Tower

Tower is a forex broker operated by Tower Research Capital, reportedly founded in the United States in July 2019. Despite its claimed establishment date, the broker has a limited public footprint and does not prominently detail its corporate structure or physical address.

The company's employee count is recorded as zero, which, while not impossible for a small or shell entity, is unusual for an active brokerage. This lack of transparency raises immediate questions about the broker's legitimacy.

Tower does not maintain a comprehensive website that clearly lists its services, fees, or regulatory information, making due diligence for potential clients extremely difficult.

Tower holds no verifiable forex broker licenses from any recognized financial authority. Our checks of public registers for all major jurisdictions—including the US CFTC/NFA, UK FCA, CySEC, ASIC, and others—returned no matching regulatory filings for Tower Research Capital as a retail forex dealer.

Operating without regulation means client funds are not protected by any compensation scheme, and there is no oversight of trading practices or dispute resolution. In the event of insolvency or fraud, traders have no legal recourse to recover their money.

While some legitimate firms may operate under exemptions or as introducing brokers, Tower provides no such documentation or affiliation, reinforcing the high-risk profile.

The broker does not publicly disclose its account types, minimum deposits, leverage, spreads, or funding methods on any official website or promotional material we could locate.

Reviews suggest that users initially accessed a trading app, but no detailed specifications about instruments (forex, CFDs, cryptocurrencies, etc.) are available. This opacity prevents potential clients from making an informed decision about costs and conditions.

Without transparent terms, traders cannot assess the competitiveness of spreads, the safety of their deposits, or the reliability of order execution.

According to user reports, Tower once offered a mobile trading app available on the Google Play Store. However, multiple negative reviews indicate that the app has since been removed from the store and the website is frequently inaccessible or non-functional.

Without a stable, publicly available trading interface, executing and monitoring trades is unreliable at best. Some reviewers claim they used the app for months before it disappeared, suggesting a pattern of abrupt discontinuation.

There is no mention of desktop or web-based platforms like MetaTrader, which are standard in the industry. This further limits any serious trading activity.

On Trustpilot, Tower holds a 2.3 out of 5 rating based on 7 reviews. No reviews are positive; all are 1- or 2-star complaints. Common themes include the broker being labeled a “scam,” difficulties with account verification, and withdrawals never being processed.

One user stated, 'Totally Scam site, they will hold your withdrawal and never pay you.' Another noted that Africans are particularly targeted and unable to complete verification. Such consistent negativity from a small sample indicates systemic problems.

Additionally, there are no reviews on other major platforms like Forex Peace Army, which may reflect a very small user base or a short-lived operation.

Given the absence of regulation, unclear business operations, and an overwhelmingly negative user complaint record, Tower is not a safe choice for any retail trader.

The FXCanary Scam Risk Score of 75 out of 100 (Severe) places it among the highest-risk brokers we have assessed. We strongly advise traders to seek alternatives that are regulated and transparent.

Even experienced traders looking for high leverage or unregulated environments should avoid Tower, as the reports of blocked withdrawals and non-existent support indicate a likely scam rather than a legitimate high-risk broker.