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iCFD Review: Is Vestle.com A Legit Or Scam Broker?
iCFD Review: this is the name of a Forex broker that is located in Cyprus. It also operates under the Vestle trademark and is owned by iFOREX Group. Is Vestle.com a scam forex broker or a legit? Forex brokers are many in the market and it is vital that traders find out trading details of brokerages they want to invest in.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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iCFD or Vestle discloses that it is based in Cyprus. Forex trading is regulated by the Cyprus Securities and Exchange Commission (CySEC) in this region. When we checked the online register of this commission we found that iCFD or Vestle is properly licensed and registered. It is owned by the iFOREX Group.
Trading with a Forex broker that is licensed reduces many dangers to traders’ funds. Misappropriated funds can be recoverable by the government as well. Licensed brokerages are under many rules of trade and this gives traders a level of assurance.
Advantages of iCFD
iCFD (Vestle) is a financial service provider specializing in brokerage services and CFD trading. They have cutting edge technologies and many tradable instruments. Educational materials are also provided to clients to help them become better traders and make a gain.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
iCFD or Vestle Trading Platform
iCFD or Vestle offers a trading platform that is web-based. It is not a popular one because it is designed privately by the brokerage. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are 80+ currency pairs, CFDs on commodities, shares, and ETFs. There is also cryptocurrency trading allowed with this company. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
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The maximum leverage offered to clients is 1:400 and while this may seem generous, it is not advisable. High leverages can lead to huge loss of funds as well. Spreads are 1.9 pips on the EURUSD pairs which are quite high and discouraging.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on iCFD
The means that traders are to use to make deposits and withdrawals with iCFD or Vestle are not disclosed which is unusual and discouraging to find.
This is because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
The minimum deposit required is not mentioned making it impossible to tell if they require between $100 to $250 or not. This is the common average among legit brokers. Withdrawal fees are not mentioned and this may be because they do not apply. However, we will appreciate it if this is stated.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is iCFD or Vestle Licensed?
Yes. iCFD is a properly licensed and registered Forex broker under the name Vestle and it was formerly known as iFOREX Group. The Cyprus Securities and Exchange Commission (CySEC) authorizes the brokerage to trade in Europe.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To contact the brokerage or get additional information from the customer service, dial +357 252 04600 or send an email to [email protected]
iCFD or Vestle is a Forex brokerage with a license from a reputable commission. Besides this, it has an impressive trading portfolio and has been in the market for more than two decades. The lack of proper information on funding is discouraging and the spreads are a bit higher than we normally encourage.
If you have what to say about this brokerage, share your experience in the comment section.
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Vestle review – Is vestle.com scam or good forex broker?
RECOMMENDED FOREX BROKERS
Vestle, formerly known as iFOREX, is a CySEC regulated forex and CFD broker, offering over 80 currency pairs, as well as commodities, indices, ETFs and shares on a proprietary web based platform.
Vestle.com is the newest site of iFOREX Group, which will serve customer in Europe, with the exception of Hungary, the Czech Republic and Slovakia.
The new site will be activated during July 2020, in two stages. On July 1, Vestle will replace the iFOREX brand in the Netherlands, Germany, Greece and the English-speaking markets. On July 15, it will replace the iFOREX brand in Spain, Poland, Italy and France. Once the change is made, the previous iFOREX.eu site will no longer be available. You can find more details about their trading conditions in the following review.
|Account type||Min. deposit||Max. leverage||Spread s|
|Standard Account||n/a||1:400||1,9 pips, floating|
Vestle, formerly known as iFOREX, is the trading name of iCFD Limited, which is part of the iFOREX Group and is regulated by the Cyprus Securities and Exchange Commission (CySEC).
Trading with properly regulated brokers is crucial for the safety of any investment and CySEC, along with the Financial Conduct Authority in the UK and the Australian Securities Investment Commission, provides one of the most sound and yet balanced regulatory regimes in the industry. No wonder most legit brokers around the globe hold a license form one of those three institutions.
Having to abide by strict fiscal and ethical rules, regulated brokers are obliged to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital.
With the CySEC backed Investor Compensation Fund for example, in case the broker goes under, traders can receive back up to 20 000 EUR of their capital. Similar compensation scheme with FCA in the UK insures up to 50 000 GBP of the invested capital. Here you may check our list of brokers, also licensed by CySEC:
Spreads somewhat higher than usual
The basic EURUSD spread with Vestle floats around 1,9 pips – 2 pips, which in our view is a bit higher than what traders usually expect to see with a standard account. So here you may want to check our list of brokers, offering tighter spreads:
Vestle is a CySEC regulated broker, part of the iFOREX Group, which has more than 22 years of experience and operates several brands in multiple markets and in more than 20 languages. The broker offers a good variety of currency pairs as well as plenty of CFDs. On the negative side, we should point out that spreads are a bit higher than what we would classify as competitive. Still Vestle is a reliable broker that deserves the trust of the trading community.
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.
XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.
FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.
FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.
FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.
FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.
HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
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