The number of fake Binary Options brokers keeps increasing daily. We at First Option Recovery are giving our heart and soul into thoroughly investigating every scammer and bringing the correct information to you. The TorOption scam analysis 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 more than 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 TorOption scam analysis made us believe that this options broker is not legitimate. 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, TorOption doesn’t seem to be holding a good repute with its customers. Is it their stupid algorithm that they follow or the fake exchange they run? Many things do hint at the mere fact that the TorOption scam is one of the biggest scams in the making.
HOW THE TOROPTION SCAM STARTED?
TorOption started 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 began to take a U-Turn due to the company’s mishappenings, they turned to CFD trading by the end of December that year.
Strange. Since a company needs so much hard work to start. First Option Recovery results from years of hard work, and our founders burned the midnight oil every day to bring the firm into existence. They hired attorneys, bankers and private investigators worldwide and eventually, after toiling day in and day out, got 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 on their social media pages for their marketing needs. However, these social media pages haven’t been updated for the past two years, if you notice carefully.
As with all other scam brokers, this also had its fair share of withdrawal issues. About sufficient points 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, to withdraw the money, you need to trade 20 times the deposit amount, and then only they will send your money via wire transfer.
Unfortunately, such promises are fake, as the payouts don’t initiate at all. According to the reviews on TrustPilot, 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 is always available publicly of all the legitimately verified brokers. Unfortunately, most brokers still offer supporting 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 to deal with cryptocurrency and other trading mechanisms. As a fund recovery group, we highly suggest looking 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 business’s biggest binary scams. 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, whilst writing this article, the website is no longer reachable, and their address, phone and emails have also become untraceable.
NO DEMO TRADING
Perhaps the broker’s biggest mistake, which eventually led them to be exposed in the TorOption Scam, is not providing a Demo Trading option on their website. It stood as the biggest concern for most traders who looked up to hone their trading skills before investing 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 ensures 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 understood the trade’s ins and outs, it would be effortless for him not to 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 hundreds of new scams that come up daily. If you have lost your money from TorOption Scam, it is highly advisable to take help from 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. The firm should have successfully recovered the money from all kinds of scams, limiting binary options scams.
We at First Option Recovery tick all the right boxes written above. Apart from the TorOption Scam, we have dealt with other scams like Yes Option Scam and 23 Traders Scam. 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.