VectraForex review – 5 things you should know about vectraforex.com

VectraForex review – 5 things you should know about vectraforex.com

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

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

 

VectraForex opens its website with what can be considered one of the most popular interfaces used by unlicensed brokers today. It’s all a matter of copy and pasting templates from different entities. This results in VectraForex looking like 90% of all scammer brokers out there. This made our job easier, but the risk remaisn the saem as with other unlicnesed brokers, if not more.

An easy registration process means that the broker wishes to vicitmize as many users as possible. After opening an account in mere seconds, we accessed a common uyser area. Mind you, we could chose between two account, a feature that very few shady brokers offer.

We opened a Standard account, and were offered a 1:1000 leverage; a dangerous and very risky leverage only recommended to expert advisors (with licensed brokers, of course).

The available trading software was too shady to open, even though the broker offers the MT4. But more on this later.

The site claims that the minimum spread for the standard account starts at 1.8 pips. The site has no information on any tradeable assets. We assume the broker offers the most common ones, like FX pairs, commodities, and indices.

VECTRAFOREX REGULATION AND SAFETY OF FUNDS

VectraForex registered in Saint Vincent and the Grenadines, also referred to as SVG. We won’t bother checking if the claim of incorporation is false or not because in the end it doe snot matter. Saint Vincent does not have an FX regulator, and it never has claimed it has one. However, it does allow for an ease incorporation for any shady firm; it’s just how the local laws are structured. These are the main reasons why 99 of SVG broker are not regulated firms. There is a clear difference between a broker being licensed and one being simply registered as some arbitrary firm. These differences are often overlooked by by novice users, and they easily fall prey to scammer like VectraForex .

And that’s it. VectraForex  seems to think that a simple registration, or a claim that it has one, is enough to pass. Well not for us; we know for a fact that this is nearly not enough. In the end, VectraForex is nothing more than an unregulated broker and a risk to all. All investments here will be lost, and any personal details provided to it will be used against the user.  That’s what matters most.

Unless you wish to throw your money away for no reason , there is absolutely no incentive for investing in unlicensed brokers. In fact, you would be doing them a big favor by funding their further fraudulent projects. If you wish to trade real FX and CFD with regulated brokers, looks no further that those that are regulated, especially in well known locations such as Europe, the UK, the US, or Australia. The regulators there are pedantic to a ridiculous degree and will do everything in their power to uphold the rights of the user and the integrity of the market industry. It is within their power to penalize brokers and demand client compensation, as well as to set industry standards and introduce new rules and regulation.

VECTRAFOREX TRADING SOFTWARE

Yes, the much beloved MT4 is available here, but with a shady twist. The install file gave us a very odd name of the MT4, and moreover, our PC firewall warned us of a potential malware contained within the file. So we never ended up opening it.

Nevertheless, the MT4 is available, even though it is still a risk to use it. Not to mention that the company is illegal, increasing that risk three-fold.

VECTRAFOREX DEPOSIT/WITHDRAW METHODS AND FEES

We were not able to access the payment area in the client portal without the account being being verified. So all the payment details are taken from the site, which is to say that all users must take the following with a big grain of salt.

The minimum deposit according to the site is $15. The company mentions cards and bank transfer as payment methods, yet who knows really what the real payment methods are.

Moreover, the firm mentions that there are deposit and withdrawal commissions, but in a common scammer move these fees have not been discussed in terms of value.

There are no further detail on payment. And what we have revealed today for our readers is definitely not trustworthy, nor is it enough to create a positive tinge for VectraForex.

HOW DOES THE SCAM WORK

Getting scammed usually happens without you knowing it. It’s a deceivingly simple process that owes its success precisely because it seems so avoidable.

First, there is the matter of getting in contact with the broker which happens in one of two ways. Either it contacts you, or you it. If it calls, it means that somewhere in your net journey you accidently left a phone number or an email address. Or you were persuaded by the broker to contact it, which is why many scammer brokerage sites looks so appealing.

The hardest thing to achieve, for a fraudster, is to convince a user to invest an initial deposit. Prior to this a certain level of trust must be built, centered around a false sense of rapport. The broker will fake an interest in the user and in the process talk about market and profit opportunities, as well as investment choices. It’s all a part of a retaining strategy that will keep the user invested for at least a couple of thousand dollars, on average, until, eventually, he realizes the scammer pit he has fallen in.

When this happens, the broker will seize all contact with the user, and might even block the client from the website. It will go to great lengths not to return a single penny of the user’s money.

WHAT TO DO IF SCAMMED

The first thing you should do it to file for a charge back. That’s if you have invested by means of a credit or debit card. MasterCard and VISA have a chargeback period of 540 days giving users more than enough time to try to get their money back.

Wire transfer deposits are not as easy to acquire, and the best advice we can give you is to set up a reimbursement strategy with the bank leading the transactions. Most banks have strategies put in motion when these circumstances are met. Furthermore, if scammed via a wire transfer, it’s best to change your bank account user name and password.

Unfortunately, all crypto deposits are most surely lost for good. These transactions are untraceable and therefore once they reach the scammer end it all depends on the fraudsters if you see your money back or not.

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Cyprus, SVG4.8/5$100 Click for a special offerWebsite
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New Zealand4.65/5$1 Click for a special offerWebsite

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