The cruel truth is- ToroAssets is a scam broker. While the broker boasts a slick website and promises high returns, a closer look reveals a web of inconsistencies, questionable practices, and frustrated customers. Before you entrust your hard-earned money to ToroAssets, let’s peel back the layers and expose the truth.
What is ToroAssets?
ToroAssets presents itself as a multi-asset trading platform, offering CFDs on forex, commodities, indices, and cryptocurrencies. They boast user-friendly features, educational resources, and 24/7 customer support. However, beneath the surface lies a different story.
ToroAssets Details
Regulated by: | Unregulated Scam Broker |
Is This Company Safe? | No, the platform is blacklisted |
Known Websites: | toroassets.com |
Have Warnings from: | CNMV, FI |
Registered in: | N/A |
Operating since: | 2023-07-27 |
Trading Platforms: | Web |
Maximum Leverage: | 1:500 |
Minimum Deposit: | 250 USD |
Deposit Bonus: | 30%-100% |
Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
Free Demo Account: | Unavailable |
How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Deposits and Withdrawals
Funding your ToroAssets account is relatively straightforward, with options like credit/debit cards, bank transfers, and e-wallets. However, withdrawing funds is where the trouble begins. Users report lengthy delays, excessive fees, and unresponsive customer support when attempting to cash out.
If you have lost money to companies like Air FX, or FXCG; please report it to us on our Report a Scam form.
Account Types
ToroAssets offers four tiered account types, each with increasing minimum deposits and supposed perks. However, reviews suggest minimal difference in trading experience across tiers, with basic accounts facing limitations and higher fees.
Account Type | Standard | Silver | Gold | VIP |
Minimum Deposit | 250 USD | 2,500 USD | 10,000 USD | 50,000 USD |
Maximum Leverage | 1:200 | 1:300 | 1:400 | 1:500 |
Spreads | From 1.5 pips | From 1.5 pips | From 0.8 pips | From 0.0 pips |
Red Flags and Warning Signs
On January 8, 2024, the Spanish Comisión Nacional del Mercado de Valores (CNMV) issued a warning against the ToroAssets broker, stating that the company was offering financial services or goods without the required authorization. This put the broker under investigation.
Local traders and investors were also informed by the Norwegian FI a day later. Two clear warnings and no regulatory information on the broker’s website strongly suggest that the dubious platform lacks the required approvals. Therefore, money belonging to investors could be taken under dubious conditions.
Choose regulated services overseen by reputable financial regulators like the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc. rather than trusting unlicensed con artists.
Customer Complaints and Negative Reviews
A quick search online reveals a multitude of disgruntled ToroAssets users. Common complaints include:
- Difficulties withdrawing funds: Many users report being stuck in prolonged withdrawal limbo, with customer support offering little to no assistance.
- Unresponsive customer service: Reviews paint a picture of unresponsive and unhelpful customer support, failing to address user concerns.
- Manipulative trading practices: Some users allege experiencing price manipulation and unfair trading conditions that favor the broker.
- Hidden fees and charges: Unexpected fees and charges eat into profits, contradicting advertised pricing structures.
ToroAssets Alternative Brokers
If you’re seeking a legitimate and trustworthy trading platform, consider reputable and regulated brokers like:
- AvaTrade
- IG Markets
- Saxo Bank
- TD Ameritrade
- Interactive Brokers
These brokers boast strong regulatory standing, transparent fee structures, reliable customer support, and user-friendly trading platforms.
Got Scammed by ToroAssets? We Help Victims!
If you’ve fallen victim to ToroAssets’ alleged malpractices, you’re not alone. Several organizations and resources can help you:
- Financial regulators in your jurisdiction: Report ToroAssets to your local financial regulatory body to document the issue and potentially hold them accountable.
- Chargeback services: Depending on your payment method, you may be able to initiate a chargeback to recover your funds.
- Fraud reporting websites: Report ToroAssets to platforms like the Financial Conduct Authority’s Scam Action or the Federal Trade Commission to warn others.
Remember, early intervention is crucial. The sooner you report the scam, the higher the chances of recovering your losses.
The evidence overwhelmingly suggests that ToroAssets is not a legitimate or trustworthy broker. The lack of regulatory oversight, a trail of negative user experiences, and numerous red flags raise serious concerns about their practices. If you’re considering trading with ToroAssets, proceed with extreme caution and thoroughly research alternative, reputable brokers to protect your hard-earned money or You Can report to us today by the below form.
