ToraFX

ToraFX is a retail forex and CFD broker registered in the Comoros Union, with its official address in Hamchako, Mutsamudu, on the Autonomous Island of Anjouan. The broker was founded in September 2025, making it a very new entrant in the market. It operates under the brand name ToraFX via the domain torafx.com. As of the time of this review, ToraFX does not hold any known regulatory licences from major financial authorities, which is a significant factor for traders to consider.

The broker primarily targets retail traders, offering a range of account types designed to cater to different experience levels and capital sizes. Its website is available in both English and Persian (Farsi), indicating a particular focus on traders from Iran and Persian-speaking regions.

A critical aspect of any broker assessment is its regulatory status. ToraFX is registered in the Comoros, which is not a jurisdiction known for stringent financial oversight. Our records confirm that the broker has no regulatory licences from any recognised authority such as the FCA, CySEC, ASIC, or others. This absence of regulation means that client funds are not protected by any investor compensation scheme, and there is no external oversight of the broker's operations.

Traders should be aware that unregulated brokers carry a higher risk of issues such as withdrawal delays, unfair trading conditions, or even outright fraud. The FXCanary Scam Risk Score for ToraFX is 75 out of 100, indicating a severe risk level. This score is largely driven by the lack of regulation and the broker's recent establishment.

ToraFX offers four distinct account types. The Pro Gold account has no minimum deposit and provides a maximum leverage of 1:200, making it accessible for those with small capital. The Bonus account requires a $10 minimum deposit and also offers leverage up to 1:200. For traders seeking higher leverage, the PRO ECN account requires a $200 minimum deposit and offers leverage up to 1:500, while the ECN account starts with $15 and also provides 1:500 leverage.

The availability of leverage up to 1:500 is notably high and can amplify both profits and losses. Such high leverage is often associated with offshore brokers and may not be permitted for retail clients in many regulated jurisdictions. Traders should exercise extreme caution when using high leverage.

ToraFX indicates that it provides the MetaTrader 5 (MT5) platform, a popular choice for forex and CFD trading. The broker claims to offer over 200 trading instruments, including currency pairs, gold, and cryptocurrencies like Bitcoin and Ethereum. Live quotes on the homepage display several major forex pairs and crypto prices, suggesting active liquidity in these assets.

However, the exact list of instruments and trading conditions are not exhaustively detailed on the website. Traders may need to open an account or contact support for full specifications. The broker's website also features a Trading Academy section, implying an effort to provide educational content.

The broker does not explicitly list accepted deposit and withdrawal methods on its main pages. Based on common practices among offshore brokers, it may accept bank transfers, credit/debit cards, and various e-wallets or cryptocurrencies. However, without clear information, traders should verify directly with the broker before committing funds.

The lack of transparent information about payment methods is another cautionary sign. Additionally, withdrawal policies, fees, and processing times are not detailed on the website, which could lead to unexpected issues for clients.

ToraFX claims to offer 24/7 customer support, which is a positive feature for traders in different time zones. The website has a live chat option and a contact form. The broker also maintains an Instagram profile for social media engagement.

Given the broker's unregulated status and newness, responsive customer support is crucial. However, without independent user reviews, the quality and reliability of this support cannot be verified.