Company Summary
General Information & Regulation
TOCOM is an online broker registered in China, with its founding time, actual address, and the company behind it unknown to all. There is not any regulation information displayed on the TOCOM website. It seems that this unregulated TOCOM was established just for scamming traders.
Market Instruments
Tradable financial instruments available on the TOCOM include forex currency pairs, commodities, metals and some crypto currencies.
Minimum Deposit
In terms of minimum initial deposit, TOCOM does not make this part clear. Since TOCOM is an unregulated broker, traders had better not open an account on this platform.
Leverage
Maximum trading leverage offered by TOCOM is relatively high, reaching up to 1:500. Unregulated brokers always offer generous trading leverage to attract traders. Since leverage can magnify gains as well as losses, inexperienced traders are not advised to use high trading leverage.
Trading platform Available
In terms of trading platform available, what TOCOM offers is a simple web-based platform, featuring some basic functions, instead of famous MT4 or MT5 trading platform.
How Does Scams Work？
Scam brokers‘ website is filled with ads concerned with unregulated forex broker which are often promising, and most of the times utilize completely false claims of immediate profit. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
