Virtual Fxtrade Review, It’s hard to get to the bottom of this inquiry. If we were with the police it still wouldn’t be easy. Fraud is usually created through the manipulation of perception. They claim that they are owned by Virtual-FXtrade Limited, with an address in the UK.
No such company shows up in the FCA (UK regulator) catalog of regulated companies. Their claims, that they are based in New York, don’t hold up to scrutiny either.
|Headquarters||71 Cherry Court SOUTHAMPTON SO53 5PD UK|
|Broker Type||Binary and Forex|
Virtual Fxtrade Regulation and Security
In July 2022 Ontario Securities Commission (OSC) issued a warning to investors not to engage in trade with Virtual Fxtrade.
This bogus broker is completely unregulated. Moreover, it’s committing fraud to persuade you that it operates under regulation.
When a trading company is regulated, it means that there are some safety procedures put in place and that company needs to hold the required amount of capital to ensure their investors’ funds.
Why Is Trading With Offshore Brokers Dangerous?
Offshore brokers enjoy a powerful tool, it’s the anonymity of the owner of the company. As if that wasn’t enough, they operate under no regulation, so they have no one to answer to.
The only way to be protected is to make sure that the company you are investing in is on the regulators’ list of regulated companies. Make sure there is no identity abuse since there are many cases in which scammers fake to represent an existing company.
Offshore Brokers’ Tactic to Steal Your Money
Eager to take away your deposits, they are pressuring you into putting money in. Whatever constitutes a safe and profitable trade is the point of manipulation by these scammers.
Fake credentials, fraudulent advertisements, and a great deal of manipulation make a successful money theft.
The first two get you hooked, then telephone calls start manipulating you into thinking that you will miss out and that it would be best for you to let them make trades for you.
High Withdrawal Fees of 20% And False Profit
Most scammer brokers are trying, in one way or another, to slip into Terms and Conditions (T&C) a legal way to empty your account.
They do that mostly through fees demanding either an extremely big turnover or a minimum withdrawal, or may even stipulate that fees can be subject to change on their part.
Always consider T&C you agree to. The only way to protect yourself is to read the fine print.
Trading Software Used by Virtual Fxtrade
This website allegedly uses MT5 and MT4, they also offer variants of MT4 for Android, iOS, and iPhone. This is not the case as Virtual Fxtrade was tempering with download links and was making fraudulent statements.
They are misleading you to think that you are trading through a widely known platform. It was too close for comfort to try and see what happens when we try and use their fraudulent solution.
Stay clear of this forex trader offering a bogus web-based trading platform.
Account Types Available at Virtual Fxtrade
These unscrupulous scammers are offering 4 types of accounts – Standard, Classic, Gold, and Premium. The minimum deposit is $350 for the Classic account. Nowadays it’s extremely rare for a broker to be asking for that big commitment.
In addition, they lure unsuspecting victims into a trap by offering guarantees of returns associated with each of these accounts. Classic, for example, is advertised as having “500% profit after 10 days”. Unclear, unscrupulous, fraudulent, and insulting.
Deposit and Withdrawal Method
In their T&C, it looks simple as you only need to file a withdrawal request. Offering credit and debit (Visa, Master, Maestro) cards, along with electronic wallets (Neteller, Astropay) Virtual Fxtrade put in place infrastructure to take away your money.
Yet, their business setup is equipped with more than one way to skin their investors. On that note: if you try to withdraw more than 25% of the deposit, you will lose the profits and the bonus.
Suggested Forex Brokers
No need to take unnecessary chances. There are reputable companies that enjoy the trust of their users.
They are all regulated and offer low minimum deposits. Strong ratings from the community show their commitment. We are listing our strongest players on the market.
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|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||Hfm.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$1||FBS.Com|
Virtual Fxtrade Summary
It’s a scam! Fake credentials, no regulation, and a bogus web trading platform make this fraudulent broker unreliable.
Enormous fees, coupled with restrictions on withdrawal make investors’ money waiting to be taken away into an anonymous pocket.
A warning from OSC is pointing out that Virtual Fxtrade is, by all accounts, a fake company. Doing business with them is extremely dangerous and your investments are just a target.
If you have been frauded by this scammer, let us know. We can assist you by reporting your scammer.
FAQs About Virtual Fxtrade Broker
Is Virtual Fxtrade Regulated?
No, they are not regulated by any financial market regulator. But one such regulator (OSC) issued a warning about fraudulent credentials this company provided.
What Are The Funding Methods for Virtual Fxtrade?
They are offering credit and debit cards (Visa, Master, Maestro), and some electronic wallets (Neteller and Astropay).
What is the Minimum Deposit for Virtual Fxtrade?
The minimum deposit is $350 and is associated with opening a standard account.