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TorrentFX Review - Is it scam or safe?

TorrentFX Review - is torrentfx.com scam or good forex broker?

RATING: 1.3 / 1 REVIEWS ForexBrokerz TorrentFX
TorrentFX is an offshore broker. Your money is not safe.

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Trading Accounts & Conditions

 

Trading Account  Minimum deposit Min. trade size Maximum leverage Spread (& Commission)
Cent $1 0.01 1:1000 From 1.5 pips
Mini $500 0.01 1:100 From 2.0 pips
Pro $1000 0.01 1:500 From 1.5 pips
VIP $50 000 0.01 1:200 From 0 pips + $8 / lot

 

Clients of TorrentFX have four account option. All accounts offer floating spreads, commission-free trading (except the VIP account), and micro tradeable lots on the MetaTrader 4 platform.

 

Besides, swap-free (Islamic) services are available with TorrentFX on Cent accounts.

 

We‘ve tried out TorrentFX’s MT4 in demo mode, and In fact, the variable spreads offered by this broker are slightly above average, the typical ones amounting to 1.7 pips on EUR/USD.

 

 

In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.

 

Otherwise, with TorrentFX you can start with a small investment and use high leverage levels, which is typical for an offshore brokerage. Although many brokers offer leverage of 1:500 of higher, do not feel obliged to use the maximum. For example, if you use a leverage of 1:1000, a 0.1% market move against you will mean that you lose everything.

 

The Company. Security of Funds

 

Company

Country

Regulation

Torrent Trading Technology Ltd.

Marshall Islands

N/A

 

TorrentFX is an offshore broker founded in 2015 that offers trading in more than 50 currency pairs, as well as some CFDs on the popular MT4 platform.

 

Brokers registered on the Marshall Islands are practically not regulated. They are not obliged to report regularly to any authority, to conduct external audits, to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency or default.

 

While it is true that no regulation can protect you from dealing manipulation, misuse of client money, or company bankruptcy and no license can guarantee the funds in your trading account, there are certain states which strive to put some certainty in the decentralized FX market in their jurisdiction. Money rules and minimum capital requirements are set in the US, Japan, Australia, UK, Cyprus, among others. Apart from these, brokers in these countries are required to report all trades and to comply with various rules and standards.

 

Trading Platform

 

TorrentFX offers its clients the most popular front-end application in the forex industry - MetaTrader 4 (MT4), desktop and mobile versions available.

 

The MT4 Terminal is a perfectly equipped workplace that allows you to trade in the financial markets with ease of use. It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading strategies (Expert Advisors).

 

What is more, this broker has developed its own copy trade service:

 

 

Methods of Payment

 

TorrentFX supports only China UnionPay as a payment method and accepts only Chinese Yuan Renminbi. Keep in mind that 1.5% is charged for deposits and 3% for withdrawal.

 

Conclusion

 

TorrentFX provides online trading services in forex and CFDs on MT4 platform. However, its spreads are above the average and what is worse, it is registered offshore. Here are, in a nutshell, the pros and cons of TorrentFX:

 

Pros  Cons
Commission-free trading (except VIP accounts) Not regulated
Low min. deposit required Spreads above the average
MT4 available Limited payment methods
  Dangerously high max leverage levels offered

 

Latest news about TorrentFX
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Traders` reviews for TorrentFX

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

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