracting entity is TNFX Ltd, registered in Seychelles at CT House, Providence, Mahe. A second group company, TNFX Markets Ltd, is registered in Saint Vincent and the Grenadines under number 27346. Day-to-day operations run from Baghdad, Iraq, with a regional office in Business Bay, Dubai that a third-party visit confirmed exists. Public business records name Ahmed Zaman as the founder.
Does TNFX accept clients from my country?
Its terms exclude residents of the United States, Russia, India, Cuba, Myanmar, North Korea, Iran and Sudan. The site actively markets to Iraq, Turkey, the Gulf states, Egypt, Jordan, Syria, Lebanon, Palestine, Yemen, Pakistan, Bangladesh, Indonesia, Vietnam, Brazil, Nigeria and South Africa. Its single Seychelles licence authorises it in none of those countries, so local regulators offer you no recourse.
What should I check before depositing with TNFX?
Open the Seychelles FSA Securities Dealer register and confirm TNFX Ltd is listed. Read clauses 13.2, 17.2 and 24.4 of the terms. Refuse any bonus. Deposit a small amount by card first and withdraw it to prove the payout path works. Confirm the address bar reads tnfx.co.
What do I do if TNFX will not release my funds?
Put the request in writing and ask which clause and which specific trades the decision relies on. Keep every statement, ticket and screenshot. File a formal complaint under the published complaints policy, then raise it with your card issuer as a chargeback if you funded by card, and with the Seychelles Financial Services Authority as the licence issuer. Do not pay anyone who offers to recover the money for an upfront fee.
What we recommend
The practical takeaway from everything above.
If you are weighing a deposit with TNFX, treat this as a high-risk venue and act accordingly.
- Refuse every bonus. This is the single most useful step. The bonus is the stated reason profits were cancelled in report after report, and the terms let TNFX void trades and claw back amounts already withdrawn once a bonus is attached to the account.
- Read clauses 13.2, 17.2 and 24.4 of the terms before you fund anything. They set out the company's power to revoke trades, withhold withdrawals and close your account, and they are the rules you are agreeing to.
- Verify the licence yourself. Open the Seychelles FSA Securities Dealer register and look for TNFX Ltd. Do not rely on a badge on any website, including ours.
- Keep deposits small and withdraw early and often. Test the payout path with a modest amount before committing more, and do not let a balance build up.
- Fund by card where you can. A Visa or Mastercard payment leaves you a chargeback route that bank transfer and e-wallets do not.
- Check you are on tnfx.co. This brand has been impersonated, and a site at a different address carrying the TNFX name is not this company.
- Understand what the licence does not give you. A Seychelles securities dealer licence carries no compensation scheme and no deposit guarantee. If a dispute goes badly, your realistic routes are the broker's own complaints procedure, a card chargeback and a complaint to the Seychelles FSA.
- If funds are already held: put the request in writing, ask for the specific clause and the specific trades relied on, keep every statement and screenshot, lodge a formal complaint under the published complaints policy, and raise it with your card issuer and with the Seychelles FSA. Ignore anyone who contacts you offering to recover the money for an upfront fee; that is a second scam aimed at people in exactly your position.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 10, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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