Vetoro – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Vetoro - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
Traders will get one advantage when they trade with Vetoro – they get the use of the famed MetaTrader 4 platform. Clients are also offered a demo account to test the trading conditions offered by this broker, but we would not put too much trust in that since the trading conditions on Vetoro’s WebTrader and MT4 demo account were different.
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://vetoro.io
Founded: 2020
Regulations: Unregulated
Languages: English, German, Italian, Spanish, Russian
Deposit Methods: Wire Transfer, Visa, MasterCard, Piastrix
Minimum Deposit: $249
Free Demo Account: Yes
Number of Assets: N/A
Types of Assets: Foreign Currencies, Commodities, Stocks, Indices
Trading Accounts and Conditions
Vetoro offers its clients 5 different types of trading accounts:
- Bronze: The minimum deposit is $249, and the spreads start at 3 pips.
- Silver: The minimum deposit is $999.
- Gold: The minimum deposit is $9,999.
- Platinum: The minimum deposit is $49,999.
- VIP: The minimum deposit is 99,999.
Besides the spreads that we found on this broker’s demo account, there is no other information with regard to trading conditions.
Vetoro – Advantages
Traders will get one advantage when they trade with Vetoro – they get the use of the famed MetaTrader 4 platform. Clients are also offered a demo account to test the trading conditions offered by this broker, but we would not put too much trust in that since the trading conditions on Vetoro’s WebTrader and MT4 demo account were different.
Vetoro – Disadvantages
Offering the MetaTrader 4 platform is not a good enough reason for contracting with a broker. There are other factors that need to be taken into consideration, and unfortunately for this broker, they all point to the fact that Vetoro is an untrustworthy brokerage and it best for all traders to avoid doing business with it.
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Unregulated Broker
The first thing we noticed about Vetoro is the lack of solid corporate information. There is no company name given, and the address mentioned on this broker’s website is London-based. However, it its Terms and Conditions section, the broker states that it operates according to Bulgarian financial regulations.
However, besides this singular reference to Bulgaria, there is no other information provided about its regulation status.
To operate in the UK or anywhere in the European Union (of which Bulgaria is a part), a broker needs to be regulated by the Financial Conduct Authority (FCA), the Bulgarian Financial Supervision Commission or any other financial regulator of one of the member countries of the EU.
We checked the online registers of both the FCA and the FSC but did not find Vetoro listed anywhere.
Thus, we can say with confidence that we are dealing with an anonymous as well as unregulated brokerage – the worst kind which is usually a scam.
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 Brokerage
While searching for Vetoro’s regulation status, we came across some very worrying information. This broker has been blacklisted by the Spanish CNMV (Comision Nacional del Mercado de Valores), the FCA in the UK, and the Italian watchdog, the CONSOB (Commissione Nazionale per le Societa e la Borsa).
That this broker has been blacklisted for offering its services illegally by not one, but three very reputed regulators is a clear indication that we are dealing with a scammer.
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Questionable Trading Conditions
While we have given Vetoro plus points for offering its clients the MT4 trading platform, there is also another platform that this broker offers – the WebTrader software.
The problem we have here is not with the software (though the WebTrader is not a platform worth talking about) but with the trading conditions shown on the MT4 demo account and the WebTrader. On the demo account, the spreads are shown to be at 2 pips for the most frequently traded currency pair the EURUSD. However, on the WebTrader (which is a live terminal), the spreads are much higher at 3 pips.
If a single broker is offering the same assets to trade, even if the platforms are different, the spreads should be the same. And the spreads are too high, which would make trading costs for you high too. The market average range is 0.5 pips to 1.5 pips, so both the spreads are not profitable for any trader.
Furthermore, the leverage shown in the client area is 1:100. While not very high, we need to consider this: leverages above 1:30 are banned in Europe. Therefore, this is yet another thing that this broker is offering that is against the law.
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Issues with Payment Options
This broker has displayed the logos of various payment providers – Visa, MasterCard, Piastrix and Wire Transfer. However, when we logged into the client payment area, we found out that the Deposit option doesn’t even work!
When using this feature, we were given an error message – IP address not found. Because of this, there is no way to verify that the above-mentioned payment options are, in fact, available.
We also need to mention that Piastrix is a rather shady Russian payment provider. And this fact further decreases our confidence in this brokerage.
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Unfair Withdrawal Policies
Yet another problem we have with this broker is its withdrawal policies. The minimum withdrawal amount is $249, which is much higher than the market average of $50 to $100. The fees charged for withdrawals are also higher than the norm. And if you do not meet the minimum trading turnover requirements then you will be charged an extra fee. According to the broker’s terms and conditions, you need to meet a turnover target of 200, and if you don’t, you will be charged a 10% fee when you try to withdraw your funds.
- MT4 Provided by Third Party
And finally, the MetaTrade4 software that this broker does offer is actually provided by a third-party company called Gelko Partners. This is an offshore company that operates its own brokerage called EU Capital – one that appears to be yet another scam operation.
Conclusion
Vetoro is not a broker that you should trust. It is offering its services illegally, and its conditions are unfair and designed to take as much of your money as possible. We would recommend that you find another broker – one that is regulated and has fair conditions for trade.
Vetoro
Pros
- MetaTrader 4 Account Offered
- Demo Account Available
Cons
- Unregulated Broker
- Blacklisted Brokerage
- Questionable Trading Conditions
- Issues with Payment Options
- Unfair Withdrawal Policies
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.