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About WikiFX
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Rating
/10
The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints!
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Market Making(MM)
ASIC Regulated
Company Name:
TorFX Pty LtdCompany Abbreviation:
TorFXPlace of registration:
Australia
Regulatory Status:
RegulatedCustomer Service Email Address:
--Customer Service Phone Number:
1800 507 480Company summary
GeneralInformation&RegulationofTorFXTorFXisanAustralianmoneytransfercompany,alsowithofficesintheUK,offeringphoneandonline-basedmoneytransferservices.ThroughtheTorFXplatform,transferscanbemadeinover40currenciestomorethan120countries/regions.TorFXiscurrentlyregulatedbyASICinAustraliaandholdsafulllicenseundertheirauthorization,licensenumber:246838.However,recently,thecompanyhasbeeninthenewsfrequentlyforbeingunabletowithdrawfunds,difficultiesinwithdrawingfunds,andseveralnegativecomplaints,soinvestorsshouldbecarefulwiththisplatform.ExchangeRates&FeesofTorFXTorFXmakesmoneythroughexchangeratemarginanddoesnotchargeanyfixedfeesoutsidetheexchangerate.Itstotaltransfercosts(exchangerate+fixedfees)are0.5%-2%,3%-7%forbanksand6%-8%forPayPal.Thecostonthisplatformismorecompetitiveiftheusertransferslargeramountsorusesitsservicesfrequently.However,ifthetransferamountissmaller,thefeescanberelativelyhigher.TradingOptionsofTorFXTorFXofferstwotradingoptions:freequotesandonlineaccounts.Freequotesrequireaformtobefilledouttoregister,andoncesetupiscomplete,TorFXguaranteestoofferratesupto$50,000,andfortradesover$50,000,userswillneedtotransferfundstotheiraccounttoreceiveafixedquote.IntheUK,TorFXallowscorporateaccountstotradelargeamountsofupto£100,000online.TransferSpeedofTorFXTorFXsaysthatthespeedofthetransferdependsonthecurrencyofthetransfer,thedestinationbank,andthereceivingbank,andtheypromisetotransferfundstotheuser'saccountwithinthesamedayortwobusinessdaysoftheexoticdestination.However,itshouldbenotedthatthespeedoftransferisheavilyinfluencedbythetimeittakesforthebanktotransferthefundstotheuser'sTorFxaccountandthetimeittakesforthefundstoreachthedestinationbankandbereflectedintheuser'saccount,soitcantakeatotalof3-6daysforthefundstoreachtheuser'saccount.IfthetransferringbankisnotlocatedintheUKorAustralia,itmaytakelongerforthefundstoreachtheuser'saccount. About MoreWikiFX Risk Alerts
Previous Detection: 2021.07.28 Risk: 2 Item
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I was asked for 20% of the fund as a margin in wake of incorrect information, same routine with the former scam. Since I didn’t add a remark, it asked me to pay again. My relatives advised me to call the police. Someone who has encounter with the same routine was scammed of over 20 thousand yuan. Frauds will be burning in the hell.
FXPKWonx6376
2020/06/18
China
It is a typical scam which got you trapped gradually. The withdrawal is unavailable. Don’t believe it!
FXADAdbi0144
2020/06/17
China
I caution you against the gang of fraud which gives no access to withdrawal with grinding excuses.
FXDHCeyn1212
2020/06/01
China
The gang of fraud induced clients to deposit fund, with a threshold of 30 thousand yuan. Eventually, we said 20 thousand. But the withdrawal is unavailable.
FXQKHeku6448
2020/06/01
China
The platform always refuses my request. No results came after several times of negotiation. Hope it be on exposure.
FXTQYysa7922
2020/06/01
China
The Australian Securities and Investments Commission (ASIC) is an independent Australian government body that acts as Australia's corporate regulator, which was established on 1 July 1998 following recommendations from the Wallis Inquiry. ASIC's role is to enforce and regulate company and financial services laws to protect Australian consumers, investors and creditors. ASIC's authority and scope were determined by the Australian Securities and Investments Commission Act, 2001.
Current Status:
RegulatedLicense Type:
Market Making(MM)Regulated in Country/Area
Australia
Regulatory License No.：
246838Email Address of Licensed Institution :
thomas.pearman@torfx.com.auLicense Type:
No SharingWebsite of Licensed Institution :
Expiry Date :
--Address of Licensed Institution :
Suite 202, 25 Elkhorn Avenue, SURFERS PARADISE QLD 4217Phone Number of Licensed Institution :
07 5560 4431Licensed Institution Certified Documents :
TorFX ASIC牌照 View Certified Documents TorFX afca 投诉页面 View Certified Documents
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WIKI Research
2021.07.28 updated
WikiFX prompts you
Please choose wisely! Please avoid unnecessary loss
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General Information & Regulation of TorFX
TorFX is an Australian money transfer company, also with offices in the UK, offering phone and online-based money transfer services. Through the TorFX platform, transfers can be made in over 40 currencies to more than 120 countries/regions. TorFX is currently regulated by ASIC in Australia and holds a full license under their authorization, license number: 246838. However, recently, the company has been in the news frequently for being unable to withdraw funds, difficulties in withdrawing funds, and several negative complaints, so investors should be careful with this platform.
Exchange Rates & Fees of TorFX
TorFX makes money through exchange rate margin and does not charge any fixed fees outside the exchange rate. Its total transfer costs (exchange rate + fixed fees) are 0.5%-2%, 3%-7% for banks and 6%-8% for PayPal. The cost on this platform is more competitive if the user transfers larger amounts or uses its services frequently. However, if the transfer amount is smaller, the fees can be relatively higher.
Trading Options of TorFX
TorFX offers two trading options: free quotes and online accounts. Free quotes require a form to be filled out to register, and once setup is complete, TorFX guarantees to offer rates up to $50,000, and for trades over $50,000, users will need to transfer funds to their account to receive a fixed quote. In the UK, TorFX allows corporate accounts to trade large amounts of up to £100,000 online.
Transfer Speed of TorFX
TorFX says that the speed of the transfer depends on the currency of the transfer, the destination bank, and the receiving bank, and they promise to transfer funds to the user's account within the same day or two business days of the exotic destination. However, it should be noted that the speed of transfer is heavily influenced by the time it takes for the bank to transfer the funds to the user's TorFx account and the time it takes for the funds to reach the destination bank and be reflected in the user's account, so it can take a total of 3-6 days for the funds to reach the user's account. If the transferring bank is not located in the UK or Australia, it may take longer for the funds to reach the user's account.
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You are visiting the website of WikiFX. In addition, its website and mobile product—WikiFX, is a global inquiry tool for enterprise profile that is operated by Wiki Co., LIMITED (Registration No.2806237) based in Hong Kong Special Administrative Region of China. Users should comply with the law of their countries/regions.
Official Email：wikifx001@163.com；
Feedback WeChat:fxeye005, fxeye003
Customer Service Phone Number：（HK）+00852 54200870
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License or other information error correction, please send the information to:qawikifx@163.com;
Cooperation:kfwikifx@163.com
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Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.
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