Review of VT Markets – Is it a scam company?
Over the last few decades, Forex trading has seen huge growth. Now, more than ever before, people from all over the world have access to this very popular marker. Everything has changed a lot, particularly in the last two decades. Just a few years ago, only the biggest financial companies, such as banks, had access to this market. Thankfully, this has changed a lot with the development of the internet.
Today, people of all backgrounds have access to Forex trading. However, with this development, many problems came as well. Today, traders are having a very hard time in deciding which companies to trust. The main reason behind this is that most of the companies online today are scammers, who are trying to do everything to steal the hard-earned money of investors.
Today, we are going to review VT Markets, one of those Forex brokers that has received huge criticism in recent years. This broker has claimed many times that they are working very hard to overcome the challenges and create a safe and secure trading experience, but while reviewing it, we came across many things that might be important for investors around the world.
So, if you are planning to start trading with this Forex broker, you should definitely read our review, which will help you make the final decision!
What are VT markets and how does it work on the safety of investors?
VT Markets is a Forex broker that is regulated and authorized in the Cayman Islands. The regulatory agency that controls the services of this Forex broker is the main regulatory agency of the country, called the Cayman Islands Monetary Authority, better known as CIMA.
This Forex broker is not available in many countries, including The United States, Venezuela, Lebanon, Syria, Ukraine, Russia, and many others. The broker offers more than 100 trading instruments.
The regulatory framework of this Forex broker is a little bit hard to understand and it is very confusing. The regulatory agency that controls this broker is simply very hard to trust. According to the experts of the market, there are many scam companies that use regulatory agencies like these as a thing to more easily attract investors. After this, the funds of the investors are stolen.
This review of VT Markets shows that this broker should not be trusted because it offers very questionable services. Because of this, we believe that VT Markets is a scam Forex broker.
We found that this broker does not offer negative balance protection to its clients, which can end up in huge problems. For example, since the broker offers very high leverage, it can create a lot of problems for inexperienced Forex traders. High leverage is a very dangerous thing if you do not know how to use it, so, make sure to always avoid it if you are not sure what you are doing.
Recently, some of the most trustworthy brokers around the world have changed the way they use leverage. Now, most of the brokers are using fairly low leverage, and they have special accounts for the most experienced traders, where they offer high leverage. In the case of VT Markets, there is no such offering, which once again makes us think that it is not a legit Forex broker.
What are the offerings of VT Markets?
While reviewing the VT Markets FX broker, we found that this broker offers several hundreds of trading instruments. Among the assets that are available at VT Markets are:
- Precious metals
- Soft commodities
Also, there are two account types available for investors. These account types simply are not enough for a successful Forex trading experience, because of which, we believe that this company does not really care about the experience of investors.
The broker claims to be offering zero commissions for investors, which is another thing that leads us to believe that it is a scam company. Generally, the only way brokers can earn money is through fees and commissions paid by Forex traders. Since this broker does not have any commissions, it means that it is using some other ways for income.
Mostly, scam brokers claim that there are no fees that need to be paid, they do so to attract more investors on their platforms and then use the funds of the traders illegally.
Trading platforms of VT Markets
VT Markets offers several trading platforms, but none of them are fully utilized by the broker. The thing about this company is that nothing that it does or says can be trusted fully. We checked out the mobile application of the broker and even it was not useful at all.
From the very first look at the website, we were able to tell that something was off with this Forex broker. After taking a deeper look at it, we were convinced that this company is using designs and eye-catching material to get as many customers as possible. Also, the information that was provided by the broker is not useful at all, we tried to look for details at the website of this Forex broker and were shocked to see that there was nothing that we could have used.
The website also offers live chat with the customer support team. At first, we thought that it was a good thing and tried it out on our own, however, after asking them questions, we were once again very disappointed. The thing is that the information that they provided was not useful at all, also, it took as more than 10 minutes to get replies that did not make any sense.
Bonuses and promotions of VT Markets
According to the information provided by this Forex broker, it offers several promotions. However, as our review of VT Markets showed, these promotions are mostly used as a way to attract people on the platform. While doing our research, we found that there are many regulatory agencies that have changed the guidelines in recent years significantly.
In Europe, for example, no Forex broker is able to offer investors bonuses. In many cases, scam Forex brokers come up with unrealistic bonuses and promotions are that are used to lie to people, and sadly, it works in today’s world. This broker claims to offer no deposit bonus, which is very alarming. Generally, this bonus is offered by scam companies.
VT Markets’ deposit bonus can be very dangerous because this broker does not offer any details about this bonus. So, for example, if you use no deposit bonus for trading you most definitely will not be able to withdraw the funds that you get using this promotion. What the scam companies do in these situations is that they are telling people to make deposits, after which, they will be able to withdraw all of their funds. In most cases, this never turns out to be true.
Education at VT Markets
As our review of VT Markets shows, this broker claims to be offering educational material to investors. However, this educational material is not enough at all. We checked it out and it turns out that the only thing that this broker offers is the “Daily Markets Analysis”.
Although it is called daily, at the time of writing, the page has not been updated in three days. First of all, even if the updates were daily, this information is not enough. Forex trading is a very risky business, because of which, brokers are required by regulatory bodies to make sure that they have enough educational material provided for investors.
Education is important for any type of trader. No matter you are a beginner or an experienced broker, you should be able to have access to educational material. The market is changing every day and every investor should be able to keep up with these changes. The lack of information could lead to many problems, which is why we believe that people should avoid this Forex broker.
Is VT Markets a scam?
After doing a very intensive review of VT Markets Forex broker, we found that this company is a scam. There are so many problems with this broker that it is very hard to even talk about them. While reviewing this company, we went online to look for the people who trade with VT Markets, and all we found was people complaining about not being able to withdraw their hard-earned money.
To make sure that you are not one of those horror stories that we all hear about in the world of Forex, do your best to avoid companies like VT Markets. The thing is, the Forex market is full of amazing and well-developed Forex brokers, who are offering services like no other, and there is no point in trading with a company that simply does not care about the experience that its clients will have.
VT Markets is a great example that a company can own a license but still offer very problematic services.