Are you considering the possibility of joining TaoTrade? Before deciding whether or not to use this broker, we recommend that you read our review and so you can find out if it is a scam or not.
There are many online brokers available, but not all are the same. Before investing your money, make sure you do it with a safe broker. For this reason we recommend that you always and only use authorized and regulated brokers.
TaoTrade owns an HCMC license and therefore is a regulated broker, however, many TaoTrade reviews highlight several problems with this broker and that is why we decided to investigate thoroughly.
TaoTrade is an online broker that offers the possibility of trading contracts for difference - CFDs. In addition, it offers the possibility of accessing the forex market and the more traditional one of shares, allowing you to trade various assets such as cryptocurrencies, indices, commodities and currency pairs.
Behind TaoTrade we find Vie Finance AEPEYSA, a company which has its registered office in Greece and which is currently regulated not only in the Hellenic country, but also by CONSOB.
Still Vie Finance AEPEYSA also owns another broker, but less known in Italy, named Fortissio. A quick visit to the website of both brokers highlights the little care that has been taken in making them, even using stock images. But this is not the only problem.
Is it registered and regulated?
Although the website is all too basic and the information is scarce and sometimes not very transparent, TaoTrade has an authorization to operate in the Old Continent. Until proven otherwise, therefore, we cannot say that this is a scam.
The company behind TaoTrade, in fact, owns the license number 4/792 / 20.7.2017.2. provided by the Hellenic Capital Market Commission. Furthermore, CONSOB also gave the green light to its parent company to operate in our country.
However, the fact that this broker is regulated does not guarantee its full transparency. For example, it makes us think that the broker's registered office is practically unavailable. In the past, other brokerage firms have been reported as outright scams, despite having received the regulation.
Account information and minimum deposit required
In general we can say that the TaoTrade broker offers two different types of accounts: Expert and Beginner. Usually, when traders are faced with this choice, it means that the broker is especially aimed at beginners.
Many experienced traders are attracted by TaoTrade's offer, thanks to excellent services. For this reason, we want to highlight the differences between the two types of accounts.
Beginner Account: TaoTrade states that the first 5 trades are protected for each new client. In practice, who earns keeps the profits, while the loser gets his money back. There are different types of Beginner accounts, which can be accessed depending on the deposit made. It starts from $ 200 for a Basic Beginner account up to $ 50 for a VIP + Beginner account. The main differences are in the spreads.
Expert Account: To access it, traders must demonstrate that they have a proven track record in the world of trading and of course, invest large sums. The Expert account offers leverage of up to 1: 200 and substantial benefits to increase investment. However, to access it you need to have a sum of 500 thousand dollars in your account ...
For those not interested in taking certain risks, we recommend registering with Bitcoin Up, which offers the possibility to start trading, even with an automatic platform, with a minimum amount of $ 250. Just follow these simple steps.
The platform used for trading
The platform offered by TaoTrade to its users is PROfit, a web based software, which therefore does not need to be downloaded in order to use it. This software offers daily market updates, live chat support, alerts, market analysis and so much more.
In addition, the software is also available on Android and iOS devices and can be downloaded via the App Store or Google Playstore. To do this, simply log into the broker's website and click on the links found on the download page.
The mobile app allows traders to track their trades even while on the go. So you can do quick trades, check live market news, and much more.
Do they offer a bonus to traders who sign up?
No, at the time of writing this review, the TaoTrade website does not highlight any bonuses to offer to its users when they sign up, or for any other occasion.
No trading information available
As mentioned above, the minimum amount to open an account with TaoTrade is $ 200, which is an average minimum initial deposit. Traders who prefer to invest less, however, have other options available.
Problems start to arise when it comes to spreads and commissions. TaoTrade offers 3 pip spreads for the EUR / USD pair, which is a very high value. Most fixed spread brokers provide spreads of 2 pips on EUR / USD and some even less.
In comparison, other brokers offer fixed spreads of 2,0 pips on EUR / USD with accounts without basic fees. For more information, you can consult the real-time spreads of the brokers proposed in our reviews.
What do regulators say about the broker?
TaoTrade is a Cypriot CFD and forex broker, offering online trading on a rather simple trading platform. Unfortunately, its spreads are too high and some may find the leverage provided insufficient.
The broker offers different types of accounts, divided between Expert and Beginner to trade without commissions, but with quite high spreads. Demo trading accounts and loss protection are also offered for the first five or eight trades depending on the account balance and subject to other terms and conditions.
Users can trade from the browser-based PROfit trading platform for web and mobile, through 229 CFD financial instruments covering currencies, stocks, indices, commodities, cryptocurrencies and ETFs. The broker offers the ability to use Autochartist and provide an economic calendar and market news section on their website.
However, we must point out that at the time of writing this review, the brand is changing owners, which creates some confusion and several problems for traders. Long story short, it would be best to invest your money with Bitcoin Up right now.
You can log into the Bitcoin Up website and start trading by clicking the button below.
Is TaoTrade reliable?
Until proven otherwise, being a regulated broker, we cannot say that TaoTrade is a scam, however, it does not even seem 100% reliable, as many TaoTrade reviews report problems with operations conducted automatically and in an unclear manner, in addition to problems with withdrawals.
Are there brokers similar to TaoTrade?
Similar yes, but also offering more transparent and advantageous trading conditions. In this review we also mentioned Bitcoin Up, which to be honest, is used regularly by thousands of users around the world.
I have been scammed by TaoTrade. What should I do now?
The only advice we can give you is to contact CONSOB directly. Alternatively, you can sign up for Bitcoin Up and try to get your money back with a truly reliable trading platform.