TaurusPro Review – 5 things you should know about taurusprofx.com

Beware! TaurusPro is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

TaurusPro is an unregulated offshore broker that failed to convince us that they are worth our time or investment. Opening an account with such an enterprise would surely result in you getting scammed – there was not one element of this broker’s offer that proved otherwise. If you are considering investing with TaurusPro, read the following review – you will surely change your mind.

TaurusPro Regulation and safety of funds

TaurusPro is based in St. Vincent and the Grenadines which automatically means that this broker is not regulated. No broker can be formaly licensed in this country since the local financial regulator, SVGFSA, does not regulate forex brokers and does not monitor their activities in any way. Local brokers are not obligated to report to any authority or meet any sort of requirments in order to prove their reliability and financial stability. For these reasons, more often than not, brokers based in this country are running some sort of shady scheme.

If you consider all the protections you would be able to benefit from as a client of a regulated UK or EU broker, you would not even be considering opening an account with an offshore enterprise. All brokers licensed in these jurisdicitions have to:

• regularly report to authorities to ensure transparency
• keep client money in segregated accounts to prove that they are not using your deposits for their own business
• offer negative balance protection – you could never lose more money than you have in your account at the time.
• maintain the capital of at least €730 000 to prove their financial stability – but the sum can be a lot bigger for brokers with more clients and reach multiple million euros
• participate in compensation funds – in case your broker goes bankrupt, you could receive a compensation of up to €20 000 in the EU or £85 000 in the UK

For all of these reasons, opening an account with a strictly regulated broker is a much better, safer decision.

TaurusPro Trading Software

TaurusPro offered access to a quite basic web-based trading platform:

Such simple platforms do offer some more basic functionality – however, they can hardly be called advanced trading software. Even complete beginners will get bored quickly because the number of trading tools you will get access to is actually quite limited.

Try out some industry-favorite platforms instead – MetaTrader 4 and MetaTrader 5  are two popular options. These highly efficient platforms that are also quite accessible even for beginner traders. Both versions of the software offer features like Expert Advisors, VPSs, and Strategy Tester, and over 30 technical indicators as well as possibilities for creating your own trading bots and indicators, setting signals, and much more. As a whole, MT4 and MT5 are two great options if you are wondering what platform to try.

TaurusPro Trading instruments

TaurusPro offers access to a decent range of trading instruments and to most big markets. With this broker, you would be able to trade currencies, commodities, stocks, indices, and cryptocurrencies. However, this is the same range of instruments most legitimate brokers can offer you. That is why we would recommend that you do not deal with scammers and check out some legitimate, regulated brokers instead.

TaurusPro Spreads and cost of trading

The spreads TaurusPro offered were nothing short of horrible. We got 2.7 pips on EURUSD and 2.9 pips on GBPUSD and USDJPY. As you can see, most legitimate brokers can offer much lower rates. Trading with such wide spreads would hardly be profitable since it would have you pay enormous amount of money just to be able to trade.

TaurusPro Maximum leverage

TaurusPro is an offshore broker which generally means that they are free to offer any leverage they see fit. However, we would say that the rates that they do offer are quite high and could prove to be potentially dangerous if you are an inexperienced new trader.

There is a reason why leverage restrictions exist in so many jurisdictions. Leverage increases your trading potential and enables you to make bigger offers. This could result in either bigger profits, or bigger losses. However, if you are an inexperienced new trader the likelihood of bigger losses is huge. That is why we always advise readers with their leverage settings and only trade with the sort of leverage they are sure they can handle.

TaurusPro Deposit and withdrawal methods

TaurusPro only accepts bank wire deposits, and more specifically deposits made through the electronic banking system Thai QR Payments. Needless to say, that hardly leaves clients any choice. You should also keep in mind that although bank wire transfers can technically be reversed, that rarely happens – which is quite convenient for the broker.

Most legitiamate brokers, on the other hand, would allow you to deposit in a variety of ways – via credit/debit card, wire transfer, electronic payment solutions such as Skrill, Neteller, PayPal, and PerfectMoney, and sometimes even in crypto.

TaurusPro Minimum deposit

TaurusPro seems like an extremelly affordable broker because they only ask for a minimum deposit of $15 to let you start trading. This is indeed great but investing with a shady offshore broker with only affordability in mind is not wise. There are plenty of legitimate enterprises that offer affordable trading accounts – check out some of them instead.

TaurusPro Withdrawal requirements

TaurusPro did not provide a lot of information about its withdrawal requirments in the Terms and Conditions. The only thing the broker stated was that they require you to withdraw at least $100 but they did not mention anything about additional withdrawal fees or trading volume requirments. Both of these things are tricks scam brokers often use. Trading volume requirments prevent you from withdrawing your money before you have reached an extremelly high trading volume threshold. Withdrawal fees, on the other hand, are just another way for the broker to rob you. Those fees can go as high as 20-30% of the withdrawal amount.

In case the broker decides to try such tricks, definetly be careful – no legitimate broker would deny you access to your own money in such a way.