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Contract reading

What TAURO MARKETS legally published, but does not want you to read

Every clause below is published by TAURO MARKETS itself, on its own website, today. The finding is not that the text exists. It is the distance between what a client is shown and what a client agreed to. Read from its own documents on .

Contracting entity: JM Financial LLC

sole discretionwithdrawalsmisleading claimprofit voidinghidden feeclient moneyforum waiverregulatorybonus lockcomplaints

Tauro Markets takes 10% of an idle balance every month until it reaches zero. Its public FAQ says it charges no withdrawal fees. Its contract names a €10 one. The documents also contradict each other on whether the firm trades against you, where your money sits and when your positions get closed. A partner contract lets it claw back profit you already withdrew, out of your other accounts.

Back to TAURO MARKETS

Contract risk

Money at risk
8.5/10

Where this contract sitsHow far this contract goes, overall. Under 2 is nothing beyond the ordinary; 6 to 9 means several clauses put money you have already earned at risk; 9 and above reads as designed to make payout refusable.

0510
CriticalClauses that can cost you money you have already earned or deposited, or that remove your ability to challenge it.
10
FlaggedEvery clause worth knowing about, at all three severities. Ordinary terms that every broker has are not counted.
21
DocumentsHow many of the broker's own legal files this reading is based on. Each one was downloaded and hashed on the date shown.
17
ContradictionsPlaces where a promise the broker makes in public is not kept by the clause that governs it.
9

How the 21 break downThe same flagged clauses, split by how much each one can cost you. Severity is our reading of the clause, not the broker's label.

Critical10
Warning10
Notice1

The numbers in this contractFigures taken from this broker's own clauses, so the labels differ from broker to broker. The four in the panel above are the same on every report.

4 of these 4 figures come from a clause we rate critical, which means it can take your money or your profit rather than only delay it.

Critical10%Fee on an unused account. Jump to the clause this comes from.A 10% monthly charge on idle balances, down to zeroCritical$10Fee you were not shown. Jump to the clause this comes from.The FAQ denies the withdrawal fee the contract chargesCritical$2000Document deadline. Jump to the clause this comes from.No check to put money in, a full check to take any outCritical10 working daysWithdrawal limit. Jump to the clause this comes from.Withdrawals can be refused during the notice period for leaving

What the documents say

21 clauses worth knowing about, worst first, each quoted from TAURO MARKETS's own files

01

Leave your account alone for 90 days and Tauro Markets starts taking 10% of your balance every month. Clause 22.3 sets a floor of €25 a month and runs the charge until your balance reaches zero.

Why this matters

A small account left idle is emptied, not just reduced. The clock starts at 90 days with no trade and no deposit. Clause 22.6 says Tauro Markets will not refund a charge it has already taken.

Exhibit 1CriticalHarder than usual10%

Such Inactive Accounts will be subject to a monthly charge of a. 10% of the account balance, with b. the minimum amount charged being € 25 (Twenty-Five Euros) or trading account currency equivalent, and c. the maximum amount charged being € 49,90 (Forty-Nine Euros and Ninety Cents) or trading account currency equivalent from the funds held in the account balance, until the account balance is € 0 (zero) or trading account currency equivalent, relating to the maintenance/administration of such Inactive Accounts.
Clause 22.3 in Client Agreement - T&C, p.38
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What it costsA €200 balance goes idle. 10% of it is €20, below the €25 minimum, so Tauro Markets takes €25 a month. Eight deductions and the account is empty.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must disclose all costs and charges to a retail client before that client trades. This charge sits at clause 22.3 of a 48 page agreement, and 90 days of no activity is all it takes to start it.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Day 90Tauro Markets classes your account as Inactive.22.1
First week of each monthIt takes 10% of the balance, at least €25 and at most €49.90.22.7
6 monthsA positive balance with no transactions is also classed as Dormant.22.4
Balance reaches €0The charge stops because there is nothing left to take.22.3
5 years dormantTauro Markets can stop treating what is left as Client Funds.22.5
  • Worse together with Exhibit 2One page says there are no hidden fees while two separate clauses take money off a balance nobody is trading.
02

Tauro Markets tells you in its public FAQ that it charges no fees to fund or withdraw. Clause 18.2.3 of the same firm's client agreement sets a fixed €10 fee on bank wire withdrawals below €250.

Why this matters

You plan a small withdrawal on the strength of the FAQ and €10 of it never arrives. Clause 18.2.5 applies the same €10 to most other methods. Clause 23.1 adds a €60 administration fee if your card issuer raises a chargeback.

