TorrentFX Review
TorrentFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this TorrentFX Review.
TorrentFX Review
Clients of TorrentFX have four account option. All accounts offer floating spreads, commission-free trading (except the VIP account), and micro tradeable lots on the MetaTrader 4 platform.
Besides, swap-free (Islamic) services are available with TorrentFX on Cent accounts.
We‘ve tried out TorrentFX’s MT4 in demo mode, and In fact, the variable spreads offered by this broker are slightly above average, the typical ones amounting to 1.7 pips on EUR/USD.
In comparison, another offshore broker, FxChoice, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may check out real-time spreads of 15 leading brokers here.
Otherwise, with TorrentFX you can start with a small investment and use high leverage levels, which is typical for an offshore brokerage. Although many brokers offer leverage of 1:500 of higher, do not feel obliged to use the maximum. For example, if you use a leverage of 1:1000, a 0.1% market move against you will mean that you lose everything.
The Company. Security of Funds
Company
Country
Regulation
Torrent Trading Technology Ltd.
Marshall Islands
N/A
TorrentFX is an offshore broker founded in 2015 that offers trading in more than 50 currency pairs, as well as some CFDs on the popular MT4 platform.
Brokers registered on the Marshall Islands are practically not regulated. They are not obliged to report regularly to any authority, to conduct external audits, to hold clients’ funds in segregated accounts, to possess certain minimum capital in order to prove their financial stability, nor to arrange a compensation scheme in the event of insolvency or default.
While it is true that no regulation can protect you from dealing manipulation, misuse of client money, or company bankruptcy and no license can guarantee the funds in your trading account, there are certain states which strive to put some certainty in the decentralized FX market in their jurisdiction. Money rules and minimum capital requirements are set in the US, Japan, Australia, UK, Cyprus, among others. Apart from these, brokers in these countries are required to report all trades and to comply with various rules and standards.
TorrentFX offers its clients the most popular front-end application in the forex industry – MetaTrader 4 (MT4), desktop and mobile versions available.
The MT4 Terminal is a perfectly equipped workplace that allows you to trade in the financial markets with ease of use. It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, create and use automated trading strategies (Expert Advisors).
Methods of Payment
TorrentFX supports only China UnionPay as a payment method and accepts only Chinese Yuan Renminbi. Keep in mind that 1.5% is charged for deposits and 3% for withdrawal.
TorrentFX provides online trading services in forex and CFDs on MT4 platform. However, its spreads are above the average and what is worse, it is registered offshore.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
TorrentFX Review Conclusion
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