What Is Torobase？
Torobase is a broker based in China, with a focus on forex and cryptocurrencies. It is not regulated by any governing authority.
Pros & Cons
Pros:
Demo Account Provided: Torobase offers a demo account, allowing users to practice trading strategies and familiarize themselves with the platform's features before risking real funds.
High Leverage: Torobase provides high leverage of up to 1:3000, which can amplify profits, although it also significantly increases the risk involved in trading.
Cons:
No Regulation: The platform operates without regulatory oversight, which raises concerns about the safety of users' funds and the integrity of trading practices.
Limited Customer Support Channels: Torobase offers limited customer support channels, primarily relying on a contact form, which results in slower response times and less efficient assistance for users.
Limited Market Instruments: Torobase has a limited range of market instruments, mainly focused on cryptocurrencies and possibly other assets like forex pairs, which restricts trading opportunities for users seeking diverse investment options.
Strict Regional Restrictions: The platform may have strict regional restrictions, limiting access to users from certain geographic regions, thereby reducing its accessibility and user base.
Is Torobase Safe or Scam？
Regulatory Sight: Torobase is currently operating without regulatory oversight, which means it does not fall under the jurisdiction or supervision of any financial regulatory bodies. It also does not hold any licenses that would enable it to conduct its operations in the financial market. This lack of regulation poses numerous risks to investors, such as a lack of transparency, security concerns, and no guarantee of adherence to industry standards and practices.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
Torobase offers a selection of market instruments primarily centered around forex and cryptocurrencies. This includes trading pairs such as Bitcoin for US Dollars (BTC/USD) and Ethereum for US Dollars (ETH/USD). However, compared to other platforms, the variety of instruments available on Torobase is relatively limited.
Leverage
Torobase provides a maximum leverage of 1:3000, which is exceptionally high and can significantly amplify both potential profits and losses. While high leverage offers the opportunity for traders to control larger positions with a smaller amount of capital, it also increases the risk of significant losses, particularly in volatile markets.
Spread & Commissions
Torobase offers competitive spreads starting from as low as 0.1 pips, making it appealing for traders looking for cost-effective trading. Additionally, the platform does not charge any commissions on trades, which can further enhance the affordability of trading. This fee structure is advantageous for traders seeking to minimize trading costs and maximize their potential returns.
Trading Platform
Torobase provides traders with a modern and optimized trading platform known as Torobase Trader. This platform is specifically designed for algorithmic trading, catering to the needs of both beginner and experienced traders. Users can access the platform from any device, offering flexibility and convenience in executing trades and monitoring market movements. With its emphasis on algorithmic trading and accessibility, Torobase Trader enables traders to capitalize on market opportunities efficiently and effectively.
Deposit & Withdrawal
Torobase offers multiple deposit and withdrawal options to provide flexibility and convenience to its users. These include Visa, master card, credit card, Apple Pay, G Pay, SEPA(Single Euro Payments Area), bank transfer, and Google Pay. Users can choose whichever method they like to pay for.
Customer Support
The customer support provided by Torobase is available 24/5 and primarily relies on a contact form for users to reach out with inquiries or assistance. This means that users can submit their questions or concerns through the contact form provided on the platform's website. However, as there are no immediate contact means such as live chat or phone support, users cannot receive immediate replies to their queries.
Conclusion
Torobase is a broker that mainly provides forex and crypto products, allowing users to try a demo, and use high leverages, low spreads, and free commissions. However, it currently holds no regulations and it provides only limited customer support. We do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Q: What is the minimum deposit required to open a live account？
A: The minimum deposit required is $10.
Q: Does it support MT4/5？
A: No, it supports neither.
Q: What is the lowest spread it can offer？
A: The lowest spread is 0.1 pips.
Q: Is a demo account available？
A: Yes.
Q: Can I call them on weekends？
A: No, you can't. They do not provide phone calls and customer service on weekends.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
