Is ToroTradePro a Scam? Read Our Detailed Review

Is ToroTradePro Legit or Scam?

Red flags galore! Our investigation into ToroTradePro reveals a broker with a deceptive approach and a complete lack of regulatory oversight. This ToroTradePro review will equip you with the information you need to avoid this scam entirely.

Company Overview

Services or Products

ToroTradePro offers trading in various financial instruments, including:

• Forex
• Commodities (gold, platinum)
• Shares (American Airlines, Apple)
• Indices (NASDAQ, S&P 500)
• Cryptocurrencies (BTC, ETH)

However, with the broker’s legitimacy in question, the actual traceability of these assets becomes irrelevant.

If you have lost money to companies like Xtradesness, or HitBTC; please report it to us on our report a scam form.

Trading Platform & Leverages

The broker claims to offer the popular MetaTrader 4 platform, but there’s no download link available on their website. This casts serious doubt on their claims. Additionally, they offer a leverage ratio of up to 1:400, which is far higher than the limits imposed by reputable, regulated brokers (typically 1:50 or less).

Spreads and Cost of Trading

Transparency is lacking regarding spreads and other trading costs. The only “clear” information is a spread starting from 1 pip on the Classic account. Other account types claim 0 pip spreads, which are highly suspect. Unforeseen fees and hidden charges are a significant risk with ToroTradePro.

License and Regulations

This is where the biggest red flag appears. ToroTradePro claims to be regulated, but a closer look reveals they have no regulatory licenses. They attempt to mislead customers by mentioning the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), and Financial Sector Conduct Authority (FSCA) licenses, but these licenses belong to a completely different company (FP Markets).

Here’s a breakdown of the regulatory deception:

• Legal Warning Against GT-Trader: This seems like a clumsy attempt to deflect attention from their lack of regulation.

Deposit and Withdrawal Methods

The minimum withdrawal amount is €200, and only bank wire transfer is an option. While the fees are supposedly “starting from €0,” the lack of a clear fee structure raises red flags. Processing times are stated as 24 hours, but customer reviews suggest a much more complex and drawn-out withdrawal process.

ToroTradePro Pros and Cons

Why Dealing With An Unlicensed Broker Is Risky

Unlicensed brokers operate outside the financial watchdogs’ purview. This means:

• No protection for your funds: In case of a dispute, there’s no regulatory body to help you recover your money.
• Potential for manipulation: Unregulated brokers can manipulate markets and trading conditions to their advantage.
• Limited recourse options: If you’re scammed, your options for legal recourse are severely limited.

Client Feedback

There are very few client reviews available online, and the two on Trustpilot are negative, highlighting concerns about regulation and withdrawal issues.

How Can “ReviewsAdvice” Help You If You Get Scammed?

Unfortunately, if you’ve already been scammed by ToroTradePro, recovering your funds can be an uphill battle. However, seeking professional legal or financial advice can be helpful in exploring your options.