ThorFX Review: Lies Behind This Broker
ThorFX Review, you might think that this broker is the right choice. Professional web design with all the information presented transparently. The availability on social media trusted trading software and more.
However, there is one huge disadvantage of this broker. Let’s find out which one in this ThorFX review.
Who Is ThorFX Broker?
ThorFX broker is owned by Thor Markets LLC. The company is registered in St. Vincent and Grenadines. Thus, for the first time in 2020. Generally, this fact is not promising, but there is much more to come.
We all know that this country is a nest for scammers. The numbers are raising on a daily basis. But if ThorFX is one of those, let’s see.
|Thor Markets LLC
|Unregulated / Offshore broker
|St. Vincent and Grenadines
|Financial Authorities Warnings:
|If a withdrawal is possible:
|If Active on Social Media:
|Yes – Facebook, Instagram, Twitter
ThorFX Regulation and Safety Security
It’s rare to see so many equipped broker coming from SVG. The main reason behind registration there is because FSA there doesn’t issue trading licenses anymore. Practically you don’t need it there. However, to trade anywhere outside of SVG, you should get one.
Traders mainly prefer trusted regulators like FCA, BaFin, IIROC, CFTC or ASIC. These all belong to the Tier 1 group with the strictest requirements. Sadly, the ThorFX broker is not listed in any of their registers. So, now everything that this broker presents becomes questionable.
ThorFX Broker Profile
Now is the time to cover some trading conditions. Listed below you have the main functionalities and benefits of trading with ThorFX broker.
Important to realize is that there is a ThorFX MT4 download option, but also for MT5. Which makes them outstanding. However, there are many discrepancies that we will reveal.
|Mini, Standard, Pro, VAR
|Financial Instruments On Offer:
|Education or Extra tools:
Is ThorFX Broker Safe?
Considering missing regulations they are not. On top of all, the broker doesn’t provide any funds protection measures. There is no guaranteed stop-loss or negative balance protection.
As we can see many traders reported issues with those. But also, there are no compensation funds or segregated bank accounts for deposits. Combined with a leverage of 1:500 everything looks designed for a nightmare. Of course, for a trader only.
ThorFX Traders Reviews – Sharing Experiences
If we check any ThorFX reviews we will see the pattern. They attract traders with mysterious offers. Thus, when they start trading the reality is different.
Many Trustpilot user-experience reviews expose their fees and spreads. Which are insanely high at best. Now, all the downsides of this shady broker get to see the light of the day.
How Does ThorFX Platform Reach Clients and Who Are They?
Since the broker has multiple social media networks it’s not excluded they lure victims there. But because of MT4 and MT5, they can also advertise automated options. Thus, not the real ones, but fully automated software.
Once traders get on board, they quickly realize it’s a classic rip-off. Whether with fees or spreads. But the most important downside is ThorFX withdrawal. As for the countries of operation, looks like they are scamming traders from
- United States
- United Kingdom
ThorFX Funding Method
ThorFX funding is another important topic. Even though they have available multiple choices, they highly promote crypto transfers. All the options available are:
- Debit and Credit cards
- Wire transfers
If you didn’t know, crypto transfers are irreversible. But also hardly traceable and anonymous transfers. For now, there are no withdrawal issues reported.
According to the broker, there are no withdrawal fees. The processing time takes up to 5 business days and additional 2-3 business days to get to your account.
ThorFX Bonuses and Promotions
ThorFX funded account can be funded as well with bonuses. Whether you are getting a deposit bonus of up to 20% or a reward for bringing more traders, that’s banned all across Europe.
Mainly because companies come up with clauses that prevent traders from withdrawing money. In this case, the broker claims there is no such thing. Thus, they are not regulated broker and every statement should be taken with reserve.
Reasons To Avoid ThorFX Broker
The main reason is missing regulations and misleading traders about the costs of trading. Nowhere is to be seen what spreads, commissions and fees are.
Thus, many traders in ThorFX reviews reported issues there. Besides trusted software, there is nothing much exciting about this company. But if you had any kind of bad experience with them, let us know. Our specialized team can advise you on your next move. Good, to know is that our team has access to CipherTrace software. If you didn’t know, it can track crypto transfers. Get in touch to find out more.
Our Safe Trading experts’ opinion of ThorFX broker
To avoid paranoia and not-so-tight sleep, you should find yourself a trusted broker. Primarily ones with reliable licenses. Such as ASIC, FCA or NFA.
But if you stay in touch with us, you can get all the necessary information about brokerages. But also pieces of advice on any trading-related topic. Don’t hesitate to reach out. Free-of-charge consultation can’t harm you.
Is ThorFX Trustworthy?
No. The company is not licensed by any regulatory body. Also, a few ThorFX reviews point out the issues that clients are facing with trading costs.
How To Start Trading Safely?
Safe trading is only maintained with regulated brokers. Especially Tier 1 group with high-security standards. For more information about those, feel free to contact us.
How Can You Help Me Choose the Best Forex or Crypto Broker?
Our research team is there to recommend you perfect fit. Most importantly, you are choosing the right one without pressure. Therefore, don’t hesitate. Contact us today!