Taurus

Overview

Taurus, an unregulated brokerage firm founded in 2018 and based in Australia, presents a rather concerning overview. Operating without regulatory oversight, it offers a maximum leverage of up to 1:400 and varying spreads on currency pairs, such as EUR/USD with a spread of 1.2 pips. While it utilizes the popular MetaTrader 4 (MT4) trading platform and focuses on forex trading, the absence of a demo account, Islamic account option, and limited payment methods restricted to cryptocurrencies, raise red flags.

Customer support at Taurus is notably lacking, characterized by slow response times and difficulties in reaching the support team. The broker's website has reportedly experienced downtime, further adding to its negative reputation, which includes allegations of fraudulent activities. Traders and investors should exercise extreme caution when considering Taurus as a potential platform for their financial transactions, given these concerning aspects of its operation.

Regulation

Taurus, as an unregulated broker, operates without the oversight and regulatory scrutiny that licensed financial institutions adhere to. This lack of regulation raises significant concerns for potential investors and traders. Unregulated brokers may not have the necessary safeguards in place to protect their clients' investments and interests. Investors should exercise caution when considering such brokers, as they may not have the same level of transparency, accountability, and security measures as regulated entities. It's crucial for individuals to thoroughly research any broker they plan to engage with, opting for ones that are regulated by recognized authorities to ensure a higher level of safety and trust in their financial transactions.

Pros and Cons

Taurus presents a mixed picture for potential investors and traders. On the positive side, the broker offers a variety of currency pairs for forex trading, providing options for different trading strategies. It also provides three account types to accommodate traders with varying experience levels and preferences, along with competitive spreads and commission options.

However, there are significant drawbacks to consider. Taurus operates as an unregulated broker, which can raise concerns about investor protection and oversight. Additionally, its cryptocurrency deposit and withdrawal processes have been plagued by delays and a lack of transparency, leading to frustration among users. The broker's customer support has received criticism for slow response times and difficulties in reaching representatives. Furthermore, reports of website downtime and allegations of fraudulent activity add to the negative image of the platform. Traders should weigh these pros and cons carefully when considering Taurus as a potential broker for their financial activities.

Market Instruments

Taurus offers a range of financial instruments focused solely on foreign exchange trading. These instruments primarily consist of various currency pairs, allowing traders to buy and sell one currency in exchange for another. The most common currency pairs offered by Taurus are the major pairs, which include combinations of currencies like the US Dollar (USD), Euro (EUR), Japanese Yen (JPY), British Pound (GBP), and Swiss Franc (CHF). Additionally, Taurus may offer minor and exotic currency pairs, providing traders with a broader range of options to speculate on price movements in the forex market. However, it's essential to exercise caution when dealing with unregulated brokers, as the absence of oversight can pose risks to traders' funds and interests.

Account Types

Taurus offers three distinct account types to cater to the varying needs and preferences of its clients: Standard, Classic, and Pro. Here's a brief description of each:

1. Standard Account:The Standard account is typically designed for novice traders or those who prefer a more straightforward trading experience. It often requires a lower minimum deposit compared to the other account types. Standard accounts typically offer basic features, including access to a limited selection of trading instruments, basic customer support, and standard trading conditions. Traders in this account type may have fewer customization options and fewer advanced tools at their disposal.

2. Classic Account:The Classic account is often positioned as a mid-tier option, suitable for traders with a bit more experience or those looking for additional features and flexibility. It usually requires a moderate minimum deposit and provides traders with a broader range of trading instruments. Classic accounts often come with enhanced customer support, access to more advanced trading tools and analysis resources, and potentially lower spreads or commissions compared to the Standard account.

3. Pro Account:The Pro account is typically tailored for experienced traders or institutional clients who demand advanced trading features, tight spreads, and the highest level of customization. It usually requires a higher minimum deposit compared to the other two account types. Traders with Pro accounts may benefit from the tightest spreads, reduced trading costs, access to the most advanced trading platforms, and dedicated customer support. They often have more extensive options for risk management and can participate in various trading strategies.

Leverage

Taurus offers a maximum trading leverage of 1:400 to its clients. Leverage in the context of forex trading refers to the ability to control a larger position size with a relatively smaller amount of capital. In this case, a leverage of 1:400 means that for every $1 in the trader's account, they can control a position worth up to $400 in the forex market.

While high leverage can amplify potential profits, it also significantly increases the level of risk involved in trading. Traders should exercise caution when using high leverage, as it can lead to substantial losses if the market moves against their positions.

