Not regulated broker
Not regulated broker
Tor Option is an online trading platform who started their operations in 2015. The platform is owned and operated by the Smart Choice Pro Ltd who have their headquarters in Glasgow, Scotland. The broker isn’t regulated by CySEC that triggers the alarm for traders and they need to be careful while investing their money in these types of platforms. Honestly, why should someone trade with an unregulated broker if there are lots of other safe options available in the market? However, it is up to the broker whether they want to invest their money on Tor Option or not?
There are more than 50 assets available on the platform, including commodities, Forex pairs, stocks, market indexes, Bitcoin and much more. The traders don’t need to install any software for getting access to the platform. However, the platform doesn’t offer a demo account that makes it difficult for the users to understand them. They have followed all the measures needed to make a secure platform for the traders, but still, an unregulated platform always creates doubt in the trader’s mind. In our review, we investigate the platform carefully. However, we found the same kind of platform, no regulation and other similar things that are already written on other unregulated broker’s site. There is nothing new that can satisfy a broker to choose Tor Option over a regulated broker.
The broker’s website is powered by SpotOption that is known as an easy to use trading platform among the professional traders. However, a newbie will have to deal with lots of problems while accessing it. Moreover, there is no demo account available on Tor Option that further increases the problems for the beginners. When it comes to the safety of the trader’s funds, they have taken safety and security measures seriously and uses state of the art SSL encryption. It is the only useful feature that we have found in their trading platform.
The minimum amount to open an account is $350 that is way too much as compared to the regulated platforms that open an account with $200 or even lower amount. Moreover, the next one is a Standard account that can only be opened with $10,000, which is too big and we don’t suggest our readers invest this amount of money on an unregulated platform. Our team also explores the internet and find out that the majority of the traders aren’t satisfied with their services.
There are a variety of option types available on the Tor Option that include One touch, High-Speed Trading, High/ Low and pairs, and much more. We will explain them all in detail below:
1. Classic Binary Option
It is the traditional and simplest type of option where you have to predict whether the price of an asset will increase or decrease before the expiry time.
2. 60 Seconds Options
You have to decide whether the price of the selected asset will rise or fall within the expiry time of 60 seconds in this type of option.
3. Ladder Options
It is a trade option where you have to select an asset with an expiry time and a direction that it should follow. You can make profits by predicting every step correctly.
4. Long Term Options
It is selected by the people who plan to have long term profit as these types of trades lasts anywhere from 1 day to 1 month or even more.
5. One-Touch Options
The traders need to predict whether the asset’s price will reach a pre-determined amount or not. If it reaches that amount, then you can make profits.
6. Pair Options
In pair options type, you have to predict whether one asset will outperform the other asset in the pair or not.
There are four types of account available on the Tor Option for the convenience of the traders. The traders can select one as per their preferences and requirements. Have a look at all of them in detail:
1. Mini Account
It is the cheapest account offered by the platform that can be opened by making a minimum deposit of $350. There are nothing special features offered by the Tor Option to these account holders other than access to daily market review and exclusive eBook. They should think about upgrading the features of this account type if they are really looking to attract new customers.
2. Standard Account
Standard Account demands the traders to make a minimum deposit of $10,000 and comes only with a handful of features. It consists of an introductory call from a personal account manager, daily review about the market and exclusive eBook. Other than that, the withdrawal process will take up to 7 business days to complete for a standard account holder. Considering its features, this account isn’t worth the amount of money charged by the platform.
3. Executive Account
According to the platform’s website, it is the most popular type of account available on the platform. However, we don’t believe their claim because of the lack of features in it. The traders have to deposit a minimum deposit of $25,000 to open an executive account. The features that come with this account are a daily market review, 2 trading signals per day, a monthly trading session and personal account manager. Considering its features, we don’t think someone would spend a whopping amount of $25,000 that too on an unregulated platform.
4. VIP Account
The traders have to deposit a big sum of $50,000 to open a VIP account on the platform. The features that come with this account are a weekly session with analysts, personal account manager, 5 daily trading signals, immediate processing of withdrawal request and daily market review. Additionally, the traders also get a payout up to 10% in this account.
The platform offers a welcome bonus to all the account holders who registered with them. However, the amount solely depends on the type of account you would choose to open with them. The mini account holders get 10% bonus, whereas the standard account holders receive up to 50% bonus.
