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The most popular way for ambitious people to dangle their toes in the financial pool is through forex trading. The darker side of the market has also proliferated with the business’s increase in prominence. Forex scams are not unheard of, thus it is crucial for prospective investors to exercise caution. This article focuses on claims that Sudhanshu Agarwal Tickmill and Tickmill were involved in a forex scam.
We look at 34 different data points when analyzing and rating online money-earning opportunities. Once the research on these data points is submitted, expert contributors reach out to the company’s customers and associates to get more insight into their operation. Finally, all the collected information is presented in the form of this expert review.
All the data is extracted from publicly available information and the sources are given in the transparency section at the bottom of every report.
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Sudhanshu Agarwal Tickmill: A Brief Introduction
Sudhanshu Agarwal Tickmill describes himself as the global chief executive officer of Tickmill, a global ECN broker. Sudhanshu Agarwal Tickmill claims to be a well-known person in the forex trading sector. On January 28, 2015, it was reported that he had been appointed CEO. Sudhanshu Agarwal Tickmill claims that Sudhanshu Agarwal Tickmill has a reputation for putting a strong emphasis on improving client experience, ensuring regulatory compliance, and optimizing currency operations.
Sudhanshu Agarwal Tickmill claims to have held important positions at a number of brokerage firms before joining Tickmill. These include renowned businesses like GFT and Australia’s AvaTrade. Additionally, Sudhanshu Agarwal Tickmill claims that he has expertise working as a member of the board of directors for licensed businesses like USGFX and Responsible Manager for Direct FX. He was the CEO of AvaTrade in Australia when the company’s Australian division was first opened.
Sudhanshu Agarwal Tickmill holds a master’s degree from one of Australia’s top universities. Sudhanshu Agarwal Tickmill has been professionally involved in the markets for about 20 years. Sudhanshu Agarwal Tickmill was the first employee of a US-based FX/CFD broker and turned his focus to the online derivatives industry about 15 years ago.
From there, Sudhanshu Agarwal Tickmill claims that he established a number of other well-known businesses in Australia and assisted them in managing their operations and growth in addition to helping them obtain an ASIC license. Since Tickmill Ltd.’s founding in 2014, Sudhanshu Agarwal Tickmill has served as its CEO. Today, he claims to serve as an Executive Director and is responsible for all of the Group’s organizations. At the Group level, Sudhanshu Agarwal Tickmill also claims to serve on the management board.
Sudhanshu Agarwal Tickmill- Tickmill: A Brief
Tickmail is an ECN broker that claims to have business with international operations. The business claims to take pleasure in providing top-notch trading services and seeks to give institutional and retail clients alike the ability to trade on a variety of financial marketplaces. However, claims of forex frauds involving Tickmill have appeared despite their guarantee of unmatched trading conditions and cutting-edge technology.
Brothers Ingmar and Illimar Mattus, who both have a large amount of experience in the financial services field, created Tickmill in 2014. Currently, the U.K., Cyprus, South Africa, Seychelles, and Labuan in Malaysia all grant regulatory status to the Tickmill brand. Tickmill Group claims that they have more than 250 employees and more than 327,000 clients, according to its website.
While its number of markets has recently increased, Tickmill still only offers a limited range of tradeable assets compared to the best forex brokers in our Offering of Investments category. Pricing for Tickmill’s Classic account is not as competitive. Tickmail does not allow proprietary trading platforms offered. Tickmail also has a very limited number of tradeable assets and they do not allow US-based Investors to join.
Sudhanshu Agarwal Tickmill- What are the Forex Scam Allegations?
Scams involving trading on the foreign currency market are known as forex scams. These frauds frequently advertise large profits at low risk, but in actuality, their goal is to defraud naïve victims of their money. Numerous clients of Sudhanshu Agarwal and Tickmill have voiced concerns about their interactions with the broker, casting doubt on the viability of their business dealings.