Spreads and Commissions

Taurus offers a range of spreads and commission structures across its different account types to cater to the diverse needs of traders. Spreads, which denote the difference between the bid and ask prices for currency pairs, are a fundamental consideration when evaluating trading costs. In this case, Taurus provides spreads for several major currency pairs. For instance, the EUR/USD pair carries a competitive spread of 1.2 pips, making it appealing to traders looking to engage in euro-dollar trading. Similarly, the GBP/JPY pair carries a spread of 2.0 pips, while the USD/JPY and AUD/USD pairs offer spreads of 0.8 pips and 1.5 pips, respectively. Additionally, the EUR/GBP pair features a spread of 1.8 pips.

In terms of commissions, Taurus offers different account types with varying fee structures. The Standard Account, designed for traders seeking simplicity, does not impose any additional commissions; instead, trading costs are covered within the spreads themselves. For those opting for the Classic Account, which targets traders looking for a balance between features and cost, a commission of $5 per lot traded is applied, in addition to the relevant spreads. On the other hand, the Pro Account, tailored for experienced traders demanding tighter spreads and advanced features, imposes a commission of $2.5 per lot traded. This account type offers the potential for lower overall trading costs due to its tighter spreads.

Deposit & Withdrawal

Taurus's deposit and withdrawal processes for cryptocurrencies have been subject to numerous complaints and concerns from users, painting a negative picture of their services in this regard. Users often report frustrating delays and complications when attempting to deposit or withdraw funds from their Taurus cryptocurrency accounts. These issues include excessively long processing times, inconsistent customer support responses, and unclear procedures.

Many users have expressed frustration over the lack of transparency in Taurus's cryptocurrency deposit and withdrawal policies. Hidden fees, unexpected delays, and a general lack of clarity regarding transaction status have left customers feeling uncertain and dissatisfied with the platform. Furthermore, some users have reported difficulties in withdrawing their funds, with Taurus imposing restrictions or additional verification

Trading Platforms

Taurus provides the widely recognized and respected MetaTrader 4 (MT4) platform for its users, which is a notable positive aspect of its service offerings. MT4 is a popular choice among traders in various financial markets, including forex and cryptocurrencies, due to its user-friendly interface, advanced charting tools, and customizable features. By offering MT4, Taurus allows its clients access to a robust and versatile trading platform that supports a wide range of trading strategies, automated trading through Expert Advisors (EAs), and access to a vast library of technical indicators. Traders can benefit from the familiarity and reliability of MT4 while utilizing Taurus's specific trading conditions and assets, enhancing their overall trading experience on the platform.

Customer Support

Taurus's customer support has left much to be desired, garnering a reputation for its inadequacies and frustrating experiences. The provided contact number, especially in English, +02-8091-6988, has been a source of dissatisfaction for many users. Frequently, callers report difficulties in reaching a live representative, experiencing long hold times, and encountering unhelpful or unresponsive staff when they finally do connect. The Chinese (Simplified) contact number, 0280916988, has similarly failed to provide an efficient support channel, often resulting in unresolved issues and customer frustration.

Furthermore, Taurus's alternative contact methods, such as QQ accounts 1778398343 and 1928428136, have not proven to be much more effective. Users have reported slow response times and a lack of professionalism in their interactions with Taurus's QQ support channels. The provided email address,support@taurusfx.com, has also been criticized for its delayed responses and, in some cases, inadequate solutions to customer inquiries or problems.

Summary

Taurus, as an unregulated broker, operates without the oversight and regulatory scrutiny that licensed financial institutions adhere to, raising significant concerns for potential investors and traders. The lack of regulation leaves clients vulnerable, with inadequate safeguards in place to protect their investments and interests. Furthermore, the broker's cryptocurrency deposit and withdrawal processes have been plagued by delays, hidden fees, and a lack of transparency, leading to widespread frustration among users. Taurus's customer support has consistently fallen short of meeting user expectations, with difficulties in reaching representatives and slow response times. To make matters worse, reports of its website being down and labeled as fraudulent have added to the negative image of this broker. Investors should exercise extreme caution and consider alternative options when evaluating Taurus as a platform for their financial transactions.

FAQs

Q1: Is Taurus a regulated broker？

A1: No, Taurus operates as an unregulated broker, which raises concerns regarding investor protection and oversight.

Q2: What account types does Taurus offer？

A2: Taurus provides three account types: Standard, Classic, and Pro, each catering to different trader preferences and experience levels.

Q3: What is the maximum leverage offered by Taurus？

A3: Taurus offers a maximum trading leverage of 1:400, allowing traders to control larger positions with a smaller amount of capital.

Q4: What trading platform does Taurus use？

A4: Taurus offers the MetaTrader 4 (MT4) platform, a popular choice known for its user-friendly interface and advanced trading features.

Q5: How is Taurus's customer support？

A5: Taurus's customer support has received criticism for slow response times, difficulties in reaching representatives, and a lack of effectiveness across various contact channels, leaving many users dissatisfied.