If you’ve ever had a chance to participate in the financial markets, then you know how many scammers are out there. As soon as we expose one, several others show up, trying to get ahold of your hard-earned money.
Hence, our job never ends. We’ll expose yet another fraudster in this detailed Virgobanc review.
Is Virgobanc legitimate, and can you trust them? Probably a question that bugs many. The short answer would be no; you shouldn’t trust Virgobanc or invest with them.
The long answer will require a bit of elaboration. Namely, Virgobanc is virtually anonymous. We know nothing about the official owner, and the headquarters cannot be confirmed. The company says to operate from Switzerland. However, if this were true, we’d be able to find Virgobanc regulation within the FINMA register. As you can guess, the broker is not there.
Let’s take a look beyond that. For instance, Switzerland is an EEA zone member and complies with ESMA directives. And according to one of them, the leverage for retail traders must be limited to 1:30 due to high risks. However, Virgobanc allows up to 1:50. Slightly higher, yet not permitted.
Let’s move on to official proof we’ve got in the form of a regulatory warning.
As promised, we’re here to tell you all about the areas that this firm is targeting. The company mainly places ads in the following countries:
There was no explicit mention of the Virgobanc trading platform on the website. It’s an immediate red flag since it means the software cannot satisfy even trading newbies. If a company offered legitimate software, such as MetaTrader or cTrader, they’d brag and boast about it.
Once we registered an account, we got access to a basic WebTrader. It’s nothing spectacular, as it only contains basic charts and indicators, a trading history overview, and an asset overview.
If you’d trade with a legitimate broker, you’d most likely get a quality terminal, such as MT4 or MT5. With this, you’d also access advanced features such as EAs, social trading, and increased fund security.
If you’re still interested, which we don’t believe, here’s a list of available trading assets:
Now, while this range may look promising, especially with the company convincing you that you can choose from thousands of stocks, we can assure you it’s nothing special. You’d be able to get the same thing with any other broker who’d also provide safety in terms of the license.
Note that trading costs are advertised as low but without any specifications.
Just for the sake of a thorough job, let’s review Virgobanc account types. The company offers the following:
The minimum deposit is 250 EUR, which is consistent with a fraudulent pattern of brokers like NewFX Trading. Each higher account brings more bonuses, broker sessions, SMS trading signals, and other tools.
However, we’d like to warn you about incentives. Most major Tier 1 regulators prohibit them, as scam brokers abuse them to prevent customers from withdrawals.
Sadly, Virgobanc’s legal documents only mention the possibility of non-deposited funds without specifying the terms. This means broker employees are left to come up with any clauses that can delay your payout for an infinite amount of time.
Another drawback of investing with this company is a lack of risk-free trading. There’s no Virgobanc Demo account. Hence you have to deposit the money first.
This is another reason why we always recommend licensed trading firms. They offer more favorable terms, along with a trial account. In most cases, you’d only need to register and instantly access free trading.
Let’s talk about available payment methods first. The company accepts the following:
The same methods are available for Virgobanc withdrawal, but here’s the catch. If you use crypto, the company can refuse to process your request and play on the fact that digital coins are not subject to a chargeback procedure.
The only thing specified in the FAQ section is that the company “aims to process withdrawals as quickly and efficiently as possible.” Other than that, there are no clauses in legal documents. You can wait forever and not know when is the time to file a complaint. Simply put, do it immediately.
Online trading always poses a risk. However, most of it can be mended if you just find a licensed company. That way, you can seek help from the Financial Ombudsman.
However, it’s not the end if you fall victim to the Virgobanc scam. Global Fraud Protection is here to help you out. We have a team of dedicated chargeback experts and CipherTrace analysts who are prepared to jump in and assist. Book a free consultation today, and let’s work!
Virgobanc is not a legitimate trading brokerage. While we advise you to avoid this, we can assist you in case you have already deposited any amount with the firm.
Virgobanc doesn’t provide access to any reputable software, only WebTrader.
Yes, the company allows 25-100% deposit bonuses but doesn’t specify the terms.
Virgobanc is not a legitimate trading brokerage. While we advise you to avoid this, we can assist you in case you have already deposited any amount with the firm.
Virgobanc doesn’t provide access to any reputable software, only WebTrader.
Yes, the company allows 25-100% deposit bonuses but doesn’t specify the terms.
The post Virgobanc Review: Must-Know About Virgobanc.com Scam appeared first on Global Fraud Protection.
