ToroAssets is a scam broker, plain and simple. Our goal is to provide evidence to support that claim in our honest ToroAssets Review so that readers get familiar with the unscrupulous trading scheme and its methods.
Please read our analysis to learn how our little fraudster and other deceitful providers like Simplii Cryptos run their monkey businesses. At the end, you will find a form and our contact info. Use it to book a free consultation and start the process of recovering your lost funds.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, the platform is blacklisted |
| Known Websites: | toroassets.com |
| Have Warnings from: | CNMV, FI |
| Registered in: | N/A |
| Operating since: | 2023-07-27 |
| Trading Platforms: | Web |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | 250 USD |
| Deposit Bonus: | 30%-100% |
| Trading Assets: | Forex, Indices, Commodities, Stocks, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator, or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is ToroAssets Regulated?
The ToroAssets broker came under scrutiny as the Spanish Comisión Nacional del Mercado de Valores (CNMV) issued a warning on January 8, 2024, revealing that the company was providing financial services or products without proper authorization.
A day later, the Norwegian FI also alerted local traders and investors. The absence of regulatory information on the broker’s website, coupled with two explicit warnings, strongly indicates that the shady platform does not bear the necessary approvals. Investors’ funds are thus at risk of being stolen under suspicious circumstances.
Instead of trusting unlicensed phonies, opt for regulated providers supervised by renowned financial authorities such as the FCA (UK), ESMA (Europe), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), JFSA (Japan), MAS (Singapore), etc.
Regulated brokers must adhere to some requirements. These measures typically include offering negative balance protection to prevent clients from losing more than their initial investment, segregating client funds in reputable top-tier banks to ensure their safety in case of insolvency, and providing compensation schemes to cover potential losses.
Who Are ToroAssets’s Targets?
According to godaddy.com/whois, the toroassets.com website domain was created on July 27, 2023. Since then, the financial swindler has been targeting mainly unwary traders and investors who reside in the following countries:
- Italy;
- Spain;
- Switzerland.
All of these countries are known for having tight regulations and strict rules. Their respective financial watchdogs meticulously control the markets to prevent unauthorized imposters from running their schemes, as can be seen in the CNMV’s warning.
One common rule says that each financial market participant and broker must obtain a necessary permit. To reiterate, ToroAssets has no license. The broker directly violates European regulations by offering users leverage higher than allowed for retail clients (1:30).
Trader Reviews – Sharing Experiences
We failed to find ToroAssets reviews on popular forums such as Trustpilot, ScamAdviser, or Sitejabber. The platform did not receive any feedback at all. After swiping the broker’s website through a webparanoid.com check, we discovered it had been flagged as suspicious after receiving 10 scam complaints.
It is safe to assume the cyber crooks behind the illicit platform are searching for potential victims on various social media sites. We thus recommend you avoid sharing your info with anonymous profiles and suspicious pages seeking to exploit you.
Always read what users say about a certain provider to learn which methods the tricksters use to fool traders. Negative reviews helped us crack down on the despicable VerifyFX scheme.
Which Trading Platform Is Available?
The ToroAssets trading platform is a relatively simple web terminal that supports popular instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies. It lacks sophisticated tools, offering only basic charts and limited graphs designed by TradingView. Given the broker’s dubious background, the WebTrader may be rigged, potentially compromising users’ trades.
For a more comprehensive and trustworthy trading experience, we strongly advise you to find a licensed provider that supports reputable third-party software like MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms are widely regarded as among the best in the industry, offering advanced tools like automated and algorithmic trading, sophisticated charting, real-time market reports, API integration, support for 20+ timeframes, Expert Advisors (EAs), and fast order execution.
Available Live Account Types
| Account Type | Standard | Silver | Gold | VIP |
| Minimum Deposit | 250 USD | 2,500 USD | 10,000 USD | 50,000 USD |
| Maximum Leverage | 1:200 | 1:300 | 1:400 | 1:500 |
| Spreads | From 1.5 pips | From 1.5 pips | From 0.8 pips | From 0.0 pips |
Leverage, Spreads, Commissions, Demo Account
The maximum leverage that ToroAssets offers is capped at 1:500, which, as mentioned, significantly exceeds the legal limit in Europe of 1:30. High leverage in trading is a double-edged sword capable of magnifying both potential profits and losses.
On the positive side, it enables traders to control larger positions with a comparatively small amount of capital, potentially maximizing gains. However, the downside is the heightened risk of significant financial loss. Spreads seem decent but no commissions were disclosed. Anonymous providers are known for charging hidden commissions out of nowhere.
The lack of a demo account is a notable concern and serves as a major red flag. A free trial trading period is meaningful, especially for beginners, as it allows them to practice trading with virtual funds before experiencing the stress of using real money.
Deposit and Withdrawal Process
The website listed several payment methods that can be used to fund live trading accounts and withdraw generated profits:
- Credit/debit cards;
- Wire transfers;
- E-wallets.
Taking into account everything that we have exposed about this broker so far, ToroAssets withdrawal issues are a likely scenario, which is why you should familiarize yourself with potential fund recovery methods.
If you have deposited funds via MasterCard or VISA credit/debit cards, you can get a refund by requesting a chargeback at the issuing bank within 540 days. For wire transfers, a reversal can be initiated through a recall, but this action is effective only for transactions that have not been completed.
Key Facts To Consider About ToroAssets
Let’s sum up our review – ToroAssets, an unregulated provider that appears on the CNMV and FI’s warning lists, is targeting Italian, Spanish, and Swiss traders, offering them high leverage and promising seamless profits.
We do not recommend the platform mainly because it is unregulated. In case you have lost money to the ToroAssets scam, you must seek our professional help to recover your funds!
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is ToroAssets?
ToroAssets is another in a series of fraudulent brokerage platforms with an illicit background and fake content.
Is ToroAssets Regulated?
No, the platform is not regulated. It is blacklisted by the Spanish and Norwegian financial regulators.
How to File a Complaint Against a Scam Broker?
You can file it on the website of your local regulator, or the authority that oversees the market in the country where the broker is allegedly based.
Source:
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