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To novice traders VirtualStocks.co will seem like a great opportunity to invest and profit from investing. But do not be fooled; this alleged broker is far from what it seems, and when put against the industry standards it’s extremely poor and risky. Read the rest of the review to find out more.
Let’s make one thing very clear. VirtualStocks.co in no way carries itself as a legitimate forex broker. It lacks nearly 90% of the necessary features that make up a brokerage firm. First and foremost, there are no legal documents, meaning that this company can do whatever it wants with no restraints since there are no rules to bind it to its clients. Next, the website itself is laughably limited, with copy/paste information, and no specifics whatsoever. And last but not least, the most crucial part, the regulation. Of which VirtualStocks.co has none, as proven by the missing details. We can very safely conclude that VirtualStocks.co is completely UNREGULATED, and therefore a risk to all investors.
Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
The only real option that VirtualStocks.co gives us is to register, which is a fairly simple process that leads users to a simple and lackluster client portal. From there we understood that the leverage is capped at 1:100, and that the EUR/USD spread is 3 pips, a value way too big to be considered favorable to clients. The trading assets that we were able to trade with were Forex Pairs, Commodites, Crypto, Indices, and Shares.
The so called broker is available in English, Spanish, Italian, and German.
The trading platform at use here is the Status Pro Status an average trading terminal offering pending orders, live news feed, limited chart customization, and other feature that are the basic foundations of any trader. The Status Pro cannot be compared to industry giants such as the MT4.
We got a EUR/USD spread of 3 pips, and a leverage of 1:100. Readers should know that such a high spread benefits only the broker, as it bring him profit, while making any client trades useless. There are no mentions of commissions, seeing that there are no legal documents to imply such conditions.
VIRTUALSTCOCKS.CO MINIMUM DEPOSIT
According to the client portal the minimum deposit is $200, an average requirement. When we proceeded with the payment, we were presented with the following payment options: Xpate, VoguePay, Credit Cards, and Crypto.
This unregulated broker should not be trusted with you deposit, hence our vote against making any investments in it. If traders wish to trade in a safe and regulated environment, we recommend any broker that has a license from the FCA/CySEC since these agencies are renowned for their strict law enforcing and protection of clients’ investments and personal information.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.
VIRTUALSTCOCKS.CO WITHDRAWAL TIME AND FEES
In the withdrawal part of things lies one og the biggest, if not the most obvious, tell that VirtualStocks.co should not be trusted with your money- the broker has not included any withdrawal details at all. Even the small withdrawal window presents nothing. Furthermore, when we tried to withdraw from our account, the broker did not identify it, i.e. there were “no matching accounts” yet when we tried to deposit our account name and status was right there.
ADDITIONAL FEES AND TAXES
We will not be including any additional clauses and the such for the simple reason that the broker has no legal documents.
However, unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception, the most popular one being the denial of your withdrawal request. The most common excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a chargeback. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Filing for a chargeback is the best adviцe we could give you. Immediately contact your bank or credit card company and lay out the circumstances.
Any details you might have shared with the broker, most notably the CVV code, are sure to be used against you, thus you should swiftly cancel your credit card ASAP.
At some point or another you might stumble upon a “recovery” agent or agency that promises to retrieve all your money back. This sounds all too good to be true, and that’s because it isn’t. Before proceeding with the recovery they will ask a payment for their services. If you choose to indulge them, they will disappear with the money without a hint of remorse.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
VirtualStocks.co is a complete scam, there is absolutely no doubt about it. Users should stay away from this one at all cost!
VirtualStocks.co compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines