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The WikiFX Score of this broker is reduced because of too many complaints!


Australia|Above 20 years|
Market Making(MM)|High potential risk|


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Influence index NO.1

Australia 7.74

Surpassed 67.60% brokers

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1800 507 480
Suite 202 25 Elkhorn Avenue Surfers Paradise Queensland 4217 Australia
The WikiFX Score of this broker is reduced because of too many complaints!


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No restriction on the broker account. Support service provided by WikiFX

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Contact number


1800 507 480

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Broker Information


Company Name

TorFX Pty Ltd



Platform registered country and region


Company website

Pyramid scheme complaint


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WikiFX Risk Alerts 2
Previous Detection : 2024-07-12
  • The number of the complaints received by WikiFX have reached 7 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
  • The current information shows that this broker does not have a trading software. Please be aware!

WikiFX Verification

TorFX · WikiFX Survey

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    TorFX · Company Summary

    Registered Country/Region Australia
    Regulation ASIC
    Founding Time N/A
    Trading Platform N/A
    Minimum Transferring amount $200
    Customer Support 7/24, Phone & Email

    General Information & Regulation

    TorFX is an Australian money transfer company, also with offices in the UK, offering phone and online-based money transfer services. Through the TorFX platform, transfers can be made in over 40 currencies to more than 120 countries/regions. TorFX is currently regulated by ASIC in Australia and holds a full license under their authorization, license number: 246838. However, recently, the company has been in the news frequently for being unable to withdraw funds, difficulties in withdrawing funds, and several negative complaints, so investors should be careful with this platform.

    Exchange Rates & Fees

    TorFX makes money through exchange rate margin and does not charge any fixed fees outside the exchange rate. Its total transfer costs (exchange rate + fixed fees) are 0.5%-2%, 3%-7% for banks and 6%-8% for PayPal. The cost on this platform is more competitive if the user transfers larger amounts or uses its services frequently. However, if the transfer amount is smaller, the fees can be relatively higher.

    How to open an account?

    Opening an account with TorFX is simple, free. You can register your details or over the phone and this company will be assist you once you need help.

    Once registered, you'll be assigned an Account Manager who can provide invaluable guidance and support , keeping you informed of market movements and the options available to you to obtain better exchange rates and manage the risk f currency movements.

    Trading Sign-up Options

    TorFX offers two trading options: free quotes and online accounts. Free quotes require a form to be filled out to register, and once setup is complete, TorFX guarantees to offer rates up to $50,000, and for trades over $50,000, users will need to transfer funds to their account to receive a fixed quote. In the UK, TorFX allows corporate accounts to trade large amounts of up to £100,000 online.

    Transfer Speed

    TorFX says that the speed of the transfer depends on the currency of the transfer, the destination bank, and the receiving bank, and they promise to transfer funds to the user's account within the same day or two business days of the exotic destination. However, it should be noted that the speed of transfer is heavily influenced by the time it takes for the bank to transfer the funds to the user's TorFx account and the time it takes for the funds to reach the destination bank and be reflected in the user's account, so it can take a total of 3-6 days for the funds to reach the user's account. If the transferring bank is not located in the UK or Australia, it may take longer for the funds to reach the user's account.

    Pros & Cons

    Pros Cons
    ASIC-regulated Expensive smaller transactions
    Ease of setting up and transacting Not regulated in Canada and the USA
    Transacting both online and over phone Slow to get money sometimes
    Competitive exchange rates (larger transactions), no transfer fee
    Officers in Australia and UK
    Good customer support

    Frequently Asked Questions

    What kind of broker TorFX is ?

    TorFX is a money transfer company offering both phone based and online money transfer services.

    How fast is TorFX?

    According to TorFX, the transfer speed depends on various factors such as currency being transferred, and destiniation and receiving banks. They claim to transfer funds to your account on the same day or within two working days for exotic destinations.

    What are the exchange rates offered byTorFX ?

    The actual exchange rate you get depends on several factors including the currency and amount. If you are making a large transaction there are higher chances that you will get a better deal.

    Does TorFX charge transfer fees?

    No, TorFX does not charge any transfer fees.

    What are currency trasnfer services provided?

    A range of currency transfer services including Spot Contracts, Forward Contracts, Market Orders, Market Insight, 24/7 Transfers.

    User Reviews

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    more than one year
    On the surface, TorFX is a reliable foreign exchange company registered in Australia and regulated by ASIC, but in fact it is an out-and-out liar. please don't fall into the trap!
    2023-02-20 18:54
    more than one year
    The company claims to help people save time and money on currency transfers, but according to user exposure, it actually uses people's desire to save money to commit scams.
    2023-02-16 10:09
    more than one year
    I really don't want to remember my experience but I hope more people can see my review and stay away from this scammer. He claims to be effectively regulated by ASIC, but on the contrary, he is a complete liar.
    2022-11-23 10:33
    more than one year
    A very helpful staff help me make a currency exchange from the United Kingdom to Australia. They offer a competitive exchange rate and transactions are fuss free and speedy. For anyone who needs payment service, I would recommend this platform.
    2022-11-18 13:38
    more than one year
    I heard this broker from one of my friends. I entered into TorFX’s official site and just want to see how it works..Sadly, the site seems not to work.. it loads for more than 5 minutes but hasn’t come out..Is my wifi too bad? Or is there something wrong with this broker's website?..
    2022-11-16 15:15


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    ※ The content of this website abides with local laws and regulations.
    You are visiting the WikiFX website. WikiFX Internet and its mobile products are an enterprise information searching tool for global users. When using WikiFX products, users should consciously abide by the relevant laws and regulations of the country and region where they are located.
    consumer hotline:006531290538
    Mobile Phone Number:234 706 777 7762;61 449895363
    Telegram:+60 103342306
    Whatsapp:+852-6613 1970;
    License or other information error corrections, please send the information