Beware! Victoria Capital Financial Trading 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.
Victoria Capital Financial Trading claims to be a broker based in Australia to aims to “provide only the best trading experience, guaranteeing a seamless and high-speed execution and powerful performance”. What we established in our research is that this is an anonymous company that probably just lied about being regulated and that does not provide any information about itself or the trading conditions it offers. We cannot even be sure that we would be able to access a functional trading platform if we started trading with this broker since they did not allow us to open an account.
All in all, we do not consider Victoria Capital Financial Trading to be a good choice for investing – opt for a reliable, licensed broker instead.
Victoria Capital Financial Trading REGULATION AND SAFETY OF FUNDS
Victoria Capital Financial Trading claimed to be a registered Australian broker – however, they did not provide any sort of contact details. We were not able to find an address, phone number, or e-mail we could use to contact the broker – the only way to get in touch with them was to leave a message on their website. No legitimate broker would choose to remain that anonymous. Moreover, they have not specifically stated that they are licensed by ASIC – the Australian regulator responsible for monitoring the activities of forex brokers. When we checked ASIC’s register, we found out that a company with such a name was indeed regulated but we cannot be sure that this is the same broker. After all, the company’s name is quite generic and we were not provided with any specific information other than a domain. As a result, we cannot be sure that Victoria Capital Financial Trading is actually regulated in Australia – or anywhere else for that matter.
Always check registers to make sure that the broker you plan on opening an account with is actually licensed. A license by a reputable authority serves as insurance that you will treat in a fair manner and that the broker would provide a high degree of transparency. A broker regulated by the FCA, ASIC, or any reputable EU authority (the Cypriot regulator CySEC in particular has made quite a name for itself) has to meet countless requirements in order to obtain a license and follow many laws. Such brokers have to maintain a minimum operational capital to prove their financial stability – €730 000 in the UK and the EU, and A$1 million in Australia. The sum can, however, be much bigger for larger brokerages. Client money is kept in segregated accounts – this speeds up withdrawals, but more importantly, it ensures that the broker would have limited access to your money and could not reinvest it. Negative balance protection is provided to all retail clients – this means you could never lose more money than you have in your account. Licensed companies are also obligated to report to authorities on a regular basis.
Victoria Capital Financial Trading TRADING SOFTWARE
Victoria Capital Financial Trading promises access to MetaTrader 5 – one of the best-known platforms in the world of trading. We could not download the platform from the broker’s website, however. When we tried to open an account and see if we could still manage to access MT5, we were immediately asked to verify that account by providing a lot of sensitive personal information. We were also urged to send pictures of our ID to the broker. Account verification is something each and every broker demands of you – but it is mostly scammers that would ask you to provide such information immediately. Most legitimate brokers offer demo accounts and only ask you for this information later on. This way, you could still see what the broker offers. Scammers, on the other hand, are keen on receiving ID photos and numbers – later on, they will find ways to use this information against you. They might attempt identity theft or claim that your losses were the result of your own bad decisions and not of a scam. Whatever the case is, offering such details to scam brokers would not be to your advantage.
If you want to try out MT5, there are plenty of great brokers who offer this advanced platform. It is no wonder that this is currently the most popular trading software out there – MT5 offers a huge number of technical indicators (38) as well as all of the features its predecessor, MT4, was so beloved for – Expert Advisors that track markets and trade automatically, customizable signals you could set for prices going up or down, possibilities for creating your own trading bots and indicators, VPSs, a market for additional trading apps. But MT5 comes with some improvements – the platform allows netting and has a community chat where you could exchange strategies with others and a built-in economic calendar.
Victoria Capital Financial Trading TRADING CONDITIONS
Victoria Capital Financial Trading did not provide any trading conditions details – we learned nothing about account types, minimum deposit amounts, spreads, commissions, maximum available leverage, etc. All the broker said was that we would be able to trade Forex, Metals, Commodities, Stock CFDs, and Indices with it. Such a range of markets is more than decent. The problem is that we cannot be sure that Victoria Capital Financial Trading offers a functional trading platform and therefore the chance to trade.
If you are wondering which broker to start trading with, check out this list of companies that offer affordable trading accounts – for $100 or less.
Victoria Capital Financial Trading DEPOSIT AND WITHDRAWAL METHODS AND FEES
Without an account, we could not establish which deposit methods Victoria Capital Financial Trading accepts – that is not something the broker has mentioned on its website either. We urge you not to deposit money with such shady enterprises – you will surely come to a point where you are trying to retrieve it. If you have deposited with a Visa or MasterCard card, you might even succeed – both payment solution providers offer chargebacks within 540 days of the transaction. If you have used crypto or wire transfer, on the other hand, the chances of getting your money back are slim. Such transactions are irreversible which is why you will find that scam brokers often urge you to use one of these two payment methods.
HOW DOES THE SCAM WORK?
You might think that not many people fall for such scams but you would be dead wrong – some scams are quite elaborate and have managed to fool a lot of people. That is why it is important to know what to expect and look for in order to spot a scam broker from a mile away.
The scam starts with an ad on the Internet promising you an easy gateway to forex trading or investing – the only thing you would have to do is open an account with the broker. You know that there are people who trade for a job and that even regular Joes manage to earn a nice side income through trading and wonder why not the same, there do is no harm in trying. So you give in and provide the scammers with your contact details.
This is the moment when you will start getting constant calls and emails asking you to deposit – even if you have only opened a demo account. At some point, since everything seems legitimate, you do deposit and in the beginning, things might be looking great. The profits you were promised come soon but you should remember that it is easy for scammers to manipulate platforms to make it look like you are turning a profit. But you will be asked to keep on investing – and you would have no problem doing that because you will be smooth-talked into it by people who scam others for a living.
But when you try to withdraw, you will start running into different obstacles – obscure clauses in the Terms and Conditions preventing you from withdrawing, additional fees and taxes, and weird procedures. At some point, you would not be able to deny the fact you have been scammed – but it will be too late. The scammers will disappear and stop answering your calls and emails and leave you wondering what to do.
WHAT TO DO WHEN SCAMMED?
So what can be done in case you have already deposited?
Be prepared that there is a rather high chance that you would never see your money again. There is, however, still hope to retrieve it especially if you have deposited with a credit or debit card – both Visa and MasterCard allow chargebacks within 540 days of the transaction. Moreover, there are some things you absolutely have to do in order to avoid further losses of money.
Change all passwords and banking details you have provided the scammers with and remove all sorts of remote access software if you have installed such. Some scammers would promise to help you trade, or resolve different problems if you only install such software – their actual agenda is to get access to your computer and all your passwords and information.
Don’t trust any so-called “recovery agents” who offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims, often conducted by the same people that are behind your “broker”.
Make sure to notify authorities and try to share your story online, or with your acquaintances – the more people know about such scams and how they function, the lower the success rate they will have.