Beware! VIPinvestFX is an offshore broker! Your investment may be at risk.
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
VIPinvestFX is a unregulated, offshore, binary options broker, offering five account types on a web based trading platform, and a choice of various assets like major currencies, indices, stocks, commodities, precious metals and oil.
The maximum payout on the benchmark EURUSD pair is 88%, which is considered attractive and yet trading conditions put aside, we should note that since last July all binary options bets on the European market were altogether banned by the European Securities and Markets Authority (ESMA) and that makes all VIPinvestFX operations on the Old Continent illegal.
VIPinvestFX regulation & safety of funds
VIPinvestFX is said to be owned and operated by Allgreen Capital Ltd., a company based offshore on the beautiful Caribbean Island of Dominica. Unfortunately the broker is not regulated and that significantly lowers its credibility.
Have in mind that if you trade with unregulated brokers the probability to get scammed is spectacularly high. That is why we strongly recommend trading only with brokers regulated by respected institutions, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC), or the Australian Securities and Investments Commission (ASIC).
Besides, if you trade with an EU regulated broker, like by CySEC for instance, your funds will be insured up to 20 000 EUR, while with FCA regulated brokers, your insurance will cover up to 50 000 GBP of your money.
VIPinvestFX Review deposit/withdrawal methods and fees
VIPinvestFX is offering bonuses and “free trades”, which is another highly controversial practice, also banned by ESMA in Europe and on most other major regulated markets. The problem with all trading bonuses and “free trades” is that they come with additional withdraw conditions. With VIPinvestFX for example you will have to trade your bonus at least 50 times before you will be able to withdraw.
Also, VIPinvestFX will charge you 3,5%, or minimum 30 USD, of every amount you want to withdraw, even if you withdraw with a credit card. That we should note is highly unusual.
On top of that in their Terms and Conditions VIPinvestFX say the broker “is not committed to any time frame regarding withdrawal processing time”.
Otherwise VIPinvestFX accepts payments with bank wire transfers and a great variety of credit cards – Visa, MasterCard, Visa Debit, Visa Electron, MasterCard Debit, American Express, China Union Pay, Jcb, Diners Club International, Carte Bleue, Carte Si, Dankort and Laser, as well as e-wallets like WebMoney, Skrill, Cashu, Ukash, Ideal, Sporopay, Nordea Nettbank, LaCaixa Linea Abierta, MisterCash, EuTeller, Boleto, Poli, BPay, UnappliedTx, Gluepay, eKonto, Sofort, Banklink, GiroPay, Przelewy24, EPS, Ewire, Abaqoos, Multibanco, UseMyServices, Santander, Moneta, Instadebit, Fundsend, Teleingreso, Dineromail, Neosurf and Livekash.
The minimum deposit requirement is 250 USD.
How does the scam work?
Scam scenarios usually start when you get hooked by some unrealistic offer of fast, easy and risk free returns, which you may see on a video ad on Facebook or Instagram. Then by clicking on the link you will go to one of the so called robo scam websites, like CryptoContractsApp or Crypto Revolt, where you will be asked to fill a simple registration form, leaving your e-mail and phone.
And if you do that, you will be automatically transferred to the web page of a unregulated scam broker, where finally you will be asked to deposit some funds – usually about 250 USD.
And your first trades will go great – actually the the money in your account will almost double in just a few days, and you will be constantly receiving trading signals and advises. Non of that, however, will be real. Your account will simply be manipulated so that later you will be more easily hooked to in vest a larger amount. And precisely at that point you will receive a phone call as well. It will be “your senior account manager”, who will confidently explain to you, that if you really want to make some big cash, you will definitely have to invest like at least 10 000 USD.
And chances are you will probably not realize you have been scammed until the very moment you decide to withdraw some of your funds. Your withdraw request will simply be canceled, because of some minimum trade volume requirement, linked to some trading bonus you have accepted. Certainly the excuse might be different, but the result will always be the same – scammers will cancel all your withdraw requests, all of a sudden all your positions will turn red and in no time your account will be depleted.
What to do if scammed?
Among the few viable steps you may take if you have fallen victim to a scam, the first one is to immediately file for a charge back with your credit card provider. Fortunately both MasterCard and Visa recently extended the maximum period, in which you will be allowed to do that to 540 days.
And if for any reason you have revealed to scammers your personal banking details, be sure to immediately change your online banking password and block your credit card.
Finally, if the so called recovery agencies approach you with offers to retrieve your money, do not trust them. They will not recover you a single penny, but will simply charge you some commission in advance and basically that will be the end of the story.