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Vestle Review - is it scam or safe?

Vestle review - Is vestle.com scam or good forex broker?

RATING: 3.1 / 1 REVIEWS ForexBrokerz Vestle
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Vestle, formerly known as iFOREX, is a CySEC regulated forex and CFD broker, offering over 80 currency pairs, as well as commodities, indices, ETFs and shares on a proprietary web based platform. 

 

Vestle.com is the newest  site of  iFOREX Group, which will serve customer in Europe, with the exception of Hungary, the Czech Republic and Slovakia. 

 

The new site will be activated during July 2018, in two stages. On July 1, Vestle will replace the iFOREX brand in the Netherlands, Germany, Greece and the English-speaking markets. On July 15, it will replace the iFOREX brand in Spain, Poland, Italy and France. Once the change is made, the previous iFOREX.eu site will no longer be available. You can find more details about their trading conditions in the following review.

 

Account type Min. deposit Max. leverage Spreads
Standard Account n/a 1:400 1,9 pips, floating

 

Vestle Advantages:

 

Sound regulation

 

Vestle, formerly known as iFOREX, is the trading name of iCFD Limited, which is part of the iFOREX Group and is regulated by the Cyprus Securities and Exchange Commission (CySEC).

 

Trading with properly regulated brokers is crucial for the safety of any investment and CySEC, along with the Financial Conduct Authority in the UK and the Australian Securities Investment Commission, provides one of the most sound and yet balanced regulatory regimes in the industry. No wonder most legit brokers around the globe hold a license form one of those three institutions.

 

Having to abide by strict fiscal and ethical rules, regulated brokers are obliged to keep all clients money in protected, segregated accounts and in some cases even to insure traders capital. 

 

With the CySEC backed Investor Compensation Fund for example, in case the broker goes under, traders can receive back up to 20 000 EUR of their capital. Similar compensation scheme with FCA in the UK insures up to 50 000 GBP of the invested capital. Here you may check our list of brokers, also licensed by CySEC:

 

>>Forex brokers in Cyprus<<

 

In addition Vestle says they will maintain a Negative Balance Protection policy, which means traders can not loos more money than the sum they have invested.

 

More than 80 currency pairs and various CFDs on commodities, shares and ETFs

 

Vestle offers its clients 82 forex pairs, including some exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubla, Polish Zloty, Norwegian Krona, Mexican Peso, Indian Rupee, Hungarian Forint, Hong Kong Dollar, Danish Krone, Czech Krona and Chinese Yuan. The broker also offers CFDs on commodities like oil and natural gas, spot metals like gold and copper, as well as stocks, ETFs and some 21 indices. With Vestle you can trade even Bitcoin CFD and as trading crypto CFDs is getting more and more popular, here you may check our list of brokers also offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage up to 1:400

 

The maximum leverage allowed with Vestle is up to 1:400 and this is generous enough to accommodate even the most aggressive  trading strategy. And while higher leverage may help investors score reasonable profit with relatively small deposits, have in mind that leverage is a two edged knife – the higher the leverage, the higher the risk of loosing your funds much faster. Professional traders know that well and rarely trade with leverage exceeding 1:100.

 

Vestle Disadvantages: 

 

Spreads somewhat higher than usual

 

The basic EURUSD spread with Vestle floats around 1,9 pips – 2 pips, which in our view is a bit higher than what traders usually expect to see with a standard account. So here you may want to check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

MetaTrader4 not supported

 

Vestle offers its own, specially designed web base trading platform. However, as we were not able to open a demo account, we can not assess the platform. And although Vestle's trading solution might prove to be  user friendly and innovative, still we miss the classic MetaTrader4 – a platform of choice for beginner and professional traders alike, which has dominated the market for the better part of the last decade. 

 

MT4 is light and intuitive, features great charting tools, have around 50 in-build market indicators and supports algorithmic trading sessions with the help of Expert Advisor bots, which, by the way can be easily modified to better fit your trading strategy. Here you may check our list of brokers, offering MetaTrader4: 

 

>>Find other MT4 brokers here<<

 

No information about the minimum deposit requirement.

 

Most brokers usually have some minimum deposit requirement to open an account with them. On average, initially you should invest between 50 USD ans 250 USD, while with some big players like FBS and IG you can start trading with just 5 USD or less.

 

No information about the payment methods

 

With most brokers you can deposit or withdraw funds via all major credit or debit cards, like VISA and MasterCard, e-wallets such as SkrillNeteller and PayPal and a bank wire. Unfortunately there is no information about the payment methods available in the presentation on Vestle's web page. Besides, you may also want to check our list of brokers accepting bitcoin as payment:

 

Conclusion:

 

Vestle is a CySEC regulated broker, part of the iFOREX Group, which has more than 22 years of experience and operates several brands in multiple markets and in more than 20 languages. The broker offers a good variety of currency pairs as well as plenty of CFDs. On the negative side, we should point out that spreads are a bit higher than what we would classify as competitive. Still Vestle is a reliable broker that deserves the trust of the trading community. 

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Traders` reviews for Vestle

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