TorexFX is a forex broker that is supposedly located in Russia. In the review below, we take an in-depth look at the features torexfx.com allegedly offers. This review basically answer the questions: is TorexFX legit? Is Torex Forex good? . The review covers aspects of its licensing, its account types, its leverages, its withdrawal and deposit methods. Read through our review to see what we and other experts have to say about TorexFX Forex Broker.
Table of Contents
TorexFX Trading Platform
This broker claims that their vision is ttomake online trading more accessible, enjoyable and ultimately profitable. They achieve this with the platform their team of young and driven professionals have provided that would satisfy even the most demanding users.
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Although the website looks professional and well-designed with simplicity in mind, some aspects of it feels empty as necessary and required information isn’t provided. At first glance we discover that this broker doesn’t broker support neither the MT4 nor the MT5 trading platform. They use a we platform to offer assets such as Forex (with leverages up to 1:420) CFDs, Indices, Stocks, and Precious metals
This broker claims that these are following perks with trading with them.
- Quick Funds Withdrawal
- Trade on The go
- PERSONAL APPROACH And ANALYTICAL SUPPORT
- SECURITY
- PROFESSIONAL CUSTOMER
- SUPPORT
- RELIABLE TRADING
- PLATFORM
- COMPLETE EDUCATIONAL For NEW ACCOUNTS
- FOREX And CFD SPECIALISTS
Torex FX Account Types
In this portion of the review, we aim to explore the account types a broker might have. We check the account with its corresponding deposit and leverage. Doing this gives a clearer idea as to how a broker might work.
This broker doesn’t give much information on its account types.
TorexFX Deposit and Withdrawal Methods
Deposit and withdrawals are the two most important transactions for us, because the end goal of trading is making a profit. In this section, we look at these methods to make sure everything is okay with it.
The payment terminal redirects us to Xchangepro, a bitcoin buying source, where users are encouraged to buy bitcoin. With this in mind, we can only assume that this broker is a front illegal purchasing site
Another thing to keep in mind is that there might also be withdrawal conditions concerning accounts that take advantage of the bonus promotion. Some fraudulent brokers stipulate that a trader must achieve a certain trading volume in order to be eligible for withdrawal. This is purposefully done in order to stop traders from making a withdrawal.
Is TorexFX Licensed?
Licensing is another important part, because a regulated broker can be trusted to some extent not to do anything fraudulent. We do this part of the review by first checking the name of the company attached to the broker. Then we run that name through various regulatory bodies to discover if it is actually regulated.
The information on the footer will have us believe that this broker is owned by Onero LTD ITN located at Moscow, Olvovo-Davydovsky lane 1, floor 1, office 101. It also gives an RRC although it doesn’t mention who it is regulated under.
Russia’s forex broker are regulated by the Central Bank of Russia. And they are a very strict regulator, giving only a handful of licenses. It is safe to say that this broker isn’t among them
Traders should always ascertain if a broker is licensed before investing in them. They should check regulatory bodies such as the FCA in UK, ASIC in Australia, CySEC in Cyprus, BaFin in Germany, CONSOB in Italy and many others.
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Conclusion
We wouldn’t recommend using this forex brokerage, we are not impressed with the vague information they have provided.
In conclusion, we wouldn’t advise or recommend you to trade with TorexFX.com as they don’t give any information concerning if they are a regulated broker.
TorexFX.com is likely a platform run by scammers, trading with them would likely result in you losing your money. There is a tremendous risk on any transactions interested traders may conclude with the brokerage and we deeply recommend they look elsewhere for viable trading option.
Hi, i also use this website and i withdrew my profits normally, only downside is that it takes a bit longer – but you have to call in personally or verify somehow your identity to them , because they dont want to send the money to anyone who isnt you . i waited for cca 14 working days but have my profits on my bank account .