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Vtgfx Review - is it scam or safe?

Vtgfx Review - Is vtgfx.com scam or good forex broker?

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

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Vtgfx is a Seychelles based, forex and CFD broker, offering generous leverage on the MetaTrader4 platform and a support in 12 languages. If you are about to open an account with them however, be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $100 1:500  1,7 pips, floating
Vip Account n/a 1:500  1,4 pips, floating

 

Vtgfx Advantages:

 

Plenty of trading instruments

 

Vtgfx offers more than 50 forex pairs, including exotic currencies such as Singapore Dollar, Hong Kong Dollar, South African Rand, Chinese Yuan, Danish Krone, Swedish Krone, Norwegian Krone, Polish Zloti, Hungarian Forint, Mexican Peso, Turkish Lira and  Russian Rubla. The broker also offers CFDs on gold, silver, oil, indices and commodities. However no CFDs on crypto currencies are available. Here you can check our list of brokers offering CFDs on Bitcoin and other crypto currencies:

 

>>Bitcoin Forex Brokers<<

 

Various payment methods

 

With Vtgfx you can deposit or withdraw funds by VISA, MasterCard, Neteller, Skrill, Fasapay, wire transfer, UnionPay and OKPay. We are missing only PayPal from the major e-wallets so here you may check our list of brokers, offering PayPal as a payment method:

 

>>PayPal Forex Brokers<<

 

The minimum deposit is 100 USD

 

You can open a Standard Account with Vtgfx with just 100USD. However there is no information on the website of the broker about the minimum deposit to open a Vip Account. Keep in mind that with some brokers like FXTM and XM you can open an account with just 5 USD.

 

Minimum trading size is 0,01 lot

 

With both the Standard and the Vip Account you can trade with just 0,01 lot or 1000 base currency units. Still, you may want to check our list of brokers also offering micro accounts with a minimum trading size of 0,01 lot. Here you can check our list of brokers, offering a micro account:

 

>>Micro Account Forex Brokers<<

  

MetaTrader4 available

 

Vtgfx offers the MetaTrader4 platform for PC, Android and Apple, supporting mobile versions for tablets and smartphones. The platform features great charting tools to analyze market data. Its most popular feature however is the automated trading option, allowing traders to create their own indicators and trading bots on a specially designed scripting language – the MQL4. Here you can check our list of brokers, also offering MetaTrader4:

 

>>Find other MT4 brokers here<<

 

Customer support in 12 languages

 

Vtgfx supports its website in English, Chinese, Italian, Polish, Deutsch, Russian, French, Greek, Hungarian, Arabic, Spanish and Turkish language.

 

Vtgfx Disadvantages:

 

Misleading information about the license status of the broker

 

Vtgfx.com is represented by “Victory Trade Group limied” (yes – limited without “t”), based on the Seychelles and another company - “Ttcm Traders Trust Capital Markets LTD”.

 

Vtgfx says it is regulated, but when you open the “Regulation and License” section of their website you see a long list of license certificates, all of which issued to Trading Point of Financial Instruments Ltd – a finance company that to our best knowledge does not have any relation to Victory Trade Group.

 

 

 

The above mentioned certificates are issued by respected regulatory authorities, such as the Cyprus Securities and Exchange Commission in Cyprus (CySEC) and the Australian Securities and Investment Commission (ASIC), but they belong solely to Trading Point of Financial Instruments Ltd.

 

On the other hand while “Ttcm Traders Trust Capital Markets LTD” is truly regulated by CySec, we do not find vtgfx.com in the list of the approved domain names by the regulator. That means Vtgfx.com is not among the brokers, regulated under the “Ttcm Traders Trust Capital Markets LTD” license.

 

 

All of the above makes highly suspicious about who really operates Vtgfx.com. Investing your money with unregulated brokers has always involved a significant risk as such companies are not legally bound by any fiscal or ethical code. 

 

Regulated by CySEC,  ASIC or the Financial Conduct Authority (FCA) in the UK brokers on the other hand have to be very transparent with all transactions, involving clients money. They have to keep all clients funds in a segregated, trust account and to abide by strict financial discipline.

 

CySEC and FCA brokers for instance have to keep at all times a minimum operational capital in the amount of 730 000 EUR. Also they are obliged to participate in investors' money insurance schemes, under which traders can receive back up to 50 000 GBP with FCA brokers and up to 20 000 EUR with CySE brokers, in case the financial intermediary goes insolvent. Here you can check our list of brokers with license from the FCA:

 

>>Find FCA regulated Brokers here<<

 

Non functioning Demo account, spreads higher than expected

 

As advertised on the Vtgfx website with the Standard Account spreads start at 1,7 pips, with no commission taken, while for the Vip Account the minimum spread is set at 1,4 pips. Both the accounts offer flexible spreads. However we were not able to test the trading conditions as the Demo account option was currently down. The advertised  spreads are a little higher than what traders usually expect to see with a standard account. Here you can check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Misleading information on the maximum leverage

 

As advertised on its main page the maximum leverage with Vtgfx is 1:500. From the “Leverage and Margin” section of the website however we learn that the maximum leverage is 1:888 and that is a bit confusing for the potential customers.

 

 

Here you can check our list of brokers, offering leverage of 1:500 and above:

 

>> Brokers offering at least 1:500 in leverage <<

 

Conclusion:

 

Vtgfx is an unregulated, offshore broker with very limited credibility having in mind the extent to which they had gone to convince us they are somehow licensed by a trusted regulator. In addition spreads are far from impressive.

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Traders` reviews for Vtgfx

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