TorFX Review
- Great exchange rates. TorFX can beat banks by up to 5% on their exchange rates.
- No fees. International transfers are free on amounts over $10,000.
- Great customer service.
- Limited ways to send and receive money, (only through bank transfer)
TorFX is a very successful currency exchange and international payments service to individuals and companies from around the world. TorFX is owned and operated by Tor Currency Exchange LTD. and was founded in 2004. The company has their head offices in the UK and Australia, but also have over 240 staff stationed in South Africa, India, the US, Spain, Portugal and France. The services offered by TorFX include a money transfer service and an exchange service which are compatible with a total of 60 global currencies. TorFX is actively trusted by more than 50,000 private clients and have serviced over 4000 corporate clients. The company has also received numerous awards within the financial industry and continues to grow and improve their financial money transfer and exchanging services.
TorFX Platform
Customers of TorFX can manage their currency transfers online via their web-based platform that operates 24/7. The TorFX platform makes it very easy to send and receive international payments. Users of the platform can easily monitor the status of their payments, securely upload important banking details, view your transfer history, and adjust your account information such as contact info, default currencies, etc. As for high profile clients who are using TorFX’s services to send $25,000 or more, they have the option to do this via the online platform, or they can speak with a TorFX account manager.
Clients who sign up for TorFX’s services experience the following features and benefits of the TorFX online platform:
- The best exchange and transfer rates guaranteed
- Fast and free international transfers for amounts over $10,000
- Award winning service
- Regular market updates and news
- Expert support, guidance, and dedicated account management
- The ability to lock in an exchange rate for up to two years in advance
Trading Markets
TorFX deals directly within the financial markets of transferring and exchanging currencies. The company allows for the transfer and exchange of nearly 60 different currencies to and from around the world. Customers of TorFX have various methods and options for transferring and exchanging currencies. See them overviewed below.
Spot Contract
This option allows users to secure the best possible exchange rate at the very moment they want to buy or sell currency. The contract secures the currency price at the best possible exchange rate right on the spot.
Forward Contract
Forward contracts allow you to secure a particular exchange rate to exchange your currency in the future. No matter if the rate goes up or down, you can lock into the exchange rate in which you decided on in the past for up to two years. This contract gives its users a certain level of flexibility and security with their financial planning.
Limit Order
Limit orders allow you to execute a trade when your specific exchange rate is met. The account manager will execute your trade whenever your exchange rate is met, allowing you to achieve the price you want if you have the time and patience.
Stop Loss Order
The stop loss order allows you to try to achieve a better rate, but if things go south, you are still able to achieve a reasonable rate rather than getting an exchange rate that worsens even more. There is a rate that’s locked in at a price point that’s worse than you would like to exchange at initially but will be executed if the prices move that way, which then prevents you from further loss.
Business Transfers
The option allows an expert to take control of your overseas payments and controls the risks involved with forex, resulting in the protection of your businesses profits.
Support
TorFX has been recognized for first class customer service and has won numerous rewards in this regard. TorFX can be reached by telephone during the hours of 8:30am -7:00pm, Monday to Thursday, 8:30am – 5:30pm on Fridays, and 9:00am – 2:00pm on Saturdays. As well, the company can be reached through email by filling out a simple contact form on their website. Emails are usually responded to within 24 – 72 hours. Additionally, customers can reach out to TorFX through their various social media outlets and even subscribe to their exchange rate news letter. Even on TorFX’s website, users will find loads of helpful information, including case studies, exchange rate forecasts, news, and other informative stuff.
Security and Fairness
TorFX is a very reputable company with years of experience. They have never experienced any hacks continue to win awards year after year for their excellence in the financial services industry. The TorFX company has many things to back this statement up, including;
- TorFX holds the highest credit rating with Dun & Bradstreet.
- They are licensed as a money transmitter by HM Revenue & Customs
- TorFX is authorized to conduct financial business by the Financial Conduct Authority (FCA).
- TorFX has won numerous awards throughout their 13 years of business.