Wikilix
Contract reading

What ToraFX legally published, but does not want you to read

Every clause below is published by ToraFX itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: ToraFX Ltd

sole discretionkyc freezewithdrawalsdeemed acceptanceforum waiverbonus lockcountry restrictionprofit voidingunilateral amendmenthidden fee

ToraFX contracts you with ToraFX Ltd in the Comoros. Its Persian page promises a 50% deposit bonus, while its English, Arabic and Turkish pages promise 20% for the same account. The Privacy Policy says text in languages other than English has no legal force. ToraFX caps its total liability to you at $1.

Back to ToraFX

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
6
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
16
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
4
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
4

How the 16 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical6
Warning10
Notice0

section 42 of 43is where the deepest clause sits: the very end of the document it is in

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

2 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical50%In the contract. Jump to the clause this comes from.Persian page promises a 50% bonus, other languages 20%Critical$1Time to complain. Jump to the clause this comes from.ToraFX caps its total liability to you at $1$2Fee you were not shown. Jump to the clause this comes from.Withdrawal commission of $2 to $4 on every payout5 daysAccount limit. Jump to the clause this comes from.ToraFX rewrites your contract by posting it online

What the documents say

16 clauses worth knowing about, worst first, each quoted from ToraFX's own files

01

ToraFX offers you a 50% deposit bonus on its Persian page. The same account on its English, Arabic and Turkish pages offers 20%. The Privacy Policy says text in any language other than English has no legal force.

Why this matters

You would sign up for the bigger number and be held to the smaller one. ToraFX also states it is not responsible for the accuracy of what it publishes in Persian, which is the language its site opens in.

Exhibit 1CriticalRarely seen50%

information translated into languages other than English is for information purposes only and has no legal force, the Company is not responsible for the accuracy of the information provided in other languages.
Quoted in Privacy Policy, p.1
Read from the broker's site on Open the reference

What it costsA $1,000 deposit on the Persian page reads as $500 of bonus. On the English page the same deposit reads as $200. The $300 gap sits only in the language ToraFX says does not count.

Our readingA price difference between language versions of one page is unusual on its own. Pairing it with a clause that strips legal force from the language showing the better price is the mechanism here: the promise and the disclaimer are aimed at the same reader.

  • Worse together with Exhibit 2The larger number is advertised in the language the contract disclaims, and no bonus terms exist in any language to hold ToraFX to either figure.
02

ToraFX limits what it can ever owe you to $1, or the amount you have paid it, whichever is lower. Because the cap takes the lower of the two, $1 is the ceiling however much you deposited.

Why this matters

If ToraFX loses your money through its own platform, this clause values your whole claim at a single dollar. It also excludes loss of data, loss of profit and business interruption.

Exhibit 7CriticalRarely seen$1

Our maximum liability in any case shall not exceed $1 USD or the amount you have paid to us, whichever is lower.
Clause 10 in Terms of Use, p.3
Read from the broker's site on Open the reference

What it costsDeposit $10,000 and lose it through a platform failure. This clause caps what you can recover from ToraFX at $1.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC cannot exclude liability for their own failures to a retail client, and must give access to an independent complaints scheme. This contract caps ToraFX liability at one dollar.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingLiability caps normally sit at the fees paid or a stated sum tied to the size of the account. A fixed one dollar ceiling, taken as the lower of two figures, sets the same limit for a $10 client and a $100,000 client.

  • Worse together with Exhibit 8The cap sets what a win is worth and the complaints clause sets where you have to win it, so a claim costs more to bring than it can ever return.
03

ToraFX tells you on its website that your funds sit in segregated accounts with top-tier banks. No document ToraFX publishes mentions segregation, client money or a custodian bank.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Why this matters

Nothing in your contract separates your deposit from the company's own money. The only clause about where your money goes says ToraFX may be the counterparty to your trades.

Exhibit 11CriticalHarder than usual

The Client acknowledges that ToraFX may act as counterparty to trades and manages conflicts accordingly.
Clause 10 in ToraFX CLIENT AGREEMENT, p.7
Read from the broker's site on Archived copyOpen the reference

Buried at section 39 of 43 in the ToraFX CLIENT AGREEMENT, 91% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus), ASIC (Australia)

Firms licensed by the FCA, CySEC and ASIC must hold retail client money in segregated accounts and say so in the client agreement. ToraFX makes the claim in marketing and in no document it publishes.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Same clause as Exhibit 12The single clause that does describe where your money sits puts ToraFX on the other side of your trade, which is the opposite of holding it apart for you.
04

ToraFX can decide your trades were too quick, then rule the profit ineligible for withdrawal and cancel it. It names the banned trading as Pulse Trading, Impulse Trading and ultra-low-timeframe activity, and it decides what counts.

