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Is TAURENEFX a scam broker?

Overview:

The offshore broker TAURENEFX claims to offer services in cryptocurrencies and some sort of wallet. In reality, it provides its services on Contracts for Differences. Also, the website does not offer information on the trading environment and lacks a demo account. Moreover, this broker claims to be registered and regulated. Its legitimacy is the real question we are dealing with in this scam broker review.

About TAURENEFX:

The offered list of assets by TAURENEFX consists of a variety of CFDs, containing many FX pairs, indexes, commodities, shares and plethora of cryptos. The information on the website of TAURENEFX sheds light on its owner. The Marshall Island-based company called CFSUM LTD is the owner of the trademark TAURENEFX. The Marshall Islands is the region where several shady forex brokers take hideout. Also, the government of these islands does not provide any obligatory license to such brokers. It means the TAURENEFX is unregulated.  Doing trading business with such a nonobligatory broker can be hazardous and involve scam. The investments can be used according to the broker’s will and its recovery is very hard.  

While reading the terms and conditions section on TAURENEFX’s website we felt that we have read it somewhere. Further digging into the matter, we came to know that the whole terms and condition section is copied and pasted as it is from the broker BFXNA Inc. and BFXWW Inc. which are associated with BITFINEX the top leader in crypto-FX provider.  BITFINEX does not have any association with TAUNEREFX whatsoever. This is an utter shame. There is another misleading thing about this broker. It tries to represent itself as a blockchain-based crypto dealer. In reality, it does not have anything to do with cryptocurrencies.

The website does not offer any information on trading conditions such as spreads, maximum leverage, minimum deposits, trade size, etc. In our view, such a lack of information always associated with some sort of scam and fraud. Furthermore, it does not provide a demo account which makes it harder to calculate the trading cost associated with TAURENEFX. TAURENEFX provides its client some web-based unrealistic trading terminal. Which provides no support to traders whatsoever. It is just there to fetch investments of traders.

Is TAURENEFX scam or legit?

The website of TAURENEFX is opaque in terms of trading conditions. Also, the broker is from the Marshall Islands and does not fall under any regulation. The terms and conditions are copy-pasted from other brokers it gives an insight into the broker’s true nature.  We do not hesitate to put TAURENEFX into the potential scam brokers list. Avoiding will be the best practice against this broker.