The number of fake Binary Options brokers just keep on increasing on a daily basis and we at First Option Recovery, are giving our heart and soul into thoroughly investing each and every one and bringing the right information to you. The analysis about the TorOption scam is brought to you by a team of experts here at First Option Recovery who work diligently day in day out to bring you the best conclusion as to whether a broker is genuine or not. Our team here consists of the best attorneys and lawyers in town. We have a success rate of over 92% and with over 2100+ happy clients and over 3200+ cases solved ( that means we have had the privilege of working with repeat clients), our team has been the best in the business of fund recovery for over a decade as of today.
A detailed analysis of TorOption scam made us believe that this options broker is not a legitimate one. Although the scam has already been busted, we give you a thorough knowledge about how we came to know about the TorOption scam in the making.
With just a 1.8 rating on TrustPilot based, Tor Option doesn’t seem to be holding a good repute with its customers. Be it their stupid algorithm that they follow or the fake exchange that they run, a lot of things do hint at the mere fact that TorOption scam is one of the biggest scams in the making.
How the TorOption Scam started?
TorOption started out as a binary options broker in early 2017 using a simple trading platform which was very easy for the traders to learn. However, when things started to take a U-Turn owing to the mishappenings inside the company, they turned to CFD trading by the end of December that year.
Strange, isn’t it? Owing to the fact that a company needs so much hard work to start. First Option Recovery is a result of years of hard work and our founders who burned the midnight oil every day to bring the firm into existence. They hired attorneys, bankers and private investigators all across the globe and eventually, after toiling day in and day out, brought the firm into a reputation that it upholds till today.
The company had listed all major Cryptocurrencies under its trading platform including Bitcoin, Ether, Dash and Litecoin. They also started out on their social media pages for their marketing needs. However, if you notice carefully, these social media pages haven’t been updated for the past 2 years.
As with all other scam brokers, this also had its fair share of withdrawal issues. Enough to unfold the TorOption Scam in our honest opinion. Initially, they said that with every $250 and above deposits, they are giving a deposit of 10%. Also, in order to withdraw the money, you need to trade 20 times the deposit amount, and then only they are going to send your money via wire transfer.
Unfortunately, such promises are indeed fake, as the payouts were never made at all according to the reviews on TrustPilot where the investors complained of losing all their hard-earned money.
No Regulatory License
We at First Option Recovery always advise our customers that one needs to always check the license number of a broker before investing his money in it. A list of license numbers are always available publicly of all the brokers who have been legitimately verified. Unfortunately, majority of the brokers still offer investing services based on fake license numbers.
A similar situation with most fake brokers, TorOption also didn’t have a proper regulatory license that needs to be issued in order to deal with cryptocurrency and other trading mechanisms. As a fund recovery group, we highly suggest you look for the broker’s license number before trusting them with your money. If there is no license number, there is a 100 percent chance of TorOption Scam being one of the biggest binary scams in the business. If there is a license number, you need to first verify it with the Broker Licensing Authorities where all the numbers are available in the public domain.
Also, at the time of writing this article, the website is no longer reachable and their address, phone and emails have also become untraceable.
No Demo Trading
Perhaps the biggest mistake that the broker did which eventually led them to be exposed in the TorOption Scam, is not providing a Demo Trading option on their website. This was the biggest concern for most of the traders out there who looked up to hone their trading skills before deciding to invest their real money into the trading game. As a fund recovery group, First Option Recovery highly advises you to ensure that your broker provides a demo trading account and also make sure that the trading account is not a rigged one.
Demo trading helps in improving the trader’s accuracy in Binary Options Trading. He also adapts himself to trading with the trading tools that the broker provides. Once he has been able to understand the ins and outs of the trade, then it would be really easy for him to not make the same mistakes that he did while trading with real money. The lack of demo trading and directly investing your real money into a relatively unknown Binary Options broker was enough for one to realize that there was something wrong with the broker and TorOption scam was about to get exposed.
What is the best way out in such situations?
TorOption scam is not the only options scam in the making, there are literally hundreds of new scams that come up on a daily basis. If you have lost your money from TorOption Scam, it is highly advisable to take the help of a top-class Fund Recovery group. Few things to keep in mind before settling for one is the experience it carries and whether it assures you that it would bring back your money first and then command a fee from you. Also, it should be noted that the firm should have been successful in recovering money from all kinds of scams, which should not only be limited to binary options scams.
We at First Option Recovery tick all the right boxes written above. Apart from the TorOption Scam, we have have dealt with other scams like Yes Option Scam and 23 Traders Scam as well. Do contact us if you have been a victim of the TorOption Scam and our team will get back to you for a free consultation.