In this review, we will explore Torobase, a broker that claims to provide you with access to financial markets. However, the safety and legitimacy of this access remain uncertain. Our analysis will shed light on whether this is a reliable platform or simply another scam.
- Torobase General Information
- Registration and Client Portal Review
- Torobase Trading Conditions
- Account Types Review
- Trading Platform
- Torobase — Deposit and Withdrawal of Funds
- Additional Options
- Is Torobase a Scam?
- Legal Information and License
- Torobase.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Torobase General Information
|Address||Saint Vincent and The Grenadines|
|Leverage||Up to 1:3000|
Registration and Client Portal Review
The official website of Torobase follows an extremely simplistic and minimalist design approach. It predominantly features a white background with occasional green inserts. The overall layout lacks visual appeal, and the website’s content is kept to a bare minimum.
One significant drawback is the absence of an FAQ section, which could have provided essential information and a streamlined user experience. Instead, visitors are left searching for answers on their own.
The lack of substantial information about the company raises concerns, as critical details about its background and regulatory status are conspicuously missing. To obtain any legal information, one must dig deep into the provided documents.
In this case, simplicity becomes a drawback rather than an advantage, as the website fails to instill confidence or offer comprehensive details about the broker and its services.
Torobase claims to offer easy access to trading in just three simple steps. However, upon reviewing the registration form, we found that it requires a bit more information than advertised. The registration process involves providing your date of birth, personal details, contact information, and confirming them with a code sent to your email and phone number.
Once you have provided all the required information, you will gain access to the client portal at Torobase. Inside the portal, you will find access to the trading terminal, where you can manage your trading activities. Additionally, you can proceed with the verification process, deposit, or withdraw funds, and access various account management features, among other functionalities.
Torobase Trading Conditions
Let’s take a closer look at what Torobase has to offer to traders. While the broker’s website features a simple design, we hope that it will be compensated by excellent trading conditions.
Account Types Review
Torobase appears to offer only two account types — demo and real. The descriptions of these accounts are quite brief, providing minimal information. The broker mainly highlights the availability of higher leverage for traders. Additionally, some details such as the allowance for algorithmic trading are mentioned, but overall, the broker demonstrates its minimalistic approach in this aspect as well.
The minimum deposit at Torobase remains undisclosed, leaving us with no information on this crucial aspect. Instead of providing detailed information about spreads, Torobase redirects traders to the “Markets” page to view real-time quotes for some trading instruments. While this approach may appeal to experienced traders, newcomers are likely to find it challenging and unsatisfactory due to the lack of transparency and minimalistic approach in providing essential details.
Torobase offers a single web-based trading platform accessible on all devices, but the specific manufacturer or developer of the platform remains undisclosed. Clients are limited to using the web trader as no downloadable or desktop applications are available for use. This lack of diversity in trading platforms raises concerns about the broker’s commitment to providing a comprehensive and user-friendly trading experience for its clients.
Torobase — Deposit and Withdrawal of Funds
On this platform, the available methods for deposit and withdrawal remain a true mystery. Nowhere on the website can you find any mention of these methods. The broker claims that you can only discover this information in your personal account. When you click on the “Add Funds” button, that’s when you’ll see the available options. Additionally, we are aware that two-factor authentication is available for withdrawals. However, the processing time for withdrawal requests and the presence of any commissions remain unanswered questions.
Torobase provides at least some information regarding its Anti-Money Laundering (AML) and Know Your Customer (KYC) policies. This indicates that the broker requires clients to undergo verification. To initiate the verification, clients need to submit valid copies of their identification documents, such as a passport or driver’s license. Additionally, proof of address is required, which can be provided in the form of a recent bank statement or utility bill. The documents should be clear and legible to ensure a smooth verification process.
Once the documents are submitted through the Client Portal, they will be reviewed by the broker’s compliance team. The verification process may take several business days and clients will be notified of the verification status via email.
Torobase indeed lacks exciting additional options on its platform. While we previously mentioned the possibility of algorithmic trading, clients will have to take the initiative to search for trading robots and implement them on their own trading accounts. Torobase merely enables the connection of these robots without offering any specific assistance or guidance. This lack of built-in features or tools may disappoint traders seeking a more comprehensive and user-friendly trading experience.
Is Torobase a Scam?
When examining Torobase’s trading conditions, we were unimpressed with what the broker had to offer. Now, let’s delve into the crucial aspect of its legitimacy.
Legal Information and License
In the footer section of Torobase’s website, we could not find any legal information, which is typically expected to be present. However, we can explore other documents for clarification. In the client agreement, the broker identifies itself as “Torobase Svg LLC” and claims to be registered in Saint Vincent and the Grenadines. Interestingly, they assert that no licenses or permissions are required to provide brokerage services. This view is quite peculiar, as of now, the regulator of Saint Vincent and the Grenadines requires all online brokers to provide a license from the jurisdiction in which they operate and offer their services.. Surprisingly, Torobase is not listed in the registry of this jurisdiction. It is uncertain whether it was once registered but is currently absent, or if it has never been a registered entity at all. In any case, traders are dealing with an anonymous website rather than a legitimate company, and it operates without the necessary licensing, which is concerning.
Torobase.com Domain Info
We noticed that the broker doesn’t disclose any detailed information about its history. This raised some concerns, and we decided to investigate further. The answer to our question came from domain verification, which revealed that the domain was registered only in 2021. This means that the broker is relatively new.
The situation with the broker’s contact details is even worse. They provide only a feedback form and email address, claiming to be available for inquiries 24/5. However, relying solely on these methods of communication for customer support is far from satisfactory. This lack of proper contact options and a lack of multilingual support are other red flags and show a lack of commitment to providing satisfactory customer service.
Pros and Cons
- Demo account.
- Minimal information about trading conditions and spreads.
- Unclear data about trading platforms.
- Ambiguous and incomplete legal information.
- No transparency about deposit and withdrawal methods.
- Lack of detailed customer support options.
Frequently Asked Questions (FAQ)
Torobase offers access to the financial markets through a simple and minimalist platform. They provide two account types, including a demo account and a real account, with limited information about the features and benefits.
According to their trading conditions, the minimum deposit required is not clearly stated.
Torobase’s lack of regulatory information and essential legal details raises serious doubts about its legitimacy and safety. The absence of a proper regulatory license is a significant red flag, and traders should be cautious before considering any collaboration with this broker.