WikiFX

Reply

In my experience evaluating brokers, TorFX stands out as a currency transfer service more than a traditional forex trading broker. Based on what I found, TorFX essentially offers two main account types: Personal and Business. As someone seeking access to broader trading features, I noticed right away that both accounts are strictly focused on international money transfers rather than active forex or CFD trading. For individuals, the Personal account is tailored to sending money abroad—ideal for expatriates or those with family overseas—offering competitive exchange rates and no added fees. The Business account, on the other hand, is crafted for companies handling payroll, vendor payments, or international purchases. It includes personalized support and various contract types (like forward contracts or market orders), targeting those who need to manage currency risk but not necessarily to speculate on forex price movements. It's important to emphasize, from risk and safety perspectives, that these accounts do not support actual trading in forex markets, stocks, or cryptocurrencies. My understanding is that TorFX is regulated by ASIC in Australia and emphasizes risk management services, but user reports suggest there have been serious concerns about withdrawals and transparency. Given the account structure and focus on transfer services, TorFX may suit clients needing straightforward currency transfers but not those looking to engage in traditional forex trading activities. As always, I recommend due diligence and caution before depositing significant funds with any provider.