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TaureneFX Review: Is taurenefx.vip A Scam Or Legit Broker?
TaureneFX Review: this is a Forex broker that claims to be located in the offshore location of Marshall Islands. Is taurenefx.vip a legit broker or another scam?
First, it is worthy to note that the location of this brokerage is offshore. These kind of brokers are not regulated and thus, cannot hold a license.
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TaureneFX is owned CFSUM Ltd and claims to be a Wealth Management Group. They claim to provide guidance for clients on a personal level. Security of identity is also touched on by the page and offers “reliable, trusted and simple trading solutions”.
Cryptocurrencies are also available to be traded with. We could not get much information on their address and other trading conditions.
TaureneFX Trading Platform
The trading platform used by this broker is said to be a web-based one and this is not encouraging to traders.
Regulated brokers usually mention trading platforms such as MetaTrader 4 and MetaTrader 5.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
There is a large collection of trading assets in this broker’s trading portfolio that includes: CFDs on indices, forex pairs, cryptocurrency, and stocks.
Again, Forex traders with licenses who are serious about the business provides impressive trading portfolios that includes more than 300 Forex currencies, 5+ cryptocurrencies, and CFDs on numerous commodities like silver, gold, indices, stocks, oil.
Leverages offered by the broker is not specified and there is no mention of the spreads offered. This is a strange find.
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Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal Methods on TaureneFX
Payment and withdrawal means are not specified on this broker, which is another worrisome find because this is unusual.
Standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on. It is not so for TaureneFX and this is not a good sign.
Minimum deposit required for this broker is $100 and withdrawal charges/fees are not stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is TaureneFX Licensed
No. TaureneFX is not a registered broker and therefore holds no license. As we have mentioned at the beginning, it is located in an offshore location. This location has become popular for harboring scammers because of its lax regulation on businesses.
TaureneFX Asks Clients to Install AnyDesk
The broker gives a popup message asking clients to install AnyDesk. This is an application that with the right permission allows access to a computer from another station or computer. Clients need to know this and avoid any broker that makes this kind of request.
To contact a customer care agent, clients are to send a message to: [email protected]
It is clear from our findings that TaureneFX is a shady brokerage that traders would want to avoid. Their terms are not very clear and they lack transparency.
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TaureneFX Review – is taurenefx.vip scam or good forex broker?
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Trading Accounts and Conditions
|Trading account||Min. deposit||Max. leverage||Spread|
TaureneFX presents itself as a full-featured trading platform for trading in the major cryptocurrencies – Bitcoin, Ethereum. Litecoin, Dash, etc. While it seems to provide some wallet service, the broker actually provides trading in Contracts-for-Difference (CFDs). However, its trading conditions are not disclosed on the website and the broker does not offer free testing service either.
That however is not our main issue with TaureneFX, but the fact that they are not regulated. So, if you are thinking about opening an account with them, be sure to read this review first.
Huge selection of assets
We always try to come up with any positive side about our brokers and with TaureneFX that might be the wide range of CFDs, including lots of forex pairs, indices, commodities, stocks and nice selection of cryptocurrencies. Still, considering that the broker is not a regulated financial services provider, you’d better check out the below link, if you are one of the many investors drawn to cryptocurrencies.
Unclear corporate situation, no license
According to the information at the bottom of TaureneFX’s homepage, the broker is a trademark of FSUM LTD, a company registered in Marshall Islands. This is an offshore zone with no obligatory licensing for forex brokers, which means that TaureneFX is unregulated.
Click on the image to view full size.
Bear in mind that proper regulation is the single factor that can guarantee the safety of your funds with a forex broker. Trading with unregulated brokers may involve commingling which means that the company may mix together the finances of the firm and clients’ funds. What is worse, the brokerage may simply stop answering your e-mails and phone calls and disappear with your money. That is why the lack of legit forex broker license is always considered a huge disadvantage.
We also should mention that the broker’s Terms and Conditions mention BFXNA Inc. and BFXWW Inc., which are companies associated with major cryptocurrency exchange Bitfinex, with which TaureneFX has no relation whatsoever. This is a worrisome sign as it means that the broker either illegally uses the details of another company, or simply has copy-pasted its T & C.
Poses as crypto exchange
It seems that TaureneFX tries to mislead investors that they are a blockchain-based platform.
Some inexperienced traders might indeed think that it provides exchange services, while in fact the broker offers CFD trades. Here is more information on the matter:
Zero clarity on trading conditions
As we mentioned in the beginning, TaureneFX has not disclosed essential parts of its offer, such as the reference spreads, maximum leverage levels provided, etc. We always view the lack of such important information like the trading costs as a negative, but having in mind the regulatory status of the brokerage, it is no surprising.
A test-drive of the broker’s trading platform is also unavailable, so we can safely conclude that TaureneFX is not transparent with its trading conditions and pricing.
Unproven web platform instead of the MT4
Click on th eimage to view larger.
TaureneFX offers its clients some oversimplified and unproven web-based interface, instead of the internationally acclaimed MetaTrader4 (MT4), and that is another downside of the broker’s offer.
The main advantages of the MT4 are the superior charting, the automated trading strategies (EAs), and the programming environment, which allows for easy customization.
TaureneFX is as manipulative as these types of fraudsters usually get. There is false information all around, aimed at deceiving, not to mention that this CFD broker is not regulated.
All things considered, it would be best for traders to direct themselves to better trading options to which we have linked throughout this review. Doing business with duly regulated brokers has a lot of advantages – they are obliged to follow a strict set of financial and ethical rules. Some of these include providing negative balance protection to all clients, allowing external audits, filing regular reports and in certain cases even insuring traders’ money.
And finally, here is our summary of the review on TaureneFX:
|Unclear corporate situation, no license|
|Poses as crypto exchange|
|Zero clarity on trading conditions|
|No MetaTrader, no free testing|
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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