TorOption is owned by Smart Choice Pro Ltd, located at Trust Company Complex, Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960 and as far as we know, they are not regulated or authorized by any major regulatory authority. Payment clearing services are provided by Smart Choice Zone LP, 272 bath Street Glasgow, G2 4JR, Scotland. We couldn’t confirm if the 2 companies are part of the same group and we do not know the connection between the two, other than the similar name.
Is TorOption A Scam?
Whenever I see an unregulated brokerage, my Spider senses trigger the alarm and I see a big “Be Careful!” sign in front of my eyes. It’s the same with this brokerage and honestly, I don’t see why someone would want to trade with a relatively new brokerage, without regulation and without a stellar reputation. Come on, you have brokers like Ayrex, Stockpair, 24Option and others that have proven time and time again they are reliable, fair and trustworthy. Why look elsewhere? Now returning to the original question: I cannot say for sure if they are a scam or not, but if I am not 100% sure I can trust them, I choose to stay away. That’s just me. On the other hand, their web traffic is pretty stable, they have around 500K total visits at the time of writing, with approximately 38% coming from the United Kingdom, followed by Germany and Russia with 14% and 12% respectively.
Editor’s Note – WhyDoesn’t TorOption Suck in 50 Words
Updated Daily Market Review! Many brokerages “forget” to update their market analysis, so all you get is some articles from months ago, which obviously don’t help at all. TorOption offers traders updated, fresh market analysis and that’s always a good thing. However, I cannot vouch for the usefulness or profitability of their market analysis.
Why Does TorOption Sucks in 50 Words
All I see is the same ol’ same ol’: SpotOption platform, no regulation and sugar coated talk like we are a team of experts, customer satisfaction is our main goal, etc., etc. I don’t see anything that could make me choose them over another, regulated brokerage.
Should I Open An Account With TorOption?
The brokerage was launched in 2016 according to their Live Chat representatives and the platform of choice is SpotOption. This is definitely not a bad platform and it is used by so many brokerages that it almost became the norm in binary options; there’s no download required so you can access it from anywhere in the world even if you don’t have your laptop with you.
The website is clean and without any major bugs as far as I could see. They have a well-organized Glossary and FAQ sections but they lack a bit on Education. The tutorials are shallow and only offer general information like what are binary options and how to open a trade. They also offer a Video Course and an Ebook but when I clicked on them, nothing happened, so I assume I have to have an account with them or the features simply don’t work (it wouldn’t be a first).
The lowest account with TorOption is $350 (Mini), which I have to say it’s a bit steep considering that most brokerages allow you to open an account with $200 or even lower. The next account is a whopping $10,000 (Standard), followed by the Executive account at $25,000 and the VIP starting at $50,000. I have to say, these are very big sums and I wouldn’t feel comfortable depositing this much to an unregulated brokerage and besides, some of the advantages for opening an Executive or VIP account are a personal account manager and some trading signals. Since we know that account managers can be a nuisance and the broker’s trading signals are often wrong, I say you would be better off with the lowest account. Anyway, to sum it up and to return to the original question, I have to say… actually, I don’t have to say anything, but I’ll ask you this: Why? Why would you open an account with TorOption? They don’t have anything special, they are unregulated and all the features they offer can be found with other, more reliable brokers. So, it’s up to you. I am not impressed at all and I consider them a low-tier brokerage, with a rather bad reputation.
Well, finding complaints about TorOption is very easy because the Internet is full of them. People say they cannot withdraw their money once they’ve made a profit (or even the initial deposit), the salespersons keep calling and are being rude, they use high-pressure tactics to demand more deposits, etc. Basically TorOption is the broker we all want to avoid – according to the internet vibe. Most of the complaints are about withdrawal issues, so if you care for your money, think twice before depositing with them.
Their Bonus goes up to 100% but if you accept one, your money will be tied to the platform until you reach a trading volume of 20 times * (bonus + deposit). If the client wishes to withdraw before that, the bonus and profits will be deducted from the account balance. TorOption also offers a Loyalty Program which allows you to win a vast array of products such as PlayStation 4, Philips shavers watches and backpacks among other stuff.
Withdrawals are processed within 24 hours, the fee is 25 account units per withdrawal and the methods are Credit/Debit cards and Wire Transfers (minimum 100 account units). On their website they show the logo of Neteller, Skrill, Webmoney and other e-wallets but on their Withdrawal Policy page they don’t mention those methods.
User Friendliness: 13/20
The trading platform is provided by SpotOption and it has full functionality, with ease of use. The website is translated in only 4 languages, which makes it less user friendly. A Demo account is not available.
No. of Assets and Expiry Time: 12/20
TorOption offers 12 currency pairs, 18 stocks, 19 indices and 8 commodities. It’s a very slim trading basket and I believe they should update it if they want to compete with the “big boys”. The expiry times are characteristic for the SpotOption platform, starting with seconds (60, 90, 120, 180 and 300) and moving up to hours, days and Long Term (even end of current year). Ladder and Touch/No Touch options are available.
Commissions, Support and Effective Return: 14/20
There are no fees for deposits but the company may charge a fee up to 30% from the total deposit if they suspect any act of fraud or breach of the Terms and Conditions. The support is available via live chat 24/5 and the returns average around 75% but of course, this differs depending on market conditions.
Deposit, Payment and Bonus: 14/20
The minimum deposit is $350 and can be made via Credit/Debit Cards or wire transfers. Payments can be made via the same methods and take 7 business days once the proper documentation has been sent and approved. The Bonus goes up to 100% and the required turnover is 20 times * (deposit + bonus). We recommend you to read thoroughly the Terms and Conditions before accepting a bonus.
Website Extra’s: 12/20
The updated Daily Market Reviews are the only thing that comes to mind in the Extra category. However, this should be consider a must-have, not something out of the ordinary.
TorOption Overall Ratings: 65/100