Why this matters

Money already showing in your account can be taken back after the fact. ToraFX also freezes the account while it investigates, and no clause gives that investigation an end date.

Exhibit 3CriticalHarder than usual

The Client understands and agrees that any profits arising from prohibited Pulse Trading, Impulse Trading, or combined Impulse–Scalping strategies are not eligible for withdrawal and may be nullified at the Company’s discretion.
Clause 5.1.5 in ToraFX CLIENT AGREEMENT, p.5
Read from the broker's site on Archived copyOpen the reference

Buried at section 30 of 43 in the ToraFX CLIENT AGREEMENT, 70% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must treat customers fairly and cannot rely on an unclear term to cancel a client entitlement. This contract lets ToraFX decide at its sole discretion whether trading was abusive, and nullify the profit.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingMost agreements void profit from arbitrage or price manipulation. This one adds short holding periods and repetitive rapid entry, which describes ordinary scalping rather than an exploit.

  • Worse together with Exhibit 4One clause cancels the profit and the other removes any deadline for paying out what is left, so the investigation and the withdrawal have no end between them.
05

Nothing ToraFX publishes says how long a withdrawal takes. It can deny, delay or reject any withdrawal request at its sole discretion, and it publishes no payment terms setting a clock.

Why this matters

ToraFX does not owe you your money by any date. A request that is delayed rather than refused breaks no term in your contract, because there is no term for it to break.

Exhibit 4CriticalHarder than usual

ToraFX reserves the right to cancel trades, suspend accounts, reject withdrawals, and/or reverse transactions arising from prohibited practices.
Clause 5.2 in ToraFX CLIENT AGREEMENT, p.5
Read from the broker's site on Archived copyOpen the reference

Buried at section 30 of 43 in the ToraFX CLIENT AGREEMENT, 70% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must pay a retail client withdrawal promptly and disclose the timing beforehand. This document set states no timeframe for a ToraFX withdrawal at all.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

ToraFX sells a bonus account and publishes no bonus terms

ToraFX offers a Bonus Account at a $10 minimum deposit and publishes no bonus terms in any language. Its Terms of Use refer to bonus withdrawal conditions that appear in no document. Clause 14.2 lets ToraFX cancel profits and bonuses at its sole discretion.

Unwritten conditions1 clause flagged

ToraFX sells a Bonus Account on every version of its site and publishes no bonus terms anywhere. Its Terms of Use refer to bonus withdrawal conditions that appear in no document it publishes.

Why this matters

You cannot find out what you must do to withdraw a bonus, because ToraFX has not written it down. The same clause lets ToraFX cancel your profits and your bonus when it decides your trading was unnatural.

Exhibit 2CriticalHarder than usual

Bonus Abuse: Any attempt to meet bonus withdrawal conditions through unnatural or manipulative trading behavior, including circular trading or collusion between accounts.
Clause 14.1 in Terms of Use, p.4
Read from the broker's site on Open the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must set out the terms of a promotion clearly before a retail client takes it up. ToraFX refers to bonus withdrawal conditions and publishes no document stating them.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 3Unpublished bonus conditions decide whether your trading was abusive, and a separate clause then lets ToraFX nullify the profit that trading earned.

Every payout carries a commission no marketing page names

Every ToraFX withdrawal carries a commission with a minimum of $2 and a maximum of $4, stated in clause 7.3 of the Client Agreement and on no marketing page. Clause 7.2 lets ToraFX change any fee at any time by posting it online. The Bonus Account opens at a $10 deposit.

Cost disclosure1 clause flagged

Every withdrawal from ToraFX carries a commission, with a minimum of $2 and a maximum of $4. Clause 7.3 of the Client Agreement is the only place it appears, and no marketing page mentions it.

Why this matters

You pay to take your own money out, and the floor bites hardest on a small balance. ToraFX opens its Bonus Account at a $10 minimum deposit, so the smallest fee is a fifth of the smallest deposit.

Exhibit 5WarningStandard wording$2

Withdrawals are subject to a transaction commission calculated as a percentage of the transferred amount, with a minimum fee of 2 USD and a maximum fee of 4 USD.
Clause 7.3 in ToraFX CLIENT AGREEMENT, p.7
Read from the broker's site on Archived copyOpen the reference

Buried at section 36 of 43 in the ToraFX CLIENT AGREEMENT, 84% of the way through.

