Tornong presents itself as an online broker offering a range of financial trading services. Tornong operates from the website tornong.com, which was registered on December 20, 2024, just one week before the time of writing this review. The brokerage apparently provides trading markets pertaining to currencies, energies, precious metals, commodities, and indices as CFDs. There are, however, a lot of question marks over the validity, regulation, and transparency of this broker, so approaching them with caution is in order.
Trading Instruments
The broker claims to offer the following trading instruments for users:
- Forex: Foreign exchange trading of various international currencies.
- Energy: Products like crude oil and natural gas.
- Precious Metals: Metals such as gold and silver.
- Commodities: Hard commodities like oil and rubber, and soft commodities like coffee, wheat, or corn.
- Indices: CFD trading on major global stock market indices.
Trading Platform
The website claims to use MetaTrader 4 (MT4) as its trading platform, also referred to as "Tornong", with the following features:
- Highly customizable, allowing users to adjust chart settings as needed.
- Offers a variety of technical analysis tools suitable for retail traders.
However, the platform presents the following issues with its trading software:
- PC Version: Download link is inaccessible.
- iOS Version: App Store link leads to “NativeFX6”, an app owned by INRERWARE LTD, unrelated to Tornong.
- Android Version: Google Play Store link directs to “QINPINSQY”, with user reviews indicating it is a scam.
These issues raise doubts about the authenticity and reliability of the Tornong trading platform.
Account Types and Trading Conditions
The broker's website offers the following two types of accounts:
Standard Account:
- Leverage: Up to 500:1
- Spreads: Starting from 1 pip
- Commission: No commission
- Minimum Deposit: $200
ECN Account:
- Leverage: Up to 500:1
- Spreads: Starting from 0.0 pips
- Commission: $6 per trade
- Minimum Deposit: $200
Although the account conditions seem attractive, given the platform's unverified reliability, the authenticity of these conditions is questionable.
Regulatory Information
The broker claims to be regulated by the following agencies on its website:
Upon inquiry, it was found:
- No information about this broker could be found on the websites of ASIC or VFSC.
- Similarly, no related information was found on the website of the National Futures Association (NFA) in the United States.
This indicates that the broker lacks any valid regulatory credentials, casting doubt on its legality and safety, urging investors to exercise high caution.
Contact Information and Social Media
- Contact Information:
The website provides no contact information, including phone number, email, or company address. - Customer Support:
Claims to offer 24/7 online support, yet no specific response channels are available.
Moreover, the broker does not maintain an account on any major social media platforms such as Facebook, Instagram, Twitter, or YouTube. Such lack of transparency is extremely rare among legitimate brokers.
Agent Policy and Educational Resources
- Agent Policy:
No introducing broker (IB) policy or related information is provided by the broker. - Educational Resources:
No investor education section is established on the website, depriving users of basic trading knowledge or market analysis support.
Deposit and Withdrawal Methods
The broker claims that the facilities for depositing and withdrawing of funds are credit cards, e-wallets, and bank transfers. On the web, there is no information about the amount of the minimum deposit and the attached fees, which might be potential risks for fund safety and a reason for investors to be cautious.
Website Traffic and Template Analysis
- Website Traffic:
According to Semrush data, the broker's average monthly visits are less than 10, indicating negligible market presence and minimal user activity. - Website Template:
The website design is identical to many platforms suspected of fraud (e.g., atfxs.com and dcgltdc.com), which typically mass-produce and swiftly launch several seemingly different sites. This similarity could suggest potential operational risks, and investors should exercise high caution when considering this platform.
User Reviews and Staff Information
- User Reviews:
No user feedback or reviews related to this platform could be found online. - Company Staff Information:
No public information regarding company staff is available.
Risk Report
The analysis indicates Tornong poses the following major risks:
- Lack of Regulatory Information:
The platform is not granted any valid financial regulatory license. - Questions Around Trading Platform Authenticity:
Download links and actual descriptions do not match, and user reviews suggest it might be a scam. - Low Information Transparency:
No valid contact information, office address, or fund flow information is provided, reducing platform credibility. - Website Traffic and Template Issues:
Extremely low website traffic, and shares templates with several known fraudulent platforms, increasing potential risk. - Lack of Educational Resources and User Support:
The platform does not provide any educational resources or user support section, leading to a poor investor experience.
Generally, this new trading platform of financial means-Tornong-is highly risky due to a wide range of financial products and services, rather weak levels of regulation, pretty low levels of transparency, and small volumes of users' feedback that oblige investors to be very prudent while making up their decisions to start the trade on this platform.
