Beware! Volofinance 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.
We can say one thing for sure about Volofinance – it is an outright scam that must be avoided by all means! This broker is leaching on another broker’s reputation and only wants to mislead new customers into believing it’s reputable. In fact however Volofinance is nothing more than a fraud – it doesn’t have a forex license, hides its identity and is completely anonymous. Not to mention the highly shady registration process which requires customer support to reach out to you first. We have seen such manipulative techniques hundreds of times, so it was clear from the first glance that Volofinance is not to be trusted. In the following review we have tried to explain in detail all the drawbacks of this broker.
Regulation and safety of funds
First of all, Volofinance doesn’t specify its corporate address, nor the company that runs it. There is a WhatsApp number as well as an email address, however nothing more is mentioned. There is no corporate background, nor legal documents that can prove this firm’s credibility. For this reason this broker is practically anonymous as we don’t know anything about it.
What’s more Volofinance claims to be a partner of another legitimate firm – Vlado Brokers, that is regulated by the Australian ASIC. We can assure you however that Volofinance has nothing to do with the latter and only uses its name in order to swindle unaware traders. Not to mention that to operate legally a broker must be licensed itself or at least the company that runs it.
We checked the registers of ASIC and Volofinance isn’t authorized. See for yourself:
These are the worst types of scam brokers possible. They take advantage of other genuine firms’ reputation and pretend to be reputable, but the reality is that they are only after your money. Of course it would be unthinkable to entrust your money and personal information to an anonymous broker with a shady website.
Choosing a reputable firm with a legit forex license would be a better idea for sure. These firms have proven themselves as reliable and secure financial services providers as they keep to the rules and are constantly overseen by a relevant financial authority. For example all regulated brokers in Australia must meet a minimum capital requirement of 1 000 000 AUD in order to prove their financial stability. Moreover they must keep their client’s funds in segregated accounts, which guarantees that your interests and money are well protected. Australian genuine brokers must also follow certain internal procedures including risks management, staff training, audits, and more.
Trading software
Volofinance claims to offer the well-known MetaTrader 4. On its website there are several links provided in order to download the software on Windows, Mac, Android and IOS. So far so good.
It turned out however that you can only download the web terminal of MT4 provided by Vlado Limited, but not by Volofinance itself. Take a look:
As you see, this platform has nothing to do with Volofinance and doesn’t give any information about its trading conditions like spread or leverage. Obviously this is just another guile that aims to confuse uninformed customers.
But unfortunately this is not the worst part of the story. After we tried to register it turned out that we had to send a request and wait for the customer support to reach out to us. This is yet another trick that scammers use in order to reach out to you personally. This way they can bamboozle you with unrealistic promises for fast return on investment and risk-free trading. Don’t provide your contact details to such shady firms like Volofinance by no means!
Instead, look for a regulated broker who offers advanced platforms like MetaTrader 4 or MetaTrader 5.
MT4 and MT5 are appropriate even for both advanced traders and beginners. You can be assured that the safety of your funds and personal information is granted as all transactions are encrypted as well as your IP address.
You can also choose between a wide range of educational resources, forex news and technical analysis tools. Most of the customers consider the trading bots to be the best part however. These bots, also called Expert Advisors, analyze the forex market in a search of certain conditions and then perform trading operations once they find them.
MT5 and MT4 can be easily downloaded on PCs, smartphones and tablets and have regular updates. Unfortunately, since Apple removed both MetaTrader 4 and 5 from its AppStore, these platforms can’t be downloaded any more from iPhone/ iPad users. All of you that have already installed the apps can continue using them, but without the above-mentioned updates. On the contrary you can still download MT4 and MT5 from Google Play Store.
Trading conditions
Volofinance doesn’t mention anything helpful about its trading conditions – there’s no data about its types of accounts nor about the spread, leverage or minimum deposit it requires. This is one more red light for scam to be honest. If you come across such a shady website which lacks essential information about your trading experience, as well as any legal or contact data – be on guard, as it most certainly is a fraud scheme run by scammers. Reputable brokers display all the legal information in detail and are completely transparent about their trading conditions.
Just as you know, you should look for a spread below 2 pips, as it comes with lower trading costs. We have prepared a list of genuine brokers who offer competitive spreads here.
The leverage in most counties is limited, since the higher it is, the riskier it gets and every experienced trader would tell you the same. For example the leverage in Australia is capped at 1:30 similarly to this in the EU and the UK. If you still want to trade with higher leverage you can look at some of the offshore subsidiaries of reputable forex brokers.
In addition, most legitimate brokers usually ask for around 250 USD of minimum deposit. In fact sometimes you can even open a micro account with as little as 10 USD. At one place on its website Volofinance mentions 10 000 USD as a starting amount, however this is way too high, especially given the fact that this broker is a total sham.
Deposit/Withdrawal methods and fees
As everything so far, the payment methods this broker accepts are not specified. However expect everything from such fraudsters – shady payment options, dysfunctional transactions, lies about which payment methods they use – you name it. And everything is done with the sole purpose to make you invest via cryptocurrencies, which are irreversible and anonymous by the way. So the best thing you can do is to stay away from scam brokers like Volofinance by all means!
How does the scam work
Be very careful to whom you provide your personal information like email or phone number. The moment scammers have your number they will start calling you in an attempt to make you invest right away.
They will most certainly assure you that trading with them is risk-free, which is highly doubtful at least to say. Also be prepared to hear that you can get a fast and incredibly high return on investment – this is also a shameless lie of course. Scammers tend to sweet-talk traders into making a deposit and then vanish like thin air.
Before that however they might try to manipulate their trading software so it looks as if your money is being invested. They might also fool you into believing that your results are very profitable. This is done with one specific purpose – to make you invest even more before you find out that everything is a lie.
Expect all kinds of hidden fees the moment you try to withdraw even a cent and what is the worst part – to find out that a withdrawal is declined no matter what you do.
What to do when scammed
If you have been scammed, the first thing you can do is to turn to the bank that issued your credit or debit card and ask for a chargeback. If you have paid with your Visa/ Mastercard, a chargeback is eligible within 540 days.
Wire transfers are more difficult to return, and the best thing you can do in this situation is to change your online banking username and password as soon as possible.
Using payment methods like Neteller, Paypal or Skrill also gives you the opportunity to open a dispute in case of online scam.
Unfortunately crypto transactions are irreversible as we already stated and therefore your money can not be returned. All in all we advise you not to trust brokers that use only crypto coins such as Bitcoin or Ethereum.
Last but not least, certainly don’t trust people on the internet offering to return your funds only after you pay a certain fee. They might also be scammers so don’t risk losing more money than you already have!
