Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
9/10 · CriticalThe only licence, AOFA L15942 / TFX, expired 21 January 2026 and the issuing register records it as Not active, so no licence is in force while the firm takes deposits and calls itself regulated.
Identity & transparency
6/10 · HighCompany number, incorporation date and registered address are real and match the register, but no legal entity name, owners or officers appear on the site, no verification link is published, and the operating infrastructure sits in Iran behind a Comoros address.
Withdrawals & conduct
8/10 · CriticalFund-integrity reports across four platforms meet all four pattern tests: Tether deposits confirmed on-chain but not credited, withdrawals refused and accounts blocked, PAMM balances zeroed, with amounts, dates and hashes given and nothing resolved.
Reputation
7/10 · HighAll three Trustpilot reviews are one star and Iranian platforms rate it 4.3 of 10 with users calling it fraudulent, though the footprint is thin and no regulator warning or enforcement action exists.
Website claims
7/10 · HighA panel headed Regulated Broker asserts a licence that lapsed nearly eight months ago, and no verification link is offered. Mitigating: no false tier-1 claim, no fake awards, no guaranteed-profit language and no inflated founding year.
Operational history
5/10 · ModerateRoughly 20 months, with both legs independently dated: company incorporated 21 January 2025, domain registered 22 January 2025. Young, but honestly presented, with no age misrepresentation.
Who they are
A quick desk file on the company behind the brand.
- Brand: ToraFX
- Legal entity: TORAFX LIMITED, company number 15942/TFX, incorporated 21 January 2025
- Registered: Hamchako, Mutsamudu, Autonomous Island of Anjouan, Union of Comoros
- Website: torafx.com, with a client portal at my.torafx.com and Farsi and Iran specific front ends
- Only licence: Anjouan Offshore Finance Authority L15942 / TFX, expired 21 January 2026, recorded as Not active
- Offers: MetaTrader 5, more than 200 instruments across 50 plus currency pairs, gold, indices and crypto, ECN, PRO ECN, Bonus and Pro Gold accounts, PAMM accounts and an introducing broker programme
- Funding: Tether only, on TRC20, BEP20 and ERC20. Minimum deposit from 10 to 15 dollars, 200 dollars for Pro ECN
- Not accepted: residents of the United States, United Arab Emirates, Cuba, Iraq, Myanmar, North Korea and Sudan
- Age claim: none. The site advertises no founding year, and the roughly 20 month history we measured is consistent with that silence
- Audience: marketed almost entirely in Farsi to Iranian traders, with support in Persian and English
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Anjouan Offshore Finance Authority (AOFA)
Why we reached this verdict
How the evidence adds up.
One finding carries this verdict, and a second supports it.
- The licence is not in force, and the site says otherwise. Entering L15942 / TFX on the Anjouan Offshore Finance Authority verification page returns company TORA FX, company number 15942/TFX, date of incorporation 21 January 2025, licence valid until 21 January 2026, and a status of NOT ACTIVE. The register listing shows the same for TORAFX LIMITED. Meanwhile the live site carries a panel headed Regulated Broker reading: Licensed and regulated by AOFA with registration #15942. A firm taking client money today, on the strength of a licence that lapsed nearly eight months ago, is misrepresenting its status.
- The Authority forecloses the innocent reading. Its public notices state that an entry shown as Not active is not currently authorised, and that clients should not transact on the strength of a former licence. So this is not a pending renewal shown oddly. It is an entity the issuer does not currently authorise.
- Clients report money not coming back, and the reports agree with each other. Trustpilot holds three reviews for torafx.com, all one star: a 394 dollar Tether transfer from an Iranian exchange left unanswered in August 2026, a deposit that never arrived in July 2026, and a withdrawal rejected in May 2026 after which the account was blocked and 16 emails went unanswered. Three Iranian broker-review platforms carry the same mechanism from different users, including deposits sent with transaction hashes that were neither credited nor refunded, an account closed with 3,000 dollars frozen, and PAMM balances falling to zero within days. The pattern meets all four tests we apply: one repeated failure, clustered between February and August 2026, across more than two platforms, with amounts, dates and hashes that can be checked.
- The funding route removes every safety net. Deposits and withdrawals run only through Tether. No card, no bank transfer, no payment processor. For an operation with no licence in force, that combination means a client who is refused has no chargeback, no regulator to complain to and no compensation scheme.
