VennFX

VennFX comes with a certain familiarity that we encounter almost every day… is this a good or bad thing? Read the review to find out more.

What we would usually do is to search for a regulation, yet at VennFX there is no talk of a regulation. The only thing that puts us closer to any authenticity is an address in the Contact Us page is Serbia. There, the responsibility of regulating the forex market falls into the hands of the Serbian Securities and Exchange Commission (SEC). The SEC registry held zero results on one VennFX, meaning that this broker is UNLICENSED. We have to mention that the broker has absolutely no legal documents of any kind, which further roots it as an untrustworthy broker.

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 registration process was not the typical scammer broker one, and so we could not open an account, which means that the trading platform was out of our reach, and thus a spread of any kind is taken from the website.

The leverage is capped at 1:500, as seen from when we were opening an account. We thought we could find a EUR/USD spread on the website, but were very wrong; a spread amount is not indicated.

The trading instruments, according to the website, are Forex Pairs, Stocks, Commodities, and Crypto. We cannot confirm these to be the only ones, because the trading platform was out of our reach.

The website is by default in English. There are no other available languages.

VENNFX LOGIN

The broker allegedly offers the MT4 as a primary trading terminal, but our unsuccessful attempt at registering means that we cannot confirm the actual presence of the MT4.

Nevertheless, the platform offers some, by now, essential tools for every trader if he or she wishes to survive today’s online trading industry: Expert Advisors, technical analysis, mobile and tablet support, simultaneous charts among many other elements.

As already mentioned, a spread of any kind we could not get a grasp of, while the leverage is maxed out at 1:500, which can be very profitable if you know how to use it right, but beware because a single mistake with this high a leverage can cost your entire deposit’s worth.

The company claims to offer the MT4 as a desktop trader, and on mobile devices.

VENNFX MINIMUM DEPOSIT

The minimum deposit is not revealed anywhere on the website.

According to the website, the only depositing method is by Wire.

All signs point to the obvious: that this broker is not to be trusted due to its lack of regulation. It’s only logical that we advise traders against it. Brokers with proper licenses from the FCA and CySEC (among others) operate in ways that put the trader’s security of funds and personal information as a pivotal priority. These agencies are the top non-US financial license issuers, which should give you an idea of the brokers working under their oversight.

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

It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These software allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.

VENNFX WITHDRAWAL TIME AND FEES

We thought that the depositing information was limited… There is literally nothing on withdrawals. There is the probability that after a regeneration users will be able to get a hold of some piece of withdrawal/deposit info, but at the moment, we are left completely empty handed. The fact of the missing legal documents does nothing but worsen the situation.

ADDITIONAL FEES AND TAXES

There are no other fees mentioned anywhere because there are no legal documents to bear suspicious clauses. Nevertheless, brokers that have no regulation are known to launch incoming fees without notice. For this reason they try to postpone any withdrawal request. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.

ACCOUNT VERIFICATION

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 charge back. 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.

We are positive that this so called broker will not return your funds; the evidence we have laid out before you work in sync against it. The sound thing to do is to direct your attention and investment to an FCA or CySEC licensed broker where the law is integrated in every aspect of their operations.

HOW TO RECOVER

Filing for a chargeback is the best advice we could give you. Immediately contact your bank or credit card company and lay out the circumstances.

Cancel your credit card if you have shared any notable details with the fraudulent broker, especially if you have provided them with the card’s CVV code. If such is the case, annul your credit card ASAP.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

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!

BOTTOM LINE

In conclusion, VennFX is the last place that you should be at right now. If you value your money, do not invest here; this so called broker will swallow it whole and never spit it out. Stay back!