VortexSignal – Are They a Scam?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
VortexSignal - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
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://vortexsignal.com
Founded: 2021
Regulations: Unregulated
Languages: English
Deposit Methods: Credit Cards, BTC Wallet
Minimum Deposit: Unknown
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Share CFDs, Foreign Exchange, Crypto Coins, Indices
Trading Accounts and Conditions
VortexSignal claims to offer its clients four different types of trading accounts: Demo Account, Standard Account, ECN Account and Family Account. However, when you click on any one of these accounts’ links, you are only taken to the registration page.
There is no information provided about the trading conditions – we do not know the minimum deposit requirements, the leverage ratios or even the spreads offered by this broker. And since there is nothing on their so-called platform, there was no way for us to get this information for you.
VortexSignal – Advantages
After going through VortexSignal’s offerings in great detail, we can confidently say that we could not find any advantages in dealing with this broker. It is a scam.
VortexSignal – Disadvantages
Here are all the red flags that have proved to us that VortexSignal is a scammer:
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Lack of Regulation
The first issue we have is with this broker’s lack of regulation. The broker claims that it is regulated by the United Kingdom’s Financial Conduct Authority (FCA), Turkey’s Capital Markets Board (CMB) and Poland’s financial regulator, Komisja Nadzoru Finansowego (KNF). VortexSignal also claims that it has offices in 8 different countries, including the UK, Australia, Germany, China and France.
VortexSignal does not provide any support evidence to prove these claims; we do not have any licensing information, a real physical address, or even contact information. And when we checked the online registers of the three financial regulators mentioned by this broker, we came up empty-handed. This means that VortexSignal has lied about its regulatory standing and is actually operating illegally. A typical scammer’s move.
This is why we advise all traders to take the time to check whether the broker they are targeting is actually listed with the financial authority they claim to be regulated by. And if your broker is not listed on that financial authority’s website, then you know that you have a scammer on your hands.
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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No Trading Platform
We signed up with VortexSignal, hoping to access their trading platform and find out more about the trading conditions they may have set. When we logged in, we were taken to the client area or user dashboard. All we found were user quotes taken from a third party. And if you click on any of the assets listed there, you are redirected to a website called Coinlib.io, a portal that provides cryptocurrency prices. Thus, there is no actual trading platform here at all. Another sign of a scammer.
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No Trading Conditions Provided
We could not find any trading conditions mentioned anywhere on this broker’s website. And therefore, we decided to access their trading platform to find out for ourselves what these conditions might be. Once we did log in and see that there was no trading platform at all, it made sense why this broker did not even bother to list this information on its website.
For new traders, it is wise to remember that the minimum deposit in the industry ranges from $100 – $250, spreads are usually around 0.5 pips to 1.5 pips, and leverage varies depending on which country the broker is based in. So, for a UK broker, the leverage will be a maximum of 1:30. It’s the same for EU-based as well as Australia-based brokers. Japanese brokers can only offer 1:20 leverage ratios and Turkish brokers are allowed to offer their clients only 1:10 leverage ratios. The US and Canada offer slightly higher leverages at 1:50.
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Limited Payment Methods
According to VortexSignal’s website, there are only two payment methods available for traders wanting to do business with them – credit cards and a Bitcoin wallet. Again, there does not seem to be any kind of a minimum deposit requirement mentioned here.
It is wise to remember that cryptocurrency payments are anonymous and irreversible, which means that you will not ever get your money back if you use this payment method. You won’t even be able to trace where you money went!
This is why it is best to make credit card payments in case you are not sure of the broker. This way, if you have proof that you have been scammed, you can apply for a cashback from your credit card company. It may take time, but you may be able to get your money back from the scammers.
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Poor Legal Documents
The legal documents presented on this broker’s website are very poorly structured. There are no details and everything is couched in generalities. There are no specific withdrawal policies, trading conditions, payment policies, or any other piece of critical information that is required of a legal document.
This is clear sign of a scam, since legitimate brokers will ensure that their legal documents are very detailed, outlining every single service they offer, their payment options, withdrawal and deposit policies, their payment policies and so on.
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Copy of Other Scam Websites
The structure of this website (especially the legal documents page) is pretty much the same as other brokers that we have revealed as scams – SolidTrade.live and Tenfx.com, to mention a couple.
What this tells us is that it is the same group of scammers that are creating all these websites in order to scam as many people as possible before they are shut down.
Conclusion
Doing business with VortexSignal would be a huge risk that all traders would end up taking. The website is a mess, the broker is unregulated and their website is full of lies. This so-called broker is nothing but a scammer and it would be in everyone’s best interests to stay away from them.
VortexSignal
Pros
- None
Cons
- Lack of Regulation
- No Trading Platform
- No Trading Conditions Provided
- Limited Payment Methods
- Copy of Other Scam Websites
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.
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