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If you deposit bitcoins or other crypto coins to a zero-credibility website like Thorfx.com, you will have no possibility of recovering your assets after you realize you have been duped. This is because all crypto transactions are irreversible
ThorFx gives the impression that it is related to the superhero Thor. This is, however, just a clever marketing gimmick to make the broker appear legit. At first glance, the company website may appear credible and professional. But appearances can be deceiving. If you dig deeper, you’ll find that the website hides its owner’s identity behind a cloak of anonymity. It also lacks a valid forex license, and it has all the other telltale signs of fraud.
Foreign exchange trading, or Forex trading, is a kind of investing in which one buys and sells currencies in order to make a profit. Due to its tremendous liquidity and minimal entry hurdles, it is one of the most popular types of investment. To profit from fluctuations in the value of currency pairs, traders might take a long or short position through honest, trustworthy forex brokers.
However, forex trading carries inherent risks, and unscrupulous brokers abound. Before you start trading with a broker, you must ensure they are a legitimate business. Consider customer service standards, rules, costs, and reputation. If you are unsure which broker to use, it may be best to find one who is licensed by the financial regulators in your state. Currency exchange trading, when approached with diligence however, may be an enriching investment opportunity.
Bulls and bears aren’t the only considerations in Forex trading. The dynamics of price change are numerous. Changes in the global economy cause swift fluctuations in the market. Unsavory brokers use these fluctuations to their advantage by requoting prices. Therefore, investors suffer losses because their trades were not closed in time.
Scam brokers often share an overly optimistic outlook on trading as a whole. They simplify trading by making it seem like all you have to do is click sell or buy. They make no mention of the fact that this is a high-risk endeavor with the possibility of financial loss. Here, we’ll examine a case study of one of these dubious companies.
With this broker, you can trade indices, currency pairs, metals, cryptocurrencies, metals and commodities. They claim that their platform is designed to facilitate fast trade executions thanks to technology.
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The broker also offers other ways of earning apart from trading. You may earn through their affiliate program, affiliate rewards or content creation. In the affiliate program, traders earn a commission when they market ThorFx to other traders. When you invite a trader to trade cryptos, for example, you get a commission of $3.75 per lot.
This commission may seem enticing. However, it is essential to remember that this is one of the dirty tricks brokers use to lure people into investing with them. The more people you invite to the firm, the more commission you will get. In the end, the broker just wants to make money from the deposits of new traders.
Founders and Team
A company has to have a team of leaders running it. Also, it has to show the people who started it and the journey. Many people who run big companies tend to tell their success stories. They take pride in talking about their humble beginnings and how they started small. They also show photos of the people they work with.
This broker seems to be different. For one, we could not find any information about the company founders or who is running it currently. There are several reasons why this may be the case. One is that the broker may be running other shady firms. Thus, they choose to conceal their identity for fear of recognition.
We also could not establish when the firm was started. This information is vital because it helps one to understand the company’s ability to do what it claims it can do. From whois.com, we established that the domain website was created on 2020-05-02, updated on 2020-12-24 and will expire on 2023-05-02.
The expiry date shows the company may be exiting the market soon. It is possible that by then, many people will have discovered that they are shady and will want nothing to do with them. If the broker were legit, their domain would not be expiring so soon.
There are numerous potential pitfalls for new traders. Slippage, for instance, may seem suspicious to novice traders and lead them to believe they are being scammed. The client may become perplexed as to why their stop-loss order is not being carried out. Thus, the broker must be approachable if clients have questions about these matters. A reliable broker will make themselves available via phone, in-person, and electronic mail.
ThorFx provides no information regarding their contact details. There is no physical address, phone number or email. The only way is for them to reach out to you through newsletters. To contact them, you must first open an account. This is wrong because you should know what you are getting yourself into. There are social media platforms like Facebook, Twitter and Instagram where you can reach them. However, when we looked at them, there was little activity, and hence the platforms are unreliable.
ThorFx Regulation Status
Many novice traders lack the knowledge necessary to choose a trustworthy broker. Finding the right broker in today’s market can be an uphill battle. However, traders must keep an eye out for regulation. Don’t waste your time or money on an unlicensed broker. Regardless of what the broker says, check with the appropriate authorities to ensure their statements hold water.
A forex broker’s identity, location of incorporation, licenses, and the authorities controlling them should not be hidden or difficult to verify in any way. The absence or poor presentation of such information raises a red flag, suggesting that we are likely dealing with fraudsters.
ThorFx has not mentioned anything about regulation. They have not said whether they have a license and from whom. If the firm were legit, it would have shown proof of regulation. From our research, we established that the company might be based in St. Vincent and the Grenadines (SVG).
There are several worrying things about this location. For one, the government in this region explicitly warns that it does not license forex brokerage activities. Many shady brokers set up brokerage firms in these areas to avoid the cost of operating a legit business. A licensed broker must have a segregated account where they keep the clients’ money. This guarantees safety in case the firm goes bankrupt.
Deposit and Withdrawal
The broker claims to accept cryptocurrencies, debit and credit cards for depositing money. We could not, however, verify that credit cards are indeed accepted. This scam website tries to lure you into investing your funds in cryptocurrencies, and there is good reason to be wary of doing so.
First of all, if you deposit bitcoins or other crypto coins to a zero-credibility website like Thorfx.com, you will have no possibility of recovering your assets after you realize you have been duped. This is because all crypto transactions are irreversible. Also, you can never be sure to whom you are sending money while using a Bitcoin wallet.
However, if you have used a reliable method to fund your account and something goes wrong, you may file a chargeback with the bank that issued your card and get your money back. The broker claims that the minimum deposit is as little as $25, but this does not change the reality that we are dealing with unlicensed crooks.
When you open an account with them, they claim to offer traders a deposit bonus of up to 20%. This is, however, one of the shady brokers’ dirty tricks to scam people.
ThorFx Trading Conditions
Traders can choose one of the four accounts the broker offers. The spreads are pretty tight, with as low as 0.8 pips for a standard account. There is, however, a $7 commission for this account.
The broker offers a very high leverage of 1:500. Most regulated brokers have lower leverage to protect traders. The high leverage encourages risky trading, as many people open big positions and end up losing money in the process.
ThorFx is a scam. Despite its efforts to associate itself with a Marvel superhero, they are shady scammers. Their mission is to steal your money, and it is no wonder they are encouraging traders to deposit using cryptocurrencies.
That does not, however, mean all is lost. There are many legit and honest forex brokers in the market today. All you have to do is ensure that they are licensed and have transparent means of transactions. This way, you will avoid getting scammed.