Exhibit 2CriticalHarder than usual$10

The Company reserves the right to charge a fixed fee of 10 EUR or trading account currency equivalent from bank wire withdrawals below 250 EUR or trading account currency equivalent.
Clause 18.2.3 in Client Agreement - T&C, p.33
Read from the broker's site on Archived copyOpen the reference

What it costsYou withdraw €60 by bank wire. The €10 fee leaves €50, which is exactly the minimum international payment clause 18.2.4 allows.

Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client the costs of a service before that client uses it, and must not publish a cost position they then contradict. Here the FAQ and clause 18.2.3 say opposite things.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 1A reader who trusts the fee answer in the FAQ has no reason to look for the inactivity charge either.
03

If profit from trading Tauro Markets calls prohibited was already paid out to you, clause 7.5 lets it take that money back from your related accounts. You never sign that contract. It sits on the legal page under Partner Agreement.

Why this matters

Money that reached your bank is still reachable, and so is a second account you hold with the firm. The same clause lets Tauro Markets suspend your account for an indefinite period and charge you a penalty it sets itself.

Exhibit 3CriticalRarely seen

close the account, confiscate any profits that arose from prohibited trading techniques and return the original deposit(s) to the introduced Client. If profits arising out of Prohibited Trading were already withdrawn, profits can be confiscated from the Client's related accounts in order to make up for the difference.
Clause 7.5 in Partner Agreement, p.8
Downloaded from the broker's site on Open the reference

Our readingClawing back a payment already made, out of a different account, is a commercial lending remedy. Here it sits in the contract between the firm and an introducing broker, and it is pointed at a client who is not a party to it.

  • Worse together with Exhibit 7One contract fines you more than you gained and the other reaches money that already left, so the ceiling on a reversal is not your profit.
  • Only applies after Exhibit 6Both only bite once the firm has decided your trading was prohibited, and scalping is on that list.
04

Tauro Markets tells you on its homepage that your funds sit in independent Tier 1 bank accounts. Clause 13.2 lets it sell or set off any of your assets at any time, without notice.

Why this matters

The protection you were shown is not the protection you agreed to. Clause 23.2 also lets Tauro Markets deduct a disputed amount from a different account you hold with it.

Exhibit 4CriticalHarder than usual

Your money is held in segregated bank accounts. This ensures that the cash remains yours. It also means that it's easily identifiable as client money, so the Company and its creditors don't have any charge, liens, or rights of set-off or retention over it.
Clause 18.1.6.7 in Client Agreement - T&C, p.33
Read from the broker's site on Archived copyOpen the reference
Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must hold retail client money in segregated accounts and may not take a general right of set-off over it. This one agreement states both positions, at clause 18.1.6.7 and at clause 13.2.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 12On the Mauritius account the firm can go further and take ownership of the margin outright, so segregation ends there too.
05

Tauro Markets translates its whole site into Japanese and invites Japanese readers to open an account. Its own partner guideline says the firm does not accept traffic from Japan.

Why this matters

If you signed up from a country on that list, the firm has written grounds to unwind the relationship. The two restricted country lists Tauro Markets publishes do not even match each other.

Exhibit 5CriticalRarely seen

We do not accept traffic from the United Kingdom, Democratic Republic of Congo, Eritrea, Libyan Arab Jamahiriya, North Korea, Somalia, Sudan, United States, Japan, Mauritius and Seychelles.
Quoted in General Partner Guideline, p.3
Read from the broker's site on Open the reference

Our readingThe site offers marketing in Arabic, Malay, Thai, Indonesian, Tagalog, Spanish, Portuguese and Japanese. The Japanese page claims more than 10,000 clients where the English page claims more than 20,000, and Japan sits on the firm's own barred traffic list.

06

The RAW account page sells itself to scalpers and expert advisor users. Clause 8.18 of the client agreement lists scalping as abusive trading, and lets Tauro Markets cancel the profit you made with it.

Why this matters

You pick the account built for your strategy, then find that strategy named as grounds to void your gains. Clause 30.1 also makes you warrant, every time you open a trade, that you are not scalping.

Exhibit 6CriticalHarder than usual

If the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, pip-hunting, scalping, arbitrage, manipulations or a combination of faster/slower feeds, it may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:
Clause 8.18 in Client Agreement - T&C, p.12
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  • Worse together with Exhibit 7The warranty you breach on every trade is also an Event of Default, which opens the whole set-off and account closure battery.

Leaving takes ten business days and withdrawals can stop first

Clause 24.1 of the Tauro Markets agreement requires 10 business days of notice to close your account, and clause 24.5 lets the firm refuse your withdrawals for that whole period. All profit leaves by bank wire only, under clause 18.2.9. Copy trading on a performance fee puts the account in read only, blocking orders and withdrawals until you press stop.

