Viamarketsgo review – 5 things you should know about

Viamarketsgo review – 5 things you should know about

Rating: 1

Beware! Viamarketsgo 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.


Viamarketsgo is an offshore broker advertising trading in Forex, Stocks, Commodities, Indices and Cryptocurrencies. They have six account types starting from €1,000 minimum deposit up to €100,000, the costlier ones also offering lower leverage and tighter spreads:

To register for an account we had to provide first and last name, email address and phone number and after submitting this personal data we were taken to the client area. No confirmation email was sent to our mailbox, however, which is an immediate red flag – every respectable company / website that asks for your email during registration, especially ones dealing with financial transactions, will at least confirm back by email that your registration was successful.

Viamarketsgo Regulation and Safety of funds

The Client Agreement on the broker’s website states that “Viamarketsgo [is] an internationally registered company in the UK” and lists an address in London, UK, as well as a UK phone number on their Contact page. The broker is registered with the Companies House as a Private limited Company with Nature of business Administration of financial markets and Fund management activities – this is easily checked.

In order to provide brokerage services in the UK, however, a firm needs to be licensed by the Financial Conduct Authority (FCA). There is another entity mentioned on the broker’s website: “Viamarketsgo is an investment company whose liquidity provider is RT Sale LTD”. Neither of the two is authorised by the FCA which means they are not a regulated broker – a regulated broker will always have the name of the financial watchdog and the license number in plain sight on their website.

There are a number of claims the broker makes on their website. From fund safety – using the policies regulators impose on their licensees, such as keeping client’s funds separate from the company’s – to “best banks in the EU” and “monitoring and audit of the broker’s activities” – check it out:

In the absence of any regulation, however, these are nothing but empty, unfounded claims. That is why we always advise traders to avoid offshore companies and to invest with brokers regulated by reliable authorities such as the FCA in the UK, or the Cyprus Securities and Exchange Commission (CySEC). These watchdog agencies impose strict rules on the brokers they license – in addition to Client Account Segregation which we discussed above, there is a Negative Balance Protection policy which ensures that traders cannot lose more money than what they invested. Other policies include a Minimum Capital Requirement of 730,000 EUR in order to guarantee the broker’s good financial standing and participation in Compensation Schemes, which provide additional assurance for investors’ funds up to a certain amount (85,000 GBP in the UK and 20,000 EUR in the EU).

Considering all this we would not recommend this broker to our readers – Viamarketsgo is an unregulated broker so there is no guarantee for the safety of investors’ funds.

Viamarketsgo Trading Software

The broker offers several trading platforms: there are download links to the MetaTrader 5 (MT5) software: desktop and mobile (iOS and Android) versions. Another platform advertised in the website is a “Status Trader” but it was not available – the link redirected to another webpage.

The most accessible one is a Webtrader integrated in their client area. It is some proprietary, web-based software that does not impress much: it lacks significantly in terms of design and functionality – see for yourself:

Established, regulated brokers usually offer recognized trading platforms, such as the MetaTrader 4 (MT4) or MT5 platforms. MT4 is considered the world’s number one platform, preferred by over 80% of users. It offers an intuitive and user-friendly interface, advanced charting and analysis tools, as well as copy and auto-trade options. Its successor, MT5, has some advantages – it allows traders to execute trades on different financial markets through a single account and there is a hedging option. Recently, it surpassed MT4 in terms of the number of brokers offering it, but still lags behind in trading volume. Both platforms are available as desktop, web and mobile (iOS and Android) applications as well.

Viamarketsgo Trading Conditions

In the accounts section we saw the broker promising spreads from 0.2 to 1.8 pips. The webtrader, however, displayed a 3 pips spread for EURUSD, which is very far from competitive. Legitimate, regulated brokers would never offer more than a 1 – 1.2 pips spread for this most traded currency pair. Wider spreads make the cost of trade very high – they guarantee hefty profits for the brokerage on the back of traders’ losses.

Also in the webtrader we were assigned a leverage of 1:200 without an option to change it, while in Accounts they claim to offer up to 1:1000. Offshore brokers enjoy no restrictions on leverage, but leveraged trading entails significant risks, especially to inexperienced traders. High leverage provides huge profit potential, but also presents great risks to the traders because any losses incurred will be multiplied. That is why, most regulatory authorities impose leverage caps for non-professional traders: in the USA it is 1:50, while for brokers licensed in the EU and the UK it is 1:30. The Australian Securities and Investments Commission (ASIC) also started restricting leverage for major currency pairs to 1:30 from March 29 this year.

Viamarketsgo Deposit/Withdrawal Methods And Fees

The brokerage claims to provide “45+ ways of withdrawal and deposit.” This is not the case in their client area, however – except for credit / debit cards and some shady electronic payment systems and cryptocurrencies, there is not much choice really – take a look:

The most common option, Bank Transfer, is not available. Popular methods, such as PayPal and preferred by traders e-wallets, eg. Skrill and Neteller are not supported either.

The minimum deposit amount is S250, which is more than twice what regulated brokers ask for, around S100, and there are some that you can open an account with as little as $10. The minimum withdrawal amount is $10.

Viamarketsgo claims they do not charge fees on withdrawals, but there is a clause that if “the Client has made less than five independent transactions, an additional commission of 5% will be charged when withdrawing funds.” The broker also offers bonuses which are subject to strict conditions – the trading volume must reach $10,000,000 for every $1,000 of bonus funds received so that this bonus money can be withdrawn. Such stipulations make sure the bonus cannot be used and is one of the reasons bonuses are prohibited by most regulators.

In conclusion, we warn our readers to stay away from Viamarketsgo as they are an unregulated broker and most probably a scam!

How does the scam work?

Users often fall prey to very simple but quite efficient scams. The first snare is usually an internet ad promising big profits over a short period of time, and all you need to do is provide your personal information, usually email address and phone number. If you do that, you will start getting calls from scam brokers who will continue with the pitches of quick and easy profits until you decide to make a first deposit of $200 to $300. On these funds the scammers get a fat commission and transfer you to senior “brokers”.

These expert con-artists are smooth talkers who start talking you into putting even more money in, because “now is the perfect moment” or “the more money you invest, the higher your profits will be”. Usually about this time most traders will start to feel the scam and will want to withdraw their money and get out fast.

Unfortunately, the scammers will not give in easily. First, they will try to persuade you not to withdraw right now because you will miss out on “big profits”, and if that does not work, they will find numerous reasons to deny or delay your request by asking you for additional documents or claiming that there are some other causes for not executing the withdrawal. The ultimate objective in such procrastination is to make the traders miss the crucial period in which a chargeback request can be filed, and thus lose the chance of getting their money back.

What to do when scammed?

If you used a credit card to make a deposit with the scammers you should immediately file for a chargeback. Both VISA and MasterCard have increased the time in which you can file to 540 days, in part specifically to fight such online scams.

If you used bitcoin or some other untraceable source, however, chances of recovering your funds are slim. You might get approached by so-called “recovery agents”, but don’t fall for their tricks. They will ask for payment up-front to recover your money, but this is just another scam and you will not get anything back.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
USA5/5$250 Click for a special offerWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
UK, Australia4.85/5$50 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus, Bermuda4.75/5$50 Click for a special offerWebsite

Leave a Reply

Your email address will not be published. Required fields are marked *