Toltechfx.com comes with the promise of granting you some of the best forex trading experience you’ve had. On the contrary, toltechfx is an offshore broker and you might want to stay away. Read this AvalonMarkets broker review to know what experts think.
In our bid to keep forex traders from scam brokers, we have made it our duty to review forex broker websites. That way, we can help you tell which one is legit and which one’s not. This review tells you all you need to know about Tol Tech FX broker.
About Tol Tech FX Broker
Tol Tech FX appears to be the trade name of Tooltechfx, a financial service company that provides forex traders with assets and tools for trading. According to the contact info section of toltechfx.com, they are located in Kingstown, St. Vincent and the Grenadines. They offer various service including Islamic (Swap free) accounts, to enable you trade to your taste.
Tol tech, however, seem to be saying more than they have the ability to perform. Let’s have a look at why we call them offshore
Toltechfx.com: Red Flags Found!!!
We found these red flags on toltechfx.com. You would do well to avoid this broker.
ToltechFx Withdrawal and Deposit
Toltechfx.com actually has an impressive Withdrawal and deposit policy, at least for a suspected offshore broker. The minimum deposit amount is $100; perfectly compliant with the indsutry average. Furthermore, there is no minimum withdrawal amount; another industry-compliant policy. The payment gateways available are; wire transfers, bank cards and OK PAY.
Accounts that are dormant for up to 12 months are charged an account dormancy fee of $25 per month. The withdrawal processing however, can take up to 5 days. This is an awfully long time compared to the 24 hours maximum usually required by legit brokers.
The point that truly ruined the streak for toltechfx.com is that this broker does not protect against negative accounts. This means that you can lose to the broker even more than you initially deposited. RED FLAG!!!
Toltechfx.com Trading Platform
Tol Tech FX offers the MT4 trading platform to it’s clients. This wouldv’e been a big win on the side of the broker, but we were unable to download the Android and iOS due to false links. The web-based platform is one of the most primitive we’ve seen. The spread ranges between 0.2 pips and 1 pip. The maximum leverage available is 1:500. Such a high leverage level is heavy gamble and can cause heavy losses as well as profits.
A broker who doesn’t have either MT4 or MT5 is bad, while one who promises to have either and doesn’t have it is worse. RED FLAG!!!
Tol Tech FX Licensing and Regulation
Tol tech FX brokers claim to be located in St. Vincent and the Grenadines. Those who are not new to the forex world understand that SVG is an offshore broker zone. The SVGFSA has come out openly to declare that they do not give license to forex brokers. The locality has now become a breeding ground for illicit brokers.
With that out of the way, it is impossible for broker located in SVG to be regulated; hence Toltechfx.com is an UNREGULATED broker. Unregulated brokers are illegal as they do not have licenses to operate.
Conclusion: Is Toltechfx.com a Legit Broker?
No! Toltechfx.coms is an unregulated broker; they operate outside of forex laws and are termed offshore brokers. Hence, any funds you deposit with them is at maximum risk. We do not recommend that you trade with this broker. We advise that you deal with a transparent broker, licensed by a reputable agency.
If however, you wish to add something else about this broker, feel free to use the comments section.
Our Recommendation For You
You can make money online by trading with reputable, reliable and trustworthy brokers. We’ve been trading with the Fortrade broker below for sometime now and we have no regrets!
FORTRADE- One of the Top rated brokers and a good choice for new traders. This broker is Licensed in UK(FCA), Australia(ASIC) and Belarus(NBRB). Guess what? you can trade from any part of the world as it accepts Traders Worldwide. Interested in trading with one of the best Forex brokers? Head Over to Fortrade and start trading!
- Wendy is a fraud fighter whose contents mainly target online scams. Her investigations have appeared on Itisreviewed,and elsewhere. She spends her free time reading novels, binging on Netflix, and listening to hip-hop.
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