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TorOption is based on SpotOption, a promising platform used by thousands of brokers across the globe. The good thing about SpotOption is that you don’t have to download anything before starting trading. In addition, SpotOption is accessible from any part of the world…
At first glance, the TorOption website impressed us, a clean and professional layout with a delicate outlook. We don’t see any evidence of bug whatsoever. However, it doesn’t offer extensive educational material. There is nothing more than the basic tutorials.
Here comes the real deal, TorOption is no more facilitating binary options. All they offer at the moment is CFDs but their description of CFDs is no different than that of binary options. Should you open an account to trade with this platform? Is there any evidence of convincing TorOption scam complaints? In this review, we are going to talk about some of the most important features regarding the company, complaints, and legal warnings to evaluate the level of credibility of this seemingly promising platform.
TorOption Review Summary
Cost: $250+
Recommended: No (See Our Top Ranked Legit Program Here)
Rating: 0/100
Summary: TorOption is still live & actively seeking new customers, but we do not recommend them for several reasons. Firstly they are NOT regulated which in our opinion is a big red-flag and likely the cause behind many TorOption scam rumours, and secondly they have received many complaints about withdrawals with people reporting that they have been scammed out of their money. Read this review for more reasons & to see how you can recover lost funds (if you have already found yourself scammed).
Quick Navigation
Since at the time of writing this review TorOption is still active & acquiring new customers we decided to conduct a thorough investigation into TorOption to find out the truth & as a result this review is likely to become quite lengthy. To make things easier for you though we’ve put together some quick navigation links below which you can use to jump straight to the specific information you came here looking for.
- TorOption Background
- Is TorOption Regulated?
- TorOption Complaints
- TorOption Withdrawal
- Is TorOption a Scam?
- Our Verdict on TorOption
- Lost Money To TorOption? Get It Back!
- A Better (And Safer) Way To Make Good Money
TorOption Background
Smart Choice Zone LP operates TorOption. The following is the information extracted from the broker’s website:
- Address: 272 BathStreet, Glasgow, Scotland G2 4JR.
- Phone: +44 203 031 1057 and +44 203 519 2667
- Email: support@toroption.co
- Complaint: complaint@toroption.co
- Website: www.toroption.co
But there is a bit of confusion because different companies are mentioned as the owner, for different countries. It depends on the country you access the website from. For instance, if you access the website from Germany, the website will show GN Management EOOD (Sofia, Bulgaria) as the owner of the platform.
We have noticed that TorOption used to serve its visitors with the updated market review. There are scores of brokers who promise the provision of market reviews but most of them do it occasionally, once a week or even once a month. TorOption updated its market review every day. It serves the clients with the latest trading trends and statistics. Unfortunately, it is not the case as of late. They have stopped updating the review on daily basis. So they have joined the rest of the bunch.
Is TorOption Regulated?
TorOption is NOT regulated. We have checked the legal status of different companies as a possible candidate of ownership, but none is regulated under any credible authority. We don’t know how many companies are they mentioning on the websites in different countries, but one thing is for sure that there is something malicious going on. Why on earth would you claim the ownership of different companies for different regions? What’s wrong with telling the name of one legitimate operator? We don’t have any explanation for this practice.
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So, TorOption fails to impress us with the question of legal status. Moreover, there is more of a confusion than a simple “Not Regulated” status. Being unregulated is just one thing. Hiding the identity of the real owner is the major source of worry. We would never invest even a dollar on such a platform that is not transparent at all.
TorOption Complaints
There are 100s of complaints against TorOption despite the fact that the platform is still there and the website is functional. In most of the cases, when the website is functional, we don’t manage to find any serious complaints. Serious complaints generally appear after the website disappears.
A huge majority of the complaints is against the inability to withdraw your funds. To most of the traders, the reps are rude, unethical, and immoral while persuading the traders to invest more or confirm the next deposit. Some even argue that the reps use pressure tactics while asking for a further deposit.
These are not really good signs. This is something we always warn you about. An unregulated broker against which the number of complaints is increasing by each passing day. Whether they process the withdrawal or not, let’s fulfill the formality of having a look at the withdrawal options.
TorOption Withdrawal
TorOption, as per the website, requires 5 business days to process the transaction. But in reality, there is conclusive evidence that the process actually starts after 5 days and stretches up to more than 20 days (most of the times it ends in a failure for a surprising reason).
The broker facilitates withdrawal via Wire Transfer and Credit Card. You can’t withdraw anything less than $50 (over Credit Card) and $100 in the case of wire transfer.
We found that the website does mention e-wallets including Webmoney, Neteller, and Skrill. But to our surprise, the Withdrawal Policy doesn’t even say a word about this method.
Is TorOption a Scam?
Had it been an obvious scam, the website must have disappeared by now. The platform is available since 2016 and somehow it continues to bring in more clients. We think that it depends on the outrageous reaction from the existing brokers to determine the right time of fading away from the scene.
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We don’t want to say something harsh. But at the same time, we don’t want anybody to take such a huge risk of investing through this platform. TorOption scam complaints could have been fabricated but it doesn’t make much difference because the website fails to prove the identity of its real owner. In addition, this broker is hasn’t acquired a license.
Our Verdict on TorOption
The problem is that TorOption website content is more of generic talk that is sugar-coated. There is nothing particular about the broker. There is nothing that offers something different, something exceptionally attractive and something one could trust for in the long run. The educational material is also general, basic, and most probably extracted from an external source. TorOption doesn’t manage to impress us. We DO NOT recommend TorOption until it acquires a license. That would be another story because if it becomes regulated, we’ll have to take our words back. At the moment, we can only doubt it because the real owner isn’t confident about revealing its identity.
Lost Money To TorOption? Get It Back!
Since publishing this review we have come across some alarming reviews about TorOption on TrustPilot which suggest that many people might have been scammed by TorOption. They have just a 1 star rating & they have received a lot of complaints about people losing money.
So if you have come here because you feel you have been scammed by TorOption yourself then you should check out our free money reclaim guide which shows you what you can do to get your money back.
The guide is entirely free & it has helped thousands of people to date to successfully reclaim their funds from the hands of scammers & we are confident that it will be able to help you too.
You can get access to the guide by clicking here.
A Better (And Safer) Way To Make Good Money
Here at Stopping Scammers we don’t recommend binary options trading in general because we’ve never seen so much as a single person manage to generate consistent profits from it.
In fact we actually believe that binary options trading as a whole is a big scam… But don’t worry, there are still plenty of legitimate (and better) ways that you can make good money online.
In fact there is one particular opportunity that we have come across which has stood out from all of the rest & has received the crown of our number 1 recommendation for working from home.
You can get access to our number 1 recommendation by clicking the link below:
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Toroption is since a week closed down! The reason why this Binary Option Company has been deactivated is very strange. As trader there, they have never been given any information about this to the customers. I was in Contact with a Israeli lawfirm that they claimed there were in Tel Aviv Israel as all other Binary and Forex scams? Perhaps it`s true, but why Toroption tried to act in a British way and why did they use Bulgarian and Hungarian banks for their activities. They as well lied when they told the deposits was linked to London stock Market.but why they then transferred it directly to Bulgaria and Israel? Victims of Toroption shall make reports to action fraud and also to EFRI whistle-blower about their service. Terrible Company with fake address, fake names, fake addresses, fake emails, and upon that filled with lies!