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TorFX Broker Review

  1. Established in 2004, TorFX is a leading currency broker, providing foreign currency exchange and payment services with competitive exchange rates, to clients all over the globe. Essentially, TorFX aims to beat the banks, by providing fast, free international money transfers at the most competitive exchange rates available in the industry. We saw that TorFX is fully licensed and processes more than £3 billion pounds annually, managing currency payments free of charge and without hidden fees. Notably, following assessments for credit-worthiness by the reputable rating agency Dun and Bradstreet, TorFX was given a level 1 rating. Moreover, in recognition of the outstanding quality of the services provided by TorFX, the broker received the prestigious ‘Moneyfacts Consumer International Money Transfer Provider of the Year’ award, three years in a row. Also, the Cornwall Business Award for Customer Focus in 2016 and in 2017. TorFX is the trading name of Tor Currency Exchange Ltd, PZ360, Penzance, St Mary’s Terrace, Cornwall, TR18 4DZ, UK. In addition to its UK headquarters, TorFX has offices on the European mainland, South Africa, Australia and the USA. Importantly, TorFX is authorised by the UK’s Financial Conduct Authority as an electronic money institution (reference number 900706).

  2. TorFX offers two types of trading account, the personal account tailored to private individuals and the Business account. Online accounts are free to set up, and provide access to bank beating rates, guaranteed by TorFX to be the best rates in the market. Significantly, customers can compare rates offered in currency markets with those offered by TorFX before making a transfer.

    TorFX Personal Account

    Private individuals can open a free TorFX Personal Account with access to a 24/7 trading platform and personal support from a dedicated account manager. With the TorFX personal account, individuals can make free, fast international transfers 24/7, securely at rates guaranteed to beat those offered by banks. Transfers of up to £25,000 can be made on the trading platform or with the assistance of the account manager over the telephone. The trading platform lets clients see live exchange rates, make 24/7 transfers, monitor the status of their payments, and track transfer history. To set up a TorFX trading account, individuals need to provide a government issue ID document and proof of residence. The account activation process is done by entering a 5-digit pin number received over your mobile phone from TorFX.

    TorFX Specialist Services for Private Individuals

    We saw that TorFX facilitates the international transfer of currency for people emigrating and buying properties overseas. Customers get access to expert advice and guidance, market reports on currency rates and the possibility of creating forward contracts to fix rates for up to two years before transferring the currency.

    TorFX Travel Money Service

    Customers with Personal Accounts at TorFX can order travel money from a list of 50 international currencies. Importantly, the exchange rates are competitive, with 0% commission and insured next day delivery. We saw that the convenient, secure travel money service is run by ICE PLC on behalf of TorFX. Notably, delivery is free of charge on orders of more than £700 and customers can choose from several delivery options.

    TorFX Business Account

    With the Business Account, TorFX provides businesses with a range of risk management solutions, for managing foreign exchange exposure. Significantly, the TorFX appoints special business account managers, who monitor exchange rates on behalf of their clients as well as providing market news and exchange rate movements for the currencies relevant to each client. Whenever an international money transfer needs to take place, TorFX connects business clients with the most competitive exchange rates in the market. Importantly, the transfers are made quickly and seamlessly on behalf of their clients, using the broker’s direct connectivity to SWIFT. Under the standard services provided by TorFX for international payments, clients do not pay any fees or charges. However, we saw that TorFX reserves the right to charge a fee in situations where clients make multiple payments with each currency conversion.

    Free Business Health Check by TorFX

    We were impressed to see that TorFX provides a free business health check on request, through the website. Experts from TorFX review the way a business deals with international payments and suggest ways of managing risk and simplifying international transfer processes. Significantly, clients discuss the best kinds of currency transfer options for their needs and get tailored international payment plans suited to their businesses.

    TorFX Transfer Services for Businesses and Personal Accounts

    Several currency transfer services are offered to corporate clients aimed at protecting their profits optimally. We saw that the services are flexible and adapted according to the requirements of each company by the dedicated account managers. Private individuals with personal TorFX accounts have access to the same types of transfer services available to Business accounts. The services include Spot Contracts, Forward Contracts and Market Orders where clients can choose from Limit orders and Stop-Loss Orders. The TorFX online platform allows clients to manage currency transfers choosing from 30 currencies, to send and receive from £100 to £25,000. We saw that transfers exceeding £25,000 are handled by the account managers who can be contacted on the phone.

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  5. Spot Contracts, enable TorFX to act ‘on the spot’ on behalf of businesses and individuals. TorFX finds the most competitive exchange rates available, at the time when clients want to buy or sell currencies for settlement immediately.

    TorFX Forward Contracts

    AForward Contracts allow clients to plan in advance, for international currency exchanges that will be required in the future. Through Forward Contracts, TorFX provides fixed exchange rates to businesses and individuals. Importantly, the fixed rates can last up to two years, before the planned international payments need to be executed.

    TorFX Limit Orders

    Account managers manage ‘Limit Orders’, a type of market order, for customers who don’t want to transfer money at the existing exchange rate. With Limit Orders, the manager waits until the target exchange rate becomes available and executes the international transfer on behalf of the client instantly.

    TorFX Stop-Loss Orders

    Stop-Loss orders are a type of market order, designed for clients who don’t want to make international transfers at the existing currency rates. But are concerned that whilst waiting for rates to improve, they could deteriorate further. With the Stop-Loss order, the account manager is instructed to make the international transfer immediately, if the currency rate falls to a specified level, ensuring the losses are minimised.

    TorFX 24/7 Transfers

    Businesses and private individuals with TorFX online accounts can make quick international transfers of up to £25,000 – 24 hours a day, 7 days a week from the trading platform. Importantly, the Business Online account lets the account holder manage the information in the account, check foreign currency rates, add the names of transfer recipients and set rate alerts, allowing them to see rate changes immediately.

    TorFX Market Insight

    TorFX Business accounts benefit from the expertise of dedicated account managers and up-to-date currency news relevant to each client.

  6. If you want to trade with an award-winning licensed broker, we recommended using IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs

  7. TorFX provides an award-winning customer service, with all registered clients receiving personal support from a dedicated account manager. Customers can contact the head office of TorFX during business hours by phone, fax and Email (details are given on the contact page). We saw that business hours are: Monday to Thursday, 8.30 am to 7 pm. Friday, 8.30 am to 5.30 pm. Saturday, 9 am to 2 pm. The physical address of the head office in Cornwall is also included on the contact page for anybody wishing to make a postal enquiry

  8. Try trading with an award-winning broker like IQ Option

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  9. Businesses and private individuals often need to make international payments for any number of reasons. Whether it’s to pay for imports, receive payment for exports, repatriate overseas business earnings, emigrate or buy assets abroad, international payments are necessary to complete the process. However, the inherent volatility of foreign currency markets and resulting exchange rate fluctuations, means that businesses who rely on traditional international bank transfers can see their profits impacted substantially, especially from multiple transactions. Similarly, private individuals see their funds reduced by the heavy costs of bank transfers and unfavourable exchange rates typically used by banks. However, TorFX offers an alternative way for businesses and private individuals to send and receive international payments securely, with fast, free international transfers at highly competitive exchange rates.

  10. Conclusion:

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    like IQ Option

     

     

    Between 74-89 % of retail investor accounts lose money when trading CFDs
    11. Your capital is at risk

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