Beware! TaureneFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
TaureneFX is a broker focused on the crypto market, which on first glance some traders might even confuse for a crypto exchange, where you may actually buy or sell cryopto coins. That is not the case however.
TaureneFX offers Contracts for Difference or CFDs on a selection of crypto coins like Bitcoin, Cardano, AdEx, Ark, Basic Attention Token, Bancor, Dash, Ethereum, Ethereum Classic, Golem, Groestlcoin, Komodo, Lisk, Litecoin, Lunyr, NavCoin and NEO, as well as over 40 currency pairs, many of which minor or exotic like USDTRY, USDSGD, USDRUB, USDDKK, USDZAR, USDHKD, USDHUF, USDMXN, USDNOK, USDPLN and USDSEK, 8 indices, stocks, silver, gold and oil on a web based platform.
Unfortunately the broker does not tell us much about their trading conditions, and as we were not able to open a demo account we can not comment on their spreads. That however is a relatively minor issue compared to the fact that they are unregulated, and in practice do not have legal right to provide financial services on regulated markets like the European Union, the U.S., Australia, Canada or Japan.
TaureneFX regulation & safety of funds
TaureneFX is owned and operated by CFSUM LTD, which is an offshore company based on the Marshall Islands. And as we noted unfortunately they are not regulated, which makes any investment with TaureneFX extremely risky. The main problem with all unregulated brokers is the fact that they are completely unaccountable for the way they handle your money and quite too often are simply involved in scam.
That is why our best advise is to avoid unregulated brokers altogether and to trade instead only with brokers, licensed and authorized by well known institutions such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investment Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).
TaureneFX deposit/withdrawal methods and fees
Although TaureneFX says to accept payments with credit and debit cards like VISA, MasterCard, Carte Bleue and Maestro, as well as PayPal, when we proceeded with our registration in turned out they accept only bank wire payment.
Besides, the fact that they do not accept Skrill – a popular e-wallet, is also notable, because of the new anti scam policy of the money transfer company. According to the new policy Skrill partners only with properly licensed brokers, and as we already established TaureneFX does not have a license whatsoever.
Otherwise as a minimum deposit TaureneFX asks for 100 USD, which is in the range of what most other brokers would also require as a starting deposit.
How does the scam work?
If you ever happen to come across one of the so called robo scam websites like Bitcoin Profit and Brexit Trader you might be lured by some “irresistible” offer for a “completely risk free” investment that will make you rich in a matter of days. And all you will have to do is to leave your e-mail and phone in simple registration form. Than, if you do register, without even noticing you will be redirected to the web page of unregulated scam broker, where you will be asked to deposit initially about 250 USD.
Now there are two scam scenarios that invariably end up the same way. Either scammers will offer to manage your trading account, or they will leave you to trade by yourself but with the help of “an experienced account manager”, who will be calling you regularly with trading signals and advises.
And besides, no matter whether you trade by yourself or just sit back and watch “as your wallet grows”, the money in your account will miraculously double in just a couple of days. That off course will be just a prat of the scam as fraudsters will be manipulating your trading account with the single purpose to make you deposit more. And that is exactly what your account manager will be telling you – if you want to make some real cash you will definitely have to invest more – at least 10 000 USD for a start.
And as strange as it may sound, but at that stage of the scam most people do invest that kind of money, or at least as much as they can, without ever realizing they have been scammed, until the very moment they decide to withdraw some of their funds. Than all of a sudden it turns out this is not possible, because of some minimum deposit requirement, possibly linked to their welcoming bonus. The excuse might of course be different, but the outcome will always be the same – if you have been scammed you will not be getting any money back.
What to do if scammed?
Still, there is one option to get your deposit back and it is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard will allow you to do that within 540 days.
And if for any reason you have told scammers your credit card number or online banking password, immediately change the password and block your credit card. And if scammers have tricked you to install Team Viewer, delete the platform immediately.
And one final advise – if you do not want to get scammed a second time do not accept any offers by the so called recovery agencies. Those people will not recover your money, but will simply make you pay some fees in advance and than will disappear.