What it costsWithdraw the $10 minimum deposit and $2 goes to the commission, leaving $8. On a $1,000 withdrawal the same commission is capped at $4.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose costs and charges to a retail client before they trade. ToraFX states this commission in clause 7.3 and on none of its account or pricing pages.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

ToraFX changes the deal by publishing it, and its country lists disagree

ToraFX can amend your agreement at any time by posting it, and clause 9.2.3 of its Privacy Policy makes the change binding 5 calendar days later. Its website bars seven countries and its Privacy Policy bars six. In a PAMM account another trader can close your positions without notice.

Moving terms3 clauses flagged

ToraFX can change your agreement and its fees at any time by putting the new version on its website. Under the Privacy Policy an amendment binds you 5 calendar days after the notice goes up, whether you read it or not.

Why this matters

You carry the job of checking the website for changes to your own contract. Carrying on trading counts as agreement, so silence is treated as a yes.

Exhibit 6WarningHarder than usual5 days

ToraFX may amend this Agreement at any time by posting updates on its website.
Clause 20 in ToraFX CLIENT AGREEMENT, p.9
Read from the broker's site on Archived copyOpen the reference

Buried at section 42 of 43 in the ToraFX CLIENT AGREEMENT, 98% of the way through.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Notice postedToraFX puts the amended document on its website and emails a notice.9.2.1
Deemed notifiedYou count as notified whether you read the notice or ignored it.9.2.2
Day 5The amended document comes into force against you.9.2.3

The ToraFX website bars residents of seven countries. Its Privacy Policy bars six and leaves out the United Arab Emirates. The sign-up form offers every country on both lists as a choice.

Why this matters

You can open an account from a country ToraFX says it does not serve, because nothing stops you at sign-up. The mismatch surfaces later, when ToraFX is deciding whether to pay you.

Exhibit 13WarningHarder than usual

TORAFX provides services for all countries except for citizens or residents of the United States, Cuba, Iraq, Myanmar, North Korea, and Sudan.
Clause 1.3.1 in Privacy Policy, p.1
Read from the broker's site on Open the reference
Our own capture of torafx.com, taken on Sep 8, 2026The claim, on Restricted regions line in the risk warning at the foot of the Persian home pageVisit this page on the broker's siteDownload the full size image file

In a ToraFX PAMM or MAM account, the Master can disconnect you at any time without telling you. ToraFX warns this can trigger an immediate stop-out and the loss of your used margin.

Why this matters

Someone else's decision can shut your open trades at whatever price the market is showing. On a PAMM account you cannot trade manually to protect yourself while you are subscribed.

Exhibit 15WarningHarder than usual

The Master reserves the right to disconnect Investors without notice.
Clause 5.3.b in ToraFX CLIENT AGREEMENT, p.6
Read from the broker's site on Archived copyOpen the reference

Buried at section 33 of 43 in the ToraFX CLIENT AGREEMENT, 77% of the way through.

A claim against ToraFX is worth one dollar

ToraFX caps its total liability to you at $1, or what you paid it, whichever is lower. Complaints go to an email address, with no deadline, no procedure and no independent scheme named. The sign-up page links the agreement you accept to a document that will not open.

Limits on redress2 clauses flagged

The whole ToraFX complaints procedure is one line: send it to an email address. No document sets a deadline, a response time, an escalation route or an independent scheme.

Why this matters

If ToraFX does not answer your email, your only step up is a court in the Comoros. No ombudsman or compensation scheme is named in anything ToraFX publishes.

Exhibit 8WarningHarder than usual

Complaints may be submitted to info@torafx.com.
Clause 18 in ToraFX CLIENT AGREEMENT, p.9
Read from the broker's site on Archived copyOpen the reference

Buried at section 41 of 43 in the ToraFX CLIENT AGREEMENT, 95% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must run a written complaints procedure with set response times and give retail clients access to an independent ombudsman. ToraFX names an email address and its own governing law.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The ToraFX sign-up form asks you to tick that you agree with the terms and conditions. The link beside that tick box leads to a missing page, because it points at a copy of the Client Agreement that is not there.

Why this matters

You confirm you have read and understood the agreement at the moment you cannot open it. The working copy sits at a different address, in the footer of the main site.

Exhibit 16WarningHarder than usual

By opening an account with us, you confirm that you have read, understood, and agree to be bound by the terms and conditions set out in this Agreement.
Clause 1.2 in ToraFX CLIENT AGREEMENT, p.1
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 4 of 43 in the ToraFX CLIENT AGREEMENT, near the start.

