Beware! TauruzFX 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.
TauruzFX can be considered a copy-paste broker, for it shares characteristics hundreds of others like it, and its contemporaries are not legit at all. Are we to expect a certain connection to the realm of astrology here, or has the broker just picked the first thing it popped into its head and declared it to be enough? Are we to believe all the company site reveals about trading and payment information, not to mention the alleged registration? A plethora of other questions appears, all concerned in some way with TauruzFX’s legitimacy. Please read the review to find out all there is to know.
One way to start answering these questions is to create an account, for the info contained in the user area is the purest form of TauruzFX. To create an account, we had to simply complete a form and after a couple of seconds, we were given full access to a client area, which turned out to be centered around a web trader. The dashboard itself was extremely simple and boring.
The web trader revealed a EUR/USD spread of 4 pips, immediately eliminating all hope of a profitable trading experience, for this cost of trade is twice the acceptable average, meaning that only the broker can profit from it. The leverage is capped at 1:200, while the available financial assets are forex currency pairs, commodities, stocks, indices, and cryptocurrencies.
The brokerage website is available in English and Russian.
TAURUZFX REGULATION AND SAFETY OF FUNDS
The main thing that we gather from the website is that TauruzFX is incorporated in the Marshall Islands, a country that knows no bounds. The nation does not possess an FX and CFDs regulator, meaning that all brokers that operate there are essentially unlicensed.
Moreover, the Marshall Islands is one of the few countries where you can open an online business without having to step foot in the country. As you might have imagined, this is the perfect breeding ground for shady brokers, since all they need to do is incorporate their scammer firm in the country!
For some reason, the legal documents not only never mention any license or registration, but they do not expand on the footer’s claim that the broker is located in the Marshall Islands.
All in all, it makes no difference if TauruzFX is registered or not in the Marshall Islands. Even if it is, it still is UNREGULATED, and if it is lying about the registration, then it still remains unlicensed. Therefore, TauruzFX is a risk to all investments, as well as to all provided ID documents!
There is no reason whatsoever to invest in an unregulated broker. You will be faced with a ton of issues and will waste your time, not to mention money. Best rely on FCA or CySEC regulated entities, although any broker regulated by a legit agency will do. The crucial thing is to always make sure if the current broker you are willing to invest in has a license. Investing in a regulated broker will not only bring you safety and security, but it may also give you an advantage. For example, both the FCA and CySEC have a financial compensation scheme, each, meaning that they will pay back users who cannot get their money back from their broker, due to the latter’s insolvency or any other monetary issue. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
TAURUZFX TRADING SOFTWARE
The web trader at use here is what one would expect from an unlicensed broker.
We find time frames, some room for chart customization, economic calendar, and that’s pretty much it. Overall, this is nothing special, and it borders with the laughably simple.
TAURUZFX DEPOSIT/WITHDRAW METHODS AND FEES
According to the user area, clients can invest with HotPay, RocksPay, and GumballPay. It seems that the minimum deposit requirement is $250
Unfortunately, the withdrawal area discloses nothing, so we have to rely on the website for the relevant information. It’s too bad that there is no information, specific that it, concerning withdrawals. But this is what one is to expect from a scammer broker? It’s all the more frustrating when we found no withdrawal details in the legal documents, which are not too short, and contain enough information.
There is of course the ominous presence of ambiguous fees that the broker has barely mentioned but it has made sure to include. This is one of the most common marks of the unlicensed broker.
TauruzFX is a textbook unregulated broker. There is nothing more to it to add. Do not invest here, because you will face financial anxiety.
How does the scam work?
The scam is simple, and it can be sub-divided into a couple of steps.
The first one is actually falling for the scam. This happens when a user clicks on an ad that promises any of the following: an unrealistic profit gain; luxurious items and houses; a carefree lifestyle; and anything and everything in-between these. It’s easy to see why so many still fall for investment scams.
Next, the client will be asked to provide an email, or a phone number, or both. These are essential for the scam, as they will be used by the fraudsters to contact you in the next step.
Which is actually to convince users to deposit. Some might throw themselves in, while others might be more skeptical. It is the job of the scammers to make up the minds of the skeptical bunch. Once a first deposit is made, the user has lost her first deposit!
The final step is simple. The pers have solicited an initial deposit; now they want as many investments as possible until the client realizes the true nature of it all. Once this happens, the broker will block all withdrawals.
What to do if scammed?
File for a chargeback if you have used a credit or debit card to pay the scammers! MasterCard and VISA have a chargeback period of 540 days.
Call your bank if the transaction happened through a wire transfer. And make sure to change your bank account user name and password ASAP!
Unfortunately, crypto deposits are lost and cannot be retrieved. That is why we urge readers to never deposit through any crypto method!
And let us not forget NOT to trust the recovery agencies or agents who are also just as fraudulent as the investment scammers, sometimes even more!
Rich Snippet Data