Beware! Trade Vision Group 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.
You should under no circumstances consider doing business with Trade Vision Group – as the likelihood of you losing whatever money you have invested in them is huge. If by any chance you have already deposited with this shady offshore broker, you should file for a chargeback as soon as possible and hope that this would lead to you successfully recovering whatever funds you have put into this scam scheme. There is not one element of this company that speaks well of them – from the insufficient information on their website and the lack of access to a trading platform to their shaky regulations. If you need a reason to avoid these scammers at all costs, there are plenty – just read our review to learn more.
Trade Vision Group REGULATION AND SAFETY OF FUNDS
Trade Vision Group is registered in one of scam brokers’ favorite locations – St. Vincent and the Grenadines. The Financial Services Authority of St. Vincent and the Grenadines has stated more than once that they do not regulate forex brokers specifically and do not impose any laws on forex trading. That is why it is mostly scam companies that decide to take advantage of that complete lack of regulation and set up camp in the country. A few legitimate brokers do have offshore branches in St. Vincent and the Grenadines but these are all established companies that are otherwise regulated elsewhere and that have opened an offshore branch with the aim of remaining competitive and offering more attractive terms. An example of such a legitimate broker is the well-known Deriv.
Trade Vision Group is definitely not among those established brokers. The address they have provided – First Floor, First St Vincent Bank LTD Building, James Street, Kingstown, St Vincent, and the Grenadines – is the home of countless other scam companies, some of which we have reviewed in the past.
Additionally, the broker is managed by Lencher ExPro LLC – a company the German financial regulator BaFin has issued a warning on. The company offers financial services in Germany without being in any way licensed to do so.
You should definitely not trust such a broker – you know nothing about them and subsequently know nothing about how your money will be handled. Better turn to a licensed EU, UK, or Australian broker – this way, you can always be sure your broker is answering to a respected financial regulator. Such companies have to follow many rules if they want to offer any sort of services to clients – if they don’t, they might get a fine or lose their hard-earned license. To begin with, a broker should maintain a minimum capital of at least €730 000 in Europe and A$1 million in Australia. That sum can be bigger for companies that have more clients and have to prove these clients’ savings are secured. Nobody would agree to work with a broker who does not have enough capital to not go bankrupt the first moment something unfortunate happens – that is why this requirement exists. Additionally, all European brokers participate in compensation schemes. If a licensed broker does by any chance go bankrupt, their clients could receive compensation of up to £85 000 in the UK and €20 000 in the EU. Compensation schemes do not exist in Australia. But in all cases, you will have negative balance protection – which means that you could never lose more money than those you have in your account.
Make the smart choice and work with a regulated broker – this is much safer and will ensure that your funds won’t just be stolen by some insolent scam scheme.
Trade Vision Group TRADING SOFTWARE
To get access to any sort of trading platform with Trade Vision Group, your account should be verified first. As we did not plan to give access to personal documents to scammers, we could not verify our account and therefore learn what the broker’s platform is – only that it has both a web and a desktop version (supposedly).
If you want to know what the best trading software currently is, we could give you a pretty singular answer – MetaTrader 4 and MetaTrader 5. These platforms are respected in the community because of the many functions they offer to traders – you can develop your own trading bots and see how well they cope in a demo account or through back-testing or purchase different add-on trading apps on the MT market. There are enough legitimate brokers that could offer one of those platforms (on top of good terms) so don’t hesitate to look up the website of one of them.
Trade Vision Group TRADING CONDITIONS
Trade Vision Group did not give us any information about spreads, leverage, or minimum deposit – something pretty unacceptable since this is essential information. Considering that many regulated brokers would gladly open an account for anywhere between $1 and $100 these days, there is no reason to deal with such scammers.
Trade Vision Group DEPOSIT/WITHDRAWAL METHODS AND FEES
The broker did not offer any payment method information – to access that, you have to verify your account. But depositing with such scammers is not advisable anyway.
Trade Vision Group offers some sort of bonuses – we could not learn what kind since they have not bothered to clarify but supposedly a 100% bonus upon deposit. But to withdraw that bonus (or any funds made on account of it) you have to reach a turnover of the bonus/4 – so a turnover of 50 lots if your bonus was $200. There are a few problems though – there is no way to withdraw profits made on account of your own money either – not before reaching that turnover. If you don’t reach that turnover within 44 market days, your bonus will be withdrawn. If this causes a margin call (and we suppose it will since it would be fairly easy for the scammers to fabricate all sorts of results), you will be asked to deposit more funds.
HOW DOES THE SCAM WORK?
It is amazing how simple such scams are and how alike they work.
It all starts with you are casually browsing on the Internet and seeing an ad for the scammer’s website. You are quickly impressed by the promises of an additional income and the possibility to make your life a little more like those of the rich and powerful. So you make a registration – after all, who would not want to earn a little extra so easily and without a lot of effort. The moment the scammers get access to your phone and email, they won’t leave you alone before you deposit. If you do, you will probably see you are turning into a master trader soon, beating all odds and earning even more than you expected – a trick aiming to make you invest more.
Time passes and you decide to withdraw. This is the moment one of two things will happen – the scammers will start making up additional taxes and reasons why you cannot withdraw just yet. If they don’t stop answering your phone calls immediately, that is – and that always happens at some point.
WHAT TO DO IF SCAMMED?
Don’t trust any so-called “recovery agents” that claim they could get your money back in no time. They will require a fee for that and disappear as soon as they receive that payment. This is a whole other type of scam taking advantage of desperate victims.
The reasonable thing to do is to ask your bank or credit card provider for help. With credit and debit cards, chargebacks are possible within 540 days. Cryptocurrency transactions are non-refundable so beware of any broker urging you to use that specific payment method. And don’t get your hopes up because unfortunately such situations rarely get a happy ending. If you have verified your account by sending a picture of a personal document or proof of address, the scammers might try to revoke your claim and say you have done everything voluntarily.
Make sure to change any passwords the scammers have received, notify the authorities, and let other people know about such scam – post about it online and don’t let others get lied to in the same way.