Torexfx – Are They Trustworthy?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Torexfx - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2020
Torefx has provided no information about the types of trading accounts it offers. There is also no information on the trading conditions set by it. However, we were able to register for a basic account and find out that the spreads start from 3.5 pips for the EURUSD pair, and that the leverage is capped at 1:200.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: www.torexfx.com
Founded: 2018/2019
Regulations: Unregulated
Languages: English, Russian
Deposit Methods: Xchangepro – Bitcoin Buying Website
Minimum Deposit: 250 Euros
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex Pairs, Stocks, Bonds, ETFs, Indices, Commodities, Cryptocurrencies
Trading Accounts and Conditions
Torefx has provided no information about the types of trading accounts it offers. There is also no information on the trading conditions set by it. However, we were able to register for a basic account and find out that the spreads start from 3.5 pips for the EURUSD pair, and that the leverage is capped at 1:200.
Torefx – Advantages
There are no advantages to trading with Torefx.
Torefx – Disadvantages
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Unregulated Broker
According to the information given on Torefx’s website, this brokerage’s services are provided by a company called Onero Ltd, which is located in Moscow, Russia. However, in its Terms and Conditions page, this broker claims to be regulated by the financial laws of Cyprus.
Now, to operate as a broker is Russia is almost impossible. The financial markets are overseen by the Central Bank of Russia, and the requirements for obtaining a license for financial services are so stringent that there are just about 10 regulated brokerages in the country. And Torefx is not one of them. We checked the Bank’s online register for confirmation
Furthermore, to operate under Cypriot laws, you need to be regulated by the Cyprus Securities and Exchange Commission (CySEC) – another regulator with stringent regulations. And once again, Torefx’s (and its parent company’s) name does not appear on this regulator’s list of licensed operators.
What this basically means is that Torefx is operating illegally, and that if you broker with them, you will put your funds at risk.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lies About Deposit Methods
When you check their home page, you will see that this broker offers a wide range of payment options – Visa, MasterCard, Maestro, Visa Electron, MoneyGram, Neteller, UnionPay, Western Union, iDeal, Skrill, QIWI, Wire Transfer, WebMoney, and so on.
This is all lies! The only way you can make deposits with this broker is via something called Xchangepro. Xchangepro is a Bitcoin buying website and not a payment provider. So, we need to ask the question – why do you need to buy Bitcoin to trade on this broker’s platform?
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Lies About Awards
At the top of Torefx’s home page, there are a list of awards displayed – Winner of the FX Week e-FX Award for 2016, UK Forex Award winner for Best Forex Educator in 2016, World Finance Forex Award for 2017 and so on. Once again, these claims are all lies. First of all, this broker was incorporated in 2018, and all of these awards are from 2016 and 2017. How can a broker be awarded for something when it didn’t even exist as an entity?
And second of all, all these awards are bogus. They are just images that the broker has copies from the internet and pasted them on its site to dupe customers into thinking they are legitimate brokers.
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MetaTrader 4 Not Supported
Torefx does not offer support for the MetaTrader 4 trading software – or any professional software, for that matter. What you do get is an unknown platform that has not been vetted by professionals.
And while this platform does offer some trading features (pending orders, price alerts, live news feeds, numerous time frames, etc.) it cannot compare to the plethora of feature you get from software such as the MT4. With the MT4 platform, you get charting tools, market analysis options, pending orders, live feeds, a wide range of time frames, automatic trading (through bots called Expert Advisors) and so on.
This platform offered by Torefx pales in comparison to what the MT4 platform offers.
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Unfair Withdrawal Policies
The withdrawal policies that this broker has listed on its website show that Torefx is out to scam its customers:
- You will need to wait 45 days to have your withdrawal request processed. Considering that today, most broker can approve your withdrawal requests in less than 24 hours, this is just a ridiculous time frame.
- The only way your withdrawal request will be accepted is if you contact Torefx via phone, email, fax or in person. There is no withdrawal request option on their platform.
- You will have to pay withdrawal fees, but the broker does not clearly state the amounts. You will also have to bear other costs such as Transfer fees, but once again there is no clarity.
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Unfair Bonus Withdrawal Condition
The fact that this broker offers its clients bonuses tells us immediately that it is a scammer. This is because the broker operates in Europe, Russia and the UK, and bonuses have been banned in all three places.
Now, if you do decide to avail of the bonus that this broker offers, then you will need to complete a trading volume target of 30x your bonus and your deposit amount before you will be allowed to withdraw your money! An impossible target, which means that you never get to withdraw your money!
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Indemnification Provisions
If you sign up with StocksCM, there is no way you will be able to take action against them if you lose your money. This is because their terms and conditions are peppered with indemnification clauses that basically prevent you from filing a complaint against them. The clauses are spread out across the contract so if you don’t look carefully, you will easily miss them.
This is why we strongly advise all traders to read the terms and conditions of service before they sign up with a broker.
Conclusion
If you trade with Torefx, the only thing that will happen is that you will lose your money and you will have no way to get it back! This broker is a scammer and your funds are not safe with them. We would strongly warn all traders against contracting with Torefx!
Torexfx
Pros
- None
Cons
- Unregulated Broker
- Lies About Deposit Methods
- Lies About Awards
- MetaTrader 4 Not Supported
- Unfair Withdrawal Policies
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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