Are you tired of being at the mercy of your finances? Do you want to take control of your future and make some real money? Torobanc might sound like the answer to your prayers, but beware: this broker has a reputation for scamming its clients. Despite what you might read in some reviews, there are serious concerns about its reliability and transparency. Read on to find out what you need to know before investing your money with this broker.
- Torobanc General Information
- Registration and Client Portal Review
- Torobanc Trading Conditions
- Account Types Review
- Trading Platform
- Torobanc — Deposit and Withdrawal of Funds
- Additional Options
- Is Torobanc a Scam?
- Legal Information and License
- Torobanc.com Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Torobanc General Information
|Phone Number||+44 2035 350978|
|Address||Rue de Lausanne 15, 1201 Genève, Zwitserland|
|Leverage||Up to 1:50|
Registration and Client Portal Review
Upon visiting Torobanc’s website, we can’t help but notice the unimpressive and unoriginal design. The plain blue color scheme, uninspired chart backgrounds, and generic inserts fail to set the platform apart from others. The website also seems to follow the trend of brokers overhyping themselves and their services right from the homepage, leading to doubts about the authenticity of their claims.
Our experience with the registration process at Torobanc was less than ideal. We were surprised to find that a promo code was necessary to create an account and access the Client Portal. It felt like we were trying to enter into an exclusive club rather than simply opening a trading account. We would have preferred a simpler and more straightforward process, but it seems that Torobanc prefers to make things a bit more complicated.
Torobanc Trading Conditions
According to the legend, Torobanc was developed by traders for traders. So, the conditions here should be more than good. Well, let’s see.
Account Types Review
Torobanc offers a total of five account types, but it seems that the Silver account is the only one worth considering. However, to open it, you need to deposit a whopping 5,000 euros, which is quite a jump from the beginner’s account that only requires 250 euros. It’s worth noting that the Silver account guarantees access to five financial markets, whereas the basic account doesn’t specify this. As the deposit amount increases, so do the additional services, with the VIP account even offering a 90% Broker Insurance, whatever that means. Frankly, we prefer trading on real markets with real risks. So we’re not exactly sure what that’s all about.
On the bright side, the leverage here seems to be something out of Switzerland. However, if you dig deeper, for example, visit the FAQ section, you will suddenly discover that the leverage here can reach 1:500. That’s much higher than what European regulators allow.
Torobanc boasts about its platform in every possible way. Besides, the broker claims to have a mobile platform, advanced charting tools, and fast trade execution, among other things. However, it never actually mentions the name of the platform to their clients, which is quite suspicious. Moreover, there is no demo account available for traders to try out the platform and evaluate its features.
Torobanc — Deposit and Withdrawal of Funds
Torobanc boasts a range of payment options, from traditional credit and debit cards to more modern e-wallets and cryptocurrency. According to the FAQ section, clients can withdraw their funds using the same method they used to deposit them. Processing times taking anywhere from one to five business days. However, Torobanc fails to disclose any information about fees or commissions, leaving clients in the dark about potential costs.
Before gaining full access to your account, Torobanc requires verification from its clients, which includes providing personal information and identity documents like a passport or driver’s license. Although we haven’t undergone the verification process ourselves, it’s likely that it follows the standard procedure used by most brokers. While we acknowledge the significance of security and regulatory adherence, this process can be quite tiresome. We hope that the verification process is hassle-free.
Torobanc claims to provide a multitude of additional services. However, in reality, they are just marketing tactics. The broker’s team remains anonymous, raising questions about the quality of their analysis and expertise.We are particularly concerned about incentives such as bonuses of up to 100% and protected trades offered by the broker. These extras seem to suggest that the broker is operating on a B-book model and not providing direct access to the interbank market. Additionally, the multitude of additional terms and conditions only serve to further reinforce this concern.
Is Torobanc a Scam?
To be frank, we wouldn’t consider trading with this company. And we have good reasons for feeling that way.
Legal Information and License
One of the most important aspects of any reputable broker is having a license, and it appears that Torobanc falls short in this regard. Despite claiming to have an office in Switzerland, a quick search of the Swiss registry reveals no record of the company.
In fact, there is no record of the company being registered or licensed anywhere. So, it’s just a broker’s anonymous website, but not a real company.
Torobanc.com Domain Info
According to Torobanc, they have an impressive trading volume of over 3,000 trades per minute. You would assume that they have been in operation for a considerable period to achieve such a feat. However, Torobanc has only recently surfaced in the market, with the earliest mentions of the company being made just a few weeks ago. A quick domain check reveals that their website was created on February 15, 2023. It’s hard to believe that they have amassed such a large following in such a short time. Needless to say, we’re skeptical.
The broker’s contact information is quite confusing, to say the least. First, its website is available not only in English but also in Polish. Second, Torobanc provides British and Canadian phone numbers, while claiming to have an office in Switzerland. As we have already found out, the broker’s address is fake. According to reviews, it seems that Torobanc’s main audience consists of traders from Poland and the UK. That’s why contacts are so confusing.
Another crucial detail that we cannot overlook is that Torobanc is not just a fraudulent website, but a whole lineup of scams. For instance, take its twin brother Virgobanc. Not only do they have similar websites and almost identical legends, but even their domains were purchased on the same day.
Pros and Cons
- Low minimum deposit.
- Fake legend
- No official registration
- No license
- Negative reviews
- Customer service is unresponsive.
Frequently Asked Questions (FAQ)
This company offers CFD trading on various assets.
The broker has not yet decided on its own. You have to fund your account with 250 dollars or euros.
No, it is just another fraudulent broker, which is definitely better to avoid.