Forex TorFX Trading Broker Review

Performance Matrix

Main Score & Risk Matrix

#187

Score

7.2

Excellent

TorFX is positioned as a competitive option for traders seeking balanced trading conditions, recognizable market access, and a score profile that sits above many mid-tier competitors.

License 7.4

Business 6.7

Risk Control 7.0

Software 7.7

Regulatory 7.2

Terminal Snapshot

TorFX Trading Conditions

Registered Region Australia

Operating Period Above 20 years

Minimum Deposit $100

Spread N/A

Licenses N/A

Contact Email N/A

Contact Number 1800 507 480

Website www.torfx.com.au

Balanced Review

Pros & Cons

Pros

Regulated by Australian Securities and Investments Commission (ASIC)
Offers a diverse range of trading instruments including Forex, commodities, indices, stocks, and cryptocurrencies
Account manager support for personalized assistance
No transfer fees on international payments
Access to advanced trading tools like forward contracts and stop-loss orders

Cons

Exchange rate mark-up on all transactions
Only supports bank transfers, no cash or alternative payment options
Limited availability of exotic currencies
Online transfer limits require contacting account manager for larger amounts
No cash pickup facilities for recipients

Compliance Desk

Regulatory Licenses

9.2/10

No structured regulatory license cards have been configured yet.

Peer Benchmark

Broker Comparison

Feature	TorFX	DBG Markets	IC Markets Global	AvaTrade
Operating Period	Above 20 years	See review	See review	See review
Region	Australia	See review	See review	See review
Minimum Deposit	$100	See review	See review	See review
Spread	N/A	See review	See review	See review
Trust Score	7.2/10	See review	See review	See review

Product Fit

Account Types

What Account Types and Fees Does TorFX Offer?

Account Type	Target User Group	Essential Characteristics	Applicability Notes
Personal Account	Individuals looking to transfer money internationally	Fee-free transfers, dedicated account manager	Suitable for personal transactions, buying property abroad, or regular payments
Business Account	Commercial enterprises	24/7 access, tailored solutions for businesses	Designed for companies needing to manage international payments

Account Opening Process

To open an account with TorFX, you will need to complete several steps. First, provide personal information, including your name, date of birth, address, occupation, email, and phone number. Next, submit employment and financial information to support your application. Identity verification is required, which involves providing a valid ID and proof of address. Once your account is set up, there is flexibility to upgrade to a professional account at a later stage if desired.

Trading Fees

Product	Spread (pips)	Commission	Notes
Forex (Major Pairs)	Varies	$0 (ECN: $3.5/lot)	Competitive rates for various pairs
CFDs (Stocks, Indices, Commodities)	Varies	Varies	Fees depend on the specific asset
Cryptocurrencies	Varies	Varies	Dynamic fees based on market conditions

Other Fees

In addition to trading fees, TorFX may apply other charges. These can include deposit and withdrawal fees, although specifics are not detailed. Inactivity fees may apply for accounts that have not been used for a certain period. There may also be overnight interest charges (swap rates) on leveraged positions, and currency conversion fees could be incurred during transactions involving different currencies.

Editorial Verdict

Expert Verdict

R

Research Desk

Senior Broker Analyst

TorFX is positioned as a competitive option for traders seeking balanced trading conditions, recognizable market access, and a score profile that sits above many mid-tier competitors.

Funding Desk

Deposit & Withdrawal Methods

No structured payment methods have been configured yet.

Trader Feedback

TorFX User Reviews

3.0

★ ★ ★ ★ ★

4 total reviews

5 star

20%

4 star

60%

3 star

12%

2 star

4%

1 star

4%

Guy

London

★ ★ ★ ★ ★

I’ve used TorFX multiple times for transferring money overseas, and I couldn’t be happier. The rates are excellent, and there are no transfer fees. The customer service is also outstanding; my account manager is always available to help with any questions I have. Highly recommend them!

Linda

Sydney

★ ★ ★ ★ ★

Overall, my experience with TorFX has been positive. The platform is user-friendly, and I’ve had no issues with my transactions. The only downside is that sometimes I have to wait a bit for withdrawals to process. But the rates are competitive, and the support team is great.

Malcolm

Melbourne

★ ★ ★ ★ ★

I had a frustrating experience with TorFX. My withdrawal took longer than expected, and I struggled to get timely updates from customer support. While the rates are good, the lack of communication was disappointing.

Dmitri

Brisbane

★ ★ ★ ★ ★

I regret using TorFX for my money transfer. The process was slow, and I faced numerous issues with my transaction. Customer support was not helpful at all, and I felt like I was given the runaround. I will not be using their services again.

Australia Market