Tor FX ReviewOverview User Reviews Get a Quote
As one of the leading providers of currency exchange, TorFX offers fast, efficient trades at any time of the day. Their unrivaled customer service department helps new clients to adjust to the currency market and make their trades. TorFX provides each client with an alternative to traditional bank exchange rates. The webpage of the company boasts that they can save each client additional money on their exchange compared to traditional exchange rates.
Compared to Banks
Compared to traditional banks, TorFX saves clients up to 5 percent. They provide each client with the depth of their foreign exchange experience and knowledge about the marketplace. Users who choose to open an account can do it immediately without any charge.
This exchange service is one of the few of the brokers that offer an inter-bank margin rate of 0.7 percent. Although this may not sound like much, it can save a great deal on large exchanges. Traditional exchange brokers have a margin rate totaling 1 percent or higher. For a £100,000 exchange, clients would save a total of £1,900. This accounts for a savings of 1.9 percent overall. Exchanges that are higher than £5,000 can receive wholesale exchange rates. The larger the exchange is, the more money the client will save.
Overview of the Company
Clients save more money because of the way TorFX is set up. This company is designed to cut costs like staff and overhead. As a result, TorFX can pass on these savings to their clients. The competitive rate has only a small percentage added on to the exchange to pay the brokers with. Since this rate is incorporated into the price structure, brokers have an incentive to provide the best customer service available. They make their income based off of repeat clients so it is in the broker’s best interest to utilize all of their expertise in helping each client.
The best reason to use TorFX is the guaranteed 0.7 percent inter-bank margin rate. Users can create forward contracts and stop orders to ensure that they get the best trade for their money. The only negative associated with the service is the £6 fee. Although clients may not like paying the fee amount, it is still lower than the £30 fee that many banks charge for foreign exchanges. Additionally, users can take advantage of free market analysis services offered by the company. This service enables users to figure out the best time to make their exchange and save the maximum amount of money.
What we like about Tor FX:
– All client funds are kept in its Barclays Bank client funds account which is separate from the money it uses to run its day-to-day operations.
– Member of the UK Money Transmitters Association
– The company is authorised and regulated by the FSA
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What we don’t like about Tor FX:
– They are not as flexible when it comes to less popular currencies.