VisionFX Markets – Can They be Trusted?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
VisionFX Markets - 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://visionfxmarket.com
Founded: 2022
Regulations: Unlicensed
Languages: English
Deposit Methods: Bank Transfer, Wire Transfer, Tether
Minimum Deposit: $50
Free Demo Account: No
Number of Assets: 300+
Types of Assets: Forex, Metals, Shares, Energies
Trading Accounts and Conditions
VisionFX Markets offers their clients the following trading accounts and trading conditions:
- Classic: The minimum funding requirement is $50. Spreads start from 2.0 pips. The maximum leverage is 1:1000.
- Pro: The minimum funding requirement is $2,500. Spreads start from 1.0 pips. The maximum leverage is 1:500, and there are $0 commissions per lot.
- VIP: The minimum funding requirement is $5,000. Spreads start from 0.5 pips. The maximum leverage is 1:500, and there are $6 commission per lot.
VisionFX Markets – Advantages
There are no advantages to doing business with VisionFX Markets.
VisionFX Markets – Disadvantages
Listed below are all the disadvantages that clearly point to VisionFX Markets’ scam:
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Issues with Regulation
The first sign that VisionFX Markets is a scammer is their lack of regulation.
Regulated brokers have to present their corporate credentials and license and registration details clearly on their websites; it is a legal requirement. Scammers, on the other hand, either lie, have partial information or simple no information at all.
With VisionFX Markets, the broker claims to be based in St. Vincent and the Grenadines. However, there is no telephone number provided with their SVG address. The only way that one can contact them is via the email address that they have provided on their Contact Us page.
There are no details given in their legal documents; all the broker states is that they follow the laws of the United Kingdom and SVG. If this were the case, the broker would be regulated by both the SVG FSA (Financial Services Authority) and the UK FCA (Financial Conduct Authority).
The SVG FSA has clearly and repeatedly stated that they do not provide any form of regulatory oversight for forex brokers. In fact, when you visit their website, the first pop-up you get is a message from the regulator that forex and binary options brokers are not regulated by them. Therefore, even if this broker were registered with the SVG FSA, it would mean nothing.
As for the UK FCA, all registered brokers are listed on the regulator’s online register. It is a simple matter to check for a specific broker’s regulation status. So, we checked to see if VisionFX Markets is regulated by the FCA. We found out that there is no record of this broker with this regulator.
All of this means that VisionFX Markets is an unregulated broker, which means that they are 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.
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Possible Serial Scammer
Another point we need to make is that we suspect VisionFX Markets is a part of a serial scam operation. This broker’s logo is one that is identical to another broker – one that has already been flagged off as a scammer and has also been blacklisted as a scammer by the UK FCA.
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Lies About Trading Software
VisionFX Markets claims to offer their clients the MetaTrader 5 software for trading. This would have been a big win for the broker had this claim been true. However, this is just another lie this broker has told to attract more customers.
The truth is that there is no functional trading software at all. When you click on the download link for the MetaTrader 5 software, all you get is the demo version of the platform. And that demo version is not even licensed to this broker; it is registered to another broker by the name of AMPGlobalIEU. Furthermore, there is no data about the spreads mentioned by this broker on their website.
All of this tells us that this broker does not even have a working trading software!
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Issues with Trading Conditions
VisionFX Markets’ trading conditions also tell us that we are dealing with a scammer.
The minimum funding amount looks good at $50, until you realize that if you wish to upgrade your account, you will need to put in a much larger amount!
And the spreads for the basic account mean that the cost of trading would be very high: not advantageous to a trader at all. As a benchmark, most regulated brokers keep their spreads between 0.5 pips and 1.5 pips. So, you know that you are being overcharged at 2.0 pips.
The leverage at 1:1000 is not only extremely risky, but also too high. Leverages are based on jurisdictions – the regulators control how much leverage brokers are allowed to offer. So, for the UK (which VisionFX Markets claims to operate from), leverages cannot go beyond 1:30. Similar restrictions are set in most of the other strongly regulated jurisdictions. So, as you can see, a leverage of 1:1000 is risky and illegal!
And finally, the other trading conditions – order execution methods, lot sizes, margin calls and so on – are all missing.
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Unable to Register
As a part of our review, we try to register for an account. With VisionFX Markets, when we tried to register for an account, we kept getting an error message – there way no way for us to complete the process.
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Unclear Payment Methods
VisionFX Markets claims to offer three types of payment methods – bank transfer, wire transfer and tether. However, since we were unable to register and therefore unable to access the payment area, we could not say for certain whether these payment methods are available or not.
We do need to warn traders that with scammers like VisionFX Markets, the only option you will have in reality is a cryptocurrency one. This is because crypto transactions are all anonymous and irreversible. So, once your money is gone, there is no way to get it back.
Conclusion
VisionFX Markets is most probably a serial scammer. This is not a broker that you should ever trust.
VisionFX Markets
Pros
- Regulated Broker
Cons
- Lack of Regulation
- Possible Serial Scammer
- Lies About Trading Platform
- Issues with Trading Conditions
- Unable to Register
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.