Verification for Toga Capital

Investment ForumCategory: Trading SoftwareVerification for Toga Capital
Anonymous asked 5 years ago
Dear Scam option, I would like to know if Toga Capital Limited is a scam, my parents are giving up everything and inviting their friends too for this company, and I would like to know if they're genuine. What they do is employ a sort of multi-level marketing strategy, embedded in a an app (trading software sortof) that makes you invest stocks using "toga points". Here's their scheme:
  1. Vision - They want to be the best messaging app they made called "Toga Chat", by reaching 500M users by 2019 and being listed in NASDQ where they said they will gain $2Billion
  2. To catalyze this- They recruit "agents"-- each agent invests $100-$3000 in a multi-level marketing scheme, and recruits others (they get half of their recruit's investment as commission) this "investment" is converted into "TOGA points"
  3. The "Toga points" can be used to buy "STOCKS" shares in their created Binary Options platform (trading software) called "TOGA Options"
  4. They promise that if they are able to buy 100 shares using the "TOGA points", they just sit back and it will become $820,000 by 2019 (once they become listed in NASDAQ as IPO)
  5. They have legitimate looking websites: and is in bloomberg
This is very critical since they're recruiting a lot of people to invest in their promise. When they buy stocks using the "toga points" they dont get any certificate, but the company says that they will have the certificate once it's in IPO in NASDAQ by 2019. Please please let us know if this is legitimate, we know nothing about this field, and I dont want my parents to risk everything they worked hard for.
26 Answers
Best Answer
Moderator Staff answered 5 years ago

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The easiest way to see if the broker you are dealing with is legal, is try withdrawing your money. If they don't process your withdrawal that day, then call you banks fraud department.


Best smart and use one of The Best Brokers.

Michael N Madison answered 5 years ago
I don't have a good feeling about it at all.  It takes more than a market cap criteria to reach nasdaq.  Lots of disclosure is required, and they don't disclose anything.  Their stock is not a fully reporting company. It's just an empty shell that did a name change to Toga Limited as best as I can tell.  The CEO owns 300,000 shares of the 400,000 shares available in that shell.  That means the float is only 100,000 shares, making it very easy to manipulate.  All the focus is on the company's stock price, but that's not even a reporting company.   They are making private placements to naïve investors, not accredited investors.  For all I know, they could walk off with all the money since they are based in the Cayman Islands.  The Cayman Islands alone is a read flag to me.  Or if they do take those shares public as promised, they will be on the OTC market, not Nasdaq, and you'll be close to 10 million shares at that time. 

I tried all the products and I can't get any of them to work.  The downloads of Toga Chat don't number above 5,000 on any of the app sites, but their projections are astronomical.  The feedback is good, but all the feedback comes from those who download it which are agents themselves who have a biased stake in its future.   I would not put up my life savings.   It's too good to be true.  At best, those shares go public and they could get out at a nice profit.  I see it as musical chairs.  The last ones standing will be the bag holders, and it won't be pretty.  It's like a typical penny stock scam in my opinion, only they are doing it with private placements overseas.  I'm guessing because the SEC in the United States has gotten a lot more strict.  

In worst case, they intend to run off with all the money due to the loose laws of the Cayman Islands and disappear into the night.  But I just don't know.  There is no transparency.  All I see is a lot of naïve investors putting money into a shell company that doesn't report in the hope of someone coming in behind them in the trickle down economics of the multi-level marketing.  Nobody is buying the products though, from what I can tell.  Can you actually book a hotel at TogaGo?  I can't even get anything to pull up.  Nothing seems easy to use to me.

I'm just a guest giving my impression.  I could be wrong.
John Harrison answered 5 years ago
I have researched on Toga company and I found that they have launched new social media app which is called Yippi. It looks like a decent chat app with some interesting new features. The filings and disclosure shows their updated 10 K report and so on. I also downloaded TogaPay. It seems feasible in local areas. Perhaps it is a developing company that needs more time to show its capability. But overall it could be considered as a legal and decent company. 
Stanley Lao answered 5 years ago
I just got scamed for 10k pounds
Michael N Madison answered 5 years ago
I guess I was wrong.  It\'s no longer a shell a company and actually became a full public company on the otc market according to the filings as I understand them.  Whoever invested earlier this year made a great return on their investment it would seem.  I still wouldn\'t  risk \"everything you worked hard for.\"  Never put all your eggs in one basket.  Even Enron, which was on the Nasdaq, collapsed and destroyed the lives of many that put all their eggs in that one basket.  Namely, the employees that had stock options instead of a 401k. 

