ToroTradePro Review: Professionals For Stealing Clients’ Money
If this company truly aimed to provide a versatile and genuine trading experience, they would have first made sure they were a licensed trading platform. Instead, they have attempted to act as an affiliate of a reputable brokerage and dared to fabricate legal information. Neither have helped them appear any more legit as our ToroTradePro review exposes their foul intentions.
|Toro Trade Pro
|Type of the company
|Warnings from Financial Regulators
|No official warnings
support@Toro Trade PRO.com
|Majority of clients are from
|Spain, Canada, Turkiye, United Kingdom
|Yes- phone, email and online form
ToroTradePro Regulation and Legal Issues
Understanding the legal grounds of a financial services provider starts from examining their regulatory status. Since there’s no mention of a license number or anything of the sort, we started with the only piece of info we had. The address given on the website is not linked to the same firm that we’re reviewing.
In the UK Companies House, it stands that another firm is located there. DYSNOMIA SOLAR 18 LIMITED, dissolved in 2012 is the firm with the address where ToroTradePro claims to have headquarters. What’s more, as a UK brokerage brand, they have to acquire a license from FCA, which they didn’t do.
Speaking of Tier 1 regulators, neither CySEC, FINMA or BaFin have licensed them. Swiss KMS also likes to present itself as a reputable firm but uses lies and deceit in the process.
Keep Vigilant For Fraudulent Strategies
If we take a look at the WhoIs database, we can see that the site was put online in July 2023. The consequence of the recent inception of the site is that there’s not much going on when it comes to the website traffic either.
The company does not have any social network presence, and there’s a grand total of three entries of ToroTradePro reviews with TrustPilot and other similar platforms. This is certainly not something you’d see with a firm that has been in operation for an extended period.
Usually these sorts of fraudulent entities rely on boiler room agents to get new investors. These agents call people by phone, or pester them in online chat services to invest. Once the victims have been hooked, they are further encouraged to participate in an affiliate program and get more people to join for meager returns.
Account Creation Issue
There’s several ToroTradePro account types available for those willing to burn their cash on fictitious service:
- Bronze – $1,000
- Silver – $5,000
- Gold – $25,000
- Platinum – $50,000
Training and tech analysis are the only options mentioned and they’re only available for costlier packages. Nothing else is listed as a benefit that comes with the purchased bundle.
What’s worse is that there’s some sort of an issue with account creation that doesn’t allow you to complete the process. Either the issue is non-intended or the operator has deliberately placed it there so you have to contact support for help.
No Access To Trading Platform
Con artists always tend to overly exploit the popularity of a certain product, which is, in this case, a trading software. Naturally, that happens because such actions bring them more potential customers, because they only expect the service they have paid for. That’s why you’ll see promises of the ToroTradePro platform being the outstanding MT4.
Knowing how reliable, fast, comprehensive and widely used this platform is, it’s no wonder the fraudster has picked it as another trap for their potential victims. Due to the restriction on the account opening we could not get to the platform. The download links are not present, so it’s a question if this very software is provided at all or not.
Jumbled Mess Of Instruments
We can see that the scammers mention a selection of over 5,000 different CFDs. Many of the instruments are mixed across different asset categories in an effort to further confuse the victims. We can see this with the shares trading, as they are only mentioned once on the site and not elaborated on anywhere else.
Here’s what the site claims to offer:
- Forex CFDs – EUR/USD, AUD/CAD, USD/JPY, GBP/CHF
- Cryptocurrencies CFDs – BTC, ETH, XRP, LTC
- Commodities CFDs – Cotton, Oil, Natural Gas, Gold, Silver
- Indices CFDs – S&P 500, FTSE100, DAX30, Hang Seng, Nikkei 225
With access to the platform restricted, it was impossible to verify whether any of the advertised instruments are actually present in the first place. Allegedly, some utilities are provided for ALGO trading, but this is probably false advertising as well.
About Leverage and Spreads
Described as favorable opportunities, the varying exposures from 1:100 to 1:400 are nothing but a huge risk for less experienced investors. If this bogus firm was indeed a FCA licensee, they’d not be allowed leverage higher than 1:30.
Now that you know what kind of deception we’re dealing with, can you really believe their alleged spreads that are supposed to start at just 0.7 pips on EUR/USD? That’s just about how much most popular brokerage powerhouses offer.
Opaque Payment Conditions
Whether you’re a novice or a seasoned trader, the withdrawal procedure should be on your list of priorities. After all, any profits are completely useless if you can’t get a payout.
ToroTradePro broker doesn’t have a dedicated Withdrawal Policy, nor do they have a Terms and Conditions document on the website. A kind of a step-by-step tutorial lists bank wires as a payout option, with the minimum withdrawal of €200.
That said, a flag containing a deposit link is always visible, no matter how you navigate the site. Charlatans behind Mensa Finance use the same tactic to entice traders. The con artists have made sure you invest, but only with a valid login account, which we could not obtain.
Don’t Risk It – Try Funded Trading!
This review has presented solid proof of how the ToroTradePro broker has no association with the famous FP Markets as they claim. Furthermore, our thorough investigation shows that they own no FCA license as their website would like us to believe.
If you are an experienced trader looking to bolster your portfolio with a funded trading account, feel free to book a free Zoom call with our representatives. We offer up to $180,000 in funding for people who can use this extra edge in trading.
What is ToroTradePro?
It is an illegal brokerage that allegedly operates from the UK, but lacks the necessary license.
Is ToroTradePro a Legit Broker?
No, this company is not regulated by the relevant authorities. We do not advise dealing with them.
How to Withdraw My Profit From My ToroTradePro Account?
There is no clear withdrawal policy on the website. If you have been deceived by this fraudulent firm, contact your bank, regional financial regulator or seek third party legal support.