Vital Markets Forex Review

Read our full Vital Markets review to get exact details about their safety, accounts, spreads, platforms, assets, support, and much more. Our unbiased Vital Markets opinion allows our readers to decide whether Vital Markets is a reliable broker.

Vital Markets Forex Broker History

Vital Markets is a Forex and CFDs broker. It was launched sometime in 2020 and offers online financial trading services and access to CFD derivatives through an advanced TradeLocker trading platform. The broker is not regulated and is risky, as we have detected some serious safety issues.

It offers several account types that are always flexible, and traders can start trading with 1,000 USD, which is very high. The broker recently changed its approach and offers accounts from 10 USD, which is a much more attractive option. The website is well-organized and looks simplistic. It is actually responsive, but the broker fails to present all the detailed information about its accounts, spreads, and so on, which is a serious downside.

Vital Markets broker safety

Safety is paramount in FX trading, and we usually test brokers very roughly to ensure they are truly reputable and trustworthy.

Vital Markets Ltd is the company behind Vital Markets Broker and is registered in Saint Lucia, offshore. However, the broker is not regulated by the local authorities, which makes it a very risky company to do business with. Unregulated brokers are mostly scams, with very few exceptions, and Vital Markets does not seem to be an exception from this rule.

The broker does not offer negative balance protection, meaning traders can go into the negative and could potentially become liable for their losses beyond their initial investment.

The broker is not a member of an investor compensation fund, and we doubt it offers proper AML and KYC policies as an unregulated broker.

Vital Markets Broker Review of Accounts

The broker offers several trading account types, including $0 commission account, VIP account, and Fixed Spreads Accounts. Let’s consider each of them to define how competitive the broker’s offerings are.

Vital Markets $0 Commission Account

This trading account has no trading commissions but has higher spreads, which are not specified by the broker. We assume it is around 2 pips, as with other unregulated brokers. Maximum leverage is up to 1:500, minimum lot size is set at 0.1 lots, and minimum deposit is 10 USD, which is competitive.

Vital Markets VIP Account

The VIP account offers low spreads, but the broker never shows exact spreads for this account as well. The commission is 6 USD per lot round turn, in exchange for these low spreads. However, the minimum deposit size starts at 25,000 USD, which is extremally high.

Vital Markets Fixed Spread Account

This account is very competitive as it offers fixed spreads from 0.5 pips on major pairs. This, if true, is an extremely attractive offering. In fact, it seems too good to be true, as unregulated brokers offering fixed spreads this low are suspicious. With fixed spreads, traders can trade during major news and volatile periods, which is very advantageous. The minimum deposit is also 10 USD on this account, which is very competitive. The maximum leverage is 1:500, meaning traders can open 0.05 lot positions with just 10 dollars. There are commissions charged at 7 USD per lot round turn for these spreads.

Vital Markets Micro Account

The minimum deposit is 10 USD, the commissions charged are equal to 5 USD, and spreads are competitive from 0.5 pips, floating. The minimum lot size is 0.01 lots. This account type is not attractive because there are other accounts with mostly similar conditions, including minimum deposit, leverage, and minimum lot size.

Vital Markets STP/ECN Account

The ECN/STP trading account also has 0.5 pips spreads, charges 5-7 USD per lot commission, and the minimum deposit is also 10 USD. The leverage is also 1:500, and the minimum lot size starts from 0.01 lots.

Vital Markets Instruments

The broker offers access to Forex pairs, commodities, indices, cryptos, and stocks. Forex pairs include majors, minors, and exotics. From commodities, trades can access metals and energies. Tens of different cryptos are offered for trading, and there are many stocks, including triple-A US stocks. This is a very diverse range of offerings, and with a 1:500 leverage ratio, traders can control large position sizes. However, the unregulated nature of Vital Markets does not allow us to recommend this broker to anyone.

Vital Markets Reviews of Trading Platforms

The broker only offers access to TradeLocker, which is a modern trading platform. It offers many built-in features. However, TradeLocker is not as advanced as MT and other popular advanced platforms in the scene. Mobile trading is available via the TradeLocker mobile app, accessible on all mobile devices, including Android and iOS.

Overall, the broker offers a good job when it comes to trading platforms and indicators.

Vital Markets Forex Review of Extra Features

The broker falls short when it comes to extra features such as education and bonuses. There are no webinars, live events, trading courses, or video guides offered, which is very disadvantageous. The broker does not provide tutorials for its trading platform, and traders who are not familiar with TradeLocker have to figure out the platform’s features themselves. There are no trading tools or indicators available either, which is also a noticeable downside.

Vital Markets Reviews of Customer Support

When it comes to customer support, Vital Markets offers live chat and email options. The support is available 24/7, which is flexible. There is no phone support offered, which is a red flag. However, traders can request a call back, and the broker’s marketing team will call traders via phone. The website and support are only available in the English language, which is also a downside for the broker.

Vital Markets Deposit and Withdrawal

Traders can deposit and withdraw from Vital Markets using Bitcoin, ETH, XRP, LTC, DOGE, and USDT. The broker does not accept other payment methods apart from cryptos, which is a huge downside as well. The broker does not charge BTC transactions, but all other crypto payments incur a 2.5% fee.

Vital Markets Review Conclusion – Can you trust Hankotrade?

Vital Markets is a broker that is not regulated by any authorities. The minimum deposit is 10 USD, and the maximum leverage is 1:500. The broker has several account types, and traders can access a range of different instruments. However, the broker is not regulated, and all its claims are questionable, including deposits and withdrawals. Overall, the broker is risky as it is not overseen, and traders should be very careful when dealing with unregulated brokers.

FAQs on Vital Markets

Is Vital Markets a scam?

Vital Markets scam is a real possibility as the broker is not overseen by any authority and only accepts cryptocurrencies for payments, making it very risky

What is the Vital Markets minimum deposit?

The minimum deposit starts at 10 USD, which is a very low amount.

Is Vital Markets a cheap broker?

While the broker has a 10 USD minimum deposit, spreads are high and it charges commissions, which makes it not a cheap broker.