Just risk what you can afford to lose.  I\'m still skeptical about their ability to go Nasdaq, but one never knows with certainty about anything in the stock market.  The market is ruled by emotions as well as fundamentals.  Everything seems legal as the above poster said, but legal companies go broke legally all the time.   Everybody has a vision of world conquest.  Just be careful and don\'t get too greedy.  Diversify.  Big returns come with big risks. 
Scam Alert answered 4 years ago
Toga Capital Sdn Bhd and Toga Limited and all of its products, including TogaChat and Yippi are UNAUTHORISED by the Bank Negara Malaysia (Malaysian Central Bank). The full list of blacklisted companies can be downloaded on Bank Negara Malaysia's website (link above). It is number 379 and 380. Despite the website saying it is registered in the US, it is not authorised in Malaysia and I highly suggest you stay away from this company and its subsidiaries and also report anyone engaged in it.
Vuthy answered 4 years ago
Thank you very much for creating this forum. I have read the above reviews. They are very helpful. It is still not very clear. It first came to me by someone who I know ten years ago a tourist and she is from Malaysia. She is one of the Toga member And it also  happened to somebody in Cambodia who I also know. He is one the business people who i can trust. therefore, I have decided to take this risk and I hope Toga Co.,Ltd will move forward smoothly
Jean answered 4 years ago
Looking at the reviews and trying the TOGA platform like the TOGA Go, it is feasible and I was able to book flight which is actually cheaper than any travel agencies like Trivago or Traveloca. Tried their messenger app and even won $10.00. This company has potentials.
Ann M. answered 4 years ago
Hi everyone! I\\\'m the one who gave the initial post inquiry for Toga Capital to research one year ago as concern for my parents, when they were initially trying to explore venturing into Toga Capital. Just to contextualize this post, one year ago, Toga was still starting in the Philippines and my parents got introduced to this company. Since I am concerned, I tried to do my own research and call for more information on the internet (hence I posted here). I even wrote to FINRA and US Securities and Exchange Commission to verify the company (since I care for my parents). One year later, I\\\'ve seen for myself how Toga Capital is a growing company trying to reach its vision through empowering their agents. I gained an appreciation and understanding through my parents work that what they\\\'re doing is actually a marketing strategy for the company to be competitive in the market. Both FINRA Central Review Group and US SEC have replied to my letter to them (they sent an actual reply letter straight to our address) and have verified that Toga Capital is legitimate. I\\\'ve kept a critical lens over the months observing how they\\\'re progressing as a company, and I see that they\\\'re pretty inspiringly serious in building the capacity of their members. Regular trainings in Kuala Lumpur, Hongkong, to conferences in Malacca and Macau all to mobilize everyone and give a chance for a lot of people to have shared ownership of the company\\\'s vision. I especially appreciate the part where they enlist small merchants to have Toga Pay, which can be considered giving access to financial inclusion by creating a digital ecosystem even for small market players. They also did a great job continuing the improvement of the Yippi interface, which if you\\\'d download, looks pretty competitive as a messaging app now (compared to its beta version, a year ago). I have also learned from my parents\\\' feedback that my post in this forum is being screenshot and used by various networkers who try to discredit toga to protect their market interest, and it\\\'s beginning to be unnecessarily annoying cause they then my parents and their colleagues have to spend time to answer these questions every time. In order to give justice to all the hardworking toga agents around the world and the company, whom I\\\'ve cost a lot of trouble, because of my inquiry 1 year ago, I am posting this clarification and my own testimony to how the company has progressed dramatically in only 13 months. I\\\'m a witness to how it has dramatically empowered the leadership skills of my parents and their colleagues, gave quite a sense of purpose too for them as it involves a financial inclusion advocacy. I salute Toga Capital for moving forward and being accountable in ensuring that they improve their services and that they build the capacity of their agents to drive the company to success. I hope this message clarifies any doubts about the company, I take back my inquiry and have personally verified this company to be trustworthy.  Wishing the best for Toga, and I apologize to all Toga associates that I caused trouble to. Thank you!