- The arithmetic. Weighted risk across the six dimensions, with regulation, identity and fund-integrity complaints double weighted, gives 7.2 of 10, so 72 percent. One item of the highest evidential weight sets a floor of 70 percent, which this figure already clears, so the published number is driven by the evidence rather than by a floor. The operation being under three years old also carries a floor of 65 percent, which 72 likewise clears.
What holds the verdict at likely rather than confirmed: there is no regulator warning naming this domain, no enforcement action and no court record, and the complaint set, while consistent and specific, is small in absolute numbers. Confidence is medium for the same reason, and because a young operation with a thin public footprint gives less to test than an established one.
Evidence ledger
Every finding, with its source and how strongly it points.
E1Entering licence number L15942/TFX on the Anjouan Offshore Finance Authority verification page returns company TORA FX, company number 15942/TFX, date of incorporation 21st January 2025, licence valid until 21st January 2026, and a status of NOT ACTIVE.
E2The live English home page carries a panel headed Regulated Broker reading: Licensed and regulated by AOFA with registration #15942. The footer repeats: TORAFX with Registration number 15942. The claim is made in the present tense nearly eight months after the licence lapsed.
StrongToraFX own websiteE3The Authority's public notices state that an entry shown as Not active is not currently authorised, that clients should not transact on the strength of a former or unconfirmed licence, and that anjouanofa.org is the Authority's only official domain.
E4The public register lists two entries for this operation, TORA FX at licence L15942/TFX and TORAFX LIMITED at licence L15942 / TFX, both categorised Brokerage/Finance, both valid until 21st January 2026 and both shown as Not active.
E5Trustpilot holds three reviews for torafx.com, all one star. A 394 dollar Tether transfer from an Iranian exchange left unanswered in August 2026, a deposit that never arrived in July 2026 with support and email unresponsive, and a withdrawal rejected in May 2026 after which the account was blocked and 16 emails went unanswered.
E6An Iranian broker-review platform documents deposits confirmed but not credited to trading accounts, withdrawals held on manual approval with no timeline, support unresponsive across email, Telegram and Instagram, one account closed with 3,000 dollars frozen and no explanation, and reported losses in the broker's PAMM accounts.
E7A second Iranian platform records a user who deposited in February and supplied the blockchain transaction hash, receiving neither a refund nor a credit to the trading account, alongside users asking whether anyone has withdrawn successfully. The page rates the broker 4.3 out of 10 from 13 reviews and confirms funding is Tether only on TRC20, BEP20 and ERC20.
E8A third Iranian platform records the same deposit-not-credited failure and PAMM balances dropping to zero within days, names the legal entity as TORAFX LIMITED incorporated in the Comoros, and repeats the licence as active, which the issuing register contradicts.
ModerateKodam Broker review of ToraFXE9The domain torafx.com was created on 22 January 2025 and is registered through GoDaddy on Cloudflare nameservers, one day after the company was incorporated. There is no predecessor domain and no earlier brand.
E10The earliest certificate for the domain dates from 22 January 2025, matching the registration date and confirming no earlier operation. Certificates also attest regional hostnames including my, api, ir, ir-origin-1 and fa subdomains.
E11The site is served through Cloudflare over origin infrastructure observed on an Iranian network operator, and certificate records attest Iran specific hostnames. The operation is run from Iran while presenting a Comoros address.
E12A search of the CFTC RED List, the US register of foreign entities soliciting without required registration, returns no entry for ToraFX or torafx.com.
ModerateCFTC RED ListE13The licence number is genuinely ToraFX's own. The register records L15942 / TFX against TORAFX LIMITED, and the company number, incorporation date and Mutsamudu address on the register match what the site publishes. This is not a clone and no other company's identity is being used.
E14The site makes no founding-year or track-record claim at all, so the roughly 20 month history is not being overstated. No guaranteed-profit language, no fabricated awards and no tier-1 regulator claim appear anywhere on the site.
The other side
The strongest case in this broker’s favour.
The case for ToraFX, stated as fairly as we can put it.
- This is not a clone, and that matters. The licence number is genuinely its own. The Anjouan register records L15942 / TFX against TORAFX LIMITED, not against some other company whose credentials were borrowed. Many operations of this shape wear a real firm's tier-1 licence. This one does not, and we found no impersonation of any kind.
