TorFX

Karoline Hardy

1-2 years

Based on your own experience, what would you say are the three main benefits of using TorFX?

WikiFX Reply

In my experience as a trader, I have interacted with a variety of currency transfer services, and TorFX stands out in a few notable ways. Firstly, it is a fully regulated entity by ASIC in Australia, which is an important factor for me when evaluating trustworthiness. Regulatory oversight generally increases the accountability of a company, though it’s never a guarantee against all risks. Secondly, TorFX offers zero commission and no transfer fees. This fee structure can potentially reduce my transaction costs compared to using traditional banks, which typically impose much higher fees on international transfers. Thirdly, I appreciate that TorFX provides both personal and business clients with access to dedicated account managers and risk management tools. These services allow for more tailored support and help me make better-informed decisions regarding currency transfers, rather than leaving me to navigate volatile markets alone. However, it is important to point out that my research into user feedback highlighted some concerning reports about withdrawal issues and site accessibility. While I did not personally encounter such problems, these accounts have led me to approach TorFX with caution and to avoid putting significant amounts at risk until a longer, problem-free relationship has been established. For anyone considering TorFX, the regulatory status and service offerings are pluses, but I advise performing ongoing due diligence and starting with minimal transfer amounts until you are comfortable with their processes.

Broker Issues

TorFX

Regulation

08-07

United States

Davis Wu

1-2 years

Does TorFX provide traders with the option of an Islamic (swap-free) account?

WikiFX Reply

Based on my close review of TorFX and its service structure, I have found no indication that TorFX offers Islamic (swap-free) accounts for traders. My understanding comes from analyzing their core offerings, which focus almost exclusively on fiat currency transfers and related services, such as personal and business money transfers, forward contracts, currency orders, and risk management. TorFX is regulated by ASIC in Australia, which certainly gives a baseline level of regulatory trust, but in my experience, being regulated does not guarantee the availability of all account types typically sought by forex traders. One important point for me is that, as a trader interested in swap-free options for religious reasons, I always look for clear, upfront mention of Islamic accounts on brokers’ platforms. In TorFX’s case, not only is there no explicit mention of such accounts, but the business appears to be oriented more toward payment services than actual leveraged trading. Furthermore, there is no indication of a MetaTrader or similar platform where swaps would even come into play, reinforcing my view that the service is not tailored for active forex speculation. In summary, for those specifically needing an Islamic (swap-free) account, TorFX does not appear to meet this requirement. I would urge anyone with this need to verify with the broker directly, as offerings sometimes change, but based on current information, this option is not available.

Broker Issues

TorFX

Platform

Account

Instruments

Leverage

08-06

United States

Franko Knavs

1-2 years

Could you give a comprehensive explanation of the fees TorFX charges, covering both commissions and spreads in detail?

WikiFX Reply

As someone who actively seeks out cost transparency and values regulatory oversight in currency services, I’ve looked closely at TorFX’s approach to fees. Based on their stated business model, TorFX does not charge commissions or transfer fees on transactions for either personal or business accounts. This can make them significantly cheaper than using a traditional bank, which often charges a flat transfer fee—sometimes around $50—regardless of the transaction size. However, from my experience in forex, it’s critical to understand that “no commission” does not mean transfers are entirely free of costs. With TorFX, the primary cost comes in the form of a margin applied to the exchange rate. While they advertise competitive rates compared to banks, this margin is how TorFX derives revenue. I have found that these margins, though generally reasonable, can fluctuate depending on currency pairs, transfer amount, and market conditions. For me, assessing true cost always means comparing the actual exchange rate offered by TorFX to the mid-market rate at the time of transfer. Even with zero explicit commission, the difference here represents the effective spread you pay to TorFX. This method has allowed me to make more informed decisions and avoid unexpected charges. It’s worth noting that if you’re sending large sums or making frequent transfers, these margins can add up over time, so I always recommend potential clients perform this comparison before initiating any sizeable transfer.

Broker Issues

TorFX

Fees and Spreads

07-31

United States

Pushpender Sharma

1-2 years

Which deposit and withdrawal options are available with TorFX, such as credit cards, PayPal, Skrill, or cryptocurrencies?

WikiFX Reply

In my research and personal review of TorFX, it's become quite clear that the broker positions itself mainly as a currency transfer service rather than a typical forex trading platform. Based on what I could confirm, TorFX facilitates personal and business money transfers, offering competitive exchange rates and fee-free transactions for fiat currencies. However, I was unable to find any concrete indication that they support popular payment options that traders commonly expect from financial service providers, such as credit card deposits, e-wallets like PayPal or Skrill, or cryptocurrencies. My main concern, however, stems from persistent user reports regarding withdrawal issues. Several individuals have detailed negative experiences where withdrawals were stalled or apparently blocked, sometimes with repeated requests for extra margin or unexplained fees. This raises serious red flags about the platform’s practical accessibility to funds, which is a fundamental criterion for trust in any broker. For me, the potential inability or difficulty in retrieving deposited money outweighs any benefits their low-fee structure might offer. In summary, TorFX seems to stick to traditional bank transfers for deposits and withdrawals, with no evidence of support for cards, PayPal, Skrill, or crypto. Personally, I approach such limitations with caution, as they can make resolution of disputes or rapid fund recovery more complicated should problems arise. Therefore, I only recommend considering brokers with transparent, multi-channel funding and withdrawal options, and a proven reputation for honoring withdrawal requests.

Broker Issues

TorFX

Withdrawal

Deposit

07-27

United States