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VIPTRADE Review - is it scam or safe?

VIPTRADE Review - is viptrade.ge scam or good forex broker?

RATING: 1.9 / 1 REVIEWS ForexBrokerz VIPTRADE
VIPTRADE is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Trading account Min. deposit Max. leverage Spread
Regular  $10 000 1:50 N/A
Premium  $25 000 1:50 N/A
VIP  $50 000 1:50 N/A
VIP+ $100 000 1:50 N/A
Gold  $250 000 1:50 N/A
Platinum  $500 000 1:50 N/A

 

VIPTRADE is a Georgian broker that offers trading on the MetaTrader5 platform, as well as some web-based platform. There are six account types customers can choose from, but the trading conditions are not clearly specified on the broker’s website.

 

Here are our impressions of VIPTRADE, after we made a thorough research on the company and tested its platform. Make sure you read it prior to investing with this broker.

 

 

VIPTRADE Advantages

 

Regulated in Georgia

According to the information on their website, VIPTRADE is a trading name of Trade Holding LLC, a firm regulated by the National Bank of Georgia (NBG) with license N 2-19 / 1292.

 

The NBG indeed has some supervisory functions regarding the banking and non-banking financial sectors in the country, and is also in charge of granting foreign exchange and asset management licenses to brokerage companies.

 

In order to get the license a company should either be locally incorporated or should have a subsidiary, incorporated in the country. Besides, it should also have a minimum capital paid in the amount of at least 500 000 Georgian Lari.

 

Access to MT5, good selection of assets

As was mentioned above, VIPTRADE allows you to access the global financial markets via MetaTrader5 (MT5). The MT5 is the latest edition of the MetaQuotes’ software, and is highly valued for its great charting and analytical tools, support for automated trading via EAs, customization options, as well as for the opportunity it offers for trading in derivatives and exchange-traded stocks from the same account.

 

 

>> Check out the best MT5 brokers <<

 

 

That being said, VIPTRADE offers good selection of assets for trade, including many trading currency pairs, precious metals, indexes, commodities and Bitcoin. This allows for portfolio diversification, which helps manage risk.

 

 

VIPTRADE Disadvantages

 

Looser regulation

Although VIPTRADE is licensed, we should note that the financial markets in Georgia are still in their infancy. The legal environment is most likely better than the ones in some off shore zones, but still slightly looser than that in the European Union members. 

 

Spreads not specified (in English), no demo MT5

VIPTRADE’s website does not mention anything about spreads, at least in its English version, which is quite disturbing. It is possible that the English and the Russian versions are not ready yet. On top of that, the broker does not offer free testing service on its MetaTrader5. We only got an access to some web-based platform, which didn’t impress us. Here is a screenshot:

 

 

VIPTRADE’s web-based platform. Click to zoom in.

 

Another thing that we noticed while testing VIPTRADE’s demo platform is that there weren’t any stock CFDs available for trade. Hopefully, such can be traded on the broker’s MT5, as it was especially designed for exchange-traded stocks.

 

Excessive initial deposit required

To open the most basic account with VIPTRADE, you should invest at least $10 000 and that in our view is excessive. Most forex brokers require an initial investment of $100 - $250 as a start, and some go even lower. For example, leading UK CFDs and spread betting provider IG, has not set any minimum initial deposit requirement.

 

Conservative leverage

While most brokers who aren’t restricted by the regulatory framework usually provide generous leverage ratios, VIPTRADE offers leverage up to 1:50. Some traders enjoy using higher leverage ratios and will certainly be disappointed.

 

 

Conclusion

 

VIPTRADE is a Georgian broker that seems to target mainly local investors. Overall, it has left us with mixed feelings. While the brokerage supports the industry leading MetaTrader5, it is not available for free testing, and the spreads aren’t specified in the English version of the website.

 

Yet, VIPTRADE is licensed by the National Bank of Georgia, which is better than a registration in some offshore zone. That being said, there are other far more reliable financial regulators, such as ASIC in Australia or CySEC in Europe. If you would rather do business with brokerages licensed by trustworthy governmantal agency, check out the link below:

 

 

>> Trade with a CySEC-regulated broker <<

 

 

 

Here are the highlights of our review of this broker:

 

Pros Cons
Licensed in Georgia Looser regulation
Access to MT5, good selection of assets Trading conditions nit specified (in English)
  Excessive initial deposit required

 

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Traders` reviews for VIPTRADE

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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