VincentFX Review Is VincentFX.com A Legit Forex Broker

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VincentFX Review: Is VincentFX.com A Legit Forex Broker?

VincentFX.com Review: this is the name of a Forex and CFD broker that is located in the offshore location of British Virgin Islands. Is VincentFX a scam Forex broker? Since this is an offshore based brokerage, funds safety is not assured. Find out more about this company.

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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VincentFX mentions on the website that it is located in the British Virgin Islands, which is an offshore location. Forex trading goes on without proper regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of VincentFX

They offer beginners education to allow them become experts, like the page says: “Forex education today, Forex Leaders tomorrow”. Safety and security is also promised to clients investing funds in them. Like we said in the beginning, this is uncertain because of its location. It offers a good trading platform as well and low spreads.

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.

Besides those that have been mentioned, some other advantages named on the page are; world coverage, many payment options, cost efficiency, and high liquidity.

VincentFX Trading Platform

VincentFX offers traders the MT4 trading platform. 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 system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes 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.

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Trading instruments offered to traders are: 50+ currency pairs, and CFDs on precious metals, commodities and indices. It does not offer cryptocurrency according to another website that revealed it previously. 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.

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 2.6 pips on the demo account for EURUSD pairs.

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 VincentFX

The means that traders are to use to make deposits and withdrawals are: Bank wire transfer, VISA, MasterCard, and cryptocurrency. The fact that no e-wallet is allowed is discouraging.

This is because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is $10 and this is within the obtainable of average of $100 to $250 that is common 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 VincentFX Licensed?

No. VincentFX Markets is not a properly licensed and registered broker. Even if anyone comes across a mention of licensing from this firm, so long as it is based in the offshore location, it is not likely to be a trustworthy one.

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.

Support

If you want to get additional information from the customer care service of this broker, send an email to: [email protected]

Conclusion

VincentFX is not a licensed broker so we will give it a low rating. The offshore location like was stated is also a red flag. We found that some of the trading conditions it advertises on the page differ from what is obtainable on the demo accounts. Traders should seek other legit brokers and avoid this one. If you have anything to say about this broker, do so in the comment section.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

VincentFX review – Is vincentfx.com scam or good forex broker?

VincentFX is an offshore broker based in the British Virgin Islands, which offers 50 currency pairs and a number of CFDs on precious metals, commodities and indices, with three account types, leverage as high as 1:500 and the MetaTrader4 platform.

Account type Min. deposit Max. leverage Spread s/ Payout
IB Networks Account $10 2,6 pips
General Account $100 1:200 1,6 pips
Professional Account $1000 1:100 0,6 pips

Unfortunately the broker is not regulated, neither by the local financial authorities on the British Virgin Islands, nor by any other official regulator, so if you are considering opening a trading account with them be sure to read this review first.

VincentFX Advantages:

50 forex pairs and a number of CFDs

The choice of trading instruments with VincentFX looks good – 50 currency pairs, many of which minor or exotic like USDCNH, USDSGD, USDHKD, USDTRY, USDMXN, USDDKK, USDTHB, USDPLN, USDZAR, USDNOK and USDSEK, as well as CFDs on 13 indices, platinum, palladium, silver, gold and oil. And broker also says to be offering some crypto currencies, but as we did not see any on their trading platform, here you may check our list of brokers trading with bitcoin CFDs:

VincentFX is run by VincentFX Limited, an offshore company based on the British Virgin Islands. And as we already noted they are not regulated neither by the local British Virgin Islands Financial Services Commission, nor by any other official regulator.

Bear in mind that depositing any funds with a unregulated borer is extremely risky, because you will have to rely entirely on the integrity of the people who run the broker.

With properly regulated brokers on the other hand you will not have to worry about the safety of your funds. Well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) require all supervised brokers to follow strict financial and ethical rules, among which to maintain a certain minimum operational capital – 730 000 EUR for all EU regulated brokers and 1 000 000 AUD for ASIC regulated brokers – to provide clients with a negative balance protection, to keep their money in a segregated, protected form creditors, trust account, to file regular reports, to allow external audits and in some jurisdictions even to insure traders funds.

Thus with a FCA regulated broker you will have the protection of a client compensation fund, which will cover up to 85 000 GBP of your account, payable in the unlikely event your broker happens to be insolvent. Here you may check our list of brokers regulated in the UK:

Skrill not accepted as payment method

VincentFX says to accept payments with major credit and debit cards like VISA and MasterCard, bank wire and crypto currencies, but not e-wallets like Neteller and Skrill. And the absence of Skrill is notable, because of the new anti- scam policy adopted by the money transfer company a year ago. According it Skrill partners only with regulated brokers, and as we already discussed VincentFX is not a regulated broker. Here you may check our list of brokers accepting payments with Skrill:

Despite the seemingly attractive trading conditions VincentFX is not a broker we can recommend. The reason is obvious – they are not regulated and that significantly lowers their credibility. As usual in such cases we will repeat our general advise to trade only with regulated brokers, licensed and authorized by a well respected institution like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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