Exit conditions2 clauses flagged

Leaving takes 10 business days of written notice under clause 24.1. Clause 24.5 lets Tauro Markets refuse your withdrawals and hold your funds for the whole of that window.

Why this matters

You give notice to close the account and then cannot get your money out while the notice runs. Tauro Markets also picks the payment method, and clause 18.2.9 sends all profit out by bank wire only.

Exhibit 9CriticalHarder than usual10 working days

The Client has the right to terminate the Agreement by giving the Company at least ten (10) business days written notice, specifying the date of termination in such, on the condition that in the case of such termination, all Clients' Open Positions shall be closed by the date of termination.
Clause 24.1 in Client Agreement - T&C, p.40
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What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Notice givenYou must give at least 10 business days written notice to terminate.24.1
During the notice periodTauro Markets can refuse withdrawals and keep funds for open positions and pending obligations.24.5
Termination dateAny position you did not close is closed by Tauro Markets at current prices.24.5

Start copying a trader on a performance fee and clause 12.7 puts your account in read only. You cannot place orders, close orders or withdraw funds until you press stop.

Why this matters

A trade going against you cannot be closed by you, and your money cannot leave. Pressing stop takes up to two business days to take effect, and your positions close within one more.

Exhibit 16WarningHarder than usual2 working days

A read-only account will prevent the Client from accessing certain features of his/her Trading Account, including but not limited to placing / closing orders, withdrawing funds, during the copy time and until the Client presses the 'Stop button' via his/her personal dashboard, then the read only status shall be removed.
Clause 12.7.6 in Client Agreement - T&C, p.20
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What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Copying startsYour account goes read only, with orders and withdrawals blocked.12.7.6
Stop button pressedEnding the service takes up to two business days.12.8
Service endsOpen positions are closed automatically within one business day.12.8
Full access returnsAny outstanding performance fee comes off your balance first.12.7.6

The penalty is not capped at what you made

Clause 10.1 of the Tauro Markets client agreement allows a penalty equal to or greater than the money your trading produced, with no appeal and no deadline on the investigation. Clause 8.18 cancels profit from anything it calls abusive trading. The partner contract goes further: clause 7.5 reaches profit you already withdrew and takes it from your related accounts.

Profit voiding1 clause flagged

Tauro Markets can charge you a penalty equal to or greater than what you made, if it decides your trading was picking or sniping. Clause 10.1 also lets it suspend your account and investigate, both for an indefinite period.

Why this matters

The penalty is not capped at your profit, so a wrong call by the firm can reach your deposit. Clause 24.6 lets Tauro Markets cancel all profits, and it points to paragraph numbers that are not in the agreement.

Exhibit 7CriticalRarely seen

Charge a penalty fee to the Client in the same or greater amount of money that resulted from the Client using such techniques.
Clause 10.1 in Client Agreement - T&C, p.13
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Our readingVoiding the profit from a prohibited strategy is common in this industry. A penalty that may exceed the profit turns a reversal into a fine, and the contract puts no ceiling on it.

  • Worse together with Exhibit 10The firm decides what counts as sniping and also declares its own decision final, so there is no step between the two.

One business day to challenge a trade confirmation

The Mauritius agreement gives you one business day from receipt to object to a confirmation, after which clause 9 makes it conclusive and binding. On the Saint Vincent side, clause 23.2 makes the firm's own decision on a payment dispute final and nonnegotiable. The Mauritius complaint policy states its resolution deadline as both thirty days and 30 working days.

Complaint windows2 clauses flagged

On the Mauritius agreement you get one business day from receiving a trade confirmation to object in writing. After that, clause 9 treats the confirmation as conclusive and binding on you.

In plain words

A manifest error means an obvious mistake by the broker.

Why this matters

Miss one business day and the firm's version of the trade becomes the agreed version. On the Saint Vincent side, clause 23.2 makes the firm's own decision on a payment dispute final and nonnegotiable.

Exhibit 10CriticalHarder than usual1 working days

The content of our confirmations will, in the absence of a material error, be deemed conclusive and binding on you unless you object in writing to us within one Business Day of receipt of such confirmation.
Clause 9 in Client Service Agreement, p.11
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must give a retail client a final complaint response within eight weeks and point them to an independent ombudsman. This agreement gives you one business day and then calls its own answer final.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

The Mauritius complaint policy promises a resolution within thirty days in its text, then sets 30 working days in its own table. Every timeframe in it carries the words as far as possible.

