Taurex review: Regulations, Platforms, Features and Ratings.

Last October I traded the news on the jpy, making a profit of about 17.800 euro. This was confirmed by their daily statement they sent to me. However, a few days after that Taurex decided to remove all profits claiming there had been a manifest error in the quotes. They later sent a file where they compared 12 of the 149 trades I made that day with quotes from Bloomberg to show that my trades deviate from the market price. That is less than 10% of all trades, and they used that to remove all profits.

The forex market is decentralized, so different prices always exist, especially around news events. But I was able to show them that the same trades I placed with them were honored at several other brokers at the same or better prices. There is no better proof than real execution prices from real brokers. This proves without a doubt that there was in fact no manifest error in the quotes as they claim.

Unfortunately, Taurex just ignored all of this and repeated that my trades were at incorrect prices. It’s a clear example of a broker that trades against you and will do anything to not make you succeed.

I will file a complaint next with the financial regulator in the Seychelles where they are regulated.

A case has been opened with the Financial Services Authority of Seychelles concerning this broker following their suspicious behaviour. Taurex is their trading name, but they are also known and registered as Zenfinex Global Limited.

The FSA has been asked to investigate the removal of thousands of dollars in profit from my segregated trading account without my permission. Taurex/Zenfinex is also refusing to respond to simple questions and provide requested evidence.

Days after placing trades I found that Taurex/Zenfinex removed some $29,828.34 from my trading account. They claimed there had been some kind of quoting error and were unwinding the trades even though they had already been executed and even though they had already issued confirmed trading statements.

I found it very suspicious that the broker claimed errors occurred on seven different currency pairs. I requested the broker provide proof of the "technical error" hitting all seven currency pairs, I asked them to confirm who actually unwound the trades and if this was a liquidity provider, and asked if my account was in fact a true ECN account. Taurex/Zenfinex refused to answer these questions stating "we regret that we cannot provide further assistance in this matter".

The broker analysed just 11 of the 330 trades I placed. Out of those 11 trades Zenfinex analysed, they only provided data for just three trades. This represents just 0.9% of the trades I placed. But the data provided was taken from a feed on Bloomberg. That's not real execution pricing and is usually imprecise during fast moving markets.

I have evidence that other brokers, besides Taurex/Zenfinex, were quoting similar prices and executing the same trades. This proves that pricing was in line with true market conditions and there were no "manifest" errors. The fact other brokers were quoting the same prices confirms there were no technical issues.

I believe the broker just waits for a trader to make decent profits and then just pockets the money. I'm hoping that Taurex/Zenfinex returns the funds to me so I can update this review. A client shouldn't have to get a Regulator to intervene in such a matter just to withdrawal their own funds.

On Oct 03, 2023, I was able to trade successfully the Yen's flash crash on my Taurex account. My EA placed hundreds of trades on multiple pairs at different price levels making a profit of over USD 15k. I entered the exact same trades on several other brokers which validate the execution price.

Three days later I received an email from Taurex: "We regret to inform you that your trades in currency crosses involving JPY that were placed on our platform on 03 October 2023 between 17:12 and 17:15 GMT+3 have been voided due to a manifest error in the quotes of the financial instruments. These quotes substantially deviated from the prevailing market price and were a result of a system or technical error that was beyond our control. ......."

All the profit on my account was wiped out.

It's been 20 days since then and I wasn't able have them reconsider their decision, so I have no choice but to post here and will open a complaint with their regulator in Seychelles. Because they might have an UK FCA license, but others jurisdictions are used when you open your account.

So far they haven't provided any real evidence for the cancellation of the profit. Taurex mentions Bloomberg as a price source but that's not relevant as there are multiple price sources to look at there; time stamps are not synced with their trading platform and in the end, price on FX market is not centralized.

On the other hand I can show the same trades being executed at same prices with other brokers that honored 100% of the trading that day. This is real evidence that I have to dispute every trade I placed, not only a few lines on an email.

Quotes were not deviated from the market, prices were not stale, there wasn't any technical error. This company is only taking advantage of their offshore jurisdiction to pocket legitimate clients' profits.

I will update this post if there are any developments. If not it means I've never recovered my profit.