This Torroso review will analyze the broker’s operations, focusing on red flags and tips for recovering lost funds if scammed.
Torroso Broker Overview
- Website: https://www.torroso.com/
- Website Availability: YES
- Headquarters Country: Mauritius
- Owned By: Torroso Ltd
- Blacklisted by: Not recommended by the review website like Fraud Recovery Experts
- Domain Age:
- Name: TORROSO.COM
- Registry Domain ID: 2753896650_DOMAIN_COM-VRSN
- Registered On: 2023-01-26T11:14:46Z
- Expires On: 2028-01-26T11:14:46Z
- Updated On: 2023-08-09T13:27:05Z
Trading through Torroso, an online platform, reportedly includes forex and CFDs. According to Torroso, it is licensed and regulated by the Financial Services Commission (FSC) of Mauritius under license no. GB23201614. Their pitch centers on 24/7 customer support, convenient platforms, and various partnership programs.
Warning Signals and Public Reviews
Contrary to its self-proclaimed reputation, however, several warning signals have come up about Torroso’s work. Independent reviews raise doubts about the broker’s existence, citing a lack of valid regulatory information while putting it down as a possible scam. User complaints only doubly stress these doubts. The Hungarian user stated that, although deposits were being accepted, they were having trouble withdrawing funds and were suspicious of fraud.
Regulatory License Under Suspicion
Torroso claimed to be governed by the FSC of Mauritius, but the credibility of that license is suspect. While the FSC is not recognized as a top-tier financial regulator, its operations may be less rigorous compared to those in more established jurisdictions. In turn, this would cause serious concern regarding the level of investor protection and legitimacy of the operations carried out by Torroso.
Is Torroso Genuine or a Fraud?
Another red flag for Torroso’s credibility arises from the above. Complaints against the company from users, and a lack of solid regulatory oversight, coupled with warnings from independent reviewers, indicate that Torroso could not be a broker one could trust. Potential investors are advised to take utmost caution and do their due diligence before dealing with Torroso or similar kinds of platforms.
Avoid These Popular Online and Financial Scams
Scammers have various ways to get into the minds of people and take away money from them. Here’s the list of scams:
- WhatsApp Scams: Scammers pretend to be officials, friends, or investment consultants. Their task is to lead the victim to invest in fake schemes or attempt phishing.
- Telegram Scams: Scammers create bogus groups and pose as real businesses to promote fraudulent investments, fake giveaways, and Ponzi schemes.
- Ponzi Scams: Their promise is of high returns and low risk, which is paid by new investors to earlier ones until the scheme collapses.
- NFT Scams: Scammers create bogus NFT projects, artificially inflate the price of NFTs, or simply dupe buyers into purchasing worthless digital collectibles.
- Amazon Scams: Fake Amazon representatives trick users into leaking personal details via fake order confirmation emails, refund scams, or phishing websites.
Is Torroso Broker Legitimate?
Using the following aspects, we try to confirm the legitimacy of Torroso Broker:
- Regulation Status: Legitimate brokers are regulated by the SEC, FCA, or ASIC. The lack of regulatory information is a big red flag.
- User Reviews and Complaints: Complaints from dozens of investors regarding lost funds and withdrawal issues point to scamming.
- Transparency and Credibility: Lack of company data, hidden fees, and misleading terms are signs of fraud.
How to Get Funds Back from Torroso Broker?
If you got scammed by Torroso Broker, these steps might help you recover your funds:
- Report to Your Bank or Payment Provider: Refer to transactions made without your permission and file a chargeback request.
- Collect All Evidence: All communications, transaction receipts, and screenshots should be consolidated as proof of the scam.
- Complaint Registration with Financial Authorities: Report the scam to the regulator within your country.
- Consider Seeking Professional Help: Recovery experts can follow the money trail and launch a lawsuit against the fraudulent brokers.
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New fraudulent schemes targeting traders are something we are constantly keeping an eye on across the internet. Having gathered data on scam brokers for over ten years, we hardly can think of any other untrustworthy company in the market. Information about the scammers is provided below from our List of SCAM Brokers.
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