Why this matters

Thirty working days runs about two weeks longer than thirty days, and you cannot tell which one applies to you. The policy does name the Financial Services Commission as a route if you are still unhappy.

Exhibit 21NoticeStandard wording30 days

Upon receipt of a complaint, the Company will acknowledge it promptly and attempt in its best capacity to resolving it within thirty (30) days.
Quoted in Customer Complaint Policy, p.2
Downloaded from the broker's site on Open the reference

Verification is a condition of leaving, not of joining

Clause 18.1.1 lets you deposit up to 2000 USD or EUR with Tauro Markets unverified, then requires verification before you withdraw any amount at all. The firm's partner guideline says it can withhold an account verification without explanation. Nothing in either document sets a deadline for granting one.

Verification timing1 clause flagged

Tauro Markets lets you deposit up to $2,000 without verifying who you are. Clause 18.1.1 then requires verification before you can withdraw any amount at all.

Why this matters

Your money goes in on trust and comes out only on approval. The partner guideline says Tauro Markets can withhold an account verification without explanation, and nothing sets a deadline for granting it.

Exhibit 8CriticalHarder than usual$2000

For amounts smaller than 2000 USD/EUR, the company does not require to verify the client prior to deposit but it does require verification to withdraw for any amount.
Clause 18.1.1 in Client Agreement - T&C, p.31
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Set against a regulated standard: FCA (UK), CySEC (Cyprus)

Firms licensed by the FCA and CySEC must verify a retail client's identity when the relationship begins, not at the moment the client asks for money back. This contract puts the check on the way out.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

  • Worse together with Exhibit 9Verification can be withheld without a reason and withdrawals can be refused during the notice period, so two separate gates sit on the same exit.

The pages that sell the account contradict the contract behind it

Tauro Markets markets in eight languages besides English, and its contracts exist only in English. The RAW account page invites scalpers and expert advisor users whom clause 8.18 can strip of profit. The homepage promises segregated funds that clause 13.2 can set off without notice. A full Japanese site solicits a country the firm's own partner guideline bars.

Language arbitrage1 clause flagged

The Saint Vincent risk disclosure says it is provided under the EU MiFID directive and a Cyprus investment services law, which it says applies to Tauro Markets. The website's own notice says the firm is not regulated by the EU.

Why this matters

Reading the risk disclosure, you would think EU rules cover your account. They do not, and the protections that come with them are not available to you.

Exhibit 17WarningHarder than usual

The present Risk Disclaimer for Derivative Financial Instruments (CFDs) is provided to you (our Client and prospective Client) in accordance with the European Markets in Financial Instruments Directive (MiFiD) and in compliance to the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law 144(I)/2007, as subsequently amended from time to time ("the Law"), which is applicable to Tauro Markets (hereafter "the Company").
Clause 1.1 in Risk Associated with Transactions in Derivative Financial Instruments (CFDs), p.4
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Our own capture of tauromarkets.com, taken on Oct 3, 2026What the contract saysVisit this page on the broker's siteDownload the full size image file

The published fee answer and the contract do not match

Tauro Markets' public FAQ says it charges no fees to fund or withdraw, while clauses 18.2.3 and 18.2.5 of its client agreement set a fixed €10 withdrawal fee. Clause 23.1 adds €60 for a chargeback investigation. Clause 19.2 lets the firm change any charge with no prior notice, with its own website as the only record. Swap free Islamic accounts stop being swap free on day 11.

Cost disclosure1 clause flagged

The Islamic account removes overnight charges, but clause 29.4 applies that for 10 calendar days only. Hold a position longer and Tauro Markets charges or credits swap as normal.

Why this matters

A position you hold open for religious reasons starts costing you on day 11. Clause 29.5 also lets Tauro Markets reverse the profit you made and charge back the swap it had waived.

Exhibit 14WarningHarder than usual10 days

The Client further acknowledges that swap free applies for 10 calendar days only. Therefore, swap free accounts holding a position open for more than 10 calendar days will be credited or debited swap accordingly.
Clause 29.4 in Client Agreement - T&C, p.44
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The bonus goes the moment any money leaves

Clause 7.2 of the Tauro Markets margin bonus terms removes the bonus on any withdrawal, whatever the amount, and clause 8.1 blocks the withdrawal entirely while a bonus and open positions coexist. Clause 7.7 lets the firm cancel the bonus at any time with no notice. The actual bonus percentage and caps are never published, only communicated by chat or email under clause 3.2.

