TorFX is a UK currency broker authorised by the Financial Conduct Authority as an electronic money institution (FRN 900706), holding 4.9 out of 5 on Trustpilot from 9,805 reviews. It provides a dedicated account manager, charges no transfer fees, and offers forward contracts and limit orders. Like every broker in our comparison, it does not publish its exchange rate margin.

Is TorFX safe and regulated?

TorFX operates as Tor Currency Exchange Ltd and is authorised by the Financial Conduct Authority as an electronic money institution under reference 900706. That authorisation requires it to safeguard client money — to hold customer funds separately from its own, so that if the firm failed, your money would not form part of its assets.

Safeguarding is not the same as FSCS protection. The Financial Services Compensation Scheme does not cover electronic money institutions, so there is no £85,000 government guarantee on a currency transfer. You can confirm TorFX’s status yourself on the FCA Register using its reference number.

Who is TorFX for?

TorFX suits people making larger or time-sensitive international transfers who want a named contact rather than an app alone. Its combination of a dedicated account manager, forward contracts and limit orders is built for transfers where timing and structure matter — a property completion abroad, a business paying overseas suppliers, or an expat moving pension or sale proceeds.

For very small one-off transfers where you simply want the cheapest visible fee, a mid-market-rate provider may suit you better. TorFX’s strengths are service and risk management, not app-only convenience.

What TorFX does well

Its Trustpilot score of 4.9 is supported by 9,805 reviews — among the deepest evidence bases of any UK currency broker, which matters far more than the headline number. It charges no transfer fees, provides a dedicated account manager, and offers both forward contracts (to fix a rate for a future date) and limit orders (to trigger automatically at a target rate). It has operated since 2004.

Where TorFX is limited

TorFX does not publish a minimum transfer amount, and — like every broker in our comparison — it does not publish its exchange rate margin. The margin is where a broker earns most of its money, and on a large transfer it dwarfs any fee. A broker charging no transfer fee can still be more expensive than one that does, depending on the rate you are quoted. The only way to know TorFX’s margin is to request a live quote and compare it against another broker for the same amount in the same hour.

Frequently asked questions

Does TorFX charge fees?

TorFX states it charges no transfer fees. As with all currency brokers, its revenue comes from the exchange rate margin, which it does not publish. Compare a live quote against another broker to judge the true cost.

Is TorFX FCA regulated?

Yes. TorFX (Tor Currency Exchange Ltd) is authorised by the FCA as an electronic money institution under reference 900706. Client funds are safeguarded, though not FSCS-protected.

Does TorFX offer forward contracts?

Yes. TorFX offers forward contracts, which let you fix an exchange rate now for a transfer settling on a future date, and limit orders that trigger at a target rate.

Related

Compare TorFX against every broker on our UK currency broker comparison. See how we reached this ranking on our methodology page. Read our reviews of Currencies Direct and Moneycorp, the next two brokers in our table.

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Last updated 15 July 2026 · Compiled and checked by Charlie Hinwick, ACCA. Nothing on this page is a personal recommendation or regulated financial advice. Figures are sourced from TorFX, the FCA Register, Companies House and Trustpilot, and are checked periodically; verify current details with the provider before you transfer.