• Mon. Feb 26th, 2024

ThorFX Review (thorfx.com) FRAUD EXPOSED – Thor FX Scam Broker

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Byfraudulentbrokers.com

Jan 8, 2024
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ThorFX (thorfx.com)
Conclusion
These disturbing facts that you uncover about ThorFX are enough for you to determine that you should not opt for it as your partner.
Broker Rating
0.2

ThorFX (thorfx.com)is without a doubt a %100 fraudulent brokerage firm. It is NOT a real broker! Stay away! Thor FX scam works by getting you to believe you can become rich by trading with them.

ThorFX

If you take a look at the statistics, you will see that millions of people all over the world still fall prey to scam brokers. This may come as a shock to many because there has been a great deal of awareness created about online scams, which means this should not be happening.

People should know better and not sign up with a shady or fraudulent brokerage. But, this continues to happen and one of the reasons is that these criminals at hoodwinking people. You will come to see in this ThorFX review that they create an appearance that comes off as authentic.


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ThorFX

These days, there are endless resources that these scammers can use for developing a website that looks very much like a legitimate brokerage. As a matter of fact, some of them go as far as copying the details of these genuine companies to create a false impression and most people do not even realize it until it is too late.

This happens more frequently than you think, which means you have to be extremely cautious when you are looking for an online broker, or else you could also wind up in such a situation.

Obviously, you do not want to, but this can happen to anyone, regardless of their experience or knowledge. The important thing to remember is that appearances can be deceiving and just because a brokerage has a good website and says all the right things does not make it the best.

It is still essential for you to verify all its information to ensure it is not a fraudulent platform. It certainly turns out to be the right move in the case of ThorFX that has been presented to you as a brokerage part of a licensed firm in the United Kingdom.

Considering that the UK is one of the top regulated countries in the world, many people will be impressed with ThorFX right away. But, you have to verify everything before you can believe it and when you try to do so, you will come across some disturbing things about ThorFX. What are they? Check them out here.

Lack of regulation

The regulatory status of an online broker is a pretty big giveaway of just how reliable and genuine they are, so it is best to start with it when you want to keep yourself safe. Doing the same with ThorFX is a good idea, but the results can leave you confused. As mentioned earlier, the brokerage presents itself as a part of a licensed UK-based company. This means that it should be regulated by the Financial Conduct Authority (FCA).

Thorfx.com

This is one of the most renowned regulatory bodies in the world, known for its stringent requirements and rules. When you use the license number that ThorFX has given on its website to run it through the online database of the FCA, you will find that a company is indeed listed against it. But, the surprising detail you will discover is that the trading names and domains associated with the said firm do not include ThorFX’s name at all.

You can search ThorFX individually in the FCA register as well, but the brokerage is nowhere to be found. What does this tell you? It means that the company is running a clone scam i.e. it is using the details of a licensed and regulated brokerage to pass itself off as one too when it really is not. If you do not follow up and verify, you are going to fall into its trap, so it is essential to be careful. The fact that ThorFX is lying about its regulatory status and misusing the details of another is quite disturbing.

Lies about trading platform

When you go through the presentation on the ThorFX website, you will be drawn to the fact that the broker is offering access to the MT4 trading platform. Even if you are just a beginner, you will have heard of the MetaTrader platforms because they are recognized as the best ones in the market. They are known to have innovative technology and powerful trading tools that can deliver a flawless trading experience.

This is precisely what you want to enjoy during your trading journey and it is what ThorFX is providing. But, is it? When you scour through its website for the link to download the MT4 platform, you will certainly find it.

The problem is that the link leads you directly to the website of MetaQuotes, the developer of the platform from where you can download a trial version. The platform does not have anything to do with ThorFX at all and you can download this on your own.

Essentially, this means that ThorFX itself does not offer a trading platform to its clients, which means it does not facilitate any trading. It is disturbing to know that a broker does not offer the primary offering necessary for delivering its services.

Unattractive trading conditions

The trading conditions that ThorFX provides are also quite disturbing because they are further proof that it is not a UK-based or regulated brokerage. The leverage ratio goes as high as 1:500, while the FCA has imposed a leverage limit of 1:30 on brokers. This indicates that ThorFX should not be offering you such ratios at all, but the fact that it is shows it is not up to any good.

When you check out the spreads that ThorFX is promising, there are more surprises because they start at 2 pips, which are quite high. It is more than 2 times higher than most standard brokers and will certainly affect your profits. Apart from that, the minimum deposit that ThorFX is asking for is also a problem. The standard amount is typically $250, but ThorFX wants you to start with $1,000. This is four times higher, which is disturbing.

It gets even more concerning when you realize that most brokers are allowing traders to open accounts for as low as $10 because there is a lot of competition in the market.

Bottom Line

These disturbing facts that you uncover about ThorFX are enough for you to determine that you should not opt for it as your partner.

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