Overview of iTaurux
iTaurux is a forex broker founded in 2017 and based in China. The company is not regulated by any major financial authority, which could raise concerns about its trustworthiness and consumer protection measures. However, it offers a variety of trading platforms, including MT4 and MT5, and a decent range of tradable assets, including forex, CFDs, and cryptocurrencies. iTaurux also has a low minimum deposit requirement of $100 and offers a maximum leverage of 1:500, which can be beneficial for traders who want to amplify their potential profits.
The broker provides a demo account for beginners to practice trading before risking real money, and it offers 24/5 customer support via live chat, email, and phone. Deposit and withdrawal methods include credit/debit cards, bank transfers, and cryptocurrencies. iTaurux also has a range of educational resources, including guides, webinars, and trading articles.
Pros and Cons
Pros:
Diverse Range of Instruments: iTaurux offers a comprehensive selection of trading instruments, including Forex, CFDs, and cryptocurrencies. This diversity allows traders to access a wide range of markets and investment opportunities.
User-Friendly Account Opening: Opening an account with iTaurux is described as a straightforward process. This user-friendly approach can be beneficial for both novice and experienced traders, streamlining the onboarding experience.
Competitive Spreads: The broker provides competitive spreads, starting from 0.0 pips. This low-cost structure can be advantageous for traders looking to minimize their trading expenses, particularly for those engaged in high-frequency or scalping strategies.
Variety of Trading Platforms: iTaurux supports both MetaTrader 4 (MT4) and MetaTrader 5 (MT5), offering traders a choice between two popular and versatile platforms known for their user-friendly interfaces, advanced charting tools, and automated trading capabilities.
Multiple Deposit Methods: The broker supports various deposit methods, including credit/debit cards and bank transfers. Notably, cryptocurrency deposits are fee-free, providing a cost-effective and modern alternative for funding trading accounts.
24/5 Customer Support: iTaurux offers customer support through live chat, email, and phone channels, ensuring that traders have access to assistance throughout the trading week. This availability can be crucial for addressing queries or concerns promptly.
Cons:
Not Regulated by Major Financial Authority: iTaurux operates without regulation from any major financial authority. This lack of regulatory oversight can be a concern for traders as it impacts the transparency and accountability of the broker's operations.
Limited Account Types: The variety of account types offered by iTaurux is described as limited. A diverse range of account types can satisfy different trading preferences and experience levels, providing more tailored options for clients.
High Leverage: While iTaurux offers a maximum leverage of 1:500, high leverage can magnify both potential profits and losses.
No Multilingual Support: The absence of multilingual support is a drawback for traders who prefer assistance in languages other than English or Chinese. A lack of language options could limit accessibility for a global client base.
Regulatory Status
iTaurux is a forex broker that is not regulated by any major financial authority. This means that it is not subject to the same oversight and regulations as brokers that are regulated. This could raise concerns about the broker's trustworthiness and consumer protection measures.
Without regulation, there is no independent body to oversee the broker's activities and ensure that it is acting in the best interests of its clients. This could leave clients vulnerable to fraud or other unethical practices.
Market Instruments
iTaurux stands out as a comprehensive forex broker, providing a diverse array of financial products and services to satisfy the trading needs of its clients. Specializing in forex trading, iTaurux facilitates the exchange of major, minor, and exotic currency pairs through both standard and ECN trading accounts. Additionally, the broker extends its offerings to Contract for Differences (CFDs), encompassing a broad spectrum of assets such as stocks, indices, commodities, and cryptocurrencies. Traders can opt for either standard or ECN CFD accounts, allowing for flexibility in their investment strategies.
A notable feature of iTaurux is its commitment to cryptocurrency trading, offering a wide selection that includes popular digital assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The inclusion of both spot and futures trading in cryptocurrencies enhances the platform's versatility, satisfying the preferences and risk appetites of a diverse clientele.
Account Types
iTaurux recognizes the diverse needs of its clientele and has tailored its account offerings accordingly. The Standard Account, designed for those new to trading, provides a user-friendly entry point with a modest minimum deposit requirement of $100. This account type is ideal for beginners seeking a platform that offers competitive spreads and a maximum leverage of 1:500, providing them with the necessary tools to navigate the forex market.
For more seasoned traders seeking advanced features and optimal execution quality, iTaurux presents the ECN Account. Geared towards experienced individuals, this account type boasts ultra-low spreads, eliminating the concern of re-quotes, and grants direct access to liquidity providers. The ECN Account satisfies traders who demand precision and speed in their executions, allowing them to capitalize on market opportunities with efficiency.
How to Open an Account？
Opening an account with iTaurux is a straightforward process that can be completed in a few minutes.
Visit the iTaurux website and click on the “Open Account” button.
Fill out the online application form. You will need to provide your personal information, such as your name, address, and contact details. You will also need to choose an account type and provide your trading experience.
Upload a copy of your ID and proof of address. This is to verify your identity and ensure that you are a legitimate trader.
Make a deposit. The minimum deposit requirement is $100. You can deposit funds using a credit/debit card, bank transfer, or cryptocurrency.
Download and install the iTaurux trading platform. You can choose from the MetaTrader 4 (MT4) or MetaTrader 5 (MT5) platform.
Start trading. Once your account is funded and you have downloaded the trading platform, you can start trading forex, CFDs, and cryptocurrencies.
Leverage
iTaurux offers a maximum leverage of 1:500 on its forex and CFD trading accounts. This can be beneficial for traders who want to amplify their potential profits. However, it is important to use leverage with caution, as it can also magnify your losses.
