ToroInvest, Inc

ToroInvest, Inc (toro-invest.io) is a contract for difference (CFD) broker, with its domain registered on June 6, 2024. This brokerage primarily serves retail and institutional clients, offering trading services in forex, stocks, commodities, stock indices, precious metals, and energy derivatives. It does not offer services in jurisdictions where such activities might violate local laws or regulations.

Corporate Registration Information and Regulatory Status

According to information available on its official website, ToroInvest, Inc claims to be registered in multiple countries and holds licenses from several regulatory bodies, including the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Belize International Financial Services Commission (IFSC) (FameFX24 Global Limited), the Italian Companies and Exchange Commission (CONSOB) (ToroInvest Global Limited), and the DFSA (Trading Point MENA Limited).

Meanwhile, the footer of the broker's website states:

"ToroInvest Wealth Management Inc. (TWM) and ToroInvest, Inc. are members of the ToroInvest Group of companies. The ToroInvest Group refers to the ToroInvest Financial Group and its subsidiaries, which offer deposits, investments, loans, securities, mortgages, and other products or services.

ToroInvest, Inc. is a registered investment dealer and a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF), with its benefits limited to the activities conducted by ToroInvest, Inc. QWM is not a member of IIROC or CIPF.

ToroInvest Wealth Management Inc. is a registered portfolio manager, investment fund manager, and exempt market dealer.

ToroInvest, Inc. provides administrative, trade execution, custody, and reporting services for all ToroInvest accounts.

MSB registration number: M10966345"

Upon investigation, it was found that there is no company named ToroInvest Global Limited listed with the Belize International Financial Services Commission (IFSC). The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) shows that the MSB number M10966345 belongs to QUESTRADE, INC, not ToroInvest, Inc. Additionally, ToroInvest, Inc. is not listed on the Canadian Investment Regulatory Organization (CIRO) website. Information about ToroInvest Wealth Management Inc. could not be found in the Canadian registry.

Furthermore, some regulatory details mentioned on ToroInvest, Inc's website are copied from the website of the well-known brokerage firm XM.

Therefore, ToroInvest, Inc (toro-invest.io) is, in fact, a fraudulent website with no actual corporate entity or regulatory authorization.

Trading Products

ToroInvest, Inc offers a variety of financial derivatives for trading, including forex, stocks, commodities, stock indices, precious metals, and energy.

• Forex: The forex market is the largest financial market globally, involving the exchange of currencies, such as USD/EUR and GBP/JPY. Forex traders profit from fluctuations in exchange rates. The market is influenced by various factors, including economic data, political events, and central bank policies.
• Stocks: Stocks represent ownership in a company. Investors holding stocks become shareholders and can profit from dividends and price appreciation. Stock prices are influenced by company performance, market trends, economic conditions, and industry dynamics.
• Commodities: The commodities market involves trading raw materials and agricultural products, including oil, natural gas, metals (such as copper and aluminum), and agricultural products (such as wheat and corn). Commodity prices are affected by supply and demand changes, weather conditions, geopolitical events, and global economic activities.
• Stock Indices: Stock indices measure the collective performance of a specific market or sector (such as technology stocks and energy stocks). Common stock indices include the S&P 500, Dow Jones Industrial Average, and NASDAQ Composite Index. Investors can invest in these indices through index funds or index futures, diversifying their risk and achieving market average returns.
• Precious Metals: Precious metals, including gold, silver, platinum, and palladium, are often considered safe-haven assets, especially in times of economic uncertainty. Prices are influenced by monetary policy, inflation expectations, market risk sentiment, and global supply and demand.
• Energy: The energy market primarily involves trading in oil and natural gas spot and futures. Energy prices are influenced by global supply and demand balance, geopolitical events, climate change, technological advancements (such as progress in renewable energy), and other factors. The energy market significantly impacts the global economy as energy is a key driver for industry, transport, and power generation.

Account Opening

The steps to open an account with ToroInvest, Inc are as follows:

1. Visit their official website and click on the "OPEN AN ACCOUNT" button on the homepage to enter the account registration page.
2. Fill in your name, phone number, email address, and create a password, then submit your application.
3. Once the application is submitted and approved, the account can be successfully registered.

Trading Accounts

ToroInvest, Inc offers five types of investment accounts: TAX-FREE FIRST HOME SAVINGS ACCOUNT, TAX-FREE SAVINGS ACCOUNT, REGISTERED RETIREMENT SAVINGS PLAN, Cash, REGISTERED EDUCATION SAVINGS PLAN.

FHSA - TAX-FREE FIRST HOME SAVINGS ACCOUNT

• Saving for your first home
• Tax-free growth savings
• Annual contributions are tax-deductible
• Tax-free withdrawals for first-time home purchases
• You can hold cash or invest in stocks, options, ETFs, etc., in this account to save for the down payment.

TFSA - TAX-FREE SAVINGS ACCOUNT

• Save for short-term or long-term goals
• Enjoy tax-free growth
• Easy access to funds
• Tax-free capital gains and dividends
• Hold earnings in a TFSA. All funds earned in a TFSA are tax-free. You can withdraw funds at any time without penalties.

RRSP - REGISTERED RETIREMENT SAVINGS PLAN

• Saving for retirement goals
• Annual contributions are tax-deductible
• Set up regular contributions
• Save more by starting early
• Contributions to RRSPs enjoy lower income tax. Investments can grow tax-deferred until withdrawn.

Cash

• Save for short-term goals
• Maintain easy access to funds
• No contribution limits
• Flexible investment
• Cash accounts are suitable for everyday goals. There are no limits, and you can invest flexibly and conveniently.

RESP - REGISTERED EDUCATION SAVINGS PLAN

• Enjoy government grants
• Tax-deferred growth
• Protect your earnings in a tax-sheltered account
• Withdraw at lower tax rates
• Support your children. With a Questwealth account, you can begin planning for your child's future.

Trading Platforms and Deposit/Withdrawal Methods

ToroInvest, Inc claims to offer the MT4 trading platform, including desktop and mobile versions. However, the broker does not provide any download links on its official website, and there is no information about this broker on the MT4 platform. Additionally, ToroInvest, Inc does not clearly disclose the supported deposit and withdrawal methods, fees, or minimum deposit and withdrawal amounts on its website.

Summary

Traderknows alerts investors that ToroInvest, Inc (toro-invest.io) is a fraudulent website that has stolen company information from the reputable broker XM. Investors are advised to choose brokers that are transparent, strictly regulated, and reputable to avoid unnecessary financial losses.

Currently, this broker is marked as "Suspected Fraud" on Traderknows.