Beware! VipWayZone 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.
VipWayZone is a unregulated, offshore broker offering over 150 tradable instruments including forex pairs and CFDs on commodities, shares, indexes and ETFs with a leverage of up to 1:200, a choice of 5 account types and a web based platform.
We counted over 50 currency pairs with many crosses and minors like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD and USDDKK. Apart from that special focus is payed to the crypto assets with CFDs on a number of coins like Cardano, Bitcoin Cash, Bitcoin, Bitcoin Gold, Dash, EOS, Ethereum Classic, Ethereum, IOTA, Litecoin, NEO, QTUM, Tron, Stellar, Monero, Ripple and Zcash.
VipWayZone regulation & safety of funds
As we already noted VipWayZone is unregulated, offshore broker. Next Capital Group LTD, the company that is said to be operating it is based on the Marshal Islands and does not hold a license to offer financial services on regulated markets like the European Union, the USA, Australia, Japan or Canada.
With that in mind our best advise here is to deal only with properly licensed brokers, certified by respectable 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). And besides, with a FCA broker, for example, you will even granted an insurance on your account covering 85 000 GBP of your funds even in the unlikely event your broker files for bankruptcy.
VipWayZone deposit/withdrawal methods and fees
Be aware, however that the broker offers the so called Fully Managed and Premium Fully Managed accounts, which are exactly this – managed accounts. The issue here is that VIPWAYZONE is also a market maker, meaning they make money whenever their clients lose. That is why by offering managed accounts they are basically in a conflict of interest.
How does the scam work?
Scammers surely use various techniques, while hunting for victims, and yet it is worth mentioning the so called robo scam websites like Crypto Revolt and Bitcoin Evolution, where people get carried away by unrealistic offers of guaranteed, fast and easy returns with “no risk at all” and just a tiny investment. Those sites we call robo scam, because actually they are just portal sites, transferring gullible investors to real scam brokers, most of which based offshore and definitely not regulated.
So after you watch the promo video on the robo scam website, you will be asked to fill a simple registration form, which will lead you to the website of a unregulated scam brokers.
And bear in mind that scammers would surely want to trick you to deposit not just the initial 250 USD, but much more. So most probably they will be manipulating your trades with spectacular “profits” and you will surely be getting phone calls as well. It will be your senior account manager with the latest trading signals and tips, who, however, will actually be trying to convince you to deposit at least 10 000 USD.
And strange as it might sound, but most people do invest that kind of money, without ever realizing they have been scammed until the very moment they decide to withdraw some of their funds. Then all of a sudden it turns out they are not allowed to withdraw, because of the minimum trade volume requirements, linked to the welcoming bonus they have so gladly accepted. The excuses to cancel your withdraw requests might be various, but the end result will always be the same – scammers will not pay a single dollar back.
What to do if scammed?
Your best chance to recover your deposit is to file for a charge back with your credit card company. Fortunately both VISA and MasterCard will allow you to do that within 540 days.
And if by any chance scammers have managed to trick you to tell them your credit card number or online banking password, immediately cancel the credit card and change the password.
Finally, if the so called recovery agencies offer you their services, do not trust them, They will not recover you a single penny but will simply charge you some fees in advance and you will end up with even less cash.