Leverage is a loan that a broker provides to a trader to increase their trading capital. This allows traders to control a larger position with a smaller amount of money. For example, if a trader has a $100 account and uses leverage of 1:500, they will be able to control a position worth $50,000.
Spreads & Commissions
iTaurux offers competitive spreads on its forex and CFD trading accounts. The broker's spreads start from 0.0 pips on major currency pairs. This means that iTaurux is a good option for traders who are looking for low-cost trading.
In addition to spreads, iTaurux also charges commissions on its trades. The commissions vary depending on the account type and the instrument being traded. For example, the Standard Account charges a commission of $2 per lot on forex trades.
Here is a table of the spreads and commissions charged by iTaurux:
Trading Platform
iTaurux offers two popular trading platforms to its clients: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both platforms are powerful and versatile, and they offer a wide range of features for traders of all levels.
MetaTrader 4 (MT4) is the most popular forex trading platform in the world. It is known for its ease of use and its wide range of features, including technical indicators, automated trading, and social trading. MT4 is also a very customizable platform, and there are a wide range of third-party add-ons available.
MetaTrader 5 (MT5) is the newer version of MT4. It offers a number of new features, including support for more financial instruments, such as stocks and futures, and a built-in hedging platform. MT5 is also more scalable than MT4, and it can handle a larger number of concurrent users.
iTaurux offers both MT4 and MT5 to its clients. The broker also provides a free demo account so that traders can try out both platforms before they open a live account.
Deposit & Withdrawal
iTaurux provides a versatile array of deposit options for its clients, ensuring accessibility and flexibility in managing funds. Clients can fund their accounts using major credit and debit cards, enjoying the convenience of fee-free transactions. For those opting for bank transfers, iTaurux accommodates global deposits from various banks, although a small deposit fee applies. Additionally, the broker embraces the modern trend of cryptocurrency, allowing clients to deposit using a variety of digital assets without incurring any deposit fees.
When it comes to withdrawals, iTaurux maintains flexibility by allowing clients to withdraw funds to the same credit or debit card used for deposits, albeit with a $25 withdrawal fee. Bank transfers are also supported for withdrawals, albeit with a $20 fee. The cryptocurrency withdrawal option stands out for its fee-free nature, offering clients a cost-effective means of accessing their funds.
Here is a table of the deposit and withdrawal fees charged by iTaurux:
Customer Support
iTaurux maintains a robust and accessible customer support system, available 24/5 to assist its clients. Traders can reach out to the support team through email using either the privacy@itaurux.com or support@itaux.com addresses, ensuring timely and comprehensive responses to inquiries or concerns. Additionally, for direct assistance, clients can contact the English-language support hotline at +44 2080898737.
Educational Resources
iTaurux offers a variety of educational resources to its clients. These resources can be helpful for beginners who are learning how to trade, as well as for experienced traders who are looking to improve their skills.
iTaurux offers a wide range of trading guides and articles. These guides and articles cover a variety of topics, including forex trading basics, technical analysis, and risk management.
iTaurux also offers webinars and seminars on a variety of trading topics. These webinars and seminars are conducted by experienced traders and analysts.
In addition, iTaurux offers a demo account so that traders can practice trading without risking any of their own money. The demo account uses real-time market data, so traders can get a feel for how the market moves and how their trades are executed.
Overall, iTaurux offers a comprehensive range of educational resources. These resources can help traders of all levels to improve their trading skills and increase their chances of success.
Conclusion
In conclusion, iTaurux, founded in 2017 and based in China, presents both advantages and disadvantages for prospective traders. On the positive side, the broker offers a diverse range of trading instruments, a straightforward account opening process with a low minimum deposit requirement, competitive spreads, and a variety of trading platforms, including MT4 and MT5. The availability of multiple deposit methods, fee-free cryptocurrency deposits, and 24/5 customer support further enhance the user experience.
However, significant concerns arise from the lack of regulation by major financial authorities, potentially impacting the broker's trustworthiness and consumer protection measures. Additionally, the limited account types, high leverage, and the absence of multilingual support might pose challenges for certain traders. While iTaurux provides educational resources to support skill development, traders should carefully consider the trade-offs between advantages and disadvantages before engaging with the platform.
FAQs
Q: What financial instruments can I trade with iTaurux？
A: iTaurux provides a diverse range of trading options, including Forex, CFDs, and cryptocurrencies, offering traders access to a wide array of global markets and investment opportunities.
Q: Is iTaurux regulated by any major financial authority？
A: No, iTaurux is not regulated by any major financial authority.
Q: What leverage is offered by iTaurux？
A: iTaurux offers a maximum leverage of 1:500 on its forex and CFD trading accounts, providing traders with the opportunity to amplify their potential profits.
Q: Are there educational resources available for traders on iTaurux？
A: Yes, iTaurux offers a variety of educational resources, including trading guides, articles, webinars, and seminars. These resources satisfy both beginners and experienced traders.
Q: What deposit methods are supported by iTaurux？
A: iTaurux supports multiple deposit methods, including credit/debit cards, bank transfers, and cryptocurrencies.
Q: How can I contact customer support at iTaurux？
A: iTaurux offers 24/5 customer support through live chat, email (privacy@itaurux.com, support@itaux.com), and phone (+44 2080898737), ensuring that traders have access to assistance throughout the trading week.
Q: What are the fees associated with withdrawals on iTaurux？
A: Withdrawal fees vary depending on the method. While cryptocurrency withdrawals are fee-free, credit/debit card withdrawals incur a $25 fee, and bank transfers have a $20 withdrawal fee.
