Success Vest – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Success Vest - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://successvests.com
Founded: 2024
Regulations: Not Regulated
Languages: English, All Major Languages
Deposit Methods: Cryptocurrencies
Minimum Deposit: $200
Free Demo Account: Not Offered
Number of Assets: Unspecified
Types of Assets: Stocks & Indices, Forex, Cryptocurrencies, Commodities
Trading Accounts and Conditions
From what we can make out, Success Vest does not offer their clients multiple types of trading accounts. You have to choose from one of several investment packages:
- Beginner Plan: The investment range is from $200 to $499 and you are promised a daily ROI (Return on Investment) of 10%. You are also promised a 10% Referral Bonus.
- Basic Plan: The investment range is from $500 to $5,000. You are promised a daily ROI of 25%. You are also promised a 10% Referral Bonus.
- Trading Plan: The investment range is from $5,001 to $9,000. You are promised a daily ROI of 55%. You are also promised a 10% referral bonus.
- Premium Plan: The investment range is from $9,001 to $50,000. You are promised a weekly ROI of 100% and a 10% referral bonus.
No spreads, leverages, commissions, etc., are mentioned.
Success Vest – Advantages
There are no advantages to trading with Success Vest.
Success Vest – Disadvantages
Here is the list of issues that tell us Success Vest is not a trustworthy broker:
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Lies About Regulation
Success Vest claims to be completely regulated (one of the reasons why you should choose them). The broker states that they are regulated by multiple financial agencies – the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission in Cyprus, and the National Futures Association in the US.
The broker also has embedded images of their certifications of registration from the UK and the US.
Added to this, in their Contact Us section, the broker gives us a UK number (for WhatsApp) and a US (Brooklyn, New York) address.
All of this information is false. The reality is that this broker is operating without a valid license.
The first thing we noticed is that these regulations are supposedly given to a company called Lucro Finance LTD, while the certificates of registration/license are given to Success Vests Limited. This is the first red flag – the lack of clarity about which company actually runs this brokerage. The broker definitely does not clarify the issue.
We also checked the FCA’s registers to see if this broker was regulated by the UK authority. We found out that Success Vest is not regulated by them.
Furthermore, to be regulated in the US, a broker needs to be a member of the NFA and be authorized by the CFTC; Success Vests is neither. And this broker is also not registered with the CySEC. All of these are lies meant to fool us into thinking this broker is genuine.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
While checking the FCA’s registers, we found out that Success Vest was not regulated by this authority. We also found out that the FCA has blacklisted this broker for not being authorized to operate in the UK.
The regulator has actually issued a warning against this broker, stating that if traders deal with this broker, they will lose the FCA’s protection.
When a financial authority such as the FCA issues a warning against a broker, it is best to report that broker and not deal with them anymore.
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Issues with Trading Platform
We also have found issues with this broker’s trading platform. Success Vest claims to offer an advanced trading platform to their clients. This is also a lie. There is no such advanced platform available. What this broker offers their clients is a non-functional software that just looks like it would work. You cannot actually carry out real trades on this so-called platform. The broker has imported charts from TradingView.com to make their fake platform look real.
The trading platform is any broker’s mainstay. Therefore, legitimate brokers offer the best possible software to their customers. So, when a broker doesn’t even have real trading platform, you know they are scammers.
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No Trading Conditions
Another red flag that tells us of Success Vest’s scam is the lack of trading conditions. While most brokers can offer the same trading platform, or similar trading platforms, it is their trading conditions which make them competitive. So, legitimate brokers clearly spell out all details about their trading conditions on their websites. This way, traders know exactly what the conditions for trade are being offered by that broker.
When a broker has no trading conditions to show, it is yet another sign that that broker cannot be trusted and they are out to scam you.
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Returns on Investment Promised
Success Vest promises that their clients will get a daily return on their investments. This is perfect evidence that we are dealing with a scammer.
No broker can promise returns on a trader’s investment. The forex market is so volatile that is much more commonplace to see traders lose money while trading than make money. In fact, legitimate brokers are legally bound to let their clients know how many of their traders have lost money while trading. That figure ranges from 75% to 85% of all trades.
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Crypto Payment Method
Another indicator of Success Vest’s scam is their single payment option. Legitimate brokers will offer you a range of payment options, and you can choose the one that you are most comfortable with.
Scammer, on the other hand, will offer a limited set. In fact, they usually offer only cryptocurrencies. This is because crypto payments are anonymous and cannot be traced – perfect for scams!
So, when you see a broker offering a single payment method and if that method is cryptocurrencies, it is a clear sign of a scam.
Conclusion
Success Vest is another scammer that is out to dupe as many traders as possible. This broker cannot be trusted.
Success Vest
Pros
- None
Cons
- Lies About Regulation
- Blacklisted by FCA
- Issues with Trading Platform
- No Trading Conditions
- Returns on Investment Promised
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more