Verse Capital – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Verse Capital - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2023
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://ukvc.co
Founded: 2022
Regulations: None
Languages: English, Chinese (Mandarin and Cantonese), Malay, Bahasa Indonesia
Deposit Methods: Cryptocurrencies
Minimum Deposit: $10 – $100
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Options, CFDs, Forex, Cryptos
Trading Accounts and Conditions
Verse Capital does not give any information on their website about the types of trading accounts they offer. They also do not specify what their trading conditions are.
The only thing we were able to find out was that the spreads are at 1.8 pips on their trading platform, and that the deposit range is from $10 to $100 depending on the deposit method you use.
Verse Capital – Advantages
We were very surprised to see that Verse Capital has actually made the effort to source one of the best trading platforms in the world for their online brokerage – the MetaTrader 5 software. We were able to check this broker’s demo account to verify the presence of the trading platform.
Unfortunately, despite the presence of such a good software, the trading conditions presented on this software tell us that this broker is a scammer. We will talk more about that later.
Verse Capital – Disadvantages
Given below is the list of issues we have unearthed that clearly tell us that we are dealing with a scammer here:
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Lack of Regulation
The first sign of a broker’s scam is their lack of regulation. Legitimate brokers make it a point to provide all information related to their legal status very clearly. This means providing detailed corporate information as well as their license and registration details.
With Verse Capital, all of their regulation information is rather sketchy. The broker claims to be owned by Verse Capital Ltd, a company that is based in the UK. The broker corroborates this claim by adding a UK address on the footer of their website. However, the broker does not provide any other contact information such as a phone number.
The thing is, if a broker is to operate in the UK, they need to be registered with and regulated by the Financial Conduct Authority (FCA), the financial regulator of the country. We checked the FCA’s register, which is freely accessible on their website, and we found out that there is no broker by this name regulated by them.
We did find a company by the name of Verse Capital Ltd listed in the UK’s Companies House, the country’s general register of companies. This company has been newly registered, and there is only a single person (the shareholder) listed there, and that person is of Chinese origin. This company is not authorized by the FCA to offer financial services.
Based on the evidence, we can clearly say that Verse Capital is a scammer that is targeting clients in Asia (even their language options are solely Asian). The UK establishment is simply a front to attract unknowing traders into giving them their money.
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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Issues with Trading Conditions
Despite the presence of an excellent trading platform – one of the best in the world – we have found major issues with this broker’s trading conditions.
First, there is absolutely no information on Verse Capitals’ website about their trading conditions.
The trading conditions – along with the trading platform – are the main offering a broker has. So legitimate brokers publicize them clearly on their website. They also ensure that these conditions are fair, both for themselves as well as their clients; it is a delicate balance.
With Verse Capital (and most other scammers), there is no information about the trading conditions. The little information we have gleaned is from their trading platform, where we see the spreads are at 1.8 pips for the EURUSD pair. There is no information on the leverage ratios offered by them and the only way we found out about the deposit range was from checking their funding page and deposit menu, which showed us a range of $10 to $100. The amount you need to deposit depends on the type of payment method you opt for.
We also have no idea what commissions this broker charges, what the order execution methods may be or if there are any fees attached to the trades you carry out.
Therefore, despite the fact that Verse Capital has an excellent trading platform, their trading conditions give away the fact that they are running a scam.
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Issues with Payment Options
Another sign of this broker’s scam is the kind of payment options they offer. Legitimate brokers will give you numerous payment options – credit and debit cards, bank transfers, wire transfers, all the top e-wallets (Skrill, PayPay, etc.)
With Verse Capital, you get only cryptocurrencies (USDT) and transfers from the Malaysian Ringgit (MYR), the Vietnamese Dong (VND) and the Thai Baht (THB). However, the broker does not specify how you can transfer using the fiat currencies.
What this implies is that eventually, the only way that you will be able to transfer funds is by using the crypto option, which is what scammers prefer. This is because crypto transactions are all anonymous and permanent, which means you can never get your money back.
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No Legal Documentation
Another red flag to watch out for is the lack of legal documentation – such as what we see with Verse Capital.
These documents are what make your relationship with a broker legal. They tell you the terms of service under which you can deal with the broker. They also tell you of the charges you will pay to use the broker’s services, their policies and so on.
Without these documents in place, you can be scammed and there will be nothing you will be able to do since you would have already agreed to do business the with that broker.
Conclusion
Verse Capital is a scammer and is operating anonymously. This is not a broker you can trust. It would not be wise to do business with them.
Verse Capital
Pros
- Offers MetaTrader 5 Software for Trading
Cons
- Lack of Regulation
- No Legal Documentation
- Issues with Trading Conditions
- Issues with Payment Options
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