If you choose to open an Executive Account, then you will get up to 75% bonus, while the VIP account holders receive a custom made bonus. Considering high deposit needed to open standard and executive accounts, the bonus is pretty low.
Unfortunately, the platform doesn’t offer a demo account to the new users. It makes it pretty tough for the beginners to understand the online binary options trading before investing their money. Moreover, they don’t even offer a personal manager service to the Mini account holders. That means you have to deposit an amount of 25,000 to have some guidance regarding the binary trading. We don’t think it is an ideal investment for beginners to risk their hard-earned money. Tor Option should think about adding a demo account if they are looking to compete with the top-brokers in the market.
The biggest disadvantage that one has to face with this platform is the unavailability of the mobile apps. They should try to understand the technological requirement of the present day users who prefer to trade on their way. Tor Option should think about developing their mobile apps soon if they want to create their image among the binary options market.
There are much different to deposit your funds into the platform that include credit or debit card, wire bank transfer, Neteller, WebMoney, Visa, MasterCard, and Skrill. The deposited amount can show up in your account instantly without many complications.
The best method to deposit money in your account is a credit or debit card. The minimum amount to trade on the platform is $25, whereas the maximum trade amount on the Tor Option is $5,000. However, the minimum amount limit and maximum amount limit reduce to $5 and $1,000 for 60 seconds trades.
There are two methods available for the withdrawal process, i.e. wire transfers and credit or debit cards. The minimum amount that can be withdrawn from the account is $50 or GBP 50. The platform charges $25 for each withdrawal request from the customers.
There are certain documents that you need to submit before processing the withdrawal process. The time taken to process the withdrawal request depends on the type of account that you have opened with the platform. The withdrawal request takes 10 business days to process for the mini account holders, whereas the withdrawal request can be processed in 7 business days for the standard accounts. On the other hand, the withdrawal request can be completed in 5 business days for the Executive accounts. However, the withdrawal request is processed immediately for the VIP accounts.
Tournament or Prize
Over the years, it has become a trend among the brokers to organize tournaments for their customers. The traders can earn lots of prize money by participating in these tournaments. However, if you are looking to participate in these type of competitions by registering with the Tor Option, then you might have to feel exhausted as they don’t organize such type of tournaments. The platform needs to think about adding some tournaments so that they can attract some valuable customers.
In binary options world, it is a popular fact that an educated trader can always be a happy and successful trader. That’s why it is very important to select an online broker who has adequate educational tools to train their customers. However, the Tor Option has only cared about their top-level accounts and neglect the mini and standard accounts when it comes to educational resources.
The lower level accounts only get access to an eBook and daily market review, whereas the high-level account holders get access to many wonderful features that include monthly trading session, daily trading signals, sessions with analysts, personal account manager and much more. Tor Option should add some educational features to the lower-level accounts so that the beginners can learn about their platform without spending lots of money.
All the traditional methods are available to contact the platform’s customer care that includes phone, email and live chat option. It looks like they value their customers as Tor Option’s customer representatives provide adequate assistance to us. However, the biggest problem with their customer services is that they offer their services 24/5 to their customers. The majority of the brokers offer 24X7 customer services to the traders so that they don’t have to deal with any kind of delay.
We also faced some issues with their email support as they don’t reply to our query even after three days. Other than that, they offer a decent live chat and phone call support to their customers. They have employed hard-working and professional representatives who help their traders in an efficient way. Still, they need to improve in many parts, such as less waiting time, 24/7, etc.
Have a look at some top pros of the Tor Option platform that are mentioned below:
- Advanced Security Features
- A range of trading options
- No need to download any additional software
- Adequate educational resources for top-level accounts
- Available in many different languages
There are many cons that come with the Tor Option. Some of them are mentioned below:
- US traders aren’t accepted
- No demo Account
- Lack of mobile apps
- Lack of features in the lower-level accounts
The novice traders shouldn’t go for the Tor Option as there are not enough options that can help them to learn about the online trading in a professional manner. There are no demo account and not even adequate educational tools for the lower level accounts through which beginners can learn about the binary options trading.
When it comes to professionals, the platform only takes the top-tiers account seriously and offer them enough tools. That means you have to spend a whopping amount of money for getting access to all the features even if they are trained in online trading. Along with that, the platform is unregulated that further increases the risks for the traders. Overall, we suggest you look for other regulated brokers if you want to earn some money in the online trading world.