TFY Company

TFY Forex Broker - Complete Information Guide

1. Broker Overview

TFY, officially known as Transformify Ltd., was established in 2018. The company is headquartered in Cyprus, specifically at 178 Athalassas Ave., 1st Floor, Irene Tower, 2025 Nicosia, Cyprus. As a privately held entity, TFY operates primarily in the forex and cryptocurrency markets, catering to a diverse clientele that includes small to medium-sized enterprises (SMEs) looking to hire and pay freelancers globally.

Since its inception, TFY has focused on addressing the complexities associated with hiring and managing international contractors. The company has developed a unified workforce management system that streamlines hiring, onboarding, and payment processes for independent contractors across 184 countries. Notable milestones in TFY's development include the integration of an AI-powered applicant tracking system (ATS) and the establishment of compliant payment solutions in both fiat and cryptocurrency.

TFY's business model primarily revolves around providing retail forex services, contractor management, and payroll solutions, positioning itself as a bridge between traditional payroll systems and the future of digital payments. The introduction of flexible payment options, including over 100 fiat currencies and leading cryptocurrencies, marks a significant innovation in the industry.

2. Regulatory and Compliance Information

TFY operates under the jurisdiction of several regulatory bodies, ensuring a robust compliance framework. The primary regulators include:

• Cyprus Securities and Exchange Commission (CySEC) - License Number 117/10
• Financial Conduct Authority (FCA) - License Number 527167

The regulatory licenses held by TFY are valid and cover a wide range of financial services, allowing it to operate legally within the forex and cryptocurrency sectors. The company adheres to strict KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols, which are essential for maintaining compliance and safeguarding client funds.

Client funds are held in segregated accounts with tier-1 banks, providing an additional layer of security. Furthermore, TFY participates in investor compensation schemes, ensuring that clients are protected in the event of insolvency. The company emphasizes the importance of compliance with local tax and labor laws, employing an Agent of Record (AOR) model to facilitate the onboarding and payment of contractors in different jurisdictions.

3. Trading Products and Services

TFY offers a comprehensive range of trading products and services designed to meet the needs of its clients. The broker provides access to a variety of forex currency pairs, including major, minor, and exotic pairs. In addition to forex trading, TFY also offers Contracts for Difference (CFDs) on various assets, including indices, commodities, and cryptocurrencies.

The platform is continually updated, with new products introduced regularly to keep pace with market demands. Retail trading services are available to individual clients, while institutional clients can benefit from tailored solutions, including white-label offerings and asset management services.

TFY's unique selling proposition lies in its dual payment options, allowing clients to pay contractors in both fiat and cryptocurrencies. This flexibility not only enhances the speed and efficiency of transactions but also caters to the preferences of tech-savvy freelancers.

4. Trading Platforms and Technology

TFY supports the widely used MetaTrader 4 (MT4) trading platform, which is favored by traders for its advanced charting capabilities and user-friendly interface. While TFY does not currently offer MetaTrader 5 (MT5), the MT4 platform provides a robust trading environment for executing forex and CFD trades.

In addition to MT4, TFY has developed its proprietary web-based trading platform, which allows clients to trade seamlessly from any device with internet access. The platform is compatible with both iOS and Android mobile applications, ensuring traders can manage their accounts on the go.

TFY operates on an ECN (Electronic Communication Network) model, which facilitates direct market access and enhances trade execution speeds. The company's technical infrastructure is built on reliable server locations, ensuring minimal latency and optimal performance. Furthermore, TFY provides API access for automated trading, allowing clients to integrate their trading algorithms and strategies with the platform.

5. Account Types and Trading Conditions

TFY offers several types of trading accounts designed to accommodate various trading styles and preferences. The standard account requires a minimum deposit of $50, with competitive spreads and no commission on trades. Advanced account types, including VIP and professional accounts, offer enhanced features such as lower spreads and additional trading tools.

For clients seeking specialized services, TFY provides options for Islamic accounts that comply with Sharia law, as well as corporate accounts for businesses. The broker also offers a demo account for new traders to practice their strategies without risking real capital.

Leverage ratios vary depending on the asset class, with a maximum leverage of 1:30 for forex trading. The minimum trade size is set at 0.01 lots, allowing traders to manage their risk effectively. TFY also implements overnight financing fees, which are clearly outlined in the account terms.

6. Fund Management

TFY supports a variety of deposit methods, including bank transfers, credit cards, and electronic wallets. The minimum deposit requirement varies based on the account type, with standard accounts starting at $50. Deposits are processed quickly, typically within 1-3 business days, depending on the chosen method.

There are no deposit fees associated with funding a TFY account, making it accessible for traders of all levels. Withdrawal options include bank transfers and electronic wallets, with processing times varying based on the method selected. TFY maintains a transparent fee structure, with any applicable withdrawal fees clearly communicated to clients.

7. Customer Support and Educational Resources

TFY offers robust customer support through various channels, including phone, email, and online chat. The support team is available during business hours and can assist clients in multiple languages, ensuring effective communication with a diverse clientele.

In addition to customer support, TFY provides a range of educational resources, including webinars, tutorials, and eBooks, to help traders enhance their skills and knowledge. Market analysis services are also available, offering daily insights, news, and research reports to keep clients informed about market trends.

The platform includes various trading tools, such as calculators and economic calendars, to assist traders in making informed decisions.

8. Regional Coverage and Restrictions

TFY operates globally, serving clients in over 194 countries. The company has established regional offices to provide localized support and services. However, there are certain countries where TFY does not accept clients, primarily due to regulatory restrictions.

The broker is committed to adhering to local laws and regulations, ensuring compliance in each market it operates in. Any specific limitations or restrictions are clearly communicated to potential clients during the account opening process.

In conclusion, TFY stands out as a comprehensive forex broker that caters to the needs of mid-sized companies and freelancers looking for a reliable platform to manage their global workforce. With its innovative solutions and commitment to compliance, TFY is well-positioned to support businesses in navigating the complexities of international hiring and payments. The flexibility to pay in both fiat and cryptocurrencies, alongside a robust trading platform, makes TFY a competitive choice in the evolving landscape of global finance.