Warning! VowTrader is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
VowTrader cannot conceal itself from us for too long. We were able to uncover this one pretty fast. Read the review to see what we found out.
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 victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).
We were unable to register. The registration process required of us a verification code which was not sent to us via out email, meaning that the broker sends it via text message on the phone. This means that VowTrader’s way to contact users is directly by means of mobile phones which can mean only one thing: VowTrader utilizes a popular scammer scheme for users that have provided actual contact details, and are unaware of such schemes.
Should users provide a real phone number they will be, without a doubt, called by the broker’s representative whose one and only goal is to push you to make an initial deposit. In so doing, the first stage of the scam is complete- the pitchers have won themselves a hefty commission. After the pitchers are done with you, the retainers, or so called “personal account managers” will charm and manipulate you into funding your account with much larger sums of money ($10 000…), because, as they will claim, that is the only for you to profit in the tens of thousands. From there you money will be forever lost.
Without a regulation we were unable to access any trader terminal or a dashboard, meaning that we have to rely on the broker’s website for trading info and conditions. However, VowTrader has withheld most of this info.
The only thing we could get is that the trading assets are Metals, Oil, and CFDs (a broad categorization)
Users can access the website is English and Chinese.
There are claims that suggest the MT5 is accessible, yet we could not confirm these alleged assertions.
Nevertheless, the MT5 retains some great features from its predecessor that you will want in your trader’s repertoire. MT5 allows for a centralized market trade and is certified by many stock exchanges. There are also improvements in the time frames, better charting tools allowing for greater accessibility, and more pending order types for more versatile trading options. Expert Advisors have not gone anywhere; they’re still at your service with MT5.
Usually we separate the deposit and withdrawal section in two, but in VowTrader’s case there is no need to do it, for there is not payment details anywhere on the website. The firm has made it impossible for users to get a hold of such info without registering, which as we presume will initiate a fraudulent scheme. Needless to say, this is typical of illicit brokers, and should act as yet another warning against this broker.
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.
ADDITIONAL FEES AND TAXES
There are no additional fees mentioned in because there are no Legal Documents.
Be sure to note that any effort to withdrawal your money will be unsuccessful. Thsi scamer 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.
Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use this to build a stronger case against you in the event that you request a chargeback.
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
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 away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.
Victimized traders will have their guards down looking for every opportunity to get their money back. This is where the fake recovery agents come in, seeing an opportunity in your desperateness. First of all, they will promise to recover all your money, but they will ask a fee to cover their services. Once this fee is paid rest assured that you will never again hear from them.
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!
We absolutely do not vouch for VowTrader! Readers should stay clear from this one if they cherish their capital. Rest assured that VowTrader will steal your deposit!