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Forex VCB Review - is it scam or safe?

Forex VCB review - Is vcbfx.com scam or good forex broker?

RATING: 1 / 0 REVIEWS Forex VCB
Forex VCB is an offshore broker. Your money is not safe.

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Forex VCB claims to be the best forex, CFD and binary options broker in Asia, offering leverage as high as 1:1000 on the MetaTrader4 platform. Their website is completely anonymous and the information provided is quite confusing. Needles to say Forex VCB is not regulated.

 

Account type Min. deposit Max. leverage Spreads
Classic Account $500 1:1000 n/a

 

Forex VCB Advantages

 

Leverage as high as 1:1000

 

Leverage as high as 1:1000 as offered by Forex VCB is rarely seen those days after the European Securities and Markets Authority (ESMA) caped the maximum leverage allowed with forex transactions in Europe last August, following similar restrictions imposed by regulators in the US, Canada and Japan. The reason – higher leverage means higher risk for the retail investors. Still, if you like the idea of high margin trading you can always check our list of brokers regulated in Australia – the only major regulatory hub, where higher leverage remains unrestricted:

 

>>Brokers regulated in Australia<<

 

Various payment methods

 

Forex VCB says to be accepting payments with major credit or debit cards like MasterCard and VISA, bank wire, Skrill and crypto coins like Bitcoin and Ethereum. Beside, here you may also check our list of brokers accepting bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

Forex VCB Disadvantages:

 

Anonymous website, no license 

 

Forex VCB says to be owned and operated by VCB GROUP LTD, which is supposedly base in London, UK. We were not able to confirm this and what is more, even if such company is trying to offer financial services in the UK and elsewhere – the website has a Vietnamese version – it is not regulated and authorized by the Financial Conduct Authority (FCA) as all financial companies in the UK should be.

 

As a rule investing with unregulated brokers or websites is a recipe for a scam, because they are completely unaccountable for the way they handle your money.

 

Trading with properly regulated brokers on the other hand is safe because of the strict oversight.

 

We may suggest that you choose only among brokers regulated by well respected institutions such as the Financial Conduct Authority in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).

 

Besides with a CySEC broker your funds will be insured for up to 20 000 EUR, while with brokers, regulated by FCA your insurance will cover up to 50 000 GBP. So here you may also check our list of FCA regulated brokers as well:

 

>>FCA Regulated Forex Brokers<<

 

Trading bonuses with unspecified withdraw conditions

 

Bear in mind that trading bonuses are banned in Europe and on many other regulated markets. The practice has always been highly controversial because all trading bonuses are always linked to additional withdraw conditions, usually a minimum trade volume requirement. In the case of Forex VCB somehow they have missed to tell their clients how many lots exactly have to be traded, before the bonus and the profits on the account will be available for withdraw. See for yourself:

 

 

MetaTrader4 not available

 

Forex VCB says to be offering the MetaTrader4 – the most widely used  trading platform on the market for the past 10 years or so. When we tried to download the platform from their website, unfortunately the link was dead, so we were not able to taste their trading conditions. 

 

Otherwise  MetaTrader4 is equipped with nearly 100 market indicators and customizable trading robots  with which you may run automated trading sessions. Besides, the charting package is also excellent, so here you may take a look at our list of brokers, which do support the MT4:

 

 >>MT4 Brokers<<

 

Website under construction

 

Forex VCB website is actually under construction – for instance, there is a section with photos of happy traders and their comments. The names of the supposed traders as you may see are the same and the text of their comments is a standard placeholder text, commonly used to demonstrate the visual form of a document without relying on meaningful content:

 

 

Similar is the case with the displayed quotes of EURUSD, USDJPY, GBPUSD and Bitocin. Besides, the spread that is shown is as high as 100 pips, which is obviously absurd:

 

 

Excessive minimum deposit requirement

 

Forex VCB asks for at least 500 USD for a trading account and that is excessive as most brokers require about 250 USD, while some big names like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

Our advise is never to deposit funds with unregulated brokers in general and even more so with anonymous websites like Forex VCB, because this is how people get usually scammed. Instead, trade only with brokers holding legit licenses by respectable institution such as the FCA in the UK, CySEC in Cyprus or ASIC in Australia.

Latest news about Forex VCB
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Traders` reviews for Forex VCB

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