Tofro Exchange has been flagged by Bank of Lithuania for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Tofro Exchange is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Cons: Cannot withdraw funds|Not regulated|Pressure tactics
My card was charged twice by Tofro Exchange on the same day. I had to dispute it with my bank. Tofro Exchange then froze my account and said I had a negative balance because of the chargeback. They created the problem and then punished me for it.
Pros: Easy withdrawals|Clean UI
Cons: No live chat on mobile
I signed up with Tofro Exchange after attending a webinar they hosted and the first red flag was the aggressive account manager who would not stop calling. After depositing, the promised support vanished. Withdrawals are delayed with endless excuses. I have reported them to the regulator.
Pros: Regular updates|Social trading features
Cons: Limited demo account features|Live chat only during business hours
Tofro Exchange offers copy trading. I copied a top trader. The copy trades often executed at worse prices than the original. When I asked why they said it was due to latency and liquidity. So the feature is broken or they are skimming. Either way I stopped using it.
Pros: Personal attention|Segregated accounts
Cons: Limited demo account features
Tofro Exchange seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Risk management tools|Dedicated account manager|Market news feed|High security standards
Cons: No phone support on weekends
After for over a year with Tofro Exchange, I can only describe the experience as death by a thousand cuts. No single issue was catastrophic, but the constant stream of small problems, slow responses, and missing features wore me down until I finally left.
Pros: Fast deposits|Customizable dashboard|Real-time alerts
Cons: Limited ETF selection
After seeing ads for Tofro Exchange online, I investigated. The company is listed in the IOSCO I-SCAN warnings database and has been flagged by Bank of Lithuania. Their website looks professional but that means nothing - many scam operations invest heavily in appearance. Always check the regulatory warnings before investing.
Pros: Website looks legitimate on the surface
Cons: Flagged by Bank of Lithuania|Cannot verify credentials