Victory FX – Can You Trust Them?

Website URL: https://victoryfx.uk

Founded: 2022

Regulations: No Regulation

Languages: English

Deposit Methods: Cash Deposit, Bank Transfer

Minimum Deposit: $0

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Commodities, Indices, Stocks

Trading Accounts and Conditions

Victory FX provides their clients the following trading accounts:

• ECN Account: The spreads start from 0.0 pips. The leverage is up to 1:500 and the minimum order size is 0.01.
• ELITE Account: The spreads start from 1 pip. The leverage is up to 1:500 and the minimum order size is 0.01.
• PRO Account: The spreads start from 1.5 pips. The leverage is up to 1:500 and the minimum order size is 0.01.

According to the broker’s website, the minimum deposit is $0.

Victory FX – Advantages

There are no advantages to trading with Victory FX.

Victory FX – Disadvantages

Here is the list of disadvantages that tell us clearly that we cannot trust Victory FX and that we are dealing with a scammer:

• Unlicensed Broker

The first sign that things are not right is a broker’s lack of regulation. And we can say for certain that Victory FX is not a regulated broker. Here is how we know.

On their About Us page, Victory FX claims to be a regulated CFD broker, however they have not provided any license or registration number. And on their Contact page, the broker provides us with a UK address. However, the number they have provided is actually an Indian cell phone number. We also do not know the name of the company that runs this online brokerage.

Now, if a broker is based in the UK, they will need to be registered with the Financial Conduct Authority (FCA), the country’s financial regulator, to operate legally.

We checked the FCA’s online register where all forex brokers licensed by the authority are listed. We could not find any broker (or company) by the name of Victory FX listed with them. This can only mean that this broker is not regulated by the FCA and that they have lied about being regulated.

This information that we have uncovered tells us clearly that we are dealing with a scammer here.

Plus500

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Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

 

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• No Legal Documents

The other major red flag that tells us that Victory FX is a scammer is their lack of legal documentation.

All regulated brokers are required to have clear and detailed legal documents on their websites. These are the documents that tell traders what to expect from a broker when they sign up with them. These documents tell you what that broker’s terms of service are, how much they will charge you for various services (withdrawals, deposits, commissions, fees, penalties and so on), what they can offer you in return for your business and so on.

When these documents are missing, this means the broker can do what they want with the information you have provided them as well as with your funds.

The reason why so many scammers get away with not having legal documents is because most of us do not take the time to search for and read through legal documents when we sign up with a new broker.

And if you do get scammed, then there is nothing the authorities can do to help you since you already signed up without checking for legal documents in the first place.

This is the reason why we strongly recommend to all traders that they check a broker’s legal documents before they sign up with them.

• Issues with Trading Software

The key product a broker has to offer is their trading platform. Legitimate brokers make sure that they offer their clients the best possible trading platform in the market, such as the MetaTrader 5 software. This software offers traders a great experience since it has a massive range of tools and functions that help make trading easier.

Unfortunately, with Victory FX, the broker claims to offer their clients the MT5 software. However, when we clicked on the download link, we found out that the software version this broker is offering is not even in their name. There is a completely different company name on that software.

This kind of a discrepancy tells us that we cannot trust the broker.

• Issues with Trading Conditions

First of all, this broker claims that the minimum funding amount is $0. This does not make any sense, since the entire purpose of investing with a broker is to start with a minimum amount – at least $1.

As for the other trading conditions, we also have issues with them.

The spreads are unrealistically low. Such low spreads would make the cost of trading extremely advantageous for the trader, but the broker would end up losing money with each trade. So, unless the broker has fees and commissions (which Victory FX has omitted to talk about), these spreads also don’t make sense.

And finally, the leverage. Since this broker claims to be based out of the UK, they should know that the maximum leverage that the FCA allows brokers there to offer is 1:30. Therefore, a leverage of 1:500 is not only too risky, but also illegal.

• Issues with Payment Methods

From what we can make out, there are two payment options provided by Victory FX – cash deposits and bank transfers. However, we could not find any way to carry out those transactions. In fact, after going through their website, we realized that the only way that you can make a transaction with this broker is by getting in touch with them directly.

Even the withdrawals section has issues, where there is no clarity on how you can make your withdrawals.

These issues clearly tell us that we are dealing with a scammer.

Conclusion

Victory FX is not a broker that can be trusted – they are scammers. It would be best to find another broker.

Victory FX

2.6

User Experience

2.4/10

Payment Options

2.6/10

Security

2.7/10

Support

2.6/10

Reputation

2.5/10

Pros

• None

Cons

• Unlicensed Broker
• Unlicensed Broker
• Issues with Trading Software
• Issues with Trading Conditions
• Issues with Payment Methods