The venturyfx.com website assures traders that they have just the right tools to equip them to become Forex professionals effortlessly. However, the same site suffers from a great deal of informational opacity, and some serious design issues.
The firm only has an offshore license, but has managed to get on the bad side of multiple regulatory bodies. If we were to turn a blind eye to these glaring issues, there are basically no trading advantages to this broker as you will see in our VenturyFX review.
For a proper customer protection and safety of funds, a reputable Forex dealer has to own at least one premium license. These would be issued by Tier-1 regulators, such as FCA, BaFIN, FINMA, NFA or ASIC for instance.
Instead of worrying about your deposits because of the absence of segregated accounts, compensation funds and transparency, you should choose a well regulated platform instead.
Let’s be honest, virtual asset service providers aren’t exactly mainstream businesses that you’ll see advertised on the telly. What turned certain companies into Forex and CFD powerhouses is the service excellence and word of mouth.
It’s difficult then, for companies like the one we’re reviewing to get any exposure, especially considering such strong competition in one of the most lucrative financial branches.
The platform’s owner, Smart Trade Limited, has been legally incorporated in May 2020. The online platform, however, was implemented more than a year later.
The majority of company clients reside in these countries:
Testing the VenturyFX platform we’ve quickly noticed high latency, which can lead to large slippage losses. Additionally, the design, although simplistic in nature, does not provide an intuitive overview of the options.
There is no one-click trading, and the timeframe selector often glitches out the chart, which in turn draws nonsensical data. The platform is a far cry from industry standard programs like MT4, MT5 or cTrader we’d come to expect from a high-profile brokerage.
Although web traders are limited in functionality, they are still widely used as a backup solution. Many industry leaders still offer a web trader, albeit thoroughly customized and adapted to the specific needs of the clientele.
The selection of trading instruments contains the most popular assets. The addition of cryptocurrency pairs allows a greater diversification of the retailers’ portfolio, but as this market is very volatile, comes with increased risk.
That said, individual instrument selection is not very rich, with only 200 or so assets. Here is an overview:
A single trading account type is available for VenturyFX login, and the broker fails to provide a demo for risk-free speculation and testing. The provided account is available with USD as the only choice of base currency, with the minimum deposit of US$250.
For comparison’s sake, it’s important to mention that many licensed companies offer different account types for various risk mitigation strategies and order execution technology. These often cost US$10 or less to fund, come with a wide range of base currencies, and include a demo.
A good portion of a broker’s profits come from commission, fees, spreads and other trading costs. When you see a company that claims 0% fees, 0% commission and starting spreads as tight as 0.0 it begs the question- how do they earn any money?
Although the firm claims “fair fees with no surprises”, it’s difficult to shake the uneasy feeling. The Terms and Conditions document never mentions any tangible numbers or measurable metrics, only weasel words typical with dishonest firms.
All payments and withdrawals must be done manually, through the company agent, and require some approval time. If the payment is not approved in a given timespan, then tough luck- you’ll get a 1% deduction of funds monthly.
What really bugged us while reviewing the financial channels is the absence of electronic processing, especially considering that the sole method for VenturyFX withdrawal is by a bank card. If you encounter any issues with payouts, consider booking a free consultation with our chargeback professionals.
The VenturyFX broker is regulated, albeit in an offshore financial environment that does not impose strict oversight or supervision. Such firms are unfortunately notorious for suspicious and outright predatory behavior towards their clients, which is the reason why this firm was blacklisted in some nations.
Comparing this company to those operating in a strict regulatory jurisdiction, we can clearly see certain drawbacks. The amenities are borderline basic, and not everything is as advertised on the website.
If you’re having any issues with this firm, you can rely on the services of our legal experts. We are available 24/7, and our first consultation is absolutely free of charge!
It’s a virtually unknown broker operating with an offshore license. Although the legal information does check out, there’s traces of suspicious activity on their website.
While the broker is licensed, the license comes from an offshore body with loose regulatory constraints.
If you believe to have been subject to predatory practices exhibited by VenturyFX, you may rely on our chargeback experts for legal support.
The post VenturyFX Review – Offshore Regulation With Suspicious Trading Conditions appeared first on Global Fraud Protection.