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VennFX Review - is it scam or safe?

VennFX review - Is vennfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz VennFX
VennFX is an offshore broker. Your money is not safe.

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VennFX is a forex and CFD broker that says to be based in Belgrade, Serbia. They offer several account types with leverage as high as 1:500 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads

Rebate Account

n/a 1:500 1 pip

Scalper Account

n/a 1:500 n/a

Islamic Account

n/a 1:500 n/a

MAM Account

n/a 1:500 n/a

 

Unfortunately there are a number of problems with the broker, the most significant of which is the fact that they claim to be regulated, while they are not. So if you are considering to deposit your funds with them better read the following review.

 

VennFX Advantages:

 

Diverse selection of trading instruments

 

VennFX offers some 41 forex pairs, a number of which minor or exotic like USDPLN, USDDKK, USDSEK, USDNOK, USDZAR, USDMXN, USDSGD and USDTRY, as well as CFDs on silver, gold, platinum and palladium, oil and natural gas, 7 indices and 10 crypto coins - Bitcoin, Etherium, Litecoin, Dash, Ripple, Iota, EOS, Monero, Zcash and NEO. Still, if you do like the idea of trading crypto assets, you may also check our list of brokers offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 1:500

 

Currently leverage as high as 1:500 is offered only by unregulated, offshore brokers and brokers in countries like New Zealand and South Africa. Otherwise the regulatory authorities in the European Union, the U.S., Canada, Japan and now even Australia have already restricted the maximum leverage allowed with forex and CFD transactions at levels well under 1:100. The rationale is that higher leverage greatly increases the investment risks.

 

Attractive spreads 

 

As tested with a demo account the benchmark EURUSD spread floated around 1 pip and that looks fine with a standard account. Still here you may also check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 supported

 

We are always pleased to see MetaTrader4 – by far the most widely used trading platform on the market.

 

 

The platform has many advantages, among which the numerous customizable market indicators and trading robots with the help of which one can easily run automated trading sessions. Also MT4 offers an advanced set of charting tools, which is yet another reason for you to check our list of brokers supporting the platform as well:

 

>>MT4 Brokers<<

 

VennFX Disadvantages:

 

No license, falsely claims to be regulated in Belize

 

VennFX says to be authorized and regulated by the International Financial Services Commission (IFSC) in Belize, but our research revealed that this is not true. Neither the broker nor the company behind it - Venn Trading Ltd. can be found in the registers of the Commission. 

 

Furthermore, because the broker says to be headquartered in Belgrade, Serbia – at lest that is what is shown on their contact map, we decided to check the registers of the local Serbian Securities and Exchange Commission (SEC) as well. Unfortunately VennFX and Venn Trading Ltd. were not to be found there either. 

 

So basically here we are talking about a unregulated broker, which is more or less anonymous (we are not sure where Venn Trading Ltd. is actually incorporated), and which is trying deliberately to mislead potential customers, that they are regulated, in an apparent attempt to scam them.

 

Our best advise in such cases is always to double check any information a broker might publish on its website and to deal only with properly licensed companies, authorized by well known institutions like the the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or let say the Cyprus Securities and Exchange Commission (CySEC).

 

Here you may check our list of brokers regulated in the UK, where you will even get an additional protection by a client compensation fund, covering the first 85 000 GBP in your account:

 

>>FCA Regulated Forex Brokers<< 

 

Client Agreement missing

 

No where on VennFX website were we able to find their Terms and Conditions or Clien Agreement – a key legal document that defines the contractual relations between the broker and the trader. But if you proceed to open a trading account with VennFX you will still have to agree with their conditions, basically without knowing what you actually agree with.

 

VennFX accepts payments only with wire transfer

 

Apparently the only payment method accepted by VennFX is a bank wire transfer. No credit or debit card like VISA and MasterCard are accepted, neither e-wallets like Neteller and Skrill. Actually the absence of Skrill is notable, because of the new anti scam policy of the money transfer company, according which Skrill partners only with licensed brokers. As we already noted VennFX is not a licensed broker.

 

No information about the minimum deposit requirement

 

Just have in mind that most brokers will ask you to deposit about 250 USD, while some big well established companies like FBS and IG will let you start trading with just 5 USD and even less.

 

Conclusion:

 

To start with VennFX deliberately tries to mislead its customers that they are a regulated broker, while in reality they are not. This significantly lowers the reputation of the broker as basically this is what scammers usually do. So our advise again is to chose only among legit brokers properly regulated by the FCA in the UK, CySEC in Cyprus or ASIC in Australia – by far the three most popular regulatory hubs in the industry.

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Traders` reviews for VennFX

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Price feed

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