Verge Markets Review – 5 things you should know about vergemarkets.com

Verge Markets Review – 5 things you should know about vergemarkets.com

Rating: 1

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

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

Verge Markets is an unimpressive scam broker that differs in no way from countless other such schemes – they offer no security for your funds and are in no way authorized to offer financial services anywhere. You would not be able to turn any profit with this broker despite their brave promises – in fact, there is no truth to all the talk on their website about providing clients with the ‘highest level of financial confidence and investment protection’ and segregated accounts. This broker claims to be regulated without specifying where and by whom – so if we were you, we would avoid Verge Markets at all costs.

Verge Markets REGULATION AND SAFETY OF FUNDS

As we mentioned Verge Markets is supposed to be licensed somewhere and if we had to guess, we would say they are supposed to be regulated in the UK since they have provided a UK address. But the register of the UK financial regulator, the FCA, did not show any matches for a company with that name.

So Verge Markets is in no way authorized to offer financial services in the UK.

If you want to trade safely, stick to licensed brokers – it does not even have to be UK brokers since companies regulated by CySEC (Cyprus) and ASIC (Australia) are also sound choices.  Both EU and UK brokers have to maintain a minimum capital of €730 000. The minimum capital requirement for Australia is even bigger – A$1 million. In case of unforeseen market events, such regulated brokers should have enough capital to tend to many clients and ensure their bankruptcy is not likely. This means the more clients the broker has, the higher minimum capital they will be asked to maintain. Client deposits are kept in segregated accounts the broker has very limited access to – so they would not be able to reinvest your funds even if they wanted to. All European brokers (both EU and UK ones) are obligated to participate in compensation schemes so if a broker does go bankrupt despite other safety measures, their clients would be able to get a compensation of up to €20 000 in the EU and £85 000 in the UK.

There is no doubt working with a regulated company is much safer due to all the measures imposed by regulators. Why not choose the security of a license instead of taking wild chances with scammers?

Verge Markets TRADING SOFTWARE

There is no way to register an account with Verge Markets at the moment – we kept getting redirected back to the broker’s home page. This might be because we had no promo code to provide – scammers often like choosing their victims in advance by giving out promo codes via email or phone. Legitimate brokers prefer to advertise their services through demo accounts – so you could try their platforms yourself and see if their conditions are right for you. Scammers like Verge Markets on the other hand want to remain undetected – they don’t want any scam warnings or bad reviews appearing on the Internet – and that is why they select clients among a closeted network.

Don’t fall for this if you receive a promo code from Verge Markets – they have nothing to offer you. Better opt for a licensed broker offering a highly functional platform like MetaTrader 4 and MetaTrader 5. MT is a great option if you are looking for a decent trading platform and it is no wonder the best in the industry have put their trust in the software. The platforms are trader-favorites mostly because they offer various tools such as Expert Advisors and VPSs that keep EAs operating at all times, opportunities for backtesting strategies, and much more. We are sure you won’t be sorry if you try either version of MT.

Verge Markets TRADING CONDITIONS

Verge Markets offers a few different account types with a minimum deposit starting from $100 for a Micro account. That is quite attractive actually but there are dozens of legitimate brokers who would ask for something between $1 and $10 for such a basic account type.

The leverage the broker offers – 1:500 – is far higher than the 1:3o allowed for forex majors in the UK  and the EU. On more advanced account types, you could get leverage as high as 1:3000 which further serves as proof this could not be a legitimate broker. Companies are prohibited from offering such cosmic leverage because this trading tool is incredibly dangerous – it can indeed lead to big profits but it can also result in huge losses. So if trading with a leverage of 1:3000 would not be the best choice for any new investor.

We could not check if the promises of spreads as low as 0.8 pips were true without access to any sort of platform. Such spreads would definitely not be bad compared to the industry average of 1.5 pips but you should also consider the fact that Verge Markets has a commission of $3 per lot.

Another red flag is that the broker does not have any Terms and Conditions – the hyperlink they have provided just kept leading to their registration page.

Verge Markets DEPOSIT/WITHDRAWAL METHODS AND FEES

We cannot say anything about the deposit and withdrawal methods this broker offers – since they did not bother to make any mentions of that on their website.

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.

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
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
New Zealand4.65/5$1 Click for a special offerWebsite

Leave a Reply

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