- The company is real and disclosed. Company number 15942/TFX, incorporated 21 January 2025, at the Mutsamudu address the site itself publishes. The registry record and the imprint agree. That is more transparency than a pure front usually bothers with.
- A lapsed offshore licence can be administrative. Anjouan renewals run through a registered agent, and small firms do let them slip. Nothing we found proves the failure to renew was deliberate rather than neglectful, and the register shows many Anjouan licensees in the same state.
- The trading operation looks genuine. The platform is a real MetaTrader 5 deployment with a live server under the brand's own name and measured execution speeds, not a simulated dealing screen. Some clients report fair spreads, prompt Persian live chat during business hours, and withdrawals that were processed.
- The complaint pile is small, and small piles can be poisoned. Three Trustpilot reviews is a thin record. Competitors do plant false accusations against new brokers, and an Iranian review page rates the firm 4.3 out of 10 across 13 reviews, which is a mixed result rather than a uniform condemnation.
- No authority has said anything against it. No warning list entry, no enforcement action, no fraud-related court record naming TORAFX LIMITED or torafx.com. We searched the CFTC RED List and the major national warning lists and found nothing.
- Iranian traders have few options. Sanctions shut most regulated brokers out of this market, so an offshore licence and crypto-only funding are partly a structural consequence rather than proof of intent. That context is real, even though it does not make client money any safer.
What would change this
What we would need to see to revise the verdict.
Concrete things that would move this verdict, in either direction.
- Toward legitimate: the Anjouan register showing L15942 / TFX renewed and Active, verifiable by entering the number on the Authority's own verification page.
- Toward legitimate: the site removing the Regulated Broker wording for as long as the licence is lapsed, which would turn a false present-tense claim into an honest one.
- Toward legitimate: a run of dated, specific reports of withdrawals actually paid, with amounts and timescales, from users with review histories, on platforms other than the broker's own channels.
- Toward legitimate: a card or bank funding route that carries chargeback rights, and published, named ownership and officers.
- Toward legitimate: the existing complaints being answered and resolved in public, with funds returned.
- Toward confirmed: any regulator publishing a warning naming torafx.com, which on its own would take this to a confirmed finding.
- Toward confirmed: a credible, specific report of ToraFX demanding a further payment, described as a tax, fee, insurance or verification charge, before releasing a withdrawal. That is the advance-fee mechanic and it has no legitimate counterpart.
- Toward confirmed: the site going dark or the client portal closing while balances are still held.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Anjouan Offshore Finance Authority, verify a licence
Enter L15942/TFX to see ToraFX's licence status. ToraFX publishes no verification link of its own, so this is the Authority's own tool.
Anjouan register of companies and licences
Searchable list of entities licensed or formerly licensed in Anjouan. Search Tora to find both entries.
Anjouan Offshore Finance Authority, public notices
The Authority's statement that a Not active entry is not currently authorised.
CFTC RED List search
US register of foreign entities soliciting without authorisation. No ToraFX entry.
Trustpilot reviews for torafx.com
Client reviews filed against the broker's own domain.
ToraFX client agreement
The broker's own contract terms, published on its site.
Frequently asked questions
Quick answers about this broker’s safety.
Is ToraFX a scam?
We assess ToraFX as a high risk of being a scam and we advise against depositing. The licence it advertises expired on 21 January 2026 and the issuing authority records it as Not active, yet the site still calls the firm a regulated broker. Clients on four platforms report Tether deposits that were never credited and withdrawals that were refused before their accounts were blocked.
Is ToraFX a fraud?
No regulator or court has made a finding of fraud against ToraFX, so we do not state that as a fact. What we can say is that we assess the risk of fraud as high. The conduct clients describe, deposits accepted and then neither credited nor returned, is the behaviour that matters, and it is happening while the firm has no licence in force.
Is ToraFX regulated?
Not currently. Its only licence, Anjouan Offshore Finance Authority number L15942 / TFX, was valid until 21 January 2026 and the Authority's register now shows the status as Not active. The Authority states plainly that an entry shown as Not active is not currently authorised.
What is an AOFA licence actually worth?
