Varot Financial- Is It Too Good To Be True?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Varot Financial - DO NOT TRADE WITH THIS PROVIDER
2.3/10
$100
Minimum Depositupdated 2021
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://varotforex.com
Founded: 2015
Regulations: N/A
Languages: English
Deposit Methods: Credit and Debit Cards, Wire Transfers, China UnionPay
Minimum Deposit: $5000
Free Demo Account: N/A
Number of Assets:
Types of Assets: Forex Straight Pairs, Forex Cross Pairs, Gold, Silver, Index, Crude Oil
Varot is a commercial brand launched by Varot Group (Varot Global Enterprises) dedicated to offering all-around financial investment alternatives for our rapidly expanding global client base. Understanding and addressing client needs is always a top concern for Varot.
Customers may use Varot to not only conduct transactions and investments in a variety of foreign currencies, but also to invest in CFDs for a variety of global commodities futures, including gold, silver, crude oil, and stock market indexes. Customers may become full participants in the global financial investment industry by utilizing the solutions Varot provides.
Sounds amazing right? Read on to see if amazing is a word to use for Varot Financial.
Trading Accounts and Conditions
There’s only 1 type of account when it comes to Varot Financial, this is the Standard account. Its minimum deposit is a whopping $5000. If you’re thinking that it’s a normal amount to pay, just remember that some legit brokers will charge as low as $5 or $10.
The broker we’re looking at right now claims to be a trademark of Varot Financial Limited, a Hong Kong-based firm. However, there is no mention of a license from the Hong Kong Securities and Futures Commission (SFC), which should be held by all brokers working in Hong Kong. As a result, the SFC’s warning against the broker is unsurprising.
The SFC’s Alert List contains entities that have been brought to the commission’s notice because they are not licensed in Hong Kong yet are attempting to attract local investors. The SFC has cautioned that Varot Financial has picked a name that is similar to that of a legal firm in order to deceive investors. Varot Financial is a common scam method known as “a clone business,” thus we highly urge you to avoid it. Always verify the background of the broker you’re intending to invest with to ensure that they’re properly licensed to provide financial services. This determines the safety of the funds.
Otherwise, trading with SFC-licensed brokers is regarded as safe. They must keep a minimum of 5 million people. Client money must be kept in segregated trust accounts at all times and other regulations must be met to provide consumer protection and general fairness and openness on the financial market.
Varot Financial – Advantages
Unregulated brokers have absolutely nothing to offer in terms of making money for their clients. Don’t invest any money in brokers like this, all you will get is lost money.
Varot Financial – Disadvantages
Regulation
The first unfavorable impression is created when you check the website footer, which merely contains an address, which is actually false, as the SFC warns. The lack of incorporation information, license numbers, and contact information, among other things, clearly implies that Varot Financial is most likely a hoax.
At the same time, it claims to be active in the United Kingdom, where the local regulator has enacted a slew of laws to ensure openness. Furthermore, Varot Financial establishes itself as completely opaque by lacking legal paperwork, which immediately reveals that the company is unregulated and a fraud.
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.
Trading Software
Customers are significantly more at risk since Varot Financial uses MetaTrader 5. Because the platform, along with MetaTrader 4, is one of the most popular on the market, many people may believe that Varot Financial is desirable just because of the good software supplied. That isn’t the case. Not all MT brokers are trustworthy.
Varot Financial’s services are overpriced, according to the software, with a EUR/USD spread of 3 pips, which is three times more than average. Customers could expect to spend $30 per lot EUR/USD, although the industry standard is $10 or less. Regardless of other factors, the excessively high trading expenses are reason enough to shun Varot Financial.
The site clearly indicates the dangers involved: the leverage is fixed at 1:100 when opening a Demo account, but may be increased to 1:200 upon request, according to the broker. Varot Financial is clearly fraudulent based on the leverage given, as UK brokers cannot offer more than 1:30 leverage.
Deposit and Withdrawal Methods
The minimum deposit is $5000, which is ridiculously high for a retail Forex broker. Honestly, many legitimate brokers apply similar requirements, but they also provide superior trading conditions, whereas Varot Financial is just an overpriced MT5 broker that, on top of that, is a well-known fraud.
Regarding funding, we are unable to reveal the actual funding methods allowed owing to the fact that we were unable to test the deposit system due to KYC (the broker required uploading a copy of an ID card), however, we would never give papers to a fraudster. Varot Financial claims to take credit/debit cards, wire transfers, and UnionPay, but we can’t verify this.
When it comes to withdrawals, Varot Financial does not appear to transfer any money back to consumers. Furthermore, as previously said, it does not give legal documents, therefore there are no false claims to consider.
Conclusion
Varot Financial is an officially exposed scam. Varot Financial claims to offer access to the sophisticated MetaTrader5 platform, tight spreads, and extensive liquidity, but we’re not sure whether they actually do. Worse, a warning has already been issued against the broker.
Varot Financial claims to have locations in the United Kingdom, Hong Kong, and mainland China. The broker allegedly offers consumers the finest potential investment options in the financial market, as well as the highest quality services in foreign currency, CFD trading, corporate finance, and insurance brokerage. We sought to back up their claims, but Varot Financial turned out to be a well-known con.
Varot Financial
Pros
- None
Cons
- Regulation
- Trading Software
- Deposit and Withdrawal Methods
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.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.