VennFX (Vennfx.com) is another brutal CFDs, Crypto Currency and Forex broker scam to hit the lucrative trading world. Venn FX is purporting to offer users a lifetime of commitment to anyone who signs up. Are these claims true or are they another well laid trap? Most members are crying foul after signing up with this broker. What is happening with this broker? Read this detailed VENNFX review for more information.
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After receiving numerous email complaints from users, we knew trouble was brewing. Over twenty members are crying for lack of access to their accounts. These scam artists have either blocked or closed accounts with huge trading balance still available. Only professional scam artists have this reputation of blocking live accounts. Why do investors sign up with lousy and unproven brokers? To sum it all up, they don’t conduct a thorough investigation when signing up.
Thanks to our years of trading experience, we know how to spot a scam from a mile away. Professional scam artists will create a visually compelling website for investors to fall for. VennFX is doing the same with images of what looks like traders working. If you look closely at the banner, one can easily see the Venn FX logo has been inserted. Clearly, this is not the original picture. Scam artists will do or say anything to make their products appear legit to an untrained eye.
According to the map on their homepage, this broker is apparently based in Serbia. Is this claim true? VennFX is trying to make it appear to be based in the European zone. Why have they failed to give viable physical address? What these scam artists have done is simply use Google Map to try and disclose their location. Looking at their website, there’s no evidence of them being based in Serbia. Venn FX is clearly a scam platform out to steal funds from anyone who signs up with them.
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Why have they failed to give us names of the founding members? Have you noticed there’s no actual name of people running this website? These are telling signs we are dealing with a professional scam outfit. Whoever signs up with Venn FX should expect nothing but a shoddy platform. These are brokers who are simply based offshore. Offshore brokers are known for breaking set regulations and rules. Lack of proper identity makes Venn FX an anonymous online investment platform. Stay away from any anonymous entity for security reasons.
To be licensed in Europe, you have to pass strict tests and standards which clearly VennFX is not meeting. VennFX is not authorized to offer any trading products or services as they don’t meet set standards. To find out their licensing status, we reached out to known regulatory institutions. These institutions include ASIC, COSNOB, CySEC, FCA, FSA, and NFA. None of these regulatory bodies has ever heard of Venn FX. And this is proof we are dealing with an unlicensed entity.
Why have they failed to post any details regarding their licensing status? A real broker will post copies of their registration as well as license number. By posting these details, brokers show authenticity as well as transparency. Lack of these vital documents is proof we are dealing with an illicit online trading platform. Trying to recover funds from such brokers has turned out to be next to impossible. Make sure to sign up with brokers who are dully licensed and regulated using proper channels.
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What we noticed off with their demo account was how it made over 98% successful trades. Certainly, this is not possible in any trading market. A demo account uses virtual money which is not real. Newbie traders are urged to try out the demo account and get to know what to expect. These scam artists have rigged their demo account to produce insane profit margins. Once users see they are making huge profits with their demo account, next step is to open a real account.
These scam artists have perfected the art of enticing users to sign up. Most users open real accounts with this broker hoping to mirror on demo account. Any broker who promises over 90% wins is obviously lying. Market prices are always volatile and change abruptly without warning due to unforeseen circumstances.
Another problem we noticed with this broker is having just one method of funding accounts. Users fund accounts by bank wire transfer which is hard to trace. These scam artists have ensured you can deposit with them and not recover your funds. Another perturbing issue with VennFX is lack of withdrawals. No member has been able to withdraw funds with this broker. And this is where we draw the line and conclude VennFX is nothing but a shoddy broker out to cause malice.
By professing to have MT4 trading platform, one would think the coast is clear. Sadly, we tried downloading their platform on various devices. Download stalled and set up did not complete at around 15%. What this means is we are dealing with a highly unstable platform with no proper security features. Lack of SSL encryption is proof hackers can easily target this platform for credit card information. Make sure to stay away from this broker or else become their next victim.
How can funds be safe from a broker who is anonymous? Did you know this platform lacks DDoS protection layer? When transferring funds from your bank account, third parties can gain access to your funds. Where do they bank money deposited by members? Is it possible users are depositing funds straight to owner’s bank account? Venn FX is nothing but a shoddy broker with no trading validity.
Another unsettling issue we found is in regards to segregation of accounts. VennFX is merging assets in one account which can lead to funds being lost. Creditors may come calling and demand payment using this account. When this happens, users will have to lose all their assets. Sadly, this broker does not insure funds and compensation should be thrown out of the window. Now you know what type of a broker VennFX is.
Evidence clearly points out we are dealing with a scam. VennFX is a scam which is ripping off anyone who signs up and deposits funds.
Adding this broker to our scam blacklist will aid in protecting our readers. Stay away from this broker or any other who share similar characteristics.
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Wishing all traders a successful trading experience.
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