The website of VIP Global Markets looks polished but the content is suspicious. Thus, we decide to check the broker’s legal status.
It turns out that our doubts had grounds; VIP Global Markets is unambiguously a scammer and you’re about to read a complete analysis of this broker’s legal background, trading platform, funding methods, and more. It’s all here in the VIP Global Markets Review.
We did not find any information about VIP Global Markets’ regulation, trading license, registration number, or company name because the phony broker failed to provide it in the legal documentation.
The financial swindler did leave an address in the Terms and Conditions. Allegedly, this entity is based in Belgium. Naturally, we checked the database of Belgium’s regulator, the FSMA, but didn’t find VIP Global Markets there.
And since the FSMA implements the regulatory rules and laws of the European Securities and Markets Authority (ESMA), which pertain to all brokers operating in the EEA zone, it’s clear that VIP Global Markets does not comply with the law.
We recommend you find a legitimate broker with a Tier 1 trading license, issued by the likes of the FCA, ESMA, ASIC, CFTC, MAS, IIROC, etc.
It implies that VIP Global Markets was illegally providing services to Canadian traders. Reports and complaints probably prompted the CSA to react and issue a warning.
Most anonymous scammers try to infiltrate domains with tight regulations and unforgiving financial market watchdogs. VIP Global Markets is no different; here’s a list of countries where the broker found victims:
VIP Global Markets used its fake Belgian identity to deceive traders. No regulator from these five domains would allow such a fraudster to run its crooked scheme. The CSA is the only one to issue a warning so far.
If you scroll down to the bottom of VIP Global Markets’ website, you’ll see links to the broker’s Twitter, Facebook and LinkedIn pages. It seems that this fraud is all over social media.
Unfortunately, VIP Global Markets managed to scam several unsuspecting traders. On various trading forums, we found complaints against the broker.
Withdrawal issues are a common theme in the complaints. The unscrupulous broker even demanded that traders pay a fee in advance before withdrawals, which is illegal.
Opened trading account around 3 month ago, and deposited around 40k usd. Since then I have made a profit of around 25k usd. The company blocked my account without proper explanation. They dont allow me to withdraw my profit…
The trading platform that VIP Global Markets allegedly offers is MetaTrader 4. Unless you’re absolutely new to trading, you’ve surely heard or read about this amazing trading software.
MT4 was designed by MetaQuotes and released in 2005. Since then, it has been setting the standard in the trading industry in terms of what a top-notch platform should offer. MT4 offers the trader cutting-edge tools such as automated trading, multiple timeframes, instant execution, etc.
VIP Global Markets offers a desktop version of MT4 as well as a mobile trading app for Android and iOS systems.
However, even an outstanding platform such as MT4 cannot compensate for the broker’s illicit status and lack of a trading license. Some sources even suggest that this fraudster offers only a web-based platform.
Here’s an overview of VIP Global Markets’ available trading instruments:
VIP Global Markets actually offers decent and competitive spreads. For the benchmark EUR/USD pair, the broker’s spread starts from 0.7 pips.
Regardless of the favorable spreads, we don’t recommend trading with this broker simply because of its unregulated status. As for the commissions, VIP Global Markets charges “0 Commission for 1 million USD trading volume.”
When it comes to different trading accounts, VIP Global Markets offers the following:
A minimum deposit of 250 $ is not unusual but in this case, it’s too much to risk considering that VIP Global Markets has scammed many traders.
The maximum leverage that the broker offers is 1:400. Here you see that VIP Global Markets cannot possibly be a legit Belgian broker. The leverage cap imposed by ESMA, which also applies to Belgium, is 1:30 for retail clients.
Trading with super-high leverage is a double-edged sword. Your trades can go either way but chances are, you’ll lose big and won’t be able to recover.
Did you think you’d be able to test things out on a risk-free demo account? Bad news, VIP Global Markets does not offer one.
Then again, we didn’t expect a demo account from a fraudulent broker such as VIP Global Markets. All legit brokers offer a free demo account.
VIP Global Markets accepts payments via two traditional methods:
We read VIP Global Markets’ withdrawal policy and it’s terrible. The broker offers bonuses but with strings attached. Namely, clients have to achieve an insane trading volume before becoming eligible to request a withdrawal.
According to the policy, “the client has a $100 bonus and made $1,000 profits. In order to withdraw these profits he needs to achieve 100×0.1=10 Trader Points. Meaning after reaching 10 FX Lots of trades, the bonus and the profits can be released to clients bank account, if requested.”
You should inform us if VIP Global Markets violated any terms and conditions. Please share your experience with us.
Global Fraud Protection is eager to help you get your stolen money back. Our experts will gladly help you and guide you through the chargeback process. You must act as quickly as possible though.
If this broker steals your money, start the chargeback process. The fastest and easiest way to book a free consultation with our team is via Online Chat.
No, you must avoid this broker at all costs. VIP Global Markets is an anonymous and unregulated broker that has already scammed many traders.
No. VIP Global Markets does not offer a risk-free demo account for practice.
No. VIP Global Markets does not offer any kind of referral program, which is actually good news because this broker is a scammer.
No, you must avoid this broker at all costs. VIP Global Markets is an anonymous and unregulated broker that has already scammed many traders.
No. VIP Global Markets does not offer a risk-free demo account for practice.
No. VIP Global Markets does not offer any kind of referral program, which is actually good news because this broker is a scammer.
The post How We Exposed This Scam In the VIP Global Markets Review appeared first on Global Fraud Protection.
