TorOption Review
Why Doesn’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. On a more recent visit, we noticed that their Daily market reviews are no longer updated. That Sucks!
Why Does TorOption Sucks in 50 Words
All I see is the same old’ same old’: 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.
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 or 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.
Should I Open An Account With TorOption?
TorOption is owned by Smart Choice Zone LP, 27, located at Bath Street Glasgow, G2 4JR, Scotland. However, depending on the part of the world that you are accessing the site from, you will see different companies that own/operate TorOption. For example, when accessing the site from Germany, the listed company became GN Management EOOD, located at Aleksander Stramboliiski Blvd, No 130 – 132, Sofia, Bulgaria.
As far as we know, none of these companies are regulated or authorized by any major regulatory authority. We cannot confirm if the 2 companies are part of the same group and we do not know the connection between the two. Keep in mind, there may be other companies listed as owner/operator of TorOption, depending on the part of the world you are accessing the site from.
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 about 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). As a side note, now they don’t offer Binary Options anymore and instead have focused on CFDs. However, they describe CFDs exactly as binary options, talking about expiries, payouts, and strike prices. They either don’t know what they are doing or are too lazy to change their site content. Either way, it looks bad for TorOption.
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.
TorOption Complaints
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 type of 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.
TorOption Bonus
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 0.2 lots (20,000 units) for every 1 currency unit received as a bonus. For example, if the client receives 1,000 USD as bonus, he/she will have to trade 1,000 * 20,000 = 20,000,000, which is huge! Keep in mind that leverage can be used and it will help you reach this huge volume but it will also increase risk. If the client wishes to withdraw before that, the bonus and profits made with the bonus will be deducted from the account balance.
TorOption Withdrawals
Withdrawals are processed within 5 working days and additional 21 days may pass until the money reaches the client. The methods are Credit/Debit cards (minimum 50 account units) 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.
TorOption Ratings
User Friendliness: 13/20
The trading platform is provided by SpotOption and it has full functionality, with ease of use. The website is translated into only 5 languages, which makes it less user-friendly. A Demo account is not available.
No. of Assets and Expiry Time: 12/20
TorOption offers CFDs on over 40 currency pairs, 16 stocks, 4 indices, 2 commodities, and 16 cryptocurrencies. It’s a reasonable trading basket but I believe they should update it if they want to compete with the “big boys”. Information about expiry times is contradictory because they still talk about them on the website but then on the platform, all you get is CFD trading, without pre-set expiry.
Commissions, Support, and Effective Return: 14/20
There are no fees for deposits but the company charges an abnormal fee for dormant accounts: 100 account units if the account is inactive for 60 days. This turns into a fee of 200 units after 90 days of inactivity and can reach the whopping sum of 8,000 account units after inactivity of 240 days.
The support is available via live chat 24/5 and the returns average around 75% but of course, this differs depending on market conditions. However, it is not clear how this 75% return will be allocated considering that their only product is now CFDs.
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 0.2 lots for each unit received as a bonus. We recommend you to read thoroughly the Terms and Conditions before accepting a bonus.
Website Extra’s: 12/20
They have lots of cryptocurrencies and considering that everyone is rushing to trade this product, we will include it in the Extra category.
TorOption Overall Ratings: 65/100