Are you a Forex trader thinking to trading with a licensed broker? Do you consider trading on thorfx.com? Before exactly that, read ThorFX review to know about this broker.
This post promises to share helpful review to support clients/traders in making the right decision.
ThorFX
ThorFX is an offshore brokerage company owned by Thor Markets LLC with a lot of promises for traders. The broker is listed as being based in Saint Vincent and the Grenadines (SVG). See below
What is more, the broker offers different account packages like STANDARD, PRO, VAR AND MINI.
Further, the broker offers different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
To clarify, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
See section below …
Deposit and Withdrawal
ThorFX Minimum Deposit:
ThorFX minimum deposit is indicated $25 based on the account type. While this is good, however, it is still a scam broker with no legit license.
As for the payment methods, the broker appears to accept only cryptocurrencies. Rightfully, you should not consider making any payment with this broker because it is a risk.
Another important thing, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
Withdrawal process:
ThorFX withdrawal process takes 2-5 business days to process any request. According to the broker, “Corresponding withdrawals will take up to 2-3 business days to reach your credit card or bank account”.
ThorFX Platform:
ThorFX platform claims to offer MT 4 and MT5 (Industry standard trading platforms). What you must know is that, the claim to offer MT4 and MT5 do not make the broker legit because any scam broker can do the same to lure forex traders.
ThorFX leverage can get up to 1:500. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Won’t you rather trade with a licensed and legit broker? Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK, ASIC in Australia, NBRB in Belarus, CySEC in Cyprus as well as IIROC in Canada which makes client funds safe. They accept traders worldwide…visit their official website
Why ThorFX.com Is A Suspicious Forex Broker
First of, ThorFX.com has no financial authority overseeing its financial services. We believe this broker is not worth your money because Financial Services Authority SVG does not monitor or regulate brokers.
Regrettably, the broker is a clear scam whose presentation of SVG governance and regulation cannot be proved. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker. See excerpt from SVG
Further, ThorFX does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
ThorFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
Conclusion:
ThorFX located at ThorFX.com claims to be a genuine trading broker, but that cannot be ascertained. From all indications, we would advise traders to steer clear from this FX broker as it likely a platform run by scammers. Therefore, we urge our readers to rely on regulated brokers like this or any licensed entity.
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