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VGXTrade (Vgxtrade.com) is a dubious CFDs and Crypto Currency scam which is ripping investors into pieces. VGX Trade is instigating to be a world’s premier CFD trading platform. With such claims and a lot of negative feedback, we had to investigate. Most platforms are filled with impostors who are simply trying to steal funds from users. And VGX TRADE is one of them. Read this detailed and honest VGXTRADE Review.
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After receiving hundreds of email complains from members who were scammed, we decided to investigate. What makes a broker be classified as a scam? There are many points to consider when it comes to how a broker operates their platform. A broker must be fully licensed and registered by a regulatory body. A broker must also show transparency in their method of operation. With so many negative comments, we had to check the legitimacy of this broker.
VGXTrade is offering insane claims and promises in order to lure investors to sign up. They claim to be a trusted Captain who will help navigate the financial markets. These are simply sales tactics meant to entice newbie investors and traders to sign up. Such empty claims are some of their tricks used to trap victims. Scammers also create a compelling website which looks legit at first glance. Thanks to years of experience, we know how to spot a scam from a mile away.
What we found odd with this broker is how hard it is to find any details regarding ownership. Homepage claims this broker is operated and run by VERITAS. VERITAS is a leader in data protection and has no knowledge their name is being used to scam investors. Most scam artists use names of recognized companies to claim affiliation. And this is one of the many red flags we found with this broker. Who is the actual owner of this platform? Where are they located?
Looking at their homepage, its clear there’s no details regarding the actual owners. In other words, we are dealing with an unlicensed broker who lacks the required pedigree. Anyone who signs up and invests money is dealing with an unknown third party. For all we know, these could be scammers who are based in the Caribbean. Lack of proper identification makes this broker totally anonymous. And this is a huge red flag for us. There’s no telling what this broker might do next.
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Another red flag we spotted with this broker is lack of proper license. What this means is investors are dealing with an unlicensed entity. Make sure to stay away from any broker who lacks proper documentations. VGXTrade is operating a Forex brokerage platform with no license or regulation. And this is a clear offense which must be investigated. Signing up is being an accessory to online fraud. Stay away!
Why have they failed to show users the real reason why they lack a proper license? With such claims, it’s clear we are dealing with a broker who is out to cause more damage than good. Anyone who deposits should know they are filling the pockets of an unknown entity. Stay alert!
What these scammers have done with their demo account is scary to say the least. These scam artists have rigged their own demo account. A rigged demo account produces insane profit margins which are not realistic. Make sure to stay ahead of the pack and sign up with industry backed Forex brokers. With authentic Forex brokers, users are bound to make realistic profit margins. Having credible and reliable brokers is a big bonus especially to newbie investors and traders.
How can their demo account be making over 98% successful trades? Ask any professional trader, no product or expert can make this high profit margins. Markets are always volatile and prices change no matter how the day starts. It’s clear we are dealing with a professional scam outfit out to cause malice. Investors are led to believe they can achieve the same results with a real account.
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How can a broker who claims to have an advanced platform lack proper communication channels? And this is another red flag which we must expose. Users might be thinking this is not a real problem, but it’s a huge problem. Why does this broker fail to offer a one on one communication channel? They prefer users to send them emails. What’s wrong with sending emails to an anonymous broker?
VGXTrade is hoping to be the one who replies emails at their own convenience. If a user sends them an email asking for help to open an account, they quickly respond. When users ask for withdrawals, this broker will never respond. And this has been the main problem most users have been facing. Make sure to stay away from any broker whose communication lines are one way only.
Depositing funds to an anonymous entity is like committing suicide. Most of the members we have talked to have never heard from this broker months after depositing funds. How can funds be safe from a broker who fails to encrypt their own website? Looking closely at their website, it lacks SSL Encryption.
When it comes to segregation of accounts, this is not the case. It means VGXTrade is pooling funds in one single account which is extremely dangerous. In case of bankruptcy or insolvency, all funds will be lost. And this is what makes trading VGXTrade a problem. There’s no guarantee your funds will ever be safe. Hackers can easily steal funds from the site as there’s no SSL encryption. Compensation is out of the question as VGXTrade does not insure funds as expected.
After going through the evidence, we can safely and strongly say VGXTrade is a scam. Warn your friends and family from signing up with this broker at once. In case you receive any emails with links, don’t click on them. Hackers are using these links to gain access to your personal files. It’s high time to stay away from online platforms who share the same characteristics.
Stay away from VGXTrade. We don’t recommend anyone from signing up with this broker. Make sure to leave your comments below for any assistance on the right products.
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5 Replies to “VGXTrade Review: Vgxtrade.com Brutal Forex Scam”
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You’re right. It’s a scam. I was invited for a business talk by this company called Pareto SG Pte Ltd, and their traders claimed that they have some sort of private arrangement with VGX/Veritas as their private broker. Long story short, I invested USD2000, and when i wanted to withdraw my cash, they stopped me from withdrawing, and told me that there was actually a lock in period for half a year.
Half a year?! They could have ran off with my money, for all i know.
It’s a shady business, and not regulated by MAS. I would not recommend Pareto nor VGX/Veritas.
Hi Christine, I am a fellow investor of Pareto and also attended the Talk as well, about 5 months ago.
First of all, if you claim that you have attended the talk and invested thereafter, how can you not be made known of the 6 months lock in period? It is stated very clearly during the talk, as well as from the managers who work at Pareto.
Next, they also state very clearly in layman terms that profits can be withdrawn at any time, and this does not apply to your capital else there will be a early withdrawal penalty.
Your comment is simply lacking of any concrete evidence and substance, I wont go on and call you a Shill from other competitors but the way you have left the comment above has simply given yourself away.
I went for their talk, they say vgxtrade is based in BVI. Another red flag.
It is obvious that Pareto is also vgx. Claims of Independence are bullsh#$t. Accounts are rigged to show profit but the only profit is new investors money. In other words, it’s likely a big Ponzi scheme
Forex trading firm Pareto under investigation for investment scheme breaches; directors arrested.