Very little. The Anjouan Offshore Finance Authority licenses international business companies on an autonomous island of the Comoros. It is a tier-4 offshore registration, its approvals are not recognised by the Comorian state, and it carries no compensation scheme, no enforced segregation of client money and no dispute process for clients. Even when active it would give you almost no protection.
Can I withdraw my money from ToraFX?
Some clients say yes and several say no. The reports we found describe withdrawal requests refused once balances grew, accounts blocked afterwards, and support going quiet across email, live chat and Telegram. One user reported an account closed with 3,000 dollars still in it. If you hold a balance, request a full withdrawal in writing now and keep every record.
Is my money safe with ToraFX?
No. With no licence in force there is no regulator supervising how client money is held, no requirement to keep it separate from company funds, and no compensation scheme if the firm fails or simply stops paying. Because funding is Tether only, there is also no chargeback route and no bank to reverse a payment.
Who owns ToraFX?
The contracting company is TORAFX LIMITED, company number 15942/TFX, incorporated on 21 January 2025 at Hamchako, Mutsamudu, on the Autonomous Island of Anjouan in the Union of Comoros. No directors, shareholders or beneficial owners are named on the site or in the public register, and the Anjouan registry openly offers nominee director services.
How old is ToraFX?
About 20 months. The company was incorporated on 21 January 2025 and the domain torafx.com was registered the next day, on 22 January 2025, with its earliest security certificate the same day. To its credit, ToraFX does not claim to be older than it is. But a short history means there is little track record to judge, which is exactly when caution matters most.
Is ToraFX a clone of another broker?
No, and this is a genuine point in its favour. The licence number L15942 / TFX belongs to TORAFX LIMITED on the Anjouan register, not to some other company. We found no impersonation of another firm's name, licence, registration number or address.
Has any regulator warned about ToraFX?
Not that we could find. We searched the CFTC RED List and the major national warning lists and found no entry naming ToraFX or torafx.com, and no enforcement action or fraud-related court record. That is worth stating fairly, but warning lists lag new operations by months, so an absence is not a clean bill of health.
Why does ToraFX only accept Tether?
Deposits and withdrawals run exclusively through USDT on the TRC20, BEP20 and ERC20 networks. Partly that reflects the Iranian market it serves, where sanctions cut off normal banking. But the effect is that payments are irreversible: there is no card issuer to raise a chargeback with and no bank to trace or recall the transfer.
ToraFX is asking me to pay a fee before releasing my withdrawal. What should I do?
Do not pay it. A demand for a tax, fee, insurance premium or verification charge before funds are released is the advance-fee pattern, and paying it does not release anything. Keep the demand in writing, stop sending money, and report it to your crypto exchange and local police.
What should I check before depositing with any broker?
Four things. Find the licence number, then check it on the regulator's own register rather than the broker's website. Confirm the status field says active and read the expiry date. Check that the licensed entity is the same company that will hold your money. And prefer a funding route with chargeback rights over irreversible crypto transfers.
I already deposited with ToraFX. What now?
Request a full withdrawal in writing today and save the dated email. Gather your transaction hashes, deposit addresses, account screenshots and chat logs. Report the receiving addresses to the exchange you paid from, since exchanges can flag them, and file a police report. Do not engage anyone who offers to recover your funds for an upfront fee.
What we recommend
The practical takeaway from everything above.
Our advice, in order of urgency.
- Do not deposit. There is no licence in force, so there is no authority that will help you recover money from this firm.
- If you hold a balance, request a full withdrawal in writing today. Use email so you have a dated record, and keep every transaction hash, ticket number and chat log.
- Do not send any further payment to release your funds. If you are asked for a tax, fee, insurance premium or verification charge before a withdrawal is processed, that is the advance-fee pattern. Paying it does not release anything.
- Preserve your evidence. Screenshots of your account balance, the deposit addresses you paid, the blockchain transaction hashes and all correspondence.
- Report it. Notify the crypto exchange you sent funds from, since exchanges can flag receiving addresses, and file a report with your local police. Misuse of an Anjouan licence can also be reported to the Authority through its complaints page.
- Ignore anyone offering to recover your money for an upfront fee. Recovery-room operators target people who have already lost money, and they are a second loss.
- If you want to trade, choose a broker licensed by a tier-1 authority such as the FCA, ASIC or CySEC, where client funds are segregated and a compensation scheme exists, and verify the licence on that regulator's own register before funding.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed September 8, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.