Torobase Review Disclaimer: This information is provided solely for warning and alert purposes. It highlights the major red flags associated with torobase.com, a suspicious trading platform operating from an offshore jurisdiction. The review is based on my personal experience and publicly available information.
Is Torobase legit? Based on the red flags it exhibits, this broker doesn’t seem credible or trustworthy. In this unbiased review, I’ll point out those red flags. But first, here’s a brief summary of Torobase:”
TOROBASE.COM Overview
Torobase(torobase.com) portrays itself as a global trading platform with lots of trading opportunities in forex, cryptocurrencies, and a wide range of other financial markets.
The company asserts that it features a cutting-edge framework characterized by open API, which supposedly allows for top-notch algorithmic trading setups suitable for professional traders.
Furthermore, it claims to charge no commission, pointing out that it generates revenues from spreads instead.
What’s more, it claims to offer leverage 3000 times your funds supposedly to expand your trading power.
| Broker | Torobase |
| Domain | torobase.com |
| Torobase Minimum Deposit | $3 |
| Purported Physical Address | St. Vincent and the Grenadines |
| Licensing | Unlicensed |
| Contact | info@torobase.com |
| Verdict | A highly suspicious offshore broker that traders should avoid or proceed with with caution. |
Account Types
- A demo trading account.
- A crypto-based live trading account.
Torobase Deposit Methods
- Bank transfer.
- Credit card.
- Google Pay and Apple Pay.
N/B: Deposits are first converted into cryptocurrency before being credited to traders’ accounts. This is a serious red flag.
Torobase RED FLAGS
1. The Broker Is Non-Compliant
To begin with, Torobase states on its website, torobase.com, that it does not have any special permit or license and is not regulated by any governmental financial authority. What’s more, it lists the following on its Trustpilot profile as its physical address, suggesting that it’s an offshore broker:
“Kingstown, VC0100, St. Vincent & Grenadines.”
Upon conducting some research, I discovered that:
- The capital city of St. Vincent & Grenadines is Kingstown.
- VC0100 is a legitimate postal code used in Kingstown, SVG.
- Brokers in SVG are regulated by a body called “the Financial Services Authority (FSA) of SVG”, under money services businesses(MSBs).
The FSA clearly states on its website that all financial services providers in the nation should have a license.
Yet Torobase states plainly on its website that it’s not licensed or regulated by any regulatory authority in the world.
I even checked the FSA’s public register of licensed and authorized MSBs and did not find the name “Torobase”.
This means that this broker is operating in the SVG illegally without a license contrary to the law.
I stated in this review post of another fraudulent broker called “Eagle Trading(estrategies-solution.com) that a non-compliant broker is illegitimate, citing that most such brokers are scammers.
2. Overwhelmingly Negative Torobase Reviews On Trustpilot
Trustpilot is a major review platform for brokers. It’s the go-to place to see what others are saying about a broker you’re evaluating. While some shady brokers do pay for fake reviews, Trustpilot still remains a reliable platform where brokers’ true reputations often come to light through negative feedback.
If you check out Torobase reviews on it, for example, you’ll find that many users have left the broker negative feedback, expressing their dissatisfaction with it. To be precise, Torobase had garnered a 2.7-star rating out of 20 reviews. Of these, 45% of the reviewers gave it 1-star while the rest rated it 5-stars.
What’s more, the ratings are unbalanced, consisting solely of 1-star and 5-star reviews. There are no 2-star, 3-star, or even 4-star ratings, a sign that some of the ratings(especially the 5-star ones) might be fake.
The broker might have paid some unscrupulous authors to award it 5-star ratings in an effort to counter the poor ratings.
3. TOROBASE.COM Offers Solely Crypto-Based Live Trading Accounts
What’s more, you can only open a cryptocurrency-backed account on torobase.com when it comes to a live trading account. This means that deposits and withdrawals are only possible through a crypto framework.
I consider this a serious red flag.
If you recall, I stated in this post that restricting deposits and withdrawals to cryptocurrencies is a rare approach only seen in questionable trading platforms.
The reason for that is simple: it allows them to disappear with your funds without a trace, as cryptocurrency transactions are often untraceable.
4. Too Many Torobase Withdrawal Complaints
Lastly, the company claims to take the safety of your funds seriously by using 2-factor authentication for withdrawals to ensure that only you can access your funds.
However, there are many withdrawal complaints on Trustpilot with users accusing the company of fraudulently withholding their funds.
Too many withdrawal complaints is a very serious red flag when it comes to trading platforms, and you should avoid any platform with such complaints.
How About The Positive Review of Torobase On Binance Square?
Trustpilot shows that torobase.com is not a trustworthy trading platform. The same can be said about WikiFX, an independent review blog that serves as a public watchdog. Yet Binance Square review of Torobase seems to talk positively about this trading platform. So, which information source should you trust between the three?
A cautious investor would tell you not to trust the Binance Square review of Torobase. Sure, Binance Square is a subsidiary of a big and credible company, Binance(binance.com). However, the review looks a bit questionable because of the fact that it is written by Coinpedia. In short, it’s a sponsored review and not a user-generated one as in the case of Torobase reviews on Trustpilot.
Here’s what you need to know:
First, sponsored reviews are not always independent compared to user-generated reviews. Sometimes such reviews are biased, depending on the company’s partnership or business interests with the third-party entity.
Secondly, Binance Square includes a clause under the Exclusion of Liability in its T&Cs. The clause essentially states that the company takes no responsibility for any information on its website that may lead to loss or damage for users. It explicitly mentions that using any information posted on its site is at your own risk.
It means Binance Square may host misleading content, such as biased sponsored reviews, without facing consequences. The sponsored Torobase review appears to be one such example.
Final Verdict
Torobase is highly suspicious and untrustworthy. This company operates illegally in St. Vincent and the Grenadines without proper regulation or licensing, deliberately violating the nation’s laws. What’s more, the so-called trading platform has attracted lots of negative reviews and low ratings online, suggesting general user dissatisfaction. In addition, its crypto-only deposits and withdrawals approach coupled with numerous withdrawal complaints are serious red flags. Traders should avoid this broker due to its lack of credibility and significant risks.
Report A Scam Incident
Have you fallen victim to Torobase or another dubious broker? If so, go to this page to report the incident and seek help. Alternatively, send an email to scamread@scamreader.info.