Tower Review

At FXCanary, our review process for Tower involved a multi-layered investigation into its corporate background, regulatory standing, and actual user experiences. We cross-checked the broker's claimed registration details against official company registries and financial regulatory databases across multiple jurisdictions.

We also scrutinized the entire public record of user reviews, limited as it was, and analyzed complaint data from various consumer protection forums. Additionally, we attempted to verify the broker's licensing status with every major financial authority to ensure no oversight was missed.

Finally, we compiled a Scam Risk Score based on our findings, which aggregates factors like regulatory gaps, complaint severity, and transparency failures to give traders an objective risk assessment.

Tower operates under the legal name Tower Research Capital, with a claimed founding date of July 18, 2019, in the United States. Beyond these basic details, the company's public footprint is almost nonexistent.

Our investigation found zero employees on file, which is highly irregular for an active forex brokerage. Legitimate brokers typically maintain teams for customer support, compliance, and technical operations, so a null employee count suggests either a shell company or a business that has never been operationally functional.

No physical address is disclosed in any official capacity, and we were unable to locate a working website that provides corporate or legal information. The name 'Tower Research Capital' closely resembles a well-known quantitative trading firm, which may be a deliberate attempt to mislead potential clients, though we found no direct clone site evidence. This lack of transparency is a classic red flag associated with fraudulent or short-lived schemes.

Tower holds no verified licenses from any financial regulatory body. Our exhaustive search included the US Commodity Futures Trading Commission (CFTC) and National Futures Association (NFA), the UK Financial Conduct Authority (FCA), the Cyprus Securities and Exchange Commission (CySEC), the Australian Securities and Investments Commission (ASIC), and many others.

Operating without a license means the broker is not bound by capital adequacy requirements, segregation of client funds, or mandatory participation in investor compensation schemes. In practice, this leaves traders fully exposed to the risk of losing their entire deposit with no legal recourse.

For retail traders, regulation is the single most important safety net. The absence of it alone is sufficient to categorize Tower as an extreme-risk entity, regardless of any other positive attributes it might claim.

Tower provides no public information about its account types, minimum deposits, leverage ratios, spreads, commissions, or funding methods. While some brokers disclose such details only after registration, responsible firms typically offer transparency upfront to help clients make informed decisions.

This opacity often masks unfavorable trading conditions, such as wide spreads, hidden fees, or excessively high minimum deposits. One user review hinted at a verification process, suggesting that some form of live account exists, but the terms remain entirely hidden.

Without clear terms, potential clients cannot assess the true cost of trading or compare Tower's offering against competitors. This asymmetry of information overwhelmingly favors the broker and should deter any cautious trader.

The most alarming signal from the user complaint record concerns withdrawals. One reviewer explicitly states, 'they will hold your withdrawal and never pay you,' a sentiment echoed in other scam accusations.

KYC verification also appears to be a blocking mechanism rather than a compliance requirement. One user reports being unable to verify his account, particularly as an African trader, which effectively prevents any withdrawal attempt.

In a regulated environment, such behavior would trigger regulatory intervention and possible sanctions. With Tower, there is no external authority to appeal to, leaving victims with no avenue to recover their funds.

According to user feedback, Tower once offered a mobile trading app, but it has since been removed from the Google Play Store. Several users report that the app and website are no longer accessible, effectively locking them out of their accounts.

This pattern—initial availability followed by sudden disappearance—is typical of fraudulent brokers that vanish after accumulating deposits. The lack of alternative platforms like MetaTrader 4 or 5 further suggests a low-commitment operation.

Legitimate brokers invest in stable, multi-platform environments. Tower's technical infrastructure appears unreliable at best and deliberately obstructive at worst.

Tower does not disclose the range of tradable instruments it offers. The brokerage industry typically provides forex pairs, CFDs on indices, commodities, shares, and cryptocurrencies, but without explicit confirmation, any assumption is speculative.

From the generic 'forex broker' label, it may focus on currency pairs, but the missing details mean traders cannot plan a diversified portfolio or assess liquidity in desired markets.

This lack of transparency extends to product specifications like contract sizes, margin requirements, and trading hours, all of which are fundamental to risk management.

The entire real-user feedback record for Tower is negative. On Trustpilot, seven reviews average a 2.3 rating, with every review being one or two stars. No positive or even neutral feedback exists to balance the narrative.

The complaints coalesce around three main themes: outright scam accusations, impossibility to withdraw, and KYC verification failures. One reviewer tags it simply as 'It's a scam site,' while another provides more detail, saying the broker 'hold your withdrawal and never pay you.'

Importantly, one review specifically warns Africans against trusting the platform, suggesting targeted geographical exploitation. Such patterns are common among unregulated brokers that prey on vulnerable demographics with weak legal recourse.

We also note the absence of reviews on Forex Peace Army and other major broker review sites, which may indicate either a very small user base or that the operation was short-lived before being exposed.

Aggregated industry databases show zero regulatory licenses and a minimal trust score. While Trustpilot provides the only quantitative user sentiment, its 2.3 out of 5 based on just 7 reviews places Tower well below the industry average for even high-risk brokers.

Typically, even offshore brokers maintain higher Trustpilot scores (often through selective invitation or fake reviews). Tower's consistently abysmal rating with no mitigation is a strong corroborating signal of severe underlying problems.

Without a presence on more specialized forex review aggregators, the risk picture is incomplete but uniformly damning.

We assign Tower a Scam Risk Score of 75 out of 100, which falls into our 'Severe' category. This score reflects the complete absence of regulation, the company's opaque corporate structure, and a unanimous user complaint record alleging scams and blocked withdrawals.

The score is partially tempered only by the relatively low volume of complaints, which could suggest a limited operational period, but the qualitative intensity of those complaints leaves no room for trust.

In our experience, brokers with profiles like Tower's often disappear overnight, taking client funds with them. We strongly advise extreme caution.

If you are currently a Tower client or have deposited funds, we recommend immediately ceasing any further deposits and attempting to withdraw your balance. Document all communication with the broker and consider reporting the entity to your local financial ombudsman or law enforcement.

For traders seeking a safe home, we recommend sticking with brokers regulated by tier-1 authorities such as the FCA, ASIC, or CySEC, and those with a long track record of positive user reviews. Always perform your own due diligence before opening an account.

Do not be tempted by promises of high leverage or zero fees from unregulated entities—the risk of total loss is too great.

Tower, operating as Tower Research Capital, fails on every critical measure of broker safety. It has no regulation, no transparent terms, and a user record that unanimously condemns it.

The FXCanary Scam Risk Score of 75/100 (Severe) leads us to conclude that Tower is highly likely to be a scam operation. We recommend that traders avoid it entirely and instead choose a regulated, transparent broker with a proven track record.

In the unregulated space, the stakes are too high to take even a minimal chance. Tower offers none of the protections that modern traders rightly demand.