Is Vorto Safe?

Company size:  

Vorto or VortoFX is a small company with just a handful of employees. Vorto Trading is, in fact, a white label solution based on software provided by FXPress Payment Services, who in turn run their own FX brokerage – Plutus FX.

Although Vorto FX has just a small number of employees and were only incorporated in September 2016, Vorto’s four international offices demonstrate they are big enough to facilitate a global clientele. The company is growing rapidly, with a huge scale-up in transfer volumes from only 3 years ago. The management team includes a number of staff with many years of dedicated experience in the foreign exchange industry.

We do however need to be a little sceptical of Vorto’s claim to have four international offices. The fact that Vorto uses software provided by another company for its trading platform, thus completely removing the need for Vorto to have a back or middle office function, would suggest its staff are primarily focused on building and managing client relationships. Its international offices are likely to be virtual offices to aid in the development of sales in each region.

Vorto offers two-factor authentication (2FA) as part of their secure online portal, ensuring all transactions are protected.

Regulated By: 

Vorto is regulated by the Financial Conduct Authority and HMRC, meaning they have all the necessary licensing and authority to trade from the UK. Additionally, Vorto’s primary banking partners are Natwest and client funds are held in ring-fenced segregated accounts.

Vorto’s underlying software provider FXPress Payment Services Ltd (and whom each Vorto customer agrees to their T&C’s) is also regulated and authorised by the FCA.

Awards:

Vorto has recently been winning various awards and has generally earned its recognition for its great service. Some of the awards it has won in 2019 include:

• ACQ5 global awards 2019 – UK cross-border payments solutions provider of the year
• International finance Awards 2019 – Best emerging payments solution provider.
• SR 2019 – 50 best companies to watch

Conclusion: 

Vorto is growing quickly. Whilst it still only has a relatively small team and a handful of offices, it’s scaling quickly and shows no signs of slowing down. Vorto has a straight forward platform that is fully regulated, but it ultimately cannot be seen as reliable or secure as a long-established company that’s held a license for decades. These impressive signs of growth have been widely recognised in 2019 however, with several awards wins.

Vorto Customer Reviews

Research:

Vorto Trading has 53 reviews with Trustpilot and a score of 4.8/5.

Conclusion:

With only 53 reviews on Trustpilot and very few elsewhere, it’s difficult to fully grasp the wide scale experiences of customers when using Vorto. However, with all Vorto Trading reviews being positive and not a single negative review, it’s clear that Vorto are likely offering a reliable service and has great prospects going into the future.

Vorto Exchange Rates & Fees

Fees:

No fees, which is likely due to the high-value transfers that are intended

Exchange Rates:

Vorto forex does not state a specific, fixed margin, and thus cannot be relied on or judged regarding its exchange rates.

Limits:

Minimum transfer of £5,000 and a maximum transfer of £1,000,000.

Conclusion:

There are no fixed fees to make payments with Vorto. However, exchange rate margins are not stated – which are very important when sending high-value transfers. It’s possible that in the future, Vorto may consider dropping its very high £5,000 minimum transfer, but it has so far led to a very high standard of business.

Vorto Global Reach & Service

Research:

• Dedicated Dealer: Yes – designated trader to best manage your requirements
• Offices: Liverpool (UK), Shanghai (China) and Hong Kong, Cape Town (SA)
• Ways to approach: Phone or email
• Translations: English and Mandarin
• Accepts clients: Global
• Currencies Handled: Over 140 currencies
• Client reviews: 4.8/5 (Trustpilot) out of 47 reviews

Conclusion:

The global reach of Vorto is very strong. With offices in China, South Africa and the UK, they are able to handle international clients with no issues. What’s more impressive is the 140+ supported currencies as well as having a dedicated dealer, meaning that most clients are guaranteed that they will facilitate their intended transfer.

Additional Functionalities

Offers Forwards up to 10 years on major currencies, as well as margin-free Forwards.  Spot, Fixed Forward, Window Forward, and Market Order transfers are all possible with Vorto.

Vorto also has many other services on offer, not just forex. In fact, FX is only one of around 6 departments of the business. Vorto also offers business funding (i.e. invoice factoring potentially through a 3rd party partner), custodian services, prepaid cards, e-money bank accounts and payroll services.

Conclusion:

Vorto FX are offering a wide variety of sophisticated forex services along with a dedicated dealer, which tends to outperform many of its competitors in terms of support and functionality. Offering forwards up to 10 years is also way above the industry average of 2 years – with this duration the price will certainly have to be right for them to consider offering long dated forwards!