TELA Trading Platform Review: High Risk (Suspected Fraud)

TELA Overview

TELA is a forex broker that was registered and established in Hong Kong on May 9, 2013, with its corporate headquarters located in Guangzhou, China. The broker operates through two registered corporate entities, each managing a distinct website. The registered entity in Hong Kong is TELA GROUP LIMITED, also known as 腾利达集团有限公司 in Chinese, formerly known as HONGKONG TOOPTIONS LIMITED. The company's registered address is FLAT/RM 917A, BLK A 9/F NEW MANDARIN PLAZA, NO.14 SCIENCE MUSEUM ROAD TSIMSHASUI, KL, HONG KONG, with the enterprise registration number 1904779.

TELA's registered entity in Canada is TELA MARKET LIMITED, incorporated on December 20, 2021. The registered address is XI CHENG 8520 Leslie Street, Suite 105, Richmond Hill, ON L4B 3H6, Canada, and the enterprise registration number is 1361068-3.

Domain Registration of TELA

The website operated by TELA GROUP LIMITED is https://www.telaforex.vip, and the domain for this website was registered on December 14, 2021. TELA is registered as a legal entity in Canada under the name TELA MARKET LIMITED, and it operates the website http://www.telafx.com. The domain for this website was registered on April 24, 2023.

Is TELA legit or a scam? Does TELA have any regulatory licenses?

The website of TELA GROUP LIMITED does not disclose regulatory information, and upon investigation, it was found that this entity has not obtained authorization and effective regulation from any official financial regulatory body in any jurisdiction.

TELA MARKET LIMITED obtained an MSB (Money Services Business) license from the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) on December 24, 2021, with license number M21349412. The website claims that TELA MARKET LIMITED is registered in London, United Kingdom, and entered the Chinese market in 2014.

While Traderknows did verify the authenticity of TELA MARKET LIMITED's license number, it's important to note that the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) serves as Canada's financial intelligence unit and regulatory body for anti-money laundering and anti-terrorist financing. Its mission is to facilitate the detection, prevention, and deterrence of money laundering and the financing of terrorist activities, while ensuring the protection of personal information under its control.

The MSB (Money Services Business) license issued by FINTRAC, however, does not pertain to a forex broker license and does not regulate forex or other financial derivative trading. Hence, the broker is essentially operating without effective regulation.

Employees of TELA

Traderknows was unable to find any information about the company's team members on public networks.

Trading Software Provided by TELA

TELA offers users the MT4 trading platform, available on both desktop and mobile devices, with servers provided by TELA GROUP LIMITED.

Is TELA Involved in False Advertisement？

TELA claims to have collaborated with several well-known financial service providers, including Citibank, Swiss Bank, JPMorgan, Onezero, Lmax, and CFH. It emphasizes the professionalism of its customer service and technical support, pledging to deliver efficient, accurate, and swift trading experiences for clients. However, these details have not been verified by relevant authorities, raising suspicions of false advertising by TELA.

Online Reputation and Client Complaints:

TELA, or Telaforex, operates without regulation from any overseeing financial authority. Unregulated investment platforms typically lack reliability, potentially leading to concerns about fund security and the possibility of sudden insolvency. Reports suggest that TELA employs various strategies to circumvent payouts when customers attempt to withdraw funds. These tactics may involve coercing customers into additional trades, imposing exorbitant withdrawal fees, or becoming unresponsive to communication attempts.

Trading Products Provided by TELA

TELA primarily offers investors trading services for financial assets such as forex, commodities, and contracts for difference (CFDs). The broker has not disclosed information regarding the types of accounts it provides, as well as details on trading leverage, spreads, minimum deposit amounts, maximum/minimum trade volumes, maximum position sizes, additional margin requirements, stop-loss margin levels, overnight interest rates, trading commissions, and other account-related information.

Contact Information

Investors can contact TELA through two methods such as phone and email.

Conclusion

TELA is a forex broker without effective regulation and engages in false advertising. The broker has not disclosed any crucial information regarding user fund security or corporate employees. Currently, this broker is marked as "Suspected Fraud" on Traderknows. We hereby advise investors that TNFL FX is a highly risky forex trading platform. Please steer clear of this platform to avoid potential personal financial losses.