Beware! TorrentFXTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
TorrentFXTrade is a sloppy and very unappealing broker. This is reflected in the structure and look of the website, which to call it underwhelming would be a praise. Read the review to find out more about this broker.
There always has to be something wrong! We knew the registration process, which requires only three credentials, would not be easy to complete for us. As unverified users, we had no way to create an account with TorrentFXTrade. We wrote our credentials, but no matter how many times we clicked on register nothing happened.
And, quite unexpectedly, we could not create an account. The only alternative that we have is to quote the website for all trading and payment details, which we find to not be trustworthy, but we have no choice. Please, be aware that we cannot fully vouch for any of this information.
The website reveals that very little. The site is very limited, and does not give away too much details concerning payment and trading conditions. We have always found that lackluster websites are a sign of scammer brokers- either they hide their lack of favorable trading conditions, or they simply do not care to include any.
We find no trace of trading assets. We traced a subtle mention that the EUR/USD spread is 0.4 pips, but thats about it. We also discovered that the leverage is capped at 1:5000, which is enormous, and very dangerous.
The website of TorrentFXTrade is available exclusively in English
TORRENTFXTRADE REGULATION AND SAFETY OF FUNDS
Gathering regulatory information from a broker that has close to nothing on offer is a challenge. We say close to nothing, because we did find two very vague claims that we will dig into.
First of all, the contact page puts the broker in India. The forex market in India is overseen by Foreign Exchange Management Act (FEMA). Local forex trading is restricted to certain currency futures. However, India is a huge country, and one cannot underestimate the huge potential the market offers. However, TorrentFXTrade is not licensed by the Indian regulator, and so is not authorized to offers legal service there. However, it is possible that the firm is located there, as India is know to harbor thousands of illegal online businesses.
Somewhere on the website we find the claim that TorrentFXTrade is working on an IFSC registered platform. The IFSC is the International Financial Services Commission of Belize, the agency responsible for regulating the local financial market. We checked with the overseer, and found no result for the presence of TorrentFXTrade.
Also, the website of the company is definitely not up to standard, and thus cannot be a serious contender for an FX license.
Last, but not least, the legal documents are completely useless and very short.
TorrentFXTrade is therefore a risk to all investments because it is NOT LICENSED.
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
TORRENTFXTRADE TRADING SOFTWARE
The website is not really open to suggesting the presence of a trading software. There is no proof that it comes with one.
Furthermore, the failed registration attempt, means that we really dont have anything to work with here.
TORRENTFXTRADE DEPOSIT/WITHDRAW METHODS AND FEES
According to the Account page of the website, the minimum deposit is $1000. However, we know all to well that payment information on the website of unlicensed brokers is not to be trusted, as it is almost always far from the truth. The same principle is applied to the vague payment methods that the website claims the broker to be offering.
As for withdrawals, the brokerage has offered absolutely no insight. Nothing! All we know, is that scammer brokers usually launch fees unexpectedly.
We are sure of one thing. TorrentFXTrade is not worth even one cent of your money.
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
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