Every dispute goes to a court in the Comoros

ToraFX Ltd contracts from Hamchako, Mutsamudu on Anjouan, and its Terms of Use send every dispute to the courts of the Union of the Comoros. You irrevocably consent to that venue in advance. Clause 15 also lets ToraFX hand your account to another entity.

Where you sue1 clause flagged

Every dispute with ToraFX goes to the courts of the Union of the Comoros, and you give up any objection to that venue in advance. ToraFX can also hand your account to another company without asking you.

Why this matters

Suing ToraFX means suing in Anjouan, whatever it costs you to get there. The company you end up dealing with may not be the one you signed with.

Exhibit 9WarningStandard wording

You agree that any legal action, dispute, or proceeding arising out of or relating to these Terms or your use of the Platform shall be exclusively submitted to the competent courts of the Union of the Comoros, and you hereby irrevocably consent to the jurisdiction and venue of such courts.
Clause 13 in Terms of Use, p.3
Read from the broker's site on Open the reference

Buried at section 42 of 43 in the Terms of Use, 98% of the way through.

ToraFX can freeze an account on an employee's opinion

ToraFX can ask you for more documents at any time under clause 6.3 of its Client Agreement, and pays out only to verified methods. Its AML Policy lets ToraFX block an account on the opinion of its employees. Neither document sets a deadline or an appeal.

Document demands1 clause flagged

ToraFX can block your account when an employee forms the opinion that your activity is illegal or linked to money laundering. It can also ask you for more documents at any time, and it pays out only to verified methods.

Why this matters

A block needs an opinion, not evidence, and no clause gives you a deadline, a review or an appeal. Your money stays where it is while that opinion stands.

Exhibit 14WarningHarder than usual

ToraFX reserves the right to suspend any Customer’s operation regarded as illegal or related to Money Laundering in the opinion of its employees. ToraFX has the right, at its discretion, to temporarily block the suspicious Customer account or terminate an existing business relationship with a Customer.
Clause 3.4 in Anti-Money Laundering Policy, p.4
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 17 of 29 in the Anti-Money Laundering Policy, 59% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must base a restriction on documented risk grounds and tell the client what happens next. This policy sets the test as the opinion of its employees.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

ToraFX may be the counterparty to every trade you place

One sentence, clause 10 of the ToraFX Client Agreement, says ToraFX may act as counterparty to your trades and manages conflicts accordingly. ToraFX publishes no conflict of interest policy. When it is the counterparty, your loss is its gain.

Both sides of the trade1 clause flagged

One sentence in the Client Agreement says ToraFX may act as counterparty to your trades and manages conflicts accordingly. ToraFX publishes no conflict of interest policy explaining how.

Why this matters

When ToraFX is the counterparty, your loss is its gain. The same company sets the prices you trade on, and no document names an outside benchmark for them.

Exhibit 12WarningHarder than usual

The Client acknowledges that ToraFX may act as counterparty to trades and manages conflicts accordingly.
Clause 10 in ToraFX CLIENT AGREEMENT, p.7
Read from the broker's site on Archived copyOpen the reference

Buried at section 39 of 43 in the ToraFX CLIENT AGREEMENT, 91% of the way through.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must publish a conflicts of interest policy and tell a retail client when they deal as principal against that client. ToraFX discloses it in one sentence and publishes no policy.

ToraFX is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

ToraFX gives the number 15942 three different meanings

ToraFX presents 15942 as a Comoros licence number in its Client Agreement, as an AOFA supervised registration on its website, and as the Business Identification Number it was incorporated with on 21 January 2025 in its AML Policy. No ToraFX document names a compensation scheme.

Who you contract with1 clause flagged

ToraFX presents 15942 as a licence in its Client Agreement, as an AOFA supervised registration on its website, and as the Business Identification Number it was incorporated with in its AML Policy. A business identification number is a company registration, not a licence.

Why this matters

You cannot tell from these documents whether ToraFX holds a trading licence or only a company registration. No document names a compensation scheme that would pay you if ToraFX failed.

Exhibit 10WarningHarder than usual

ToraFX is incorporated in the Union of Comoros with Business Identification Number 15942 on the 21/1/2025
Quoted in Anti-Money Laundering Policy, p.1
Read from the broker's site on Archived copyOpen the reference

Where it sits: section 2 of 29 in the Anti-Money Laundering Policy, near the start.

Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The language quoting the larger bonus is the one ToraFX says has no legal force and whose accuracy it does not stand behind.

