Beware! VibeInv is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
In this review, we are going to discuss a highly controversial offshore broker. They pretend to be a subsidiary of a CySEC company, which itself is very problematic. Apart from that, we experienced issues when signing-up and eventually couldn’t access any of their platforms. It might have been some temporary error, but it certainly undermines their credibility. Find out the rest about this shady Forex entity in the full VibeInv review.
VibeInv REGULATION AND SAFETY OF FUNDS
VibeInv lists an address in the Marshall Islands, a jurisdiction infamous for the lack of adequate regulations. There isn’t even a financial authority on the islands, making them a very attractive place for scammers. There you can simply incorporate an anonymous offshore IBC and pretend to be a Forex broker.
Worse though, VibeInv claims to be a subsidiary of Belight Capital Group, supposedly a CySEC regulated financial firm. However, there are two significant problems. First of all, we can’t in any way associate this website with Belight Capital Group. Then, it turned out that CySEC no longer authorises the company because their license was suspended in the middle of 2020. Whatever the truth, the VibeInv false claims make us put them immediately in the scam suspects lists. It’s not safe to deposit with VibeInv.
Avoid them and see the legit EU brokers and the British brokers we recommend. The European financial companies are strictly regulated and have to meet many customer protection rules to get a license. The brokers need to provide 730 000 EUR in paid-up capital, keep clients’ accounts segregated and offer negative balance protection, to name a few. Also, there are deposit insurance funds protecting investors’ money in case of insolvency. For example, CySEC firms’ clients can claim up to 20 000 EUR in compensation, while the British protections are up to 85 000 GBP per person. If you trade with offshore brokers, you are entitled to nothing but problems and headaches. Beware.
VibeInv TRADING SOFTWARE
VibeInv claims to offer MetaTrader for its clients. Unfortunately, we couldn’t sign-up for there were some problems at the time. However, third-party sources confirm that they do provide MetaTrader, but it’s still annoying not to be able to access their trading software.
Thinking of platforms, see the MetaTrader4 brokers and MetaTrader5 brokers we recommend. MT is the most popular Forex platform, which traders and investors prefer for its reliability. It’s featuring sophisticated trading tools such as Expert Advisors, Algo trading and plenty of complex indicators to choose from. Traders can also benefit from the MetaTrader marketplace offering more than 10 000 trading apps.
So, we can’t show you the real spreads and leverage levels, but VibeInv says to offer Buy/Sell difference as low as 0.0 pips. The spread forms part of the trading costs, so lower rates benefit traders, and 0.0 pips is the best spread possible. Nonetheless, we can’t verify that they tell the truth because we’ve already caught them red-handed. Beware.
The maximum leverage possible is 1:200, a level too risky for traders and investors. It’s a financial tool that actually makes retail trading possible, but the higher the ratio, the greater the risks.
The leverage hazards motivated many financial authorities to restrict the leverage in their pursuit to protect customers further. Thus, the European, British and Australian brokers (to come in effect later in 2021) are limited to 1:30, while the Canadian brokers and the US brokers can’t deliver more than 1:50. The Swiss brokers can offer increased leverage for risk-tolerant traders, but the capital requirement of 20 million francs makes it impossible for scammers to set foot in Switzerland.
VibeInv DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with VibeInv is 5000 EUR, or at least 50 times higher than the industry standards- $100 on average. We hope that many traders would straight away refuse their services because it’s a shady enterprise nonetheless. The deposit methods are Credit/Debit cards, Wire Transfers and WebMoney. It’s best if you deposit only via bank cards because it’s possible to file a chargeback if things, unfortunately, go wrong. By far, it’s considered the safest deposit method available.
However, if you have a preferred payment system, see our lists with legit Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers and Bitcoin brokers. The selected brokers are strictly regulated, so it’s unlikely to experience fraud.
There is no information about the Credit/Debit withdrawal requirements, but the minimum for Wire Transfers is 3000 EUR/GBP, which is unheard of. That’s possibly the most ridiculous withdrawal rule we’ve ever seen. There are no withdrawal fees specified in size and scope, but VibeInv reserves the right to charge withdrawals. It’s a disturbing sign because they can invent fees on the run if they want to.
There are no inactivity fees or dormant account policy specified. That’s a warning sign, too, because the legit brokers are compelled to inform traders and investors how the traders’ inactive accounts are being held.
VibeInv indicates that bonus campaigns are possible, but they don’t specify anything in particular. We do not advise accepting trading incentives from shady brokers because the additional provisions make withdrawals impossible. Also, the bonuses are not free money but a leverage tool that makes trading even riskier, so be cautious.
Overall, VibeInv is a shady offshore broker fraudulently claiming to be a legit business. Stay safe and avoid them.
HOW DOES THE SCAM WORK
The Forex scam is run by seasoned manipulators who set up schemes to defraud as many people as possible. In 2021 they work on the Internet, where they publish adds about their fraudulent products and services. They use consumer reviews website such as Trustpilot or Sitejabber to post tons of positive reviews about their schemes.
At a later stage, the scammers would call the target victims to manipulate them and push them to start investing. The con artists would pretend to work for government agencies, banks or other fictitious businesses to make things look legitimate. During a phone call, people with little or no trading and investing experience might quickly believe in the falsehood and the big promises. The scammers make offers that sound too good to be true, promise guaranteed profits and give away bonuses to motivate people to put money in their scheme as soon as possible. The urgency is a treacherous sign, so if someone is pushing you over the phone to begin investing, then it’s most probably a scam.
But the first deposit is only the beginning because the scammers will continuously ask for more money from their victims, no matter what. If the trader is seemingly making money, the con artists would ask for money to make more profits. If the trader lost some money, they would ask for more money to recover the losses. The problems begin when the trader wants to pull out their funds. Then the scammers would say that traders have to put more money if they want to withdraw. The end is always the same- defrauded investors who’ve lost their hard-earned money.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you the necessary instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
It’s crucial not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They ask for an advanced payment but do nothing to help you recover your losses and simply pocket the money you’ve sent!
Share online your experience; it’s important to protect others, as well. Be responsible!