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VIP Markets Review - is it scam or safe?

VIP Markets Review - is vvipmarkets.com scam or good forex broker?

RATING: 1 / 1 REVIEWS VIP Markets
VIP Markets is an offshore broker. Your money is not safe.

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Accounts & Conditions

 

Account type  Minimum deposit  Maximum leverage Minimum trade size Average Spreads  
Standard N/A 1:200 0.01 4 pips
ECN N/A 1:200 0.01 0.8 pips + $33 per lot 
VIP N/A 1:200 0.01 6.3 pips + rebates
Top Spread N/A 1:200 0.01 0.2 + $10 per lot

 

VIP Markets offers several forex trading account types, all of which offer variable spreads and leverage up to 1:200. Apart from the spreads, the broker does not reveal much information about its trading conditions. The initial investment required by VIP Markets for account opening is not disclosed.

 

Either way, it looks like investing in this broker is a waste of both money and time. An average spread of 4 pips for the EUR/USD pair seems like a joke to anyone who is vaguely acquainted with the forex industry. Spreads on ECN accounts seem ok, but the commission featured is so high that trading costs are even greater than those on the Standard account. We would not even comment the “VIP” spread averaged 6.3 pips on EUR/USD.

 

By comparison, FxChoice offers spreads averaged 1.2 pips on EUR/USD on its commission-free accounts. For further information, you may take a look at the live time spreads of a dozen of major brokers at our dedicated page.

 

The Company. Security of Funds

 

Company

Country

Regulation

VIP Markets Limited

SVG

N/A

 

VIP Markets offers trading in forex, precious metals & oil CFDs, as well as binary options. It looks like the broker is based in Jakarta, Indonesia, but the company behind the brand, VIP Markets limited, is registered offshore, in Saint Vincent and the Grenadines. SVG-based brokerages operate under one of the most liberal financial regulatory regimes.

 

As most of you probably know, little focus is placed on consumer protection and supervision in such offshore zones. As a result, brokerages are free to do whatever they like with the trading platform and the money in your account. So, doing business with offshore brokers is very risky and we do not recommend it.

 

On top of that, two EU financial regulators have issued warnings against it: Belgium’s FSMA and Italy’s CONSOB. We would also advise you not to invest with VIP Markets. is very likely that this broker is a scam.

 

Instead, you can select a reliable and less risky broker with proper licenses from UK’s FCA or ASIC for example. They provide a fairly good level of customer protection and oversight.

 

Trading Platforms

 

VIP Markets says it supports MetaTrader 4 (MT4). We opened a demo account and tried to download it, but it did not work.

 

When you click on the download link on the broker’s home page, you will get a MT5 that looks like it is only connected to a MetaQuotes server and probably has nothing to do with VIP Markets. If you prefer this platform, check out a list of forex brokers, that support the MetaTrader 5 platform.

 

Methods of Payment

 

We could not find any information on the payment methods supported by VIP Markets. Supposedly, it offers at least payments via credit/debit cards and bank wire transfer.

 

Conclusion

 

Overall, it would be better if you do not do business with forex and binary options broker VIP Markets. First off, its spreads are very high. Then, it does not disclose the minimum deposit required, it is not clear whether it offers MT4 or MT5, and most importantly – it is not regulated. Besides, several regulators have advised against investing with VIP Markets. To sum up the above:

                                                                               

Pros

Cons

N/A

Regulated offshore and likely a scam

 

Very high spreads / commission fees

 

Limited information on website

 

No demo accounts?

 

Latest news about VIP Markets
No news about VIP Markets . Check back later.
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Traders` reviews for VIP Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Withdrawal problem

Want come out from VIP markets,but me no let make withdrawal.I very wored.

Irena Grendiene 12/02/2017
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