Said in public, in Persian

۵۰٪ بونوس واریز

Word for word in English: 50% deposit bonus

Bonus Account card on the Persian home page, where the English, Arabic and Turkish versions of the same card read 20%

In the contract · clause Preamble

information translated into languages other than English is for information purposes only and has no legal force, the Company is not responsible for the accuracy of the information provided in other languages.

02

ToraFX promises segregated client money in its marketing and no document it publishes contains a segregation clause.

Said in public, in Persian

سرمایه شما در حساب‌های جداگانه نزد بانک‌های معتبر نگهداری می‌شود

Word for word in English: Your funds are kept in segregated accounts with reputable banks

Secure Trading panel in the Why ToraFX section of the Persian home page, repeated on the English page as Your funds are kept in segregated accounts with top-tier banks

In the contract · clause 10

The Client acknowledges that ToraFX may act as counterparty to trades and manages conflicts accordingly.

03

The number the website presents as a supervised registration is the number the AML Policy presents as an incorporation identifier.

Said in public, in Persian

ToraFX دارای مجوز و تحت نظارت سازمان امور مالی برون‌مرزی آنجوان (AOFA) با شماره ثبت 15942 است.

Word for word in English: ToraFX is licensed and supervised by the Anjouan Offshore Finance Authority (AOFA) with registration number 15942.

Regulation and Security section of the Persian About Us page

In the contract · clause Preamble

ToraFX is incorporated in the Union of Comoros with Business Identification Number 15942 on the 21/1/2025

04

The website bars residents of the United Arab Emirates and the Privacy Policy does not, so the two lists disagree on who may hold an account.

Said in public, in Persian

TORAFX به تمام کشورها به جز شهروندان یا مقیمین ایالات متحده، امارات، کوبا، عراق، میانمار، کره شمالی و سودان خدمات ارائه می‌دهد.

Word for word in English: TORAFX provides services to all countries except citizens or residents of the United States, the Emirates, Cuba, Iraq, Myanmar, North Korea and Sudan.

Restricted regions line in the risk warning at the foot of the Persian home page

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of torafx.com

In the contract · clause 1.3.1

TORAFX provides services for all countries except for citizens or residents of the United States, Cuba, Iraq, Myanmar, North Korea, and Sudan.

The documents this reading is based on

4 files, all published by ToraFX. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording ToraFX publishes.

How this reading was done

Every clause above was read out of a document ToraFX publishes itself

This reading was published on .

Documents
4 of 4downloaded from the broker's site, and 4 read in full
Pages opened
44pages walked to find those documents, footer links included
Marketing pages
5public pages set against what the contract says
Languages
EN vs FAthe language it advertises in, against the language it contracts in
Position measured
12clauses whose position was counted: which numbered section of the document holds them, out of how many

Who the contract is with

ToraFX Ltd

The Client Agreement names ToraFX Ltd as the company you contract with, at Hamchako, Mutsamudu, Autonomes Island of Anjouan, Union of Comoros. It is the only ToraFX document naming a limited company. The Terms of Use defines the Company as ToraFX and its affiliates without naming an entity, and the Privacy Policy uses TORAFX throughout. The AML Policy states ToraFX was incorporated on 21 January 2025 with Business Identification Number 15942, the same number the Client Agreement calls a licence number and the website calls a registration supervised by AOFA. No document names a parent, a group or a compensation scheme.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

No ToraFX document charges an inactivity or dormancy fee, and none lets ToraFX absorb an idle balance. Many brokers do both. The withdrawal commission is capped in writing at 4 USD rather than left as an open percentage. Clause 4.3 spells out the PAMM and MAM disconnection risk plainly, including immediate stop-out and loss of used margin, which most brokers leave out. The Privacy Policy commits that ToraFX shall never sell or distribute your personal information under any circumstances. All four documents are public PDFs, free to download, linked from the footer of every page in every language.

We read all four of the legal documents ToraFX publishes, end to end. No earlier version of any of them exists to compare against, so this is a first reading. ToraFX publishes no payment terms, no bonus terms, no risk disclosure, no complaints procedure and no copy trading terms, so on those subjects there was nothing to read. We opened the marketing pages ourselves in Persian, English, Arabic and Turkish, and every claim quoted here comes from a page we opened. We saw the sign-up form but not the deposit and withdrawal screens inside the client portal, which need an account.

How to check any of this yourself

Every quote above links to the ToraFX file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document ToraFX publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge ToraFX on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Sep 8, 2026.

If you represent ToraFX and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on ToraFX. Whether its licence is real and current is a separate check on the broker profile.

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