The broker we’re covering is operated by an offshore trading firm based in Saint Vincent and the Grenadines (SVG). The website has been active for about six months now and has already built a large following.
Let’s first tackle the VO Markets regulation issue. As mentioned, the brokerage firm claims to be based in the offshore domain of Saint Vincent and the Grenadines.
SVG is a notorious scam haven with countless anonymous crooks setting up shady businesses there. The wrongdoers find this island attractive due to its lax regulations and favorable tax system. So VO Markets is unregulated, implying the broker is not liable to financially compensate clients in case things go wrong.
If you want a reliable provider, we suggest you find a licensed provider that operates under the supervision of reputable financial market authorities such as the FCA (UK), CySEC (Cyprus), FINMA (Switzerland), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), etc.
In order for brokerage firms to obtain a regulatory license under esteemed financial jurisdictions such as the United Kingdom, they must have a minimum operating capital of 730,000 GBP.
Furthermore, their clients must receive negative balance protection, a segregated bank account in a top-tier bank (e.g. Barclays), a safe leverage cap (1:30) for retail clients, and a reliable compensation scheme contract with the FSCS worth up to 85,000 GBP.
There are complaints as well. Some traders expressed their frustrations with the platform, claiming that they were scammed. These reviews must not be ignored so be careful.
Each of these countries has a top-tier financial watchdog. Their respective market authorities enforce heavy regulations to prevent unauthorized entities from running their schemes. To reiterate, the UK’s FCA flagged VO Markets as a potential scam.
VO Markets offers its traders a simple web-based platform to trade popular assets such as Forex currency pairs, commodities, stocks, NFTs, and cryptocurrencies. In addition, there is a mobile app for Android and iOS devices, as well as a Tablet trader.
We saw the platform for ourselves but couldn’t actually trade on it because there was no risk-free demo account option. Nevertheless, it looks pretty unpolished and lackluster.
If you want a true trading experience, we suggest you find a licensed provider that supports renowned third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. MT platforms support useful tools such as automated trading, live market reports, advanced charting, a user-friendly interface, multiple timeframes, lightning-fast order execution, etc.
VO Markets’s maximum leverage is capped at 1:400, which is significantly higher than what is allowed in the UK (1:30) or North America (1:50). High leverage is a double-edged sword; it can magnify potential profits but also potential losses.
As for the trading costs, i.e. spreads and commissions, the broker did not disclose anything on the website. The trading platform displayed a spread of around 0.2 pips for EUR/USD, which is competitive but unreliable due to the broker’s problematic legal status.
It appears that the only way to deposit funds into a VO Markets account is via US Tether (USDT). The minimum deposit is 500 USDT, which is nearly equivalent to 500 American dollars.
The reason why scammers typically prefer crypto transactions is that it allows them to remain anonymous, and tracing that money can be a nightmare.
Reversing crypto payments requires professional assistance. Luckily for you, we have a team of experts who specialize in tracing crypto payments in order to get our clients their money back.
To sum up, VO Markets is an offshore trading platform, mainly accepting traders residing in the UK, US, Canada, Australia, and Bulgaria. We don’t recommend this firm because it is unregulated, plus not compliant with regulatory requirements.
This platform can easily steal your funds, according to the FCA’s warning. In our review, we have stressed the importance of regulations and why it is better to trade under jurisdictions supervised by recognized financial market watchdogs.
If you have fallen victim to the VO Markets scam, please book a free consultation with Global Fraud Protection. We have a team of experts who can assist you in the fund recovery process and get your money back as soon as possible.
Book your free consultation today and get your money back.
VO Markets is an offshore trading firm headquartered in SVG. The platform offers high leverage and popular tradeable assets.
You can but you shouldn’t risk your hard-earned money by trading on an unregulated platform.
If you’re a victim, book a consultation with our team. We will go through your case and come up with the best refund solution.
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