Bonus mechanics1 clause flagged

Withdraw any amount and Tauro Markets removes your bonus immediately, whatever the sum. Clause 8.1 blocks the withdrawal altogether while you hold both a bonus and open positions.

Why this matters

To take money out you must first close every position, and losing the bonus margin can close the rest for you. Clause 7.6 says Tauro Markets is not liable for the stop out that follows.

Exhibit 13WarningHarder than usual

Any withdrawal made from the account will result in the immediate, automatic removal of the Bonus, regardless of the amount withdrawn or the resulting Equity level.
Clause 7.2 in Margin Bonus Terms and Conditions, p.4
Read from the broker's site on Open the reference

What it costsYou hold €2,000 of your own money and a €500 bonus. A €1,000 withdrawal removes the bonus, and the formula in clause 7.4 puts any reinstated bonus at €250.

What happens, and when

The stages this clause runs through, taken from the broker's own document
TriggerWhat the broker may then doClause
Withdrawal requestedEvery open position must be closed before the request is processed.8.1
Withdrawal madeThe bonus is removed immediately, whatever the amount.7.2
Reinstatement asked forTauro Markets may restore a bonus, cut in proportion to the balance you have left.7.4

Two documents set two different stop out levels

Clause 20.2 of the Tauro Markets client agreement closes retail CFD positions at 30% of required margin, while clause 6.4 of its risk disclosure says about 50% and calls it discretionary. The pair also disagrees on margin calls: one promises a notification at 100%, the other says you will get none. You cannot tell from these documents how far a trade falls before the firm closes it.

Position closure1 clause flagged

Your positions get closed at 30% of required margin under clause 20.2 of the client agreement. The risk disclosure for the same firm says about 50%, and calls it a discretionary right.

Why this matters

You cannot work out from these documents how far a trade can fall before Tauro Markets closes it. The same pair disagrees on margin calls: one promises a notification at 100%, the other says you get none.

Exhibit 15WarningHarder than usual30%

A margin close out rule on a per account basis standardized to the percentage of margin (at 30% of minimum required margin) at which we close out one or more retail client's open CFDs.
Clause 20.2 in Client Agreement - T&C, p.37
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Set against a regulated standard: ESMA (EU), CySEC (Cyprus), FCA (UK)

Firms under ESMA and CySEC rules must close a retail client's CFD positions when account equity falls to 50% of required margin. This agreement sets 30%, while the firm's own risk disclosure sets about 50%.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Your claim goes to Saint Vincent, theirs goes anywhere

Clause 33 of the Tauro Markets agreement confines any dispute you bring to the courts of Saint Vincent and the Grenadines, then reserves the firm's right to sue you in any jurisdiction it considers appropriate. The portfolio management section adds Saint Vincent arbitration. The bonus terms are issued by the Saint Vincent entity, published on the Mauritius legal page, and clause 1.6 makes them prevail over your own client agreement.

Forum asymmetry1 clause flagged

Any dispute you bring goes to the courts of Saint Vincent and the Grenadines under clause 33. The same clause lets Tauro Markets start proceedings against you in any jurisdiction it considers appropriate.

Why this matters

Suing a Saint Vincent company from your own country is expensive, and the firm keeps an option you do not have. The portfolio management section adds arbitration in Saint Vincent on top.

Exhibit 18WarningHarder than usual

Nothing in this clause will limit our right to commence proceedings against you in relation to any dispute or claim in any jurisdiction that we consider appropriate, nor will the taking of proceedings in one or more jurisdictions preclude us from taking proceedings in any other jurisdiction, whether concurrently or not, if and to the extent permitted by Applicable Law.
Clause 33 in Client Agreement - T&C, p.48
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Tauro Markets both is and is not the other side of your trade

Clause 1.4 of the Tauro Markets risk disclosure says the firm is counterparty to all your transactions, and clause 8.1 of its client agreement says it is not. The Mauritius agreement says the firm acts at all times as principal and is the only execution venue. On the Mauritius account, clause 18 also lets the firm take ownership of your margin and treat it as a debt rather than client money.

In plain words

On a principal basis, as your counterparty, means the broker takes the other side of your trade itself. Your loss is then the firm’s gain, so it has an interest in how your trade ends.

Counterparty role2 clauses flagged

The risk disclosure says Tauro Markets is the counterparty to all your transactions, so its interests may conflict with yours. Clause 8.1 of the client agreement says the opposite.

In plain words

Liquidity providers are outside banks and brokers.

Why this matters

Whether the firm profits when you lose is the first thing you need to know, and its own documents give you two answers. The RAW account page adds a third, promising no dealing desk.

