Beware! VestingFX 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.
VestingFX is a broker that you should avoid at all cost – here is why:
VestingFX regulation and safety of funds
VestingFX is not a broker from Britain as it claims in the screenshot below:
All brokers that operate from London need to do so with a license from the country’s regulatory body – the FCA. And the FCA has some really strict requirements that brokers need to cover before they are issued one – they need to have over 730 000 euro to their name and participate in guarantee funds. The role of these funds is to compensate the brokers’ clients if a company goes under – up to 85 000 pounds are paid out to each affected person. The FCA also takes a hardline approach to scams by requiring all brokers it oversees report on a daily basis on open and closed trades.
But, back to VestingFX – there is no need to consult the FCA database to know the broker is not licensed. That is because it provides bonuses, which have been outlawed in the UK. We will see why that is later, but for now it suffices to say that VestingFX completely justifies the ban by itself.
The fact the broker is not licensed means that there is no way for it to prove it is not running a scam and that it can grant you any of the aforementioned protections. Trade safe – trade with licensed brokers!
VestingFX trading software
VestingFX provides access to a web-based trading platform – but it is only available to clients with verified accounts. There was no way we would submit the information that VestingFX demands to verify an account, because the broker is incredibly shady. This means we were left staring at the following screen:
With no access to the platform we have no clue what it looks like, how it stacks up to industry standard Metatrader 5, or what VestingFX’s trading conditions are.
VestingFX deposit methods and fees
VestingFX accepts deposits via credit cards – this allows its clients to file a chargeback on their payments within 540 days of the transaction. This ability will certainly turn out to be quite useful, as it will allow you to withdraw your own money at least. When it comes to your profits, however, they are as good as gone – this is because VestingFX has the following Bonus policy:
It states that all accounts that have been credited with a bonus would need to achieve quite the turnover in order to be able to withdraw their profits and the bonus – a standard lot is worth exactly 100 000 units of base currency – and in the example, the trader needs to achieve a turnover of at least $5 million to withdraw their meager $200 bonus and their profits. This is hardly proportionate or reasonable – and most brokers that offer bonuses also do so in a way to limit withdrawals – so be careful when you see one of them!
How does the scam work?
Given all we said about VestingFX above, there is no way to describe the broker as anything other than a scam – the company is also running one of the oldest schemes in the book. Here is how that scheme unfolds:
It begins when someone stumbles upon the website the scammers are running – from there, they are prompted to make an account with the broker, leaving a phone number in the process. Once the scammers have that, they start calling around the clock to demand deposits. No amount of money can sate their appetite, and the calls will only stop if the victim realizes what’s going on, or simply runs out of money to pour into the “broker”. At that point, the scammers simply cut them off and move on to new targets.
What to do when scammed?
If you have been scammed, you would need to take the following steps to make sure you do not suffer any further financial losses:
First off, you should recall what forms of IDs and credit cards you gave the scammers access to – and get new ones issued ASAP. Also, remove any remote control software they had you install on your PC.
You should then contact your bank and see what chargeback options you have available. And even if you do not have any, do not trust recovery agencies that demand an upfront payment for their services – they are simply running another scam.
Finally, do not hesitate to leave a comment below and tell us of your experience with VestingFX – that will help raise the general awareness of the scam, which is the best way to combat it!
