SCAM ALERT: Unregulated THOR FX Gets Negative Feedback From Traders

From false promises of astronomical profits to unregulated platforms, the forex market teems with risks. In this treacherous financial landscape, it's crucial to find a trustworthy partner that prioritizes your interests. Don't allow scam brokers like THOR FX to harm your financial well-being and erode your trust. 

A Quick Look at THOR FX

Boasting its platform built with all the latest technology to ensure lightning-fast trade execution with ECN & STP hybrid execution model, THOR FX offers more than 145 assets to trade across Forex, Stocks & Indices, Commodities, and Crypto, it allows a minimal deposit of $10, a minimal lot size of 0.01, and the maximum leverage of 1:500. THOR FX provides traders with four types of trading accounts: Standard (starting at 0.8 pips, $7 per lot), PRO (starting at 0.4 pips, $8 per lot), VAR (starting at 1.2 pips, commission free), Mini (starting at 1.0 pips, $1 per lot).

Is THOR FX Regulated?

According to the information presented on its website, THOR FX claims to be located and registered in the Marshall Islands under the number 966049. Upon inquiry, there is no matching record found in the Marshall Islands Registry (IRI). 

THOR FX does not provide any other details about its regulatory status. In fact, the broker is not authorized or regulated by any regulatory agency. Entrusting investments to THOR FX poses significant risks.

Clientele Feedback

Several clients expressed dissatisfaction with THOR FX’s trading conditions and customer support, complaining about higher commission fees and spreads. In terms of customer service, THOR FX was condemned for ignoring clients’ support tickets. A client felt the broker was not serious about account services after clients topped up their accounts.

CNMV’s Warning

On November 13, 2023, the Comisión Nacional del Mercado de Valores (CNMV), the regulator supervising financial market activities in Spain, issued a warning to the public on the unregistered firm THOR FX, stating that the platform is not authorized to provide investment services. 

Bottomline

Given the fact that THOR FX lied about its registration and failed to obtain authorization, there are huge risks associated with trading on this platform. In addition, several traders have given negative feedback about this broker, which is indicative of potential fraud. Investors are strongly advised to steer clear of this unregulated broker.

BrokersView wants to remind investors that conducting thorough research, seeking client reviews, and verifying the credentials of a broker are essential steps in protecting oneself from potential scams and financial losses.