iTaurux Review: this is the name of a Forex broker that offers a trading technology for traders to use in the markets. Is Itaurux.com a scam Forex broker? Many Forex brokers exist these days and it is important to know which is safe or not. Read this review to know more about this company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
iTaurux mentions on the website that it is located in Georgia as Itaurux S.A. and is regulated there. When we checked it mentions that the National Bank of Georgia (NBG) oversees its activities. This turns out to be true and we find this reassuring to some degree.
Although the restrictions and rules placed on brokers by top European commissions are higher. This is why traders always prefer brokers licensed under these commissions. However, some sort of regulation is better than nothing.
Advantages of iTaurux
The broker promises clients that one of their advisors will guide them each step of the way. A large portfolio of major trading assets is offered. Also, they get to use many means of making deposit and withdrawals.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
Although experienced traders are welcomed, beginners too can use it. There is “personalized attention” available to help them become better traders.
iTaurux Trading Platform
iTaurux offers traders the MT4 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.
Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are: cryptocurrencies, currency pairs, indices, CFDs on commodities and shares from large companies. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
Maximum leverage offered to clients is not mentioned. It is important to know this because some may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are not disclosed on the EURUSD pairs.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on iTaurux
The means that traders are to use to make deposits and withdrawals are: VISA, MasterCard, Bank Wire, Neteller, Skrill, Yandex, and UnionPay. It is encouraging to see e-wallets mentioned among these options.
This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.
Minimum deposit required is $500 which is higher than the obtainable of average of $100 to $250 that is common among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
There is a welcome bonus offered to traders on making deposits. We find this to be more of a disadvantage because bonuses are commonly used to tie down the funds of clients by scam brokers. They attach ridiculous and unattainable withdrawal conditions after giving traders bonus.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is iTaurux Licensed?
Yes, we find that iTaurux is regulated by the National Bank of Georgia. There are some regulations placed on brokers under this authority. The restrictions may however not be as tight as those placed by other European commissions.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the broker or a representative of the customer service, we find no means made available on the website.
iTaurux has some regulation and this is an advantage. But the minimum deposit requirement is higher than average and not encouraging. Trading conditions are not disclosed and the welcome bonus is discouraging as we pointed out. If you have anything to say about this broker, do so in the comment section.
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