The largest trading market in the world is the foreign exchange market, or forex market (FX), which dwarfs the stock exchange in size with daily trades of around $5 trillion US dollars. The market is open around the clock, and when trading in New York ends, it does so in Tokyo and Hong Kong as well.
currency is always exchanged in pairs, such as the US dollar and the UK pound or the US dollar and the euro. This volatile market can provide significant profits for institutions, businesses, and some individuals because of the continuous price variations.
Sudhanshu Agarwal Tickmill- Signal Sellers
The signal seller scam is a fraud in which a person or business sells advice on which trades to undertake while stating that this advice is based on expert forecasts and will ensure profits for novice traders. For this service, they typically charge a daily, weekly, or monthly fee, but they do not provide any information that enables the trader to profit. In order to win the trader’s trust, they typically have a ton of testimonials from purportedly reliable sources, but in practice, they do nothing to predict profitable trades.
Sudhanshu Agarwal Tickmill- Programs for high-yield investments
High-yield investment programs (HYIPs) are typically just a type of Ponzi scheme where a high rate of return is guaranteed for a small initial investment into what is actually a Forex fund. When there are no more investors in the scheme, the owners typically close it down and take all of the remaining funds. In reality, the initial investors are being paid back from the money generated by the current investors, and a constant flow of new investors is required to keep the funds flowing.
Sudhanshu Agarwal Tickmill- Bid/Ask Spreads Manipulation
The prevalence of these frauds has lessened with time, but they are still present. For this reason, selecting a Forex broker who is registered with a regulatory body is crucial. In order to pull off these frauds, spreads would typically be closer to 7-8 pips than the typical 2-3 pip spread.
Sudhanshu Agarwal Tickmill- Supervised accounts
There are numerous examples of managed accounts, and these accounts might be a particular kind of forex fraud. These schemes frequently entail a trader taking your money and using it to purchase a variety of opulent products for themselves rather than investing it. There isn’t enough money to pay the victim back when they eventually ask for their money.
Sudhanshu Agarwal Tickmill- Fraud using software
Scammers who use forex robots entice beginners by promising large gains with little work or expertise. To sway clients into purchasing their goods, they could use fictitious or deceptive data. No robot can adapt to all surroundings and markets, hence their claims are false. Professionals typically utilize software to analyze historical performance and spot trends. All software should be professionally and independently evaluated, but because reviews can be bought, care must be taken when relying on them. They wouldn’t be selling their product if it delivered on what they had promised; instead, they would be utilizing it entirely themselves.
Sudhanshu Agarwal Tickmill- A Closer Look at Customer Experiences
Numerous clients have expressed their disappointments and issues with interacting with Tickmill. The difficulties customers had when attempting to withdraw their monies from the site are highlighted by a sizable number of consumer evaluations and comments. These clients contend that despite adhering to the broker’s policies and procedures, the withdrawal process was hampered by unwarranted obstacles and delays.
Their complaints include Tickmill’s customer service, with clients complaining of a lack of assistance and a slow response time. These incidents have increased people’s resentment and mistrust of Tickmill’s business practices, which has fueled claims that it is a forex scam.
Due to stricter restrictions, there are fewer scams in the currency market, although there are still some issues. One dubious practice involves forex brokers offering large bid-ask spreads on specific currency pairings, which makes it more challenging to benefit from deals. Any offshore, unregulated broker should be avoided. Sometimes those who sell systems—such as signal sellers or robot trading—sell untested goods that don’t produce profitable outcomes. It may be a sign that something is wrong if the forex broker is mixing funds or restricting customer withdrawals.
Sudhanshu Agarwal Tickmill- In the case of Tickmail, there are some reviews posted by people on various websites:
One of the customers has mentioned – “I can firmly say that Tickmills are scammers and you should not do business with them. They constantly fool their customers and start fooling customers with deals without closing them at the specified price, and constantly minus twice as much. What is the point of working like this if the client is constantly losing his money due to the fault of these scammers and why even invest your money in such a company that conducts its business so dishonestly? Better beware of them and stay away so as not to lose your money just like that.”
