Swiss regulator FINMA warns against TaureneFX
The Switzerland financial markets and service providers regulator FINMA has warned of the unregulated forex broker TaureneFX. According to the official notice, this entity may be carrying out unauthorized services and is not supervised by FINMA.
The Swiss Financial Market Supervisory Authority (FINMA) is the Swiss government institution responsible for financial regulation. The regulator supervises the banks, insurance companies, stock exchanges, and securities dealers, as well as other financial intermediaries in Switzerland. FINMA keeps a close eye on the unregulated brokers and usually warns in a timely manner of those who make false claims of Swiss regulation or location but are not Swiss-regulated.
Is Taurene a scam or legit broker?
TaureneFX is a Forex broker that claims to be authorized to offer trading of Contracts of Difference (Cfd) on cryptocurrencies, commodities, stocks, currencies and indices. The company is powered by Starland Ltd. and registered in Marshall Island.
As we already know, offshore registration usually doesn’t guarantee the safety of funds and clients’ protection, especially in the Marshall Islands, where the local authority doesn’t regulate forex businesses.
The broker doesn’t provide any information about its regulation as well as its location or contact details. This is one of the red flags for the traders, as the brokers who claim to be reliable and legit always keep it accessible and transparent.
Considering all the facts mentioned above, we would not recommend trading with TaureneFX or any other unregulated offshore broker.
If you are interested in investing and starting trading, then you can choose from our list of well-regulated companies.