Taxtrade has been flagged by National Securities and Stock Market Commission for "Unregistered/Unlicensed entity offering financial products or services". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
I was about to invest with Taxtrade but decided to check their regulatory status first. They claim to be regulated but I could not find them on any official register. National Securities and Stock Market Commission has actually issued a warning about this firm. Thank goodness I checked before sending any money.
Pros: Website looks legitimate on the surface
Cons: Unauthorized firm|Found in IOSCO warnings database
I found Taxtrade after my brother mentioned them and the initial impression was positive. But for over a year later, I have encountered so many issues that I cannot recommend them. Trades failing, charts not loading, and support tickets going unanswered for days at a time.
Pros: Social trading features|Dividend tracking|Copy trading available|Two-factor authentication
Cons: Search feature is basic|Limited ETF selection
I had a dispute with Taxtrade and went to their complaints process. They have an internal team that just defends the company. Then they said I could go to an ombudsman - but the ombudsman they use is industry-funded and rarely rules for the client. The system is rigged.
Pros: Fast execution|Comprehensive tools
Cons: Website design could be more modern
I looked into Taxtrade and found they appear in the regulatory warnings database. National Securities and Stock Market Commission has issued a notice about this firm. Whether this is a misunderstanding or a serious concern, the fact remains that proper due diligence is essential. Always verify the regulatory status of any company before investing your hard-earned money.
Cons: Listed in IOSCO I-SCAN|May not be authorized in your jurisdiction
After doing some research AFTER the fact (I know, I should have done this first), I discovered that Taxtrade is not authorized by any legitimate financial regulator. They are operating illegally. The website looks very professional but it's all a facade. Please check the regulatory warnings database before investing with ANY company.
Pros: Initially responsive customer service
Cons: Lost entire investment|Reported to authorities|Unresponsive
Taxtrade changed their fee structure with one month notice. What was a flat fee became a percentage. For my account size it meant a huge increase. When I objected they said I could leave. So I am leaving and writing this review.
Pros: Easy to use platform|Full transparency|Easy withdrawals
Cons: None so far|Alert system is basic
Tried to withdraw my funds from Taxtrade and was told I needed to pay a "withdrawal tax" of 20%. This is a red flag. No legitimate broker charges withdrawal taxes. When I refused, they became aggressive and eventually stopped all communication. My entire investment is gone.
Cons: Withdrawal fees demanded|Communication cut off|Not authorized
Taxtrade locked my account without warning and demanded documents I had already submitted. for roughly four months later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Smooth onboarding|Two-factor authentication|Portfolio tracking tools|Tax reports included
Cons: Slow to add new assets|Website design could be more modern