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VincentFX Review - is it scam or safe?

VincentFX review - Is vincentfx.com scam or good forex broker?

RATING: 1.4 / 1 REVIEWS ForexBrokerz VincentFX
VincentFX is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


VincentFX is an offshore broker based in the British Virgin Islands, which offers 50 currency pairs and a number of CFDs on precious metals, commodities and indices, with three account types, leverage as high as 1:500 and the MetaTrader4 platform.

 

Account type Min. deposit Max. leverage Spreads/ Payout
IB Networks Account $10

1:400

2,6 pips
General Account $100 1:200 1,6 pips
Professional Account $1000 1:100 0,6 pips

 

Unfortunately the broker is not regulated, neither by the local financial authorities on the British Virgin Islands, nor by any other official regulator, so if you are considering opening a trading account with them be sure to read this review first.

 

VincentFX Advantages:

 

50 forex pairs and a number of CFDs

 

The choice of trading instruments with VincentFX looks good – 50 currency pairs, many of which minor or exotic like USDCNH, USDSGD, USDHKD, USDTRY, USDMXN, USDDKK, USDTHB, USDPLN, USDZAR, USDNOK and USDSEK, as well as CFDs on 13 indices, platinum, palladium, silver, gold and oil. And broker also says to be offering some crypto currencies, but as we did not see any on their trading platform, here you may check our list of brokers trading with bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Generous leverage

 

On their homepage VincentFX advertises leverage as high as 1:500, while in their account specifications they mention 1:400. In any case, leverage as high as 1:500 is rarely seen these days especially since most regulators throughout the developed world restricted higher margin trading well below 1:100, because of the associated risks. So our advise is to use higher leverage with extra caution as it can easily erase your funds, when the market turns against you.

 

You can open a trading account with just 10 USD

 

And that is inline with the best practices on the market. Just bear in mind that some big and well known brokers like FBS and IG will let you start trading with just 5 USD or even less.

 

MetaTrader4 supported

 

We always welcome the presence of MetaTrader4. It is a reliable and highly functional platform, featuring nearly 100 market indicators and customizable trading robots, with the help of which one can easily run algorithmic trading sessions. And what is more, the MT4 has an excellent set of advanced charting tools, so here you may check as well our list of brokers, supporting the platform:

 

>>MT4 Brokers<<

 

VincentFX Disadvantages:

 

No license

 

VincentFX is run by VincentFX Limited, an offshore company based on the British Virgin Islands. And as we already noted they are not regulated neither by the local  British Virgin Islands Financial Services Commission, nor by any other official regulator.

 

Bear in mind that depositing any funds with a unregulated borer is extremely risky, because you will have to rely entirely on the integrity of the people who run the broker.

 

With properly regulated brokers on the other hand you will not have to worry about the safety of your funds. Well known institutions like the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC) require all supervised brokers to follow strict financial and ethical rules, among which to maintain a certain minimum operational capital – 730 000 EUR for all EU regulated brokers and 1 000 000 AUD for ASIC regulated brokers - to provide clients with a negative balance protection, to keep their money in a segregated, protected form creditors, trust account, to file regular reports, to allow external audits and in some jurisdictions even to insure traders funds.

 

Thus with a FCA regulated broker you will have the protection of a client compensation fund, which will cover up to 85 000 GBP of your account, payable in the unlikely event your broker happens to be insolvent. Here you may check our list of brokers regulated in the UK:

 

>>FCA Regulated Forex Brokers<< 

 

Skrill not accepted as payment method

 

VincentFX says to accept payments with major credit and debit cards like VISA and MasterCard, bank wire and crypto currencies, but not e-wallets like Neteller and Skrill. And the absence of Skrill is notable, because of the new anti- scam policy adopted by the money transfer company a year ago. According it Skrill partners only with regulated brokers, and as we already discussed VincentFX is not a regulated broker. Here you may check our list of brokers accepting payments with Skrill:

 

>>Brokers accepting Skrill<<

 

Unrealistically low spreads

 

VincentFX advertises spreads as low as 0,6 pips with their Professional Account, and this is basically as good as it can get, because the broker should profit from some markup. When we tested their trading platform with a demo account however, the spreads were even lower – floating around 0,2 pips – 0,3 pips, and this is unrealistic as the broker does not seem to take a trading commission. So the issue here is that the demo account is not reflecting the real trading conditions. In any case here you may also check our list of brokers offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Conclusion:

 

Despite the seemingly attractive trading conditions VincentFX is not a broker we can recommend. The reason is obvious – they are not regulated and that significantly lowers their credibility. As usual in such cases we will repeat our general advise to trade only with regulated brokers, licensed and authorized by a well respected institution like the FCA in the UK, CySEC in Cyprus and ASIC in Australia.

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Traders` reviews for VincentFX

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