Beware! Victoria Coins 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.
Where to begin with Victoria Coins? Have you ever encountered a broker named like this? We do not know what to think about this broker, when judging it by its name. However, upon a closer look this company is very suspicious and questionable as if though its practices were not quite legal. Yet it might take some users quite a bit of time to detect the irregularities of this broker. That is why we have disclosed the following review in order to shed some much-deserved light on this broker. For now, the only thing we can say is that Victoria Coins is a suspicious broker that hides its true self pretty well.
Creating an account was very easy and anyone can do it. This is one of those brokers that will allow anybody in its user area which actually increases the chance even more of being scammed. The client dashboard itself was nothing of any particular interest to us because we have seen this user area template used many times before. For those of you that are unaware of this, this is a popular template and no matter how good it might seem it is still widely used by unregulated brokers.
There was a simple web trading at play here. There we gather a EUR/USD spread of 7.6 pips, which is in absolutely no way optimal or lucrative to users. Only the broker will profit from such a high and ridiculous cost of trade, users can trade with forex currency pairs, cryptocurrencies, stocks, commodities, and indices. The leverage is 1:100.
The websites of the company is available only in English.
VICTORIA COINS REGULATION AND SAFETY OF FUNDS
There are two main claims here that define this broker and none of them is very reassuring, to be honest.
The first major assertion is that the company is registered in St Vincent and the Grenadines. Now, for some of you this might be a ridiculous name for a country but for us and other more experts uses this nation will bring about only feelings of unease. This is by far the most popular scammer broker location in the world, and there is no regulator at play there. So if Victoria Coins is located there it means that it is already unlicensed there.
Next, we have a claim or actually, a couple of claims in the terms and conditions that the broker should be used only jurisdictions that allow its usage. This is to say is that the company does not take responsibility for being regulated and shifts this responsibility to user.
A minor note from the contact subsection. There we find 2 numbers- one Australia and another in the United Kingdom. The broker is definitely not regulated in either one of these countries.
Victoria Coins is not regulated and is this a risk to any investment.
Investing in unregulated brokers is basically throwing your money out of the window. They will very rarely return your money, and even if that happens it would cost the user an incredible amount of headache and time.
That is why we encourage users to only trade with regulated brokers. Please, once you enter a broker that you think is worth investing in always check for a license before doing anything else.
We recommend UK, EU, US, or Aussie brokerage firms. All such regulated brokers are very trustworthy and offer safe and secure trading grounds.
Furthermore, agencies like the FCA and CySEC offer user compensation funds that are applied only when the broker at hand is not able to pay back to user due to insolvency. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
VICTORIA COINS TRADING SOFTWARE
The trading software used here is nothing special although it creates the illusion of being abundant in features. This is a well thought of principle that almost all unregulated brokers utilize.
There are a couple of good features here like customization tools and some personalization options when ordering, but nothing to expand a user’s knowledge on trading.
VICTORIA COINS DEPOSIT/WITHDRAW METHODS AND FEES
There was no way to invest or get any payments information from the user are, except that we saw that the minimum withdrawal amount is €100. The depositing section claims that users must contact the support team which will initiate this come as you may read in the Scammer section of this review.
According to the website, the minimum deposit is $250 although we cannot verify this.
The withdrawal policy, something that we cannot truly trust but will include in the review anyway, discloses that clients can invest or take out money by means of credit cards, debit cards, wire transfer, and a bitcoin wallet. The typical processing time frame is between 7 and 10 days. There is a 1% fee for every withdrawal. If this 1% equals to less than $30 then the fee will be fixed at $30.
Even with a fresh look Victoria Coins cannot hide its true nature. The company is regulated and a risk to all.
How does the scam work?
It’s almost ironic that’s one of the most popular ways to get scammed by a forex investment fraud is incredibly simple to grasp. If you look at it constructively, the way a scam works is that it follows a couple of incredibly simple steps that nevertheless take a lot of experience and authority to pull off.
In fact, investment scams are so effective not because of the way they are structured but because the people that are behind them are very talented at human manipulation. They have an arsenal of psychological and behavioral tricks.
Indeed, the hardest part of any scam is to actually be introduced to the scammer in person which happens most of the time by phone but it can also occur by email correspondence.
The quickest and most effective tool they have is online ads. Fake and misleading ads are ubiquitous over the internet. They continually evolve into becoming more and more legitimate-looking while retaining their complete scammer nature. Everybody has seen at least a couple of these ads: they promote a carefree life, luxurious products on the go, beautiful women, and other very expensive and realistically unattainable stuff.
Behind these ads are the investment scammers. Once you end up on the website you will be asked to provide a phone number or an email address for the sole purpose of being contacted by the broker.
The representatives of the scam will ask you to invest. He or she will use an array of tactics to make you invest. This is a solicitation and nothing else. Investing an initial deposits will build trust with the scammer and can potentially lead to more and higher investments.
If the user continues to invest and trusts the broker, he or she will continue to invest money that will be very hard to retrieve.
And once the time comes to actually get your money back or at least withdraw a profit, the true scammer nature of the company will reveal itself. The broker will either block your accounts, close off all communications with you, shut down the entire website, or stall all requests. At times it can even pay you back a percentage of your deposit and profits in order to create a false sense of security.
What to do if scammed?
Now, the quickest way to get your money back is to file for a chargeback with your credit or debit cards provider. However, this applies only to those users that have actually lost money by means of a card. MasterCard and VISA have a chargeback period of 540 days.
Bank transfers are harder to get back. First of all, we always encourage users to immediately change their bank account username and password. And then to contact the bank itself and try to find a solution to the problem together. The banking institution might have a specific section that deals with similar issues.
One sure way to lose all of your deposit is to invest in a regulated broker via any sort of cryptocurrency. Even in today’s world, crypto transactions are untraceable making crypto deposits the most popular investment gateway used by unregulated brokers. All funds invested through a crypto wallet are definitely lost.
And a warning to all readers! Do not trust the self-proclaimed recovery agency or agencies whose promises of returning all your funds are as misleading as the broker scam itself. They will take the initial fee charged for the false services and will disappear with the money.