VIP Global Markets
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
VIP Global Markets - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$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://vipglobalmarkets.com
Founded: 2022
Regulations: Not Regulated
Languages: English, French, German, Italian, Spanish
Deposit Methods: Visa, MasterCard, Wire Transfer
Minimum Deposit: $250
Free Demo Account: No
Number of Assets: 1,000+
Types of Assets: Forex, CFDs, Cryptocurrencies, Indices, Shares
Trading Accounts and Conditions
On their home page, VIP Global Markets shows us the following types of trading accounts:
- Bronze: The deposit amount is $1,000. Leverage is at 1:100. Spreads start from 1 pip.
- Silver: The deposit amount is $5,000. Leverage is at 1:200. Spreads are fixed for forex pairs but numbers are not specified.
- Gold: The deposit amount is $25,000. Leverage is at 1:400. Spreads start from 0 pips for forex pairs.
- Platinum: The deposit amount is $50,000. Leverage is at 1:400. Spreads start from 0 pips for forex pairs.
However, when you check the broker’s Account Types page, there is a completely different set of trading accounts offered:
- Basic: The deposit amount is $250.
- Silver: The deposit amount is $10,000.
- Gold: The deposit amount is $50,000.
- Platinum: The deposit amount is $100,000.
- Diamond: The deposit amount is $500,000.
There are no commissions for $1 million trading volume. No other trading conditions are specified.
VIP Global Markets – Advantages
There are no advantages to trading with VIP Global Markets.
VIP Global Markets – Disadvantages
Here are all the disadvantages that tell us VIP Global Markets is a scammer:
-
Lack of Regulation
The first disadvantage that tells us that VIP Global Markets is a scammer is the fact that this broker is not regulated. This broker does not present their corporate information clearly on their website. We had to check their legal documents to get some of that information.
According to what we found, VIP Global Markets is based in Brussels, Belgium. However, the broker does not provide any proof that they are regulated by the country’s regulator – the Belgian Financial Services and Markets Authority (FSMA).
We checked the online register of the FSMA to see if this broker was authorized to offer their services in Belgium. We found out that this broker is not regulated at all.
Besides the address in their Terms and Conditions, we get a telephone number (which has a UK country code) in their Contact Us section. Beyond these snippets of information, we do not know who operates this online brokerage and where they are really located, especially since our search for them in Belgium came up empty.
In effect, what we have found out about VIP Global Markets is that this broker is operating anonymously and without a legal license, which makes them scammers.
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.
-
Lies About Trading Platform
VIP Global Markets promises that we will have access to the famous MetaTrader 4, as well as their own advanced trading software. Despite looking everywhere on their website, we could not find a download link to any kind of trading software.
Regulated brokers will showcase their software, offering an easily accessible demo account where traders can check out their trading conditions and trading software before they even sign up with them.
-
Unable to Register for an Account
Another red flag that tells us that VIP Global Markets is not to be trusted is the fact that the registration process was impossible to complete. Every time we tried opening an account with this broker, the page would malfunction and we would need to start over.
This may have been an issue with us, or it could be a scam tactic commonly employed by such brokers. You cannot register, so you ask customer services to give you a call back to resolve the issue. When they do, they pressurize you into giving your personal details – including credit card and banking details – to help you open a trading account with them. This is just another way that scammers try to elicit money out of novice traders.
-
Issues with Trading Accounts and Trading Conditions
In the Account Types section of our review, we had already highlighted the discrepancies we found with regard to the types of trading accounts offered by this broker.
On the one hand, we have only 4 trading accounts on their main page, with very low spreads of 0 pips, and rather high leverages reaching a maximum of 1:400, and on the other hand, we have 5 trading accounts on their Account Types page – and no trading conditions. We are only told that for all trading volumes of over $1 million, there are no commissions.
Such discrepancies clearly tell us we are dealing with a scammer. No regulated broker would make such basic mistakes with a key offering such as trading accounts and conditions.
Based on the information available to us, we need to point out that low spreads usually come attached with high commissions. But this broker has not mentioned any commissions clearly. Therefore, we do not know what the cost of trading could be.
Added to this, leverages of more than 1:30 are illegal in the European Union, of which Belgium is a part. So, the leverage this broker offers reveals their scam.
-
Issues with Payments
VIP Global Markets has contradictions regarding their payment methods too. On their website, there are logos of many payment providers. However, in another section of their website, the broker states they have three options – Visa, MasterCard and Wire Transfer.
Since we could not access their payment portal, there was no way to confirm what payment options are available.
-
Unfair Bonuses
VIP Global Market offers their clients bonuses. Another red flag. Bonuses have been banned in European and many other markets because of their unfair terms. Sure enough, this broker will not allow you to withdraw money from your account unless you meet their impossible trading turnover target.
Conclusion
VIP Global Markets is a scammer, and it would be best if you were to avoid doing business with this broker.
VIP Global Markets
Pros
- None
Cons
- Lack of Regulation
- Lies About Trading Platform
- Unable to Register for an Account
- Issues with Trading Accounts and Trading Conditions
- Issues with Payments
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.