DEPOSIT
RECOMMENDED FOREX BROKERS
The largest US forex broker
VFX Financial is not special in any way, but that does not mean that it is a bad broker. In fact, to be simple has always been a strong side, since this way you can attract a steady audience without it having to worry about a steep learning curve.
VFX Financial PLC is regulated by the FCA. The FCA is perhaps one of the best regulator in the word, and it’s easy to see why. Here are just the main reasons why the regulator is on top of its game, and all licensed entities can only go up from there.
For one, all FCA regulated entities, and all those that apply for a license, must hold at all times a minimum capital requirement of €730 000 in net tangible assets. This proves to the regulator and the users that VFX Financial is financially stable.
Another major requirement that may not be so obvious is that all users’ money be kept in separate bank account, or segregated, away from the broker’s own capital. This other bank, approved by the FCA, is where the user’s invested capital will be kept, in order to avoid any issues.
Then we have the crucial Financial Services Compensation Scheme which sees that all FCA regulated brokers offer a maximum of £85 000 in reimbursement fuds per user in case the broker in question falls into insolvency.
It also presents an office in Toronto, but the broker is not regulated in Canada. It seems to have an operational address there. On top of that, another such address is located in Australia, but again the firm holds no license from the local watchdog.
VFX Financial is thus covered from head to bottom with security measures. It’s a safe broker to trade with.
Perhaps the part that will deter many users about the broker is that is offers only forex currency pairs. To boot, there is no spread revealed anywhere. The leverage is capped at 1:30. Many might want more out of their broker, but it seems that VFX Financial is a special kind of entity that caters to specific users. The good thing is that since it focuses only one one asset type, the users will get more expertise on it.
VFX FINANCIAL LOGIN
VFX Financial offers its very own proprietary web trader available also as a mobile application. There is no desktop version of it.
The web trader does not seem too complex, by what we mean that it never struck us as a deep or advanced software. In fact, it seemed to rely on simplicity more than anything else. There aren’t too many options which may seems like a drag to some users, while other might find comfort in the simplicity of it.
VFX FINANCIAL MINIMUM DEPOSIT
The available payment methods credit cards, debit cards, bank transfer, FasterPayments, CHAPS, and BACS.
The minimum deposit requirement is £500, and there is a £15 fee per wire transfer deposit.
VFX FINANCIAL WITHDRAWAL TIME AND FEES
Here there is also a £15 commission per wire transfer withdrawal, and withdrawals, we are told, can also be made via ATM machines.
VFX Financial says to charge other fees in a dedicated “fees” section of the site but we did not find it anywhere. Why would it not make it an obvious section of the site is a question that we cannot answer, but it is a serious fallback.
BOTTOM LINE
VFX Financial is a very common and regulated broker that offers standard trading conditions. It may not be for everyone, but that depends on the particular user’s needs and wants. As far as we’re concerned, the broker is just fine for all sorts of traders and users. But the final decision rests on the user: does what VFX Financial offers satisfy you, or do you want more out of your FX trading experience.
