Read our ToroCoin review to see if we recommend this broker for trading. Just to clear doubts, this is a torocoin.io review. They also use toroc.io domain.
Is ToroCoin Legit?
After taking a look at their website, it shows that they do not fall under any regulating agency. That is a MAJOR RED FLAG!! That should be enough for you NOT to invest with them. And they also work with websites that offer “Automated trading software” which is another red flag, as this kind of websites are infamous for scamming schemes.
So, ToroCoin is just another unregulated forex broker, which means the customers aren’t protected, and there is highly likely they will get away with your hard-earned money and there will be no regulating agency to hold them responsible.
| Regulatory Body | Status |
|---|---|
| FCA (UK) | No record of authorization |
| ASIC (AU) | No record |
| CySEC (EU) | No record |
| SEC / CFTC (US) | No record |
How does the scam work?
Usually, unregulated forex brokers work in the following way. They will call people to persuade them to make the initial minimum deposit. And they will try any conceivable method in order to make that happen. They will offer deals that sound too good to be true. Like we will double your initial deposit or you will make $100 per day easily. Please don’t fall for anything they say!!! It is a SCAM! After making the initial deposit, they transfer clients to a smarter scammer, called a “retention agent”, who will try to get more money out of you. Also, one thing we need to add here is: don’t trust the good ToroCoin reviews you might see online. They pay websites and services to improve their online reputation by posting good reviews about them.
Withdrawing funds
You should submit a withdrawal request ASAP, because your funds are never safe with an unregulated broker. And here is when things get tricky.
If you want to withdraw your money and it does not matter if you have profits or not, they will delay the withdrawing process for months. If they delay it for six months, you won’t be able to file a chargeback anymore and your money is gone for good. It doesn’t matter how often you remind them or insist in withdrawing your money, you will NOT get them back. And if you signed the Managed Account Agreement or MAA, which is basically authorizing them to do anything they want on your account, they will lose all your funds so there won’t be anything to request anymore.
How to get your money back ToroCoin?
If you already deposited your money with them and they refuse to give your money back, which is very likely to happen, don’t worry, it might be a way or two to get your money back.
First of all, you need to keep the emails as proof that you have been requesting the money back from them but they don’t give it to you. Or they delay the process for too long, with the intention of not refunding your money.
The first thing you should do is perform a chargeback! And you should do this right away! Contact your bank or credit card provider and explain how they deceived you into depositing money for a non-regulated trading company. Mention also that they refuse to give your money back. This is the simplest way of getting your money back and is also the way that hurts them the most. Because if there are many chargebacks performed, it will destroy their relation with the payment service providers. If you haven’t done this before or you are not sure where to start or how to present your case to your bank or credit card company, we can assist you in preparing your chargeback case. Just contact [email protected] but don’t let your broker know they you read this article or that you are contacting us.
What about wires?
If you sent them a wire, there is no way to perform a chargeback on a wire. For this step you need to raise the fight to a different level. Tell them you will go to the authorities and file a complaint against them. That will get them to rethink the refund possibility. Another thing you can do is prepare a letter or email for the regulating agencies. Depending on where you live, you can search google to find the regulatory agency for Forex brokers in your country. After that you can prepare a letter or an email describing how they deceived you. Make sure you show this letter or email to them, and tell them you will send it to the regulating agency if they don’t refund your money. If you don’t know where to start, reach us at [email protected] and we’ll help you with this step as well.
Make sure you leave ToroCoin reviews in other sites
Another way to hurt them and save other people from falling victims is to leave bad reviews on other sites. See what other sites have posted reviews about ToroCoin, and describe shortly what happened. If you fallen victim, please leave a review and a comment on this site at the comment section. Also, when these people change their website, they tend to call the old clients. So, if they call you from a new website, mention it in the comment or let us know about it. That would be really appreciated by us by our users. Also, if you get phone calls from other companies, please put the name of these companies also in the comment. Or you can send them to us and we will expose them too.
ToroCoin Review Conclusions
Making the ToroCoin review was our pleasure, and we hope to save as many people from losing their hard-earned money. A good rule of thumb is to carefully review all the Forex companies and any other company for that matter, before you perform any transaction. We hope that our ToroCoin review has been helpful to you. If you have any questions or you need an advice about the withdrawing process, feel free to contact us at [email protected] or by using this contact form.
If you like to trade, please do it with a trustworthy, regulated broker, by choosing one of the brokers listed below.
Torocoin is a scam. They managed to extort me substantial funds. Watch for the guys pretending to be named Gabriel Friedman and Alex k Johnson. Torocoin will not allow you to withdraw your money. Every time you request a withdrawal, they will make you deposit more money to torocoin. Never fall into their scam.
I am dealing with one as we speak and to get my money out sais that I need to put another 2000, to withdraw my money. I did not do what he is saying and now will fight to get my 8 g’s back. they are scammers for sure.
(1/5)
I have a substantial investment with ToroCoin. I have always felt suspicious but I keep trying to convince myself that they are legit. Has anyone heard of Liam Villano? He is the broker I am dealing with out of Amsterdam.
It is amazing that these guys keep trying. I’ve been dealing with a scam artist known as Joseph Smith at Torocoin. They stolen much money from me. Now after all the vicious tries the site is now gone! https://www.iiroc.ca/news-and-publications/notices-and-guidance/investor-alert-torocoinio https://www.newswire.ca/news-releases/investor-alert-torocoin-io-818108011.html Now this guy Liam Villano has taken over and called me at 4AM! He kept calling 5 times with 2 different bogus numbers that will not return calls. I had a brief conversation asking him to send email with a valid phone number. He did include a phone number in his email but again it was bogus. Now just toying with these scam fraud artists for entertainment. I’ve been threatening AND will claim the amount on my taxes.. then I will be audited… and then an investigation will proceed. I cannot wait because I have soooo much evidence,, Now with Liam I get more!
(1/5)
Torocoin is a very fraudulent company. Had €14000 in my account there. They did not want to pay out. A few days later my “wallet” had disappeared and the balance was €0.
No address to find out where the firm is based, no working phone and no details on the website to obtain. Do not respond to Whatsapp.
(1/5)
i has the same the sole from me 9000 euro from my bank acount first the call me the say i stil have a bidcoin acound , than sche cal me wit a fake belgum number 5times than a girl called cleare i never hire from her she thold me to help me to recover that money becous it need to be closed , so i was stupit to let her help me with that app all desk , sche told me first to open a acount on bitvavo , and sche ask me to put money on that acount i say i wil do 50 euro bud che thold me it wil not work , than che ask me 2000 euro i say that my savings money becous sche see wat i dit on my bank , than sche say it better to put total 9000 euro on it and on the end of the week , it wil become double, than sche say 2 days later that bitvavo was not a trusted site , so he thold me to open a other walled somwere else sche say i wil tranfere your money to a safe bank in Malta than sche made a acount on coinbase , and sche let me than a fals acount see were i trade but it was fake , and that was on coinmarket cap , than che cal me agan to say that my money not was stolen and che say my money was on coinbase ??? i never made by my self a acount there , i write the say we send your money back to the wallet ,i never know , than i send her a text in watsap the say i canproof your money is not stolen , and sche send me a email , wit a link and a code and it was on toro coin she say my money is hire and i see ther is now 14000 euro on it , and i think it is fake too , pff plz who can help me hire ??, to get my hard urnet money back , i lost all my savings , 🙁 sorry for my Engisch i speak normal dutch thank you
(1/5)
Klac ht indienen in Litauen bij de crypto currency fraud
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