Beware! VisionForex is an offshore broker! Your investment may be at risk.

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VisionForex is one of hundreds of shady brokers that constantly pop up – it lacks regulation, it does not have its Terms and Conditions available and overall proves us without even a single reason to pick instead of a more legitimate, or established company. Truly, VisionForex does not distinguish itself from any other offshore broker – and if you still intend on trading with it, check out the following review first – that might save you a lot of time, headaches and financial losses:

VisionForex regulation and safety of funds

VisionForex claims to operate from London. However, to do so, a broker needs a license with the British regulatory body, the FCA. Here is VisionForex stating where it can be found:

VisionForex never claims to have a license – and it does not. The broker blatantly contradicts FCA policy on leverage, providing amounts of up to 1:500 to any trader, when the regulator has banned retail traders from accessing such amounts. Therefore, we can only assume VisionForex to be lying, which is troublesome for two reasons.

It first means that the broker is up to no good  – why else would it try and misrepresent where it operates from? But it also means that the company cannot provide you with the protections that the FCA has envisioned for its traders – things like access to Negative Balance Policy and access to guarantee funds will simply be unavailable to you. If you wish to know more about them, or if you wish to trade with a real UK broker, a good place to start would be this list of our top-rated companies from Britain.

VisionForex trading software

VisionForex provides access to the following distribution of industry standard Metatrader 5:

And while the platform is revered for its automated trading features and user-friendly UI, VisionForex is not the only broker that offers it – there are fully licensed ones out there that have it available. We endorse the platform itself, not VisionForex!

Case in point, VisionForex’s trading conditions on it are rather lacking. Sure, the spreads are within the acceptable 1 pip range on FX majors like the EURUSD, but the broker has a leverage of up to 1:500, as we stated. In fact, not only the FCA has banned such amounts from being offered to retail traders – most regulators treat them as unacceptable! Therefore, most brokers that still have them available nowadays are just like the one we are reviewing now – be extremely careful whenever you encounter incredibly high leverage out there!

VisionForex deposit and withdrawal methods and fees

VisionForex accepts deposits via wire transfers. Unfortunately, these deposits are not eligible for a chargeback. And since the broker does not share its Terms and Conditions with us, we cannot know what fees there are for withdrawals, or if there are some additional complications associated with the process. But given how shady VisionForex is, we would not be surprised!

How does the scam work?

The only conclusion that can be reached about VisionForex is that the broker is running a scam. What’s more, we have seen hundreds of fraudulent brokers run the same scheme – here is how it usually plays out:

First off, someone stumbles upon the website the broker is running – and, on it, are prompted to make an account. This requires them to leave a phone number – and if the scammers get their hands on one, they start calling around the clock to demand deposits. More and more money is extracted from their victim, until they are either bled dry or realize what’s going on and stop depositing. Either way, the scammers cut them off and move on to new targets!

What to do when scammed?

If you recognize yourself in the scenario above, you have been the victim of a scam. Here is what you need to do to limit your further losses:

First off, reissue whatever forms of ID, credit cards and such the scammers had access to – and get rid of any remote control software they had you install on your PC.

Secondly, contact your bank to see if you can file a chargeback – and if one is not available, do not trust any recovery agency that might approach you – especially if it demands an upfront payment for its services – this is simply another scam!

Finally, do not hesitate to leave a comment below and tell us of your experience with VisionForex – in doin so, you will be helping raise awareness of the scam, which is an efficient way to combat it!

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