VGXTrade

VGXTrade a.k.a Veritas has the weight and austerity of a serious broker, one that takes in account both itself and the client’s interests in equal measure. Is this broker really that impressive, or is this just good at first impressions? Read on to find out.

Well, we might have stumbled on yet another one… there is no mention of a regulation or license anywhere, or rather no talk of a specific license. The Terms and Conditions refer to, on multiple occasions, both Singapore and Hong Kong in relation to “any regulatory bodies”.

But there is no actual article clearly stating that the broker is regulated within one of these two (or both) countries. After checking with both countries regulatory agencies, namely the Securities and Futures Commission in Hong Kong and the Monetary Authority of Singapore, and getting no results on the Veritas Global Exchange (VGX), we are left with no choice but to conclude that VGXTrade is UNREGULATED and as such is a risk to all traders that invest in it.

And anyway, we were able to register, and were promptly redirected to the dashboard, something that legit brokers never do prior to verifying a user first.

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).

Before moving on, we just want to mention that a trading platform was made unavailable to us (check Login section for more details), thus our only referral point is the website when a leverage, a cost of trade, and other details are concerned. What’s more is that the broker has included an MT4 that does not actually belong to it, as we shall see in the Login section.

What we are trying to say is that a leverage and spread values are impossible to obtain, both from a trading terminal and from the website as it offers no insight whatsoever.

Trading instruments are slightly less ambiguous, but that does not make them easier to grasp. The VGXTrade website mentions Crypto and CFDs on undisclosed products.

The broker is available only in English.

VGXTrade LOGIN

As already mentioned the website allows users to download an MT4 client, which we did, but it quickly turned out that the MT4 at VGXTrade is only a demo version one. These are typically offered in the main Metatrader website for new users to try out for free.

Furthermore, on the personal dashboard there is no actual trading platform, let alone an MT4. The closest thing is a Request Trading Account button that produced the following result:

Of course, we never received an email.

The deduction we are left with is that there is no actual trading platform, just empty promises all in hopes of provoking less informed users to deposit.

VGXTrade MINIMUM DEPOSIT

There is no minimum deposit. The personal dashboard wouldn’t allow us to (try to) deposit without activating an account, and as we have seen this endeavor is futile. Furthermore, in the Terms and Conditions there is a clause explicitly saying that the deposit is such as required from time to time from the broker:

The means by which one deposits remain a mystery.

We would not deposit with this one if we were you. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

Never give away your CVV code without first making sure that the broker is regulated by an efficient agency. By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

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.

VGXTrade WITHDRAWAL TIME AND FEES

There is no minimum withdrawal amount indicated anywhere. Nevertheless, the client agrees to withdraw only so much that the remaining funds will always be more than the initial deposit (which is nowhere indicated):

In other words, the user cannot withdraw his deposit. This is a crafty way the broker will keep you invested for as long as possible.

The processing of funds is said to be on average 2 days.

There is an undisclosed withdrawal (and deposit) fee in the T/Cs:

ADDITIONAL FEES AND TAXES

Should the client, within an unrevealed time frame, fail to perform the minimum trading requirement (decided by the company), or should the user maintain the same amount of funds in his/her account equal to the minimum account size (minimum deposit which, again, is not mentioned once!), then the broker has the right to close the account of the user.

This one clause is enough to lose total faith in VGXTrade.

Unlicensed brokers utilize smartly crafted tactics to keep you as invested as possible into their schemes of deception. And seeing that every day there are many who fall victim to their plans, one must realize that these people are smart and fully capable realizing their schemes, either by finding or creating loopholes in the T/C, by reassuring that the more you postpone your withdrawal the better the chance of quadrupling your initial investment, or just asking for more deposits.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the kind from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

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

VGXTrade has a very slick design, but it's as shady as anyone of our previously reviewed brokers. The only thing that will keep you invested here is your efforts at reclaiming back your deposit, which VGXTrade will hold tight for dear life. Don’t invest!