Exhibit 11WarningHarder than usual

The Company is counterparty to all transactions entered into under the Client Agreement and, as such, the Company's interests may be in conflict with yours.
Clause 1.4 in Risk Associated with Transactions in Derivative Financial Instruments (CFDs), p.4
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Our own capture of tauromarkets.com, taken on Oct 3, 2026The claim, on RAW account page, "True Market Conditions"Visit this page on the broker's siteDownload the full size image file
  • Worse together with Exhibit 20Both documents send you to a Conflict of Interest Policy that the Saint Vincent entity does not publish.

Inno Net Solutions can take ownership of the margin in your Mauritius account and hold it as its own security. Clause 18 then treats that money as a debt the company owes you, not as client money.

Why this matters

Client money is ring fenced if the firm fails and a debt is not. The clause says the company may use the money, subject only to its promise to give it back.

Exhibit 12WarningRarely seen

As long as the margin remains in the client account, the client agrees that the Company has the right to transfer ownership of the client's margin from the client to the Company, to be kept by the latter as security, and be returned by the Company to the client on completion of the client trade(s).
Clause 18 in Client Service Agreement, p.15
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Set against a regulated standard: FCA (UK), ESMA (EU)

Firms licensed by the FCA may not take title to a retail client's money as collateral, because doing so strips away the protection that segregation gives. This contract provides for exactly that transfer.

TAURO MARKETS is not licensed by these regulators, so this is a comparison of practice, not a finding of any breach.

Our readingTitle transfer collateral is a wholesale device used between institutions. Applied to a retail margin balance it converts protected client money into an unsecured claim on the firm.

One licence number carries three company names

Mauritius licence GB24202909 appears under Global Tauro Ltd on the Tauro Markets website, under Inno Net Solutions in every Mauritius legal document, and under Inno Net Solutions Ltd in the partner agreement. The Mauritius risk disclosure states that customers are not protected by any statutory compensation arrangements. Five policies the contracts point you to, including the negative balance and complaints policies, are not published at all.

Who you contract with2 clauses flagged

The website says Global Tauro Ltd holds Mauritius licence GB24202909. Every Mauritius legal document names Inno Net Solutions under that same licence, and the partner agreement names Inno Net Solutions Ltd.

Why this matters

You cannot tell from these pages which company takes your money. The Mauritius risk disclosure also says you are not protected by any statutory compensation arrangements.

Exhibit 19WarningRarely seen3

Global Tauro Ltd, with registered business name Tauro Markets, ("Tauro Markets MAU") is an investment dealer authorised and regulated by the Financial Services Commission of Mauritius under Licence No. GB24202909.
Quoted in Legal Documents
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Our readingA brand operating through several entities is normal. Three different company names attached to one licence number, across the same firm's own website and contracts, leaves the counterparty unsettled.

Tauro Markets' documents send you to five policies it does not publish. The list includes the Negative Balance Policy and the Complaints Handling and Disputes Policy.

Why this matters

Clause 20.2 says your negative balance gets cleared under a Negative Balance Policy, if the firm decides no abuse took place. You cannot read that policy, and the Saint Vincent entity publishes no complaints procedure at all.

Exhibit 20WarningHarder than usual5

In the event that a negative balance occurs in the Client's Trading Account due to Stop Out, the Company will make a relevant adjustment of the full negative amount so as to the Client not to suffer the loss as per our Negative Balance Policy If no abuse was done or practiced from the client side.
Clause 20.2 in Client Agreement - T&C, p.37
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Where the marketing and the contract disagree

A promise made in public, set against the clause that governs it

01

The FAQ says there are no funding or withdrawal fees and the client agreement sets a fixed €10 withdrawal fee twice over.

Said in public, in English

No, Tauro Markets does not charge our clients any fees when they choose to fund or withdraw from their trading account. However, certain electronic payment systems (EPS) and banks have their own transaction fees.

Answer to "Does Tauro Markets charge any fees for deposits and withdrawals?" on the public FAQ

In the contract · clause 18.2.3

The Company reserves the right to charge a fixed fee of 10 EUR or trading account currency equivalent from bank wire withdrawals below 250 EUR or trading account currency equivalent.

02

The account page promises no hidden fees while clause 22.3 takes 10% of an untouched balance every month.

Said in public, in English

No hidden fees

RAW account landing page, feature list

In the contract · clause 22.3

Such Inactive Accounts will be subject to a monthly charge of a. 10% of the account balance, with b. the minimum amount charged being € 25 (Twenty-Five Euros) or trading account currency equivalent

03

The RAW account is advertised as ideal for scalping, and the client agreement lists scalping as abusive trading whose profit can be cancelled.

