ThorFX Review

ThorFX Review

ThorFX is an innovative multi-asset trading platform. The brokerage gives clients affordable and convenient entry to a wide variety of marketplaces. However, a new program called the Funded Account Challenge has been unveiled. Learn about ThorFX’s funding options, fees, restrictions, and tradeable assets, by reading this review. Don’t forget to use our exclusive coupon code for a huge 20% discount: FT20

About ThorFX

ThorFX is a global brokerage that provides Contracts for Difference (CFD) trading in currency pairs, cryptocurrencies, equities, indices, and commodities. They are not officially regulated. Presently, it is a St. Vincent and the Grenadines-based “offshore” company. They are comparable to the broker OspreyFX, which they resemble in that they too provide traders with funded accounts and are also based in St. Vincent and the Grenadines.

ThorFX’s platform was developed using cutting-edge technology, so traders may expect instantaneous order execution. Their customized low-latency network boosts performance across the board, from mobile to fixed connections.

They work hard to keep themselves at the top in their field. Whether it’s sophisticated charting features to aid in your decision-making or automated tools to help you make the most of trading opportunities, you’ll have everything you need to succeed. When it comes to trading, they provide the ideal set of management tools.

Incredibly quick deposits are available at ThorFX. It is their goal to streamline the process of adding funds to your account. When you fund your account using a credit card, debit card, or cryptocurrency, you have instant access to the lowest possible transaction fees and the shortest possible transaction times. If you are interested in funding your account with cryptocurrencies, you may do so using Bitcoin (BTC), Litecoin (LTC), Tether (USDT), Ripple (XRP), Dogecoin (DOGE), and Ethereum (ETH) through the ThorFX platform.

ThorFX’s pricing engine is integrated directly with liquidity providers to offer you an edge in the market. Their cutting-edge technology and features enable them to provide multi-asset liquidity at competitive rates.

Funding Program Options

ThorFX has a straightforward registration process. Simply clicking the “Sign Up” button will take you to the registration form. Put in your name, email address, and password. After that is complete, you will be asked to validate your email.

If the funded account is what you’re searching for, you may access it by selecting Funded Account from the menu located at the top of the page. You’ll need to demonstrate your trading skill, pass a 2-part challenge, and get funding of up to $200,000 dollars.

Fees

As soon as your account is set up and ready to go, you’ll want to deposit some money into it. Trading accounts may be funded with as little as $10 worth of cryptocurrency. Once you’ve done so, you’ll be able to begin trading with a real account and have access to all of their trading platforms and worldwide markets. But you can also purchase a funded account challenge with this. Here is a list of the fees for the challenge:

Funded Account

Capital – Fee:

$10,000 – $99

$25,000 – $220

$50,000 – $359

$100,000 – $599

$200,000 – $999

Once you complete and pass the challenge, your challenge fee will be refunded.

Tradable Assets

There are over 145 assets you can trade with ThorFX. You can trade Forex, Crypto, Commodities, Stocks & Indices.

Restrictions

There are not many restrictions in ThorFX. Here is a list that you need to know when you start as a funded trader:

• MetaTrader 4 is the designated trading platform.
• If there’s an instrument or pair that can be traded on MetaTrader, you can trade it.
• Trading strategies, Expert Advisors, and other automated trading software are all permitted.
• 1:100 leverage is offered.
• Trades held over the weekend are subject to the same swap costs as those held during the week.
• It’s okay to trade during major news events.
• Min lot is 0.01

Challenge

To trade with real money in ThorFX’s funded accounts, you must first pass their two-part assessment process. They use a system of evaluations known as “Tier” for their assessments. 

Tier 1

10% Profit in 30 days

Minimum 10 days of trading

Daily Loss/Drawdown (equity) of 5%

Max Overall Loss of 15%

Consistency Rule: Your best trading day shall not exceed 30% of your overall profit target

You need to achieve a 10% profit within 30 days to pass Tier 1, the first portion of the examination. You need to have traded for at least 10 days throughout this time period. The drawdown for each day is set at 5%, while the drawdown for the entire portfolio is 15%. 

You must pass their Trade Expert Team’s examination of your trading approach and reliability before proceeding to the last phase. Some things that might help your chances are:

• Maintaining a constant size for all open positions.
• Every deal must use a consistent and reasonable scale system.
• Determine what percentage of total open positions are held before, during, and after significant market openings and closings.
• Making a significant profit each day. Earnings from a single trading day shouldn’t account for more than 30% of total earnings.
• The sizes of the lots were traded based on capital. The time of day a trade takes place, the item being traded, and the state of the market are just a few of the variables that will be considered.
• Employing safety measures such as taking profits and stop losses.

Under the Challenge Accounts page, you will find the following assessment criteria that you may use to keep track of your trading performance.

Tier 2 – Verification stage

8% Profit in 60 days

Minimum 10 days of trading

Max Daily Loss/Drawdown (equity) of 5%

Max Overall Loss of 15%

Consistency Rule: Your best trading day shall not exceed 30% of your overall profit target

If you go through Tier 1, you’ll move on to Tier 2, which is the verification phase. During this part of the verification process, you have a longer period of time of 60 days to meet the profit objective of 8% with a bare minimum of 10 days of trading necessary. Tier 2 has a similar drawdown structure as Tier 1: 5% daily and 15% overall.

Just remember that they have a consistency rule. If your most profitable trading day accounts for 30% or more of your total earnings, you have no choice but to keep trading until the proportion of your most profitable trading day falls below 30%.

The reason for this is that they need to verify your trade abilities, and this is how they do it. It shows you are not a lucky trader but rather one who can generate regular profits while effectively controlling risk.

Once you have successfully become a funded trader with ThorFX, you will start trading with real funds. You get a profit split of 80/20 and a weekly payout. You will also receive a refund of your challenge fee.

In Conclusion

The forex broker ThorFX is a reliable option. They’ve recently broadened their services to include funding accounts. They are not as well known as OspreyFX, even though both are forex brokers that offer funded trading programs to their customers. But they are both legit companies and you can’t really go wrong with them.

The provided funded trading plan is straightforward. When compared to other prop businesses, ThorFX’s programs are simplified to focus just on capital, rather than offering a wide variety of funded trading programs with varying trading rules. Therefore, all of the regulations are the same, and in addition, the rules are quite lenient.

It’s fantastic that you can fund your account with many forms of cryptocurrency. Withdrawal is one area where they fall short. They only accept Bitcoin as a withdrawal option. However, they have promised to explore introducing other payment options in the near future.

ThorFX Coupon Code

If you are interested in joining ThorFX, be sure to use our exclusive coupon code for a huge 20% discount: FT20