VT Markets Forex broker review – What does it offer?
Forex trading is a very risky market – this should be something that every investor remembers. However, although there are so many risks associated with it, there still are millions of people who aspire to become successful in this market. Over the years, Forex trading has changed a lot. Just a few years ago, this market could only be accessed by huge financial companies like banks.
However, this has changed a lot. Today, this market can be accessed by anyone around the world. The amount of people trading Forex is increasing on daily basis, but with such popularity, many challenges come as well. One of the biggest problems that people have today is that they are having a very hard time finding a trustworthy Forex broker. To help newcomers on the market with finding safe brokers, we have decided to review some of the brokers on the market.
Today, we are going to review VT Markets, a fairly new company, which was established in 2016. Until we go further, we want to tell you that this review shows that there are some challenges that this broker is facing, and because of these challenges, we have serious concerns that VT Markets is a scam broker. If you want to learn more about this company, follow our very detailed review and make sure that you and your funds are staying safe.
What is VT Markets and how is it regulated?
VT Markets is a Forex broker based in Australia. This company claims to be authorized by several regulatory agencies around the world, and although this could make some people think that it is a safe Forex broker, our review shows that this company has many problems that need to be worked on.
Many people have chosen this company as their Forex broker of choice, and we had the privilege of hearing directly from them. Online, there are many people who give feedback about this company, most of them claiming that they have come across many problems while trading with VT Markets. We have even heard from people who have lost access to their accounts after making deposits, and they never were able to get back the access.
One of the investors said that he did everything in his power and contacted the broker directly to get back his funds but never heard back from the company. Because of this, even though the broker is regulated by two agencies, we believe it should not be trusted.
As our review of VT Markets shows, the broker owns licenses from the Cayman Islands Monetary Authority, called CIMA. This regulatory body is not among the top-tier regulators, and it simply does not have strict enough guidelines to ensure that everything goes smoothly for investors. There are many companies registered in the Cayman Islands to avoid paying huge amounts of money on taxes, in the case of VT Markets, we think that this broker owns the license form this regulatory body only to say that they are licensed.
What does VT Markets offer?
We found that this broker is trying to look as legit as possible by offering more than several hundreds of trading instruments to investors. As our review shows, this broker offers the following assets for trading:
- Currency Pairs
- Precious Metals
- Soft Commodities
However, although there are so many available trading instruments, past users of the company have noted that in most cases, they could not have accessed most of the markets. This is a very strange thing, which is raising even more questions. And something that is more difficult about this company to understand is the very low spreads and almost non-existent fees and commissions.
When people hear that they are not required to pay any fees, they are becoming very happy and start trading right away. But the thing is, the only way Forex broker can get money is through charging small fees. The income for a broker is a very important thing because it is the only way they can get to ensure the safety and security of the investors.
The money that is charged by brokers as a form of fees and commissions is used for maintenance reasons they are of utmost importance for smooth and safe trading experience. So, if the broker claims that they do not charge any commissions, either they lie, or they offer the worst services ever.
The only good thing about this company is the trading platforms that it has adopted. You can use MetaTrader 4 and WebTrader, both of which were developed by a Russian company called MetaQueotes. Sadly, they are not any good when other services of the company are so bad.
Also, the broker claims to have a mobile version for smartphone users. We downloaded the application to try it out, and our review of VT markets showed that the mobile version is simply useless. We had a very hard time registering, the process took forever, and finally, when we were able to get access to the application, we could not do anything successfully. This once again deepened our concerns about this broker.
When it comes to trading accounts, there is not so much that this company offers. There is one major account and that’s it. You either go with what this company offers or don’t trade at all. Also, leverage is super high. It stands at 1:500, and the broker does not offer negative balance protection.
Because of this, there is a huge chance that investors will end up losing more money than they have deposited in the first place. Generally, high leverage is something that only the most experienced Forex traders should use. If you do not have enough experience, you should avoid using it as much as you can.
The website of the broker & customer support team
When we first way the website of the broker, we did not think that it was going to be a scam company. But, after just a few minutes, it became noticeable that nothing really worked well on this website. The information is distributed in a very weird way, and the names of the pages do not reflect the information that is shown on that specific page. This makes finding information that you might need a very exhausting thing.
In addition, the website is full of too much information and graphics which is not needed at all. When it comes to the customer support team, it can be accessed in several ways. They have a live chat, mobile number, and e-mail. It is very hard to have so many options, but somehow still manage to make all of them useless. This company has a huge success in this regard. None of the contact options are useless. We tried calling the company, no one answered, and after they finally did, they suddenly hang up, out of nowhere.
Then, we used the online chat. They were a lot faster to reply, but no information was provided by them. Every single question was answered with the same reply, they were saying to check the information on the website. For email, it is not even worth trying. We sent out several emails, however, we still have not heard back from them.
This is very exhausting to invest with a company that simply does not care about investors. After many hours of trying, we just gave up and stopped trying to get answers to our questions.
Not enough education material at VT Markets
While working on the review of the VT Markets FX broker, we wanted to touch upon every single detail. One thing that we were very disappointed to find is that this company does not offer any type of educational material to its clients. They only offer news pieces, which is not that useful.
In the world of Forex, it is very important to make sure that you know as much as you can about this market. If you do not have enough information, you could potentially end up losing a lot of money because you will not be able to make the right choices without knowledge of the market.
Is VT Markets a scam Forex broker?
After working very hard on this review, we found that this broker has a lot of challenges. We went through every detail, and we found that this company is not able to offer well-developed services to investors. There are many reasons that make us think that VT Markets is a scam broker, which is why we do not recommend trading with this broker to any of our readers.
The Forex trading market is full of amazing brokers that are working very hard to offer a safe and secure trading environment, and we believe that it simply does not make sense to trade Forex with companies like VT Markets. Do your research, only trust reputable companies, learn as much as you can about trading and avoid companies with questionable services and you will be good to go.