Said in public, in English

Especially during major sessions — ideal for scalping or high-frequency strategies.

RAW account page, "Why Choose the RAW Account?" section

In the contract · clause 8.18

If the Company reasonably suspects that the Client performed abusive trading such as, but not limited to, pip-hunting, scalping, arbitrage, manipulations or a combination of faster/slower feeds, it may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following actions:

04

The homepage promises funds held separately while clause 13.2 lets the firm sell or set off any of those funds without notice.

Said in public, in English

All client funds are kept in independent accounts with trusted Tier 1 banks, encrypted with multiple tiers of security.

English homepage, "Your money is kept securely and separately"

In the contract · clause 13.2

The Client hereby authorizes the Execution Venue and the Company, at the Execution Venue's and/or Company's discretion, at any time and without notice or liability to the Client, to sell, apply, set-off and/or charge in any manner any or all of the Client's assets

05

The Arabic homepage repeats the segregation promise to readers who cannot check it against an English only contract that grants set-off.

Said in public, in Arabic

الاحتفاظ بجميع أموال العميل في حسابات مستقلة في بنوك موثوق بها من الطراز الأول، مع مراعاة تشفيرها واتباع مستويات متعددة من الأمان.

Word for word in English: All client funds are kept in independent accounts at trusted first tier banks, with their encryption taken into account and multiple levels of security followed.

Arabic homepage, "Keeping your money safe and separate"

In the contract · clause 13.2

The Client hereby authorizes the Execution Venue and the Company, at the Execution Venue's and/or Company's discretion, at any time and without notice or liability to the Client, to sell, apply, set-off and/or charge in any manner any or all of the Client's assets

06

A full Japanese language site invites Japanese residents to open accounts that the firm's own partner guideline bars.

Said in public, in Japanese

すでに10,000人以上のお客様がTauro Marketsを利用している理由をご覧ください

Word for word in English: See why more than 10,000 clients are already using Tauro Markets.

Japanese homepage, invitation to open an account

In the contract

We do not accept traffic from the United Kingdom, Democratic Republic of Congo, Eritrea, Libyan Arab Jamahiriya, North Korea, Somalia, Sudan, United States, Japan, Mauritius and Seychelles.

07

The account page promises no dealer involvement while the risk disclosure says the firm is the counterparty to every trade you place.

Said in public, in English

Execute trades without dealer intervention.

RAW account page, "True Market Conditions"

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tauromarkets.com

In the contract · clause 1.4

The Company is counterparty to all transactions entered into under the Client Agreement and, as such, the Company's interests may be in conflict with yours.

08

The risk disclosure claims EU MiFID and Cypriot law apply to the firm, and the website's own notice says the EU does not regulate it.

Said in public, in English

The present Risk Disclaimer for Derivative Financial Instruments (CFDs) is provided to you (our Client and prospective Client) in accordance with the European Markets in Financial Instruments Directive (MiFiD) and in compliance to the Provision of Investment Services, the Exercise of Investment Activities, the Operation of Regulated Markets and Other Related Matters Law 144(I)/2007, as subsequently amended from time to time ("the Law"), which is applicable to Tauro Markets (hereafter "the Company").

Clause 1.1 of the published risk disclosure for the Saint Vincent entity

In the contract

Tauro Markets and its affiliated entities are not regulated by the EU and are therefore not authorized to offer investment services and financial instruments.

We took a picture of this page. It is shown once, with the finding it belongs to. See our capture of tauromarkets.com

09

Tauro Markets offers to build an introducing broker's bonus campaign and then disclaims every promise that broker makes about it.

Said in public, in English

Need a specific language, campaign angle, or incentive structure? Just ask. We'll tailor banners, bonuses, and materials around your needs — with personal input from our marketing team.

Partners page, "We Adapt to You"

In the contract · clause 10.2

No Partner has any authority to act for, bind, represent or make promises on behalf of the Company. Any statement, promise, guarantee or representation made to a Client by a Partner in connection with a Promotion is made without the Company's authority, and the Company accepts no responsibility for it.

The documents this reading is based on

17 files, all published by TAURO MARKETS. Each shows when we read it and a fingerprint of its wording.

WIKILIX keeps the copy of each file it read, and does not republish it: what is published is the fingerprint of its wording. Download the file yourself and hash its text, lowercased with runs of whitespace collapsed, and a matching fingerprint means the wording quoted above is still the wording TAURO MARKETS publishes.

How this reading was done

Every clause above was read out of a document TAURO MARKETS publishes itself

This reading was published on .

