TorOption Review

Is TorOption Scam or Legit Broker?

TorOption is not a secure Forex broker since it does not hold a license from any worldwide serious Forex authority. Meaning the broker is suspected of being a fraud company since it was not checked for its compliance before establishment, was never monitored in terms of its safety, and simply may operate the business in any way it wishes.

What is TorOption?

TorOption is a trading name used by the company with its registered address in Scotland named Smart Choice Zone LP. The broker claims its professional approach and management of trading experience in CFDs, Commodities, Indices and Commodities along with the advanced security features. However, the company operates with no license or supervision from the respected industry authorities, therefore the claims on security and trustability are not proven.

• Since the broker offers also trading of binary options (Find Binary Options Regulated Brokers ) or instruments with a maturity of less than one hour that is a highly risky investment, which is in fact not permitted to distribute in many jurisdictions with the purpose to protect clients.
• Furthermore, there are several European industry authorities, which included TorOption in its warning or blacklists, as the company targets clients in respected jurisdictions without its allowance to do so. The warnings include Belgium FSMA, Spanish CNMV, and Italian CONSOB while advising not to engage with the company offering by any means.

“The Financial Services and Markets Authority (FSMA) warns the public against the activities of TorOption, a company that offers binary options without complying with Belgian financial legislation. The FSMA thus strongly advises against responding to any offer of financial service made by TorOption and against transferring money to any account number it might mention.”

FSMA, August 2017

“CNMV issues warning to the public on unregistered firm TorOption”

CNMV, May 2017

TorOption Review Conclusion

Overall, we do not advise trading with TorOption because of its lack of safety. Also, there are numerous complaints and negative responses from the clients who traded with TorOption. For that reason, it is recommended to choose among the Regulated brokers that are constantly overseen in terms of their secure trading environment. We advise trading with well-regulated brokers such as BDSwiss and XM.

TorOption Update

Our research showed that the TorOption website is unavailable to reach. Besides, there is no evidence of whether the broker operates or not. We recommend avoiding any offshore-based brokers due to their instability and lack of serious regulations.