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Which side does VistradingOption take? Does it take the legit way, or does this broker follow the unlicensed path. Read the review to find all about it.
The website boldly claims that the broker is regulated by the FCA, going as far as to attaching an FCA seal of approval. Or so it seems. We had our suspicions, and went to the official online FCA register of licensed brokerage firms, only to find nothing on VistradingOption. This means that the broker has forged the information, making it an illicit company, as well as an UNREGULATED entity, where investments are at a risk.
We strongly advise traders to trade only with regulated brokers that hold a license from renowned and severe institutions such as the FCA or CySEC. Not only do these agencies oversee operations and require regular reports from brokers registered with them, but those under their jurisdiction are members of compensation funds that cover victimised clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
Once we opened an account, it was subtly revealed to us that this broker offers no trading condition for a common reason, that we have covered many times before. The Login section talks more about it.
The website is available only in English.
The client dashboard welcomes its users with a third party chart, that to novice users might seem like the real thing, but to us it it just one more proof that this broker is illegitimate. It's important to remember that this is not a trading platform!
This means that VistradingOption has no trading platform, which technically rules out VistradingOption from being a broker.
VISTRADINGOPTION MINIMUM DEPOSIT
Users can deposit via crypto and bank transfer. The minimum deposit is $1. Both pieces of info were taken from the client payment area.
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
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.
VISTRADINGOPTION WITHDRAWAL TIME AND FEES
The withdrawal section on the client area is surprisingly revealing. There we can read the processing times, that are indicated as being 3 days tops.
Bitcoin withdrawals are charged with 10% and a fixed fee of $10. Bank withdrawals are taxed with 10%.
ADDITIONAL FEES AND TAXES
There are no legal documents, therefore we cannot give any suspicious clauses.
However, unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C (if legal documents are included), 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 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.
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
Don’t delay, and file for a charge back 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!
What is there left to say about VistradingOption that we have not said? We can only repeat ourselves- this is a complete scam!
VistradingOption compared to other brands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines