Toronto Coins has been flagged by Autorité des marchés financiers for "Unregistered/Unlicensed entity offering financial products or services". Toronto Coins is not registered with the Autorité des marchés financiers (AMF) and is not authorized to solicit investors in Québec. This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: toronto-coins.com.
Tried to withdraw my funds from Toronto Coins and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Lost entire investment|Reported to authorities|Unresponsive
Where do I even begin with Toronto Coins? for about ten months of broken promises, unanswered tickets, and a platform that feels like it was built in 2010. They spend more on marketing than on actually improving their service. Stay away from this company.
Pros: Copy trading available|Easy to use platform|Quick verification|Stable platform
Cons: Limited ETF selection
My withdrawal request from Toronto Coins has been pending for over two weeks now. Every time I contact support, I get the same copy-paste response about processing times. This is unacceptable for a financial platform in this day and age.
Pros: Segregated accounts|Copy trading available
Cons: Could offer more webinars
This company appears on the IOSCO I-SCAN international warnings list. Over 68 financial regulators worldwide contribute to this database. While being listed doesn't automatically mean fraud, it's a significant red flag that potential investors should take seriously. Do your research thoroughly.
Pros: Information is publicly available for verification
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
Several red flags with Toronto Coins: (1) They promise unrealistically high returns, (2) They're not registered with Autorité des marchés financiers, (3) Their contact information is vague, (4) They pressure you to deposit quickly. I recommend everyone do thorough due diligence before investing with any company.
Cons: Not registered with regulators|Unrealistic promises
Toronto Coins 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: API access|Intuitive for beginners
Cons: No fractional shares
The mobile app from Toronto Coins is dangerous. I placed an order that showed as pending, so I placed another. Both executed and I was overexposed. When I complained they said it was user error. The app design is misleading.
Pros: Helpful community forum|Regular platform improvements|Tax reports included
Cons: None so far|Help articles are sometimes vague
The so-called education at Toronto Coins is just marketing. Every webinar ends with a push to deposit more. The market analysis is generic and often wrong. If you want real education go elsewhere. I wasted for over three years thinking they would help me learn.
Pros: High security standards|Comprehensive tools|Dividend tracking
Cons: No crypto staking
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Toronto Coins 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: Lost entire investment|Reported to authorities|Unresponsive
After since early this year with Toronto Coins, 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: Smooth onboarding|Portfolio tracking tools
Cons: Desktop app not available on Linux