Beware! Ethereum Vest 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.
Allegedly, as an industry-leading forex and CFD broker, Ethereum Vest offers traders access to a secure and transparent trading environment, but that’s not actually the case. In fact, Ethereum Vest is highly suspicious, and we could link it to numerous other suspected scams, which is a major red flag we should note. We believe that Ethereum Vest is also fraudulent, and we’ll explain why we claim so in the following review.
Ethereum Vest Regulation And Safety Of Funds
Ethereum Vest fails to provide any corporate information whatsoever, so the brokerage seems to be either illegal or a brand of some international offshore company that’s impossible to unearth. The refusal to share corporate details is a major red flag because of the lack of transparency – legit brokers always disclose critical information about themselves. As for Ethereum Vest, it doesn’t even want to reveal its address, so in our humble opinion, no further commentary is required.
Nevertheless, we researched, but just as expected, could find no licensed companies associated with the brokerage, meaning that Ethereum Vest is unregulated; therefore, overly risky for customers. Such entities are always dangerous for customers as they tend to abuse laws and international standards, and you should also know that all scams are practically not regulated. Financial authorities impose transparency and reporting rules, and with that being so, scammers cannot thrive in a monitored and well-supervised environment.
That’s why we endorse regulated brokers only – regulation ensures safety for clients’ funds, transparency, integrity and trustworthiness. For example, both CySEC (Cyprus) and FCA (Britain) regulated brokers are guaranteed safe as both impose strict regulatory standards, including clients’ accounts segregation and risk-reducing measures like leverage restrictions and negative balance protection. But above all, both jurisdictions maintain deposit insurance funds created to compensate clients if things go wrong – up to €20 000 in Cyprus and up to £85 000. And needless to say, if you get scammed by the unregulated broker reviewed, you’ll be unlikely to get any refund whatsoever.
And to wrap things up, we should warn you that your funds will be in danger if you deposit with Ethereum Vest.
Ethereum Vest Trading Software
Ethereum Vest can offer MetaTrader4, which is still the leading Forex trading software in terms of volumes traded. The MT4 is a veteran platform highly acclaimed for its stability and the abundance of advanced features provided. However, Ethereum Vest’s MT4 distribution actually reveals evidence of a scam! Namely, the real account we opened is actually managed by Denarium, which is an offshore company known to provide MT4 for fraudsters. Other fishy brokers supplied by Denarium are Invest International, Lloyds-Capital, TradeMax.fm and FxxTrader, some of which were even officially exposed as scams! For more information, follow the links provided.
Yet, there is another critical aspect we should talk about. As you can see from the screenshot below, the account we opened happened to be inactive, and we can’t say what’s the actual problem. Whatever the case, though, Ethereum Vest is not trustworthy, and it’s highly recommended to stay away.
Ethereum Vest Trading Conditions
Ethereum Vest allegedly offers Currencies, Stocks, Commodities, Indices and Cryptos, but we doubt that you’ll be able to trade anything by yourself – after all, the real account we opened was not active!
And with a dysfunctional platform at our disposal, we cannot talk through spreads and trading costs. Ethereum Vest claims to provide a highly competitive Buy/Sell difference, but we can’t validate this information. As for leverage, Ethereum Vest claims that it can reach 1:500, which is an exceptionally dangerous ratio you’d better avoid. Leverage is utterly risky, and it prompted many regulators – EU, UK, and Australian ones, to impose a leverage cap of 1:30 in their attempts to reduce trading risks. And with that said, we have another confirmation that Ethereum Vest has no license – very few trustworthy brokers will allow 1:500 for retail clients.
Ethereum Vest Deposit/Withdraw Methods And Fees
The minimum deposit with Ethereum Vest is $250, a slightly higher requirement than the industry standard – $100 on average. However, we should also inform you that many brokers offer low-deposit accounts (5 to 10 dollars to start trading), and in such a case, we confirm that Ethereum Vest’s requirements are not competitive!
The funding methods are allegedly Credit/Debit cards, Wire Transfers and E-wallets, but that’s not actually true. When we tested the deposit system, it turned out that customers should first buy cryptocurrencies and then directly deposit the digital money with the brokerage. Thus way chargebacks become much more complicated, and that’s evidence of a scam nonetheless.
As for withdrawals, there are no requirements or other restrictions, but the fees imposed are highly adverse. As you can see from the screenshot below, customers should pay a 4% fee on the withdrawal amount, which is a rip-off.
How Does The Scam Work
Forex scams work in many different ways, but essentially, all of them are pretty much the same. Usually, the fraudulent schemes are registered offshore or are totally illegal, which makes it much harder to track the scammers down. And once you end up opening an account with such an entity, for whatever reason, you may expect an avalanche of phone calls from scammers who’ll do whatever it takes to make you fund your account as quickly as possible. They will promise bonuses, guaranteed profits, risk-free trading and anything else you could possibly imagine, urging you to start trading ASAP. And if you trust them and deposit money, you are very likely to become a victim of fraud – phone call urgency and big promises always suggest a scam!
In most cases, you will be shown fictitious profits and unrealistic gains – for example, if you deposited $250, you may expect to see thousands of dollars in profit the very next day. You’ll probably want to withdraw, but the experienced scammers won’t let you do so. They’ll insist that you can make even more money and will ask for more deposits. Or, they’ll tell you that you need to pay taxes in advance in order to get your money back, but no matter the scenario, the withdrawals will be impossible, and sooner or later, you’ll realise you’ve been scammed. It’s a horrible experience!
What To Do If Scammed
The first thing you should do is inform the authorities – call the police, contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!