According to the TIOmarkets management team, their “incredible, unbelievable and never seen before in FX” offer was in fact part of a controversial marketing drive for an April Fools’ campaign and client awareness.
The campaign coincided with the pre-registration launch and was intended to counter the misleading, and often unrealistic, promotions that are so often showcased by companies within the industry.
TIOmarkets today announced the hoax on https://tiomarkets.com/vr with the following statement:
“For those of you who fell for it, we apologize for leading you up the garden path. There is a valuable lesson to be learned… the story about the partnership with the deep tech firm, the payment methods, and the VR was made up. Think of it as a metaphor for all of the things misleading with the forex industry at the moment. While these promises are all very good (and don’t we wish they were real!), they are quite simply, too good to be true.”
The campaign involved a video showing TIOmarkets partnering with a deep tech firm, which pledged to allow withdrawals and funding of accounts via any bank in the world. No one can deny the familiarity for veterans of the forex industry, the deep-seated issue negatively impacts traders living in these jurisdictions all around the world.
Interestingly enough, the video also promised free VR headsets and Android mobile devices to the first 100,000 sign ups of the company.
Those who fell for it will have realized by now that such unrealistic offers, in addition to the obvious emphasis of the April 1st launch date (a play on April Fools’ day) can only be a hoax.
In case anyone missed it, further clues lay in the usage of hyperbolic words such as “unbelievable” and “incredible”, as well as the word “prank” hidden within the footer.
“Let’s start cleaning up: No lies. No false promises and hidden charges – we offer what we intend to provide – an excellent trading experience with no surprises.”
On https://tiomarkets.com/vr, the firm stated that it wished to expose some of the inequalities within the industry, and through its no-nonsense tone of voice, plans to continue such open discourse with FX traders about the dangers of FX trading.
The TIOmarkets management has openly acknowledged that this campaign was both innovative and controversial. Head of Business Development Terence Tan commented: “This campaign represents our positioning in the industry. We plan to prove to our clients every single day that we are all about transparency and honesty. We believe it’s time for an industry shake-up.”
TIOmarkets will be the first in the FX industry to offer a subscription model to its clients. Where traditionally, the widening of spreads, partner commissions, and other company overheads have eaten into the profits of trading clients, TIOmarkets positions itself differently by offering a monthly subscription cost.
The VIP Black package, for example, is 49.95 USD per month and contains no hidden charges, costs or fees. Great news for the clients of the company, as this could mean significant savings for investors. TIOmarkets offers a number of different packages to suit individual client needs.
Doors for pre-registration open on April 2nd. Visit tiomarkets.com/vr to find out more.
Disclaimer: The content of this article is sponsored and does not represent the opinions of Finance Magnates.