Warning! TaureneFX is an offshore company! Your deposit may be at risk.
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Is there something worth investing for in TaureneFX, or should this one be left to disappear? Read the review for more info.
TaureneFX is powered by CFSUM LTD which is registered in the Marshal Islands. Let’s get one thing out of the way. Even if TaureneFX is registered in the island nation, this does not mean that it is regulated there. Furthermore, the Marshall Islands do not have a financial regulator, so TaureneFX is not licensed there.
What’s more is that in the Terms and Conditions the broker mentions BFXWW Inc and BFXNA Inc
…which are affiliates of iFinex Inc. iFinex Inc is the holding company of Bitfinex, a cryptocurrency exchange based in Hong Kong and the British Virgin Islands. But we digress. What matters here is that there is absolutely no correlation between BFXWW Inc/BFXNA and TaureneFX.
This confusion and mix of different claims is typical for offshore brokers. We can safely state that TaureneFX is UNREGULATED.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The EUR/USD spread as seen on the trader was between 0.2 and 0.7 pips. This is extremely profitable for traders. As for the leverage, as far as we’re concerned there is none for our search of it was in vain.
The broker seems to be offering cryptocurrencies, forex pairs, indexes, stocks, and commodities.
The languages offered on the website are English, French and German, While on the dashboard these languages are much more: English, Russina, Italian, German, French, Spanish, Chinese, Arabic.
The browser based trading platform here has a 3rd party widget that indicated that serves as both the charts and all the cosmetics that come with it. This is a typical move by fraudulent brokers, seen even at one of our more recent review of 10CFDS.
There are fees, that are underlined by very confusing and contradictory clauses.
First it says that the broker does not charge any fees for execution, then immediately afterword it says that only spreads are fees. We quickly lost track after that…
It also noticeable that some sort of “financing” is taken from the active position every hour. This means that the broker will charge you a fee for having open positions every hour; usually it an overnight fee. This is yet another clear sign of the fraudulent nature of this broker.
TAURENEFX MINIMUM DEPOSIT
According to the FAQ the minimum deposit is $100. However there is no real way to confirm this.
The only means of depositing is via Wire Transfer, and when we tried to deposit we received a message asking of us to contact the site administrator.
All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
For safekeeping your money NEVER share your credit card number and CVV code with a salesperson. All online payments require this 3 digit number in order to complete purchases or transactions, and by giving yours away to some offshore broker may lead only to the complete drainage of funds from your credit card.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
This broker has sneaked in the AnyDesk software as means for traders to receive help; it’s located on the bottom right of the screen on the website. Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
TAURENEFX WITHDRAWAL TIME AND FEES
The minimum withdrawal amount seems to be $250, as we saw when trying to withdraw.
Withdrawal fees are as follows:
Understand these any way you can. The way we see it, is that for each withdrawal the company charges you either 0.001 BTC (approximately $9.50) or 0.01 DASH ($1 on average).
ADDITIONAL FEES AND TAXES
If the value of a clients crypto coins drop below an undisclosed level, then the broker can either force-liquidate the crypto in the user’s account and seize the coins. Second, if a trader has a negative equity, the broker has the right to “seize, take over, and assume all of your liabilities and collateral and to dispose of one or more of your positions, or to retain one or more of them, at a profit or loss, at taurenefx’s risk and expense.” (we quoted because we couldn’t really grasp the meaning of it):
If a trader has not logged in for over two years, then the broker can seize all your deposits and profits.
The annual $25 inactivity fee is activated if an account has been dormant for over an year.
Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.
Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.
HOW TO RECOVER
The most sound advice we could give you is to immediately file for a chargeback with you credit card company.
If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
There is nothing good about this broker, nothing worthy of your attention and investment. Keep away.