George answered 4 years ago
Hehe.. Nice try, Ann M.
Rein S. answered 4 years ago
I tried using their app which is yippi and it's not bad at all, I got many friends and it was like Facebook, I also won $10 in their game and got the money thru my bank account, also i tried booking a flight and hotel in TOGA GO and everything was legit. I guess its not a scam at all..
Vincent baisa answered 4 years ago
To whom it may concern how to become an agent of toga chat...pls help me im interested to become an agent of togachat.
Greg answered 4 years ago
Still too good to be true. How many app out there started in a multi-level marketing prior to public listing? Well, it's speculative risk...when you hit it, you hit it big. But if it did not materialize, don't expect your money back. Just a thought especially that US market right now is so tightly scrutinized due to the current president's directive.
Weiqi answered 4 years ago
Toga is a scam ! Don’t buy their bullshit
Ernesto Que answered 4 years ago
hi,, how is this company? someone approach me.  Is this a scam or not. Does anyone have withdraw some cash?
Rena Tan answered 4 years ago
Hi Ann.M, If it is true FINRA Central Review Group and US SEC has replied you, can you please attach the legitimate replies? We hope you are sincere and not doing this to help your parent's investments as my husband & I are both retirees who are hoping to put oyr retirement savibgs into a legitimste co for betyer returnd for our old age. Thank you very much
Yennie answered 3 years ago
Hi Ann M, Some points of interest; 1.How can we check the credibility of your claim that you were the one who posted the initial query (which embodied most of the concerns of future investors?) which is apparently posted by an "anonymous". 2. If FINRA and US SEC have replied to your letter to them, would you be kind enough to share that letter so we can also be enlightened on the doubts lingering through and in our minds. I think, the letter from the above government agencies can clear some clouds. Thanks and will be awaiting your action.
XFiles answered 3 years ago
TOGA is SCAM in Malaysia and Indonesia. In Malaysia, Bank Negara Malaysia released a list of alert companies (13 March, 2019): In Indonesia language (News dated 13 March 2019):
Miggy answered 3 years ago
HONEST REVIEW: TCA Agent Program is like Ponzi Scheme. The worst is, you entry payment as an agent has NO VALUE because it cannot buy any share. Commission is the one being used for share purchasing. So, clearly, you need to patch-up other people's entry money to purchase your own shares. So, in the long run, more people will be stocked as agents without any shares. This is how the PONZI scheme is patterned. Actually, NOT ALL AGENTS will tell you this. I believe the SEC will stop this TCA Agent Program soon. More so, AGEL ENTERPRISES INTERNATIONAL SDN BHD is the owner of shares being sold to agents. They use TCA as an alias for the marketing arm. TCA is NOT a company. AGEL, bought 1.2-Billion share from Toga Limited. Agel is clearly making money from agents. Agents are NOT safe with this program. Agel can close with all agent's registration money. Better buy TOGA Limited stocks on Public Market not with AGEL Agent Program. Stock Symbol is TOGL. TOGA LImited is genuine. Warning!
Thomas answered 3 years ago
This seems to be interested now. I saw many people can get $ by selling their Toga Points in private section, but not public. According to my research, you all should be careful when investing in this stage. Thomas
Frinces Dozina answered 3 years ago
Your parents made the right choice.  If I knew about this company a couple of years ago, I would rather put all my eggs in this basket. Your parents are very futuristic and it is happening!
Ann answered 3 years ago
Go for toga to avail unlimited travel tour around the world.....
Jcl answered 3 years ago
I just joined TOGL recently and invested a minimal amount. Just as your parents i think the same for the future of my family. It would be very helpful if you would share with us the letter from FNRA and others that verified their legality. We are all waiting for TOGL to get listed on NASDAQ by Oct and they said that all documents are already prepared. I guess this is a wait and see game. Since it is actually trading in OTC and prices are coming up and many had received their stock conversions to cash i would still remain in the belief that this is LEGAL and NOT A SCAM. If you’re interested let me know how to get in touch with you. God bless
BS answered 3 years ago
I think you should be worried if you invested in TOGA. Read this: Go Nasdaq by October ? No way they can achieve that.
Charles Ponzi answered 3 years ago
Well, I guess we now know why "Ann M." never produced her "letters" from FINRA and U.S. SEC....
rardtig answered 3 years ago
i am from Italy hello. Can you help me translate? /rardor