• Personal
  • Corporate


torfx review
  • Editor Rating

  • Rated 3.5 stars
£50 to £2000000
  • 70%

  • TorFX Review
  • Reviewed by:
  • Published on:
  • Last modified: June 13, 2016
  • Exchange Rates
    Editor: 77%
  • Website Friendly
    Editor: 80%
  • Customer Service
    Editor: 89%
  • Overall
    Editor: 88.8%

TorFX Review

TorFX was established in July 2004 by entrepreneur Peter Benstead who simultaneously set up Crown Currency Exchange. TorFX now has offices in the UK, mainland Europe, Australia, the US and South Africa, processing over 3 billion pounds in foreign exchange and international payments annually. Jon Beddell is TorFX’s CEO, driving the company’s continued expansion while maintaining every effort to retain public trust.



TorFX holds the highest credit rating with Dun & Bradstreet, is licensed as a money transmitter by HM Revenue & Customs and are authorised by the Financial Conduct Authority (FCA).

TorFX has over 50,000 private clients and more than 4,000 corporate clients.

In 2016 the firm won awards for International Money Transfer Company of the year and overall best customer service award.

Personal services

  • Free Transfers
  • Foreign exchange transfers and exchanges (spot transfers)
  • Fixed forward contracts, stop loss and limit order services
  • 24/7 internet trading
  • Refer a friend to earn £25 worth of Marks and Spencer vouchers.


TorFX offers Business and Corporate Accounts

  • Free transfers
  • Fixed forward contracts, stop loss and limit order.
  • Currency analysis by market professionals
  • Business brochure to download and risk management tips.
  • Refer a friend (who makes a payment above £25,000 or a monthly payment above £500 a week)  to earn a £25 Amazon or M&S voucher

TorFX has an affiliate program, offering commission on each referred client that trades through TorFX –by offering to share the spread with clients who bring their clients along, the company admits they have a profit margin sizeable enough to distribute.

TorFX suggests their affiliates will benefit from differentiating their business from their competitors. They can also expect to market their services on TorFX’s website and in their newsletters. TorFX promises that the referred clients will benefit from: A best rate guarantee ( presumably minus the shared commission?)


Simple direct services for personal and business clients are to be found on TorFX’s website. Good written content is available for expats on the Personal accounts pages

TorFX would do better to stick to a best rate guarantee and back it up. Clients don’t come to the foreign exchange marketplace looking for shopping coupons. Companies who do refer their clients to TorFX will be immediately seen to have done so for profit.


Two independent rate reviews compared TorFX exchange results with two competitor companies and TorFX came third in both reviews. TorFX’s best rate guarantee  trailed behind USForex and HiFX rates. An Australian review found OFX and WorldFirst both had better rates, especially for larger transfers.

1668 TRUSTPILOT reviews give TorFX a score of 9.5 for ease of service


Editor’s Review

TorFX can’t guarantee best rates as well as offer incentives like £25 coupons for referring friends and commission for bringing in new business. These marketing techniques are not in keeping with foreign exchange industry standards. The best rate of exchange should benefit personal clients by saving them more than £25, without asking them to bring in new business.

The affiliate program erodes business trust once the new business realizes their client has made a profit on them by recommending TorFX.

The website could make partners of clients by bringing them content and tools they can really use. TorFX could focus more on their personal clients by sharing more of their expat stories and by finding better ways to partner with business than £25 coupons.

4 out of 5 stars






Free transfers


Gimmicks like free vouchers and commission for being an affiliate don’t garner trust because people know better!