The TAURENEFX is an offshore based FX brokerage provider. It features itself as a one-stop destination for crypto trading. The website feature a crypto wallet dropdown to look legitimate for crypto trading. In reality, it offers trading in Contracts for Differences. It also hides the trading environment on its website and lacks any demo account for practice. Our main concern about this brokes is its regulation and licensing. Read this scam broker review to know how TAURENEFX reflects on our concerns.
We have always maintained to be unbiased while providing reviews. So we will first start with the advantages of TAURENEFX. The first and only such advantage of this broker is its huge variety of CFDs on FX pairs, indexes, products, shares, and a decent selection of cryptos.
The information on its website shows that the CFSUM LTD is the owner of TAURENEFX and it is based in the Marshall Islands. The Marshall Islands is sadly known for its nonobligatory licensing policies for FX brokers. Being said this, the TAURENEFX is non-regulated. The proper regulation is the critical factor that can oversee the safety and security of the trader’s funds. Doing business with nonregulated FX brokers always embroils the intermingling of funds. That means the broker can integrate together trader’s funds and the firm’s finance. The worst scenario can occur if the broker refuses to communicate with the investors. Therefore unlicensed broker is most disadvantageous.
While accessing the Terms and Conditions section of TAURENEFX we came across strange names like BFXNA Inc. and BFXWW Inc. These names are associated with the leading crypto trading brand Bitfinex. Furthermore, there is no association between these two FX brokers. This means TAURENEFX is using other brokers Terms and Conditions illegally or it has just copy-pasted it intentionally. This fact is worrisome for traders and shameful for the broker.
Another worrisome fact about TAURENEFX is its misleading nature. It tries to mislead traders by faking itself as a blockchain-based web terminal. Some rookie traders might get trapped while thinking that the broker offers crypto exchange services. But in reality, the broker only deals with CFDs trades. The website is plain and does not provide information on trading conditions. We have always treated this opaqueness as a potential scam. Also considering its unregulated nature TAURENEFX’s this move is not surprising.
Furthermore, another unsurprising aspect of this broker is the unavailability of a free demo account. Here we can firmly assert that the TAURENEFX has several things to hide and this is another fact of worry. Also, this broker misses on the MetaTrader platform which makes it less attractive.
Is TAURENEFX scam or legit?
This broker wants to look legitimate but measurably fails on every aspect. The broker is unregulated. Trading conditions are unaccessible. Terms and Conditions borrowed from another broker. All these things are self-explanatory that this broker is a potential scam broker. Please avoid it.
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