Documents
10 of 17downloaded from the broker's site, and 10 read in full
Pages opened
84pages walked to find those documents, footer links included
Older copies
1earlier versions downloaded
Languages
AR vs EN vs JAthe language it advertises in, against the language it contracts in

Who the contract is with

JM Financial LLC

A client on www.tauromarkets.com contracts with JM Financial LLC, registered in Saint Vincent and the Grenadines under corporation number 2496 LLC 2022. The client agreement calls Tauro Markets a domain and brand name owned by that company. On mau.tauromarkets.com the contract is with Inno Net Solutions, company registration 208180, holding Mauritius licence GB24202909. The website footer attributes that same licence to Global Tauro Ltd, and the Mauritius partner agreement names Inno Net Solutions Ltd. The Mauritius risk disclosure says the regulator has not vouched for the firm, and that customers are not protected by any statutory compensation arrangements.

Quotations are copied verbatim from the documents named above, with the clause number and the page each one came from. Where a clause is quoted in another language, the original is shown first and the English is a translation.

The plain-language parts, what a clause means for a client, how ordinary it is, and how it reads against a regulated standard, are WIKILIX's analysis and are labelled as such on every card. This is a reading of public documents, not legal advice and not an allegation of wrongdoing.

In fairness, and what we could not check

A reader who knows the edges of the work can trust the middle of it

Tauro Markets publishes the 10% inactivity charge in plain words in its public FAQ, in every language the site offers. Most brokers do not. The Mauritius entity publishes a complaints policy that names the Financial Services Commission as an appeal route and sets acknowledgment and reply deadlines. Its trading policy states that clients are never responsible for a trade error and that the firm reimburses the full loss. The margin bonus terms are short, readable, and say that the bonus is not withdrawable. Every Mauritius document carries a version number and a date.

This review covers fourteen of the seventeen documents in full. It covers only parts of the 109 page anti money laundering manual and of the two partner agreements, so a clause in the remaining pages could change the findings. No earlier version of these documents is available for comparison. The Saint Vincent documents carry no version number and no date, so we cannot say when any clause there was last changed. The margin bonus terms point to a Schedule A that is not in the file, and five policies the contracts name are not published anywhere, so what those policies say is unknown to us.

How to check any of this yourself

Every quote above links to the TAURO MARKETS file it came from. This is what to do with it.

Open the three stepsFind the words in the source, work out the fingerprint, and read what a difference does and does not prove.

Open the source and search for the words

Every quote has a link under it. Open the file, or the web page, and search it for the words we quote. The clause number next to the quote tells you where to look.

If the words are not there any more, the source may have changed after we read it. That is worth knowing too. We keep the date we read it, and a code worked out from its wording, so the quote stays checkable.

What a fingerprint is

A fingerprint is a code worked out from what a source says. Change one word and the code changes completely. We keep two codes for every file we read, and the panel on each source shows both.

The first is the code of the exact file we downloaded. The second is the code of its wording alone, with capital letters lowered and runs of spaces collapsed. When the same words are saved as a new file, the first code changes and the second one stays the same.

Only the first code can be worked out on your own computer. Save the file, then run one of these, putting the name of the file you saved where the example is. The panel on each source prints the command with that source's real file name already in it.

macOS or Linux:
  shasum -a 256 the-file-you-saved.pdf

Windows:
  certutil -hashfile the-file-you-saved.pdf SHA256

The two codes are different from each other, and they are not meant to match. Comparing one against the other proves nothing.

What a difference means, and what it does not

A different file code on its own proves nothing. A PDF saved again with a new date inside it is a new file saying exactly the same thing.

A different wording code means the words themselves changed. That is the one that matters, and it is why we keep it.

Even then, a change is not proof of bad faith. Companies update their documents. What this report says is what the document said on the day we read it, and every quote carries that date.

A source that is a web page and not a file has no file to save, so only the code of its wording is shown.

How this report is made

Every clause quoted above comes from a document TAURO MARKETS publishes on its own website, downloaded and hashed on the date shown, with the clause number and page recorded so any reader can check it. We do not allege anything the documents do not say, and we do not judge TAURO MARKETS on anything other than its own published terms and its own public marketing. Where a clause has a qualifier that softens it, the report says so. Last read Oct 3, 2026.

If you represent TAURO MARKETS and a clause has changed, been withdrawn, or is being read out of context, tell us and we will re-read the documents and update this page. Corrections from the broker are welcome and are published with the reading they change. Contact us.

This is a reading of a contract, not legal advice and not a ruling on TAURO MARKETS. Whether its licence is real and current is a separate check on the broker profile.

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