General Information & Regulation
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
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.
How to open an account？
Opening an account with TorFX is simple, free. You can register your details or over the phone and this company will be assist you once you need help.
Once registered, you'll be assigned an Account Manager who can provide invaluable guidance and support , keeping you informed of market movements and the options available to you to obtain better exchange rates and manage the risk f currency movements.
Trading Sign-up Options
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
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.
Pros & Cons
Frequently Asked Questions
What kind of broker TorFX is ？
TorFX is a money transfer company offering both phone based and online money transfer services.
How fast is TorFX？
According to TorFX, the transfer speed depends on various factors such as currency being transferred, and destiniation and receiving banks. They claim to transfer funds to your account on the same day or within two working days for exotic destinations.
What are the exchange rates offered byTorFX ？
The actual exchange rate you get depends on several factors including the currency and amount. If you are making a large transaction there are higher chances that you will get a better deal.
Does TorFX charge transfer fees？
No, TorFX does not charge any transfer fees.
What are currency trasnfer services provided？
A range of currency transfer services including Spot Contracts, Forward Contracts, Market Orders, Market Insight, 24/7 Transfers.
2023-02-20 18:54
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