TaoTrade Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
Business
License
TaoTrade is a very ***** company. I was on a business trip to Hong Kong before, and during that time I couldn't open my account because they said they don't provide services there. I kept explaining that I was just on a business trip and that my usual place of residence was not there, but they ignored me.
In the ever-evolving world of online trading, Taotrade emerges as a broker that has garnered mixed reviews from users and experts alike. While it offers a range of trading options and account types, concerns regarding its legitimacy and customer service persist. This review aims to provide a comprehensive overview of Taotrade, highlighting both its strengths and weaknesses.
Note: It is essential to be aware that Taotrade operates under different entities across various regions, which can impact user experiences and regulatory compliance. This review reflects a balanced approach to ensure fairness and accuracy.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trustworthiness | 4 |
| User Experience | 5 |
We assess brokers based on user feedback, expert opinions, and factual data derived from multiple reliable sources.
Founded in Greece, Taotrade is regulated by the Hellenic Capital Market Commission (HCMC), providing a level of assurance for potential traders. The broker operates under the brand name of Vie Finance A.E.P.E.Y, S.A., and claims to offer a comprehensive suite of trading services, including access to various asset classes such as forex, commodities, and cryptocurrencies. Taotrade utilizes its proprietary trading platform, "Profit," alongside the widely used MetaTrader 4 (MT4), catering to both novice and experienced traders.
Taotrade is primarily regulated in Greece by the HCMC. However, it is essential to note that the broker markets itself internationally, raising questions about its operational integrity and user protection in regions outside Greece. According to sources, some users have expressed concerns about the broker's legitimacy, suggesting that it may not be as reliable as it claims.
Taotrade supports various funding methods, including credit/debit cards and bank wire transfers. The minimum deposit required to open an account is $200, which is relatively standard in the industry. However, users have reported issues with fund withdrawals, leading to negative feedback about the broker's customer service.
Currently, Taotrade does not offer any bonuses or promotions, which may be a drawback for traders looking for incentives to start trading. This lack of promotional offerings could deter potential clients who are accustomed to brokers that provide bonuses for initial deposits or trading activity.
Traders can access a diverse range of assets on Taotrade, including over 40 forex pairs, various commodities, and cryptocurrencies. However, the spreads offered can be quite high, with reports indicating spreads of up to 3 pips for major currency pairs like EUR/USD. This is considered on the higher end compared to industry standards, which could affect trading profitability.
Taotrade operates on a spread-based pricing model, but the spreads are relatively high, which can significantly impact trading costs. Users have reported spreads starting from 3 pips, which is less competitive than many other brokers. Additionally, the absence of detailed information regarding hidden fees raises concerns about transparency.
The broker offers leverage up to 1:40, which aligns with the latest ESMA recommendations. This leverage level may be considered low compared to other brokers that offer higher ratios, potentially limiting profit opportunities for traders willing to take on more risk.
Taotrade provides access to its proprietary "Profit" platform, which is available as both a web and mobile application. Additionally, the widely recognized MT4 platform is also available for traders. However, some users have criticized the Profit platform for lacking advanced features that are standard in other trading platforms.
Taotrade does not provide services to residents of the USA, Canada, Belgium, and Iran, which may limit its appeal to traders in those regions. This restriction could be a significant drawback for potential clients looking for a global trading platform.
Customer support at Taotrade is available in English, but users have reported dissatisfaction with the responsiveness and effectiveness of the support team. Many reviews indicate that users have encountered difficulties in getting timely assistance, which is a critical factor for traders needing immediate help.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 5 |
| Tools and Resources | 6 |
| Customer Service and Support | 4 |
| Trading Experience | 5 |
| Trustworthiness | 4 |
| User Experience | 5 |
Account Conditions: Taotrade offers several account types, but the high minimum deposit requirements and lack of competitive spreads can deter potential clients.
Tools and Resources: The broker provides basic trading tools, including an economic calendar and market news, but lacks advanced educational resources that many traders seek.
Customer Service and Support: Reports of slow response times and unhelpful support staff have led to a lower rating in this category, with users expressing frustration over their experiences.
Trading Experience: The trading experience is hindered by high spreads and a lack of advanced features on the Profit platform, despite the availability of MT4.
Trustworthiness: While Taotrade is regulated by the HCMC, user reviews suggest a lack of trust in the broker's operations, with some alleging deceptive practices.
User Experience: Overall user experience is mixed, with some users appreciating the range of assets available but expressing dissatisfaction with customer service and withdrawal processes.
In conclusion, while Taotrade presents itself as a legitimate trading platform with various offerings, potential traders should exercise caution. The mixed reviews and concerns regarding customer service and withdrawal processes may warrant further investigation before committing funds. Always consider user experiences and expert opinions when evaluating brokers, as they provide valuable insights into the reliability and functionality of the trading platform.
FX Broker Capital Trading Markets Review
