TorOption review – Broker to Trust or a Scam to Avoid?

 

TorOption was subjected to our honest inspection. In this review, we will reveal whether is TorOption a binary broker you can trust or a scam you should avoid.

 

Every binary broker needs to have certain licenses so it could legally operate on the financial market. When searching for TorOption licenses we didn’t find any. But what we found is an alert from Canadian provincial regulator, the Manitoba Securities Commission (MSC), that TorOption illegally conducts their services in Canada as unregistered binary options broker. (source: financemagnates.com).

Websitewww.TorOption.com
Regulated by:
Minimum trade:25 USD
Minimum deposit350 USD
Demo accountNo
Types of optionsClassic high/low, 60 seconds, One touch, Ladder
Advanced functions
Trading assetsCurrency pairs, stocks, commodities, indexes

First impression of TorOption

TorOption is a fairly new broker, which started its operation in 2015. Their website gives very modern and innovative impression. However, currently the broker does not have any licenses and therefore TorOption is not overseen by any regulatory authority. That means your deposits are not insured as when you trade with brokers that have CySEC license. So the broker can do practically whatever it wants. And in real practice most such brokers do, just take a look at Binatex, it is very similar case. I think it is very risky to trade with such brokers, especially when there are no benefits from it. On the binary market, there are far superior brokers with better offers that these licenses do have.

TorOption trading platform

TorOption uses famous trading platform – SpotOption. As you may know, SpotOption is easy to use platform in which is very easy to orientate. Selecting of assets is nicely solved into individual sections: currencies, commodities, indices, stocks. TorOption has only a web-based platform, a mobile platform is not featured. Payouts are not as high as at IQ Option or 24option, but they are still quite decent, they usually range from 70 to 80%. Apart from classic binary options, TorOption also allows CFD trading. Maximum leverage here is 1:500, stop loss or take profit can be set up as you need.

Minimum trading requirements

Trading requirements at TorOption are quite high. The minimum deposit is 350 USD and minimum trade is set to 25 USD. Withdrawals with this “mini” account take 10 days. If you want your withdrawals to be faster, you need to deposit more money. On standard account, which starts from 10000$ it takes about 7 business days. Which is still quite a lot in comparison to a competition where it usually takes from 24 hours to 3 days. If you want to withdraw your money from the broker, you need to have at least at least 50$ on your TorOption account. When you use your credit card you do not have to pay any fees for the request, however, when using a bank transfer, you will pay additional 25$

Demo account and deposit bonus

TorOption does not include in its offer a free demo account. As you may know, any broker licensed by CySEC is prohibited from offering a deposit bonus. It is for the reason that most of the brokers took advantage of this possibility and they made a really hard time to their traders with their withdrawals. However, TorOption does not legally operate so it can do as it pleases. Deposit bonus here is 10% for traders who deposit 350$ and 50% for deposits over $10000. I would not be even surprised if these numbers were to change when they call to their traders, so they could make their offer even more attractive. They can practically offer any bonus they want, now the question is how many of the traders that accept this bonus will be able to withdraw their money then. If you decide to trade here despite our recommendation, pay a really close attention to terms and conditions they have, especially for their bonuses.

Final word, is TorOption a scam?

TorOption is an unlicensed broker that does not have exactly a great reputation. The overall offer is not bad, however, the broker has quite a high minimum deposit and it does not offer a free demo account. Payouts are decent, but not great either. Therefore, we do not recommend choosing this broker to our traders. We think that your hard made money shouldn’t be at stake with broker that operates illegally,

Final verdict: Not recommended, reliable competition is several levels ahead.

TorOption review – Broker to Trust or a Scam to Avoid?
1 (20%) 1 vote

Average rating of TorOption

 



Michael
Author: Michael
Hi, I'm Michael and my area of expertise is forex and binary options trading. I specialize in technical analysis, namely in chart pattern setups. I educate traders of all levels and I believe that prerequisite to successful active trading is always knowing risks of the game. My most current interest lays in cryptocurrencies, especially in Ethereum and in decentralized applications. I do not give investment advice, but for general inquiries please use the comment section under any article.

12 Comments

  • jo jo

    HI can you help me with Toroption?

  • Ulrike

    Did you ever withdraw an amount from your TorOption account? I asked for it and my account Manager got very angry. She refused an hang up. From this time I am quite excited and I trust them no more. Meanwhile I contacted a lawyer being experienced with these problems. But as TorOption operates illegaly I am not sure if we will be successful. Whats your experience with TorOption?

    • Michael
      Michael

      Hello,
      I am sorry to hear your bad experience with the broker. I personally haven’t even tried trading at TorOption. Simply because they do not have any license and as you mentioned, they operate illegally. How much money did they steal from you? It is very hard to find the real operator behind unlicensed brokers as they usually have some kind of offshore campanies which are very hard to track. But if your lawyer has experience with these problems you might have a shot. I think that it’s best to find also other people who were scammed and make a class action against them. We would be very glad if you reached out to us when you have some new info, me and the readers of the blog would definitely appreciate it. Good luck man!

  • Vino

    Hello,
    Have you some more details? Have you withdrawn your money or part of it?

    Thanks

  • Social-Toroption

    From TorOption we would appreciate you to contact us through support@toroption.email and we will do our best to deal with your complaint.

    • Michael
      Michael

      It would be great not to make such a bad conditions for traders and no one would have to contact you. But at least someone from your company showed an effort to deal with these problems.

  • Richard Bishop

    Hello guys, my experience with TorOption is not so negative. I started small with a 250 GBP deposit, I was a little reluctant and wanted to take it easy at first. The account manager seemed nice, I received assistance from their departments. I did study the financial markets a little in the beginning so I have a vague idea about what I am getting myself into. I ended up making a bit of profit that I actually benefited from, it’s not a huge amount however it showed me that it is indeed possible. Overall I would not give it 5 stars, it’s not something exceptional. Then again, nothing is. I was very pleased with the services, I think I will continue with the Company.

  • fen

    i didn’t know that this broker is unlicensed and i just did my first transaction US$250 and give all my detail to them is there anyway to stop or cancelled it.

    • Michael
      Michael

      Hello Fen,
      Next time you have to do a little bit more research before you put your money somewhere 🙂 But there still might be a chance to recover your funds. Try to ask your bank to cancel the payment, there is your biggest chance to see your money again.

  • patamy8atgmaildotcom

    I got ripped off by this scam broker to hire a a recovery professional to get my funds back. Once my account started growing they didn’t approve any of my withdrawal request. Glad this over for me,

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