Another customer said– “I decided to test a broker with a small amount before depositing significant money. Topped up $400. I made a trading order, and the next day they changed their trading conditions and they forced me to take profits. I called support about changing trading conditions, and they told me about taking profits. Closed my transaction in the negative. I got a lesson for $ 10, it’s good that I didn’t bring money there, I’m breaking off all relations with this office. I won’t even look at them again. Please do not deposit money there, the approach to the client is immediately visible and it will be the same for large amounts, you will simply lose your money.”
One of the customers asked to never trade with Tickmail as he mentions – “Never trade with this company! As the Financial Ombudsman has ruled in my favor, despite that Tickmill falsified (!) data, Tickmill refuses to comply with the Final Decision. (Check the FOS website Decisions database) They have been intimidating, lying, and making threats for six months. The person handling your complaint and refusing, but eventually forced to comply with the FD, is the same person (risk and compliance director) Out of a grudge she decided to terminate my accounts and they are closing all my open trades for me.
Basically, they are taking over my account and forcing me to watch how they close my trades and I have to swallow all the losses. If you complain about this unprofessional behavior, it is the same person handling your complaint again and she simply ignores you. It is outrageous! What it comes down to, is if you win your complaint with FOS you still lose, as Tickmill controls their system and they just do what they want, regardless of whether you point out how illegal their actions are. Now I have to take legal action and spend even more money to rectify this scandalous behaviour. I had never expected this criminal behavior from an FCA-regulated company that brags about its license!”
Reference-
- https://www.trustpilot.com/review/www.tickmill.com?stars=2
- https://www.forex-ratings.com/forex-reviews/tickmill/
- https://www.reddit.com/r/Forex/comments/zpmb6u/tickmill/
Some of the reviews:
After reading all the wreck comments about this broker, I had a very hard believing that Tickmill is a legitimate broker. I went ahead and researched their location, and they told me that their office is in Seychelles (as on their website). I went online and did some digging, the location on their website is the shopping mall.
I went further on with my search and fortunate enough, the mall had a webpage with every shop number plus a name listed on there. I did not find Tickmill. I called the Eden Plaza (The name of the mall) and they told me something funny, Tickmill is NOT a Broker, they are just milking people’s money for free, If you trade with them, you are screwed on your funds.
One of the customers named Aisha lost her money in the trade and she writes- “I thought I lost my money I participated in their NDB after successfully reaching the max withdrawal limit and deposited $100 as per the terms after almost 24 hours waiting for my profit to be transferred just get an email saying I used multiple ips, the deposit so quickly but when trying to withdraw my $100 back took more than 24hours. this is the worst I know”
Sudhanshu Agarwal and Tickmill: Their Response
Both Sudhanshu Agarwal and Tickmill have continually denied any misconduct in response to these allegations. They have claimed that they operate within the scope of regulatory compliance and strive to give their clients the finest help possible. However, the growing number of unfavorable customer evaluations, as well as the gravity of the charges, have placed a cloud over these claims.
Sudhanshu Agarwal Tickmill- A Call to Action: Spreading Awareness
With the allegations of this forex scam gaining momentum, there is a call to action for individuals within the trading community. Awareness about scams is the first step towards prevention. It is crucial for potential investors to stay informed and vigilant.
The purpose of this article is not just to shed light on the allegations against Sudhanshu Agarwal and Tickmill, but also to encourage readers to share this information. By sharing this article, you can help ensure that these allegations receive the attention they deserve and potentially protect others from falling victim to such scams.
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Sudhanshu Agarwal Tickmill- Final Thoughts
Forex scams serve as a poignant reminder of the potential risks involved in trading. While the allure of high returns can be tempting, it is crucial to approach forex trading with a healthy dose of skepticism and caution.
As the allegations against Sudhanshu Agarwal and Tickmill continue to unfold, it serves as a stark reminder of the importance of due diligence and the need for regulatory oversight in the world of forex trading.
To the readers of this article, remember that awareness is your best defense against scams. Stay informed and vigilant, and most importantly, do not hesitate to share this information with others.
Disclaimer
This article is intended solely for informational purposes and does not constitute financial advice. The information provided is based on publicly available data and personal research. It is crucial to conduct your own research and consult with a licensed financial advisor before engaging in any form of investment.
