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VIP.Markets Review - is it scam or safe?

VIP.Markets Review - is vipmarkets.net scam or good forex brker?

RATING: 1 / 2 REVIEWS ForexBrokerz 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 Spreads  
Standard N/A 1:200 0.01 4.1 pips, fixed

 

Apart from the Standard account, there are several premium account types at VIP Markets - Premium, VIP, and Diamond. We have not included them in the table above, as key trading conditions such as minimum investment required, spreads and leverage are not indicated on the broker’s website. Otherwise, those premium accounts are supposed to provide some extra features, such as account manager, free withdrawals, etc.

 

VIP Markets Advantages

 

Many different financial available for trade

On VIP Markets’ platform one can trade in currency pairs, CFDs on commodities, indices, precious metals, stocks, ETFs and wide range of cryprocurrency pairs. In addition, it also offers binary options. 

 

Relatively nice web-based platform

VIP Markets offers its clients a web-based trading platform that is simple and user-friendly. Users can easily switch from forex to binary options trading mode. Here is a preview:

 

 VIP Markets' web proprietary platform. Click on the image for a larger view.

 

Besides, you can switch to an advanced interface with graphics provided by trading view.

 

VIP Markets Disadvantages

 

Poor presentation

On its website, VIP Markets provides a contact tel. number in the UK, and that’s it. We could not find any information about the company operating the brand, nor about key trading conditions, such as spreads, leverage, minimum initial deposit, minimum initial deposit set, etc. This immediately raises a huge red flag regarding this brokerage.

 

Not regulated and likely a scam

Generally, the most important thing about a forex broker is reliability. No matter what are the spreads offered by a given company, first and foremost it must be licensed by a trustworthy regulator. Obviously that is not the case with VIP Markets, and there are many things about this broker that make us extremely suspicious.

 

MT4 platform not available

VIP Markets offers only its web-based platform and does not support the popular MetaTrader 4, which we always consider as a disadvantage. Most professional traders are used to it and love it for its great charting, numerous technical analysis indicators, Expert advisers and so on. Beginner traders, on the other hand, quickly and easily find their way around the MT4.

 

>>Top MT4 brokers<<

 

High fixed spreads 

As we have mentioned, VIP Markets does not disclose its spreads publicly on the website. Probably because they are too wide. We registered a demo account with this broker and found out that its spreads are fixed at 4.1 pips on EUR/USD, which is double the size of what most fixed-spread brokers offer. By comparison, Cypriot brokerage easyMarkets offers spreads fixed at 1 pips for this pair.

 

>>Compare the spreads of the best brokers<<

 

Conclusion

 

This broker belongs to the new type of companies that offer trading in forex and binary options on a single platform. In this review focused on the forex trading aspect of VIP Markets and actually found very few strong sides of it: the extensive product portfolio and the relatively nice proprietary platform offered by the broker.

 

On the other hand, the weak sides of VIP Markets are more and not to be overlooked. First of all, the broker discloses very limited information about the trading conditions on its website, and none at all about the company owning and operating the brokerage brand. It looks like the broker is based in UK, but it is not regulated by the Financial Conduct Authority, nor by any other governmental agency. We suspect that this is another website of this broker with the same name, against whom several EU financial regulators have issued warnings (Belgium’s FSMA and Italy’s CONSOB). That is why we would also advise you to stay away from VIP Markets, as it is very likely that this broker is a scam.

 

Besides, its offering of spread fixed at 4.1 pips for the EUR/USD pair seems like a joke to anyone who has the slightest idea about forex. So, you’d better select among reliable and well-established brokers that are properly licensed. Say, by UK’s FCA, which applies some of the strictest requirements to forex brokerages worldwide.

 

>>Brokers regulated by the FCA <<

 

To sum up the above:

                                                                               

Pros

Cons

Extensive product portfolio

Limited information on website (on company, trading conditions, etc.)

 

Very wide fixed spreads

 

Not licensed and likely a scam

 

MT4 not supported

 

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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

I have invested with this broker and did a withdrawal request 3 months ago but i am still waiting for it

Philangezwi Nyoka 04/26/2018

Не выводят деньги

Финотдел жулики требует оплатить страховку суммы на вывод а также 10 проц комиссии с полной суммы. И все через банк а не карту. Интересуюсь где гарантия что вывод будет произведён и почему вы не предупреждаете об этом. Короче заблокировала я свой счёт поменяла пароль и все

Людмила 02/14/2018
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