Beware! ViciMarkets 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.
Vici Markets is one of those companies that would not only leave you scammed and penniless but also have the audacity to throw around fake credentials and promises of unbelievable profit. They are by-the-book frauds and everything on their website – from their alleged licenses to the terms they offer – shows that you should be withdrawing every cent you invested with them as soon as possible.
Vici Markets Regulations and Safety of Funds
Vici Markets claims to be regulated by not one but three serious regulatory bodies. They also offer as many as three different addresses – one in the UK, one in Cyprus, and one in South Africa. The website also lists a UK phone number.
However, when we checked the license number they provided in the FCA register which contains all UK-regulated brokers, an actual legitimate company did appear – but it had a completely different website and went by a different name which leads us to believe these scammers try to benefit from another company’s good reputation.
Things got even more interesting when we checked the license number they provided for the Financial Sector Conduct Authority (FSCA) of South Africa. Again, such a company and license number exist but the license had been withdrawn earlier in 2021.
The final nail in the coffin of Vici Markets was the result of our check when we searched for their Cyprus license number. Such a company didn’t show up in the CySec register but a quick Google search led us to the unfinished website of another sketchy broker – eXcentral Eu. This company has provided the same license numbers, addresses, and company names as Vici Markets but it’s nowhere to be found in registers.
It is clear that Vici Markets does not hold any sort of license. At the same time, they are going out of their way to convince you of the opposite. Investing your money with unregulated brokers holds great dangers as UK and EU brokers are obligated to follow certain rules that ensure traders` safety. In case of an unexpected event, you could get a refund of up to £85 000 in the UK or €20 000 in Cyprus. Another plus of working with a registered broker is the so-called negative balance protection – the money you lose cannot exceed the sum you have in your account. In case you work with someone like Vici Markets you cannot make use of these protection policies and might end up suffering great losses.
Vici Markets Trading Software
Vici Markets uses a web trading platform that offers useless functions like the ability to put emoticons but lacks a lot of tools that could be useful. The platform is anything but intuitive and easy-to-use and fades in comparison to established software like MetaTrader 4 and MetaTrader 5. Both of these platforms provide useful functions like the ability to buy a VPS and keep your trading bots operating at all times or set up alerts if prices go above or below certain levels. We would have liked to see such functions in the ViciMarkets platform but instead, we got a quite basic and uninteresting type of software.
Vici Markets Trading Conditions
On its website, Vici Markets claims to offer six different account types – all with the leverage of 1:500 but with different spreads and minimum deposits. While we could not exactly establish what they mean by “silver, gold and platinum” spreads because there was no further information on the website, we did notice that the minimum deposit is remarkably high. It starts from $1000 for a Basic Account and goes up to $500 000 for a Platinum one. In the platform itself, there was also mention of an account with a starting deposit as big as $1 000 000. This is outrageous considering that most legitimate brokers could open an account for anywhere between $10 and $100.
The leverage of 1:500 is also extremely high and banned in Europe and the UK where Vici Markets claim to be regulated. The standard leverage is 1:30 for a reason – high leverage can result in big profits and big losses alike.
Another proof that it’s impossible for Vici Markets to be registered is the multiple mentions of bonuses. Vici Markets offer bonuses as high as $10 000 although this practice is banned in the UK and Cyprus.
Vici Markets Deposit/Withdrawal Methods and Fees
You can deposit and withdraw your money via credit or debit card, wire transfer, or different cryptocurrencies. This is another red flag as cryptocurrencies are preferred by scammers because there is virtually no way you could get your money back if you deposited it with crypto. The Terms and Conditions state that Vici Markets will ask you to verify your account with every withdrawal by sending a picture of your ID or passport. While legitimate brokers do that too to make sure everything is in order, scammers use such mechanisms to later claim that you deposited all your money voluntarily and deny you the right to a chargeback.
Finally, Vici Markets demands you to pay the outrageous $500 if you don’t use your account for sixty days. Legitimate brokers can also ask for such fees but they are never that big.
How does the scam work?
Usually, such scams start with an ad or banner you see on the Internet that advertises the company in question as offering impossibly high profits. Such scammers want you to see them as the easy way to a luxurious lifestyle and would do anything to get your attention.
The moment you provide them with any sort of personal information or contact details, you will start receiving calls from these cons asking you to pay an initial deposit of a certain amount. With time, you will be asked to invest even more money. To compel you to do that, these experienced frauds can make it look like you are making huge profits. But the moment you decide to try and withdraw your money, they will come up with reasons to prevent you from doing so like making up additional taxes you should pay. This is done to ensure the time period in which you can get your money back through Visa or MasterCard withdrawals runs out. Currently, that time period is 540 days.
It is virtually impossible to get your money back if you have paid with some sort of cryptocurrency and for that reason, such payment methods are preferred by scammers.
What to do if scammed?
If you fall victim to such a scam and are using a credit or debit card, you should file for a chargeback right away. If you were paying through bank transfers, you should contact your bank immediately and ask for assistance. As stated, scammers might deny you the chargeback on the basis of the fact that you have verified your account and sent them your personal info. There is little you can do in such cases. If the frauds had gained access to any sensitive information like banking passwords and usernames, it would be best for you to change those.
One last thing you should remember – don’t trust any “recovery agents” that offer you a fast refund. Such people exploit scam victims` hopes of gaining their money back by either collecting a fee or asking you to reinvest. Once this is done, you will never hear from them again.