Beware! TorrentFXTrade is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t 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 that’s 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.
To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. 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 don’t 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?
The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.
Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.
In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.
The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.
Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.
The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!
What to do if scammed?
The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.
Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.
As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!
And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!