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VirtueForex Review - is it scam or safe?

VirtueForex Review- is virtueforex.com scam or good forex broker?

RATING: 1.2 / 0 REVIEWS
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Trading Accounts and Conditions

  

Account type Minimum deposit inimum trade size Maximum leverage Average Spreads  
Standard $10 000 0.01 1:500  1.7 pips

 

We could not find information about different account types on VirtueForex’ website, so we assume there is a single commission-free trading account type available to its clients. It provides variable spreads, the option to trade in micro lots and high leverage levels, reaching 1:500. Additionally, PAMM accounts are available to money managers.

 

When we tried out VirtueForex’s MT4 in demo mode and found out that the spread for the EUR/USD pair amounts to around 1.7 pips on average, which is far from being competitive. The best forex brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD and most of them are licensed by reputable financial agencies, while VirtueForex is not regulated. Yet another big disadvantage of this broker is the high initial deposit it requires - $10 000. Who would invest that much in a broker operating without a valid license, when you can open an account with major brokerages such as IG and CMC Markets (both licensed in numerous jurisdictions) with just a couple of dollars?

 

The Company. Security of Funds

 

Company

Country

Regulation

Virtue Technology Group Limited / Virtue Technology Inc.

UK / Panama

N/A

 

Founded in 2015, VirtueForex is a forex broker that offers online trading in more than 40 currency pairs and precious metals through the MetaTrader 4 (MT4) platform. According to the information on its website, it focuses on European & Asian markets. There are two companies behind the brand – UK-based Virtue Technology Group Limited, and Virtue Technology Inc., headquartered in Panama. None of this companies holds a forex brokerage license, so you’d better not risk 10 hundred bucks with this broker.

 

Doing business with offshore or non-regulated brokerages involves many risks and traders should be aware of that. That is why we generally advise our readers to select a forex broker licensed in Cyprus, UK, or Australia for instance, where retail customers have certain level of protection.

 

Trading Platforms

 

VirtueForex offers its customers the good old MetaTrader 4 (MT4), desktop and mobile versions available.

 

MT4 is still the preferred choice of most traders, despite the efforts of its developer MetaQuotes to make its successor, the MetaTrader5 more popular. Reliable and easy to use, the MT4 offers traders a full set of professional tools: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs).

 

 

VirtueForex's MT4. Click to zoom in.

 

Methods of Payment

 

Clients of VirtueForex can make deposits to and withdrawals from their accounts via credit/debit cards, and bank wire transfer.

 

The broker says that it does not charge additional fees for deposits, however, withdrawals are charged $35 per transaction.

 

Conclusion

 

VirtueForex is one of the many unregulated forex brokerages that support the MT4 platform. While writing this review, we could not find many advantages of this broker, quite the opposite, actually -  it requires very high initial investment, its spreads are above the average, and besides, it charges commission fees on withdrawals. To sum up the above:

 

Pros

Cons

MT4 available

Not regulated

NDD environment

High spreads

 

High initial deposit required

 

No CFDs on indices & stocks

 

Withdrawal fees ($35 per transaction)

                                

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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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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

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Cons

 

 

Summary

Pros

Cons

 

 

Traders` reviews for VirtueForex

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