AOFA licence L15942 / TFX

ToraFX publishes no founding year or incorporation date, and none could be confirmed independently. Every indication points to a young operation, which is too short a record to show how the firm behaves under stress.

No evidence of fraud was established, and no confirmation of the broker's regulatory claim was established either. ToraFX should be treated as an unverified offshore operator rather than as either confirmed clean or confirmed fraudulent.

The site states that funds are held in segregated accounts at reputable banks, but names no bank and provides no audit or third-party confirmation. There is no compensation scheme or investor protection fund behind an Anjouan registration, so a client has no external recourse if funds are not returned.

The footer disclaimer says ToraFX serves all countries except citizens or residents of the United States, the United Arab Emirates, Cuba, Iraq, Myanmar, North Korea and Sudan. The registration form's country selector omits the United States but still lists the other six, so the published policy and the onboarding form do not fully agree.

No withdrawal processing times are published anywhere on the site, and no independent evidence of actual withdrawal performance was established. Treat any expectation of a particular timescale as unsupported.

ToraFX does not publish this. There is no deposit and withdrawal page on the public site and no funding method, fee, limit or processing time is disclosed before registration, so the terms on which money can be taken out are unknown at the point of signing up.

MetaTrader 5 only, with Windows, macOS, web, iOS and Android builds linked from the platforms page. ToraFX also distributes its own Android application and says an iOS version is not yet available.

The ECN account is advertised at 0.0 to 0.3 pips with $5 commission per lot, PRO ECN at 0.0 to 0.1 pips with $7 per lot, and the Bonus account at $5 per lot. The Pro Gold account charges no commission and prices gold at 1.0 to 1.2 pips instead.

Up to 1:500 on the ECN and PRO ECN accounts, and up to 1:200 on the Bonus and Pro Gold accounts. Leverage at that level magnifies losses as much as gains and there is no regulatory cap behind it.

It depends on the account. The Pro Gold account has no minimum deposit, the Bonus account starts at $10, the ECN account at $15 and the PRO ECN account at $200.

The site names no operating company other than the brand itself. TORAFX is the only legal name published, at Hamchako, Mutsamudu, on the Autonomous Island of Anjouan in the Union of the Comoros, with registration number 15942. No directors, shareholders or parent company are disclosed anywhere on the site.

No confirmed financial regulation was established for ToraFX. The broker's About page states that it is licensed and regulated by the Anjouan Offshore Finance Authority with registration number 15942, but that claim could not be confirmed, and the identical number is printed in the site footer as a company registration number rather than as a licence.