Beware! VictoryFX 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.
VictoryFX is a typical scammer broker, equipped with only the most basic tools. enough only to fill a page, most of it fake and misleading. There is absolutely nothing special about this broker and never will be. We wonder how much time this broker has left on its clock, considering that it has already attracted the scrutinizing gaze of one of the leading European regulators, as we shall see further in the review.
We accessed the user area with easy, for the registration process was very simple and quick to complete. It’s always a sign that the broker rushes as many users in for the sole purpose of increasing its chances of more stolen funds.
The user area was shady and felt incomplete, but that was not the worst part by a long shot. The worst thing that we encountered thus far was that there was no trace of a trading platform. That’s right, there is no platform, which means that all of the advertised trading conditions are useless and do not apply. In fact, VictoryFX cannot even be considered a broker in any sense of the word.
VICTORYFX REGULATION AND SAFETY OF FUNDS
We find a UK address on the website suggesting VictoryFX to be fully regulated there, since a mere address would be useless. But useless it is, since there is no FCA regulation in place at all. Not only that but the broker never actually suggests that it holds a license from the British regulator.
And furthermore, we find an FCA warning issued against VictoryFX, not only cementing this broker as a scam, but also, once and for all revealing it to be unlicensed.
Last but not least, there are no legal documents, making this broker an even bigger risk. Not only are all users at risk, but the broker is open to do anything it wants.
Do not invest in VictoryFX, because it will steal all your money.
It would be a big shame to lose all that money to scammers. By registering and investing in an unlicensed broker, you are indirectly throwing your money away for a completely futile and illicit cause. There is no reason to do so. That is why we urge our readers to rely on European, UK, US, or Australian brokers, or any licensed entity for that matter. Licensed entitles are covered by hundreds of requirements, many of them apply financial compensation schemes, and anti fraud practices. In other words, they are the exact opposite of what this broker and others like it stand for.
VICTORYFX TRADING SOFTWARE
There are two reasons why there is no trading software at all here.
The first has to do with the download link on the website. There is a promoted MT5 link that lead to a downloadable version of the software that holds a completely different name from the one VictoryFX has. Therefore, if one were to opine this one she would be trading with a servers from a different company, unaffiliated to this one.
The second simple reason is that there was no way to access any kind of platform from the user area.
VICTORYFX DEPOSIT/WITHDRAW METHODS AND FEES
On the user area, the broker claims that there is no minimum deposit requirement. It even says that it’s $0, whihc defeats the purpose of investing. It should have said $1. Anyway, the available payment gateways are bank transfer and cash deposit.
However the banking methods seems lost on us. There was no dedicated page to write ones details one, so we kept on wondering how to actually invest via bank, until we realized that one is left with no choice but to contact the broker. The exact same conclusion was reached after we visited the cash deposit area.
From the withdrawal area:, it seemed that only bank transfers were made available, but even with this info we have no guarantee that the broker will ever pay back the user. Usually scammer depend on false hope and lies to retain users long enough to drain at least one or two deposits. It seems that VictoryFX is doing the same.
There is no further information anywhere in the website or on the user area concerning payments. We don’t know of any fees, and thus one should better leave VictoryFX alone. This broker is a scam and a risk to all.
HOW DOES THE SCAM WORK
Generally, the first step to being in a scam, whether a user is aware of it or not, is to bridge the crucial gap that exists between a user and a broker. With legit entities rarely does this go beyond the limits of formality, whereas with scammers they will try to behave as close friends, and will try to sell you as much as they possibly can.
It easy to fall prey to their sweet talk, because as financial instruments grow more complex, so do scammers, and there are surprisingly advanced swindle techniques that will leave you empty handed faster than you know. So make sure to think before you act, and to ask for professional guidance if necessary.
Contact usually begins at the online ads level, and expands to the telephone line relatively fast, depending on how good the scammer is and how susceptible he or she is to manipulations.
The ultimate goal is reached once a scammer successfully causes an initial deposit to be invested. Once this happens the user has become the victim, and from then on the fraudsters will try to retain the client for as long as possible, draining him/her along the way.
On average, it takes 2 to 3 deposits for a user to realize that something very unlawful is happening. By that point however, the broker will cut all communications with the user and will deny all withdrawal requests.
WHAT TO DO IF SCAMMED
The most common action to take is to file for a chargeback, but this happens only if the user has invested with a credit or debit card. That’s why you don’t get many investment frauds taking card payment nowadays. But the good news is that, if money was invested via a card, the chargeback period for MasterCard and VISA is 540 days.
Wire transfer deposits are harder to get back, and the only thing we recommend is contacting the bank to sort things out if possible. Oh, and make sure to change you bank account user name and password ASAP!
Crypto transactions are lost for good, unfortunately. As cryptocurrencies become more numerous and the systems underlining them more complex, scammer are taking full advantage of these aspects, and the end results are very lucrative. So, never trust unregulated brokers with crypto payments.
And then, we have to mention the other type of scammer, the recovery agents. These are either third party fraudsters or extensions of existing swindles, and will provide the seemingly impossible service of tracing your lost money. All they need is a fee for their effort, a sum of money that will be lost once paid.