VestingPro has a website that is rather standard, which does nothing to distinguish the broker from the competition. It would appear that the individuals behind this forex brokerage do not care about their customers’ experiences or how they are treated. The website of a broker may tell you a lot about the level of attention that is paid to the customer experience, and the website of VestingPro is very unsatisfactory.
On the other hand, I can’t simply evaluate the broker based on the quality of its website, therefore I’ll go into more detail about it in the following section of my VestingPro review.
VestingPro License and Regulation
The address of the broker is always the first thing you should search for in any situation. The location of a broker’s office would be the decisive factor in determining the applicable legal system. If the broker is from an offshore region like the Marshall Islands or St. Vincent and the Grenadines, you should steer clear of doing business with them.
In the instance of VestingPro, the company has established its headquarters in Seychelles, a well-known offshore location.
Due to the absence of financial regulators in offshore locations, those regions have become safe havens for fraudulent currency activity.
Con artists are free to do their dirty business in those areas without the fear of incurring any legal ramifications. Seychelles, on the other hand, possesses a supervisor that is known as the Seychelles Financial Services Authority (FSA). When I searched the FSA register for information about VestingPro, I came up empty. I found nothing.
This indicates that VestingPro is a broker that is not regulated nor licensed. It is illegal for them to offer their financial services to the general public.
Unregulated and unregistered brokers are extremely risky since they have the potential to steal your money (via various forms of covert pricing) and even your private information!
The Cyprus Securities and Exchange Commission (also known as CySEC) and the Financial Conduct Authority (also known as FCA) are two regulatory authorities that have a great deal of rules and regulations. These restrictions ensure that the broker does not act in a way that is detrimental to the interests of its users and does not mislead them.
In addition, regulatory bodies have insurance coverage in place in the event that one of their licensed brokers violates legislation or steals funds belonging to their customers. You do not receive any of these advantages if you work with unauthorized brokers.
VestingPro Trading Conditions
The trading conditions offered by a broker are the second most significant element; this is despite the fact that a broker’s license can tell you a lot about how reliable it is. Which trading platform does it provide for its customers? What is the lowest amount that can be deposited? In order to establish whether or not VestingPro is a trustworthy broker, we will go over the following aspects in greater detail:
VestingPro uses a web-based trading platform. I tried to open an account on the broker’s website but thanks to bugs and technical errors, I couldn’t.
The trading platform VestingPro claims to offer is certainly not as good as Metatrader platforms. They are the most popular trading platforms in the industry. They pack a lot of features and benefits while providing excellent customer support. That’s why around 80% of the industry uses these platforms. In my opinion, you should only trade with a broker which uses these platforms.
VestingPro doesn’t disclose any information about its minimum deposit requirement. When they withhold such vital information from their customers, it raises some serious questions about their motives.
As a general rule, brokers operate under the principle that complete transparency in these dealings is essential to the establishment of trust.
Take into account the fact that a high required initial deposit almost always signals that the broker is a fraud. The majority of authorized brokers set their minimum deposit requirements at between $50 and $100. This is so that new users would have the opportunity to test out the company’s offerings before deciding whether or not to make a significant financial commitment.
On the other hand, dodgy brokers don’t want you to try out their services because, in most cases, those services are awful. They coerce you into making an initial investment of a significant sum, and then they take at least that amount of money from you. You should avoid working with brokers that need a large initial deposit from their clients.
It is also likely that VestingPro has a very high minimum deposit requirement, but that the company has concealed this information in order to prevent giving the impression that it is dishonest.
Leverage and Spreads
Due to some technical difficulties, I was unable to use the trading platform that VestingPro offers on their website. Therefore, I was unable to discover the spreads and leverages that they offer on their platform.
In the same way that you should be aware of brokers who need a low minimum deposit, you should also be wary of brokers who offer very high leverage. A large number of financial regulators in a variety of locations have put limits on the amount of leverage that brokers are allowed to give to their customers.
For example, in the US, a broker can offer a maximum leverage ratio of 1:50.
They have these restrictions because a high leverage ratio can cause you huge losses very quickly. Such leverage ratios are dangerous for new traders particularly.
So I suspect that VestingPro’s offered leverage and spreads aren’t very client-friendly. They have hidden this information to avoid any suspicion.
VestingPro Payment Methods and Charges
VestingPro’s website does not provide any information regarding the available transaction methods. However, MasterCard and Visa logos may be seen on their website, indicating that they accept both of these credit card types. It is therefore probable that they will allow the use of credit cards while making deposits.
The terms and conditions of VestingPro are another red flags that point to the website being a scam. In the terms and conditions of this broker, it is stated that the lowest amount that can be withdrawn is $50. On the other hand, it is stated that there is no minimum withdrawal limit on the page that handles withdrawals.
The broker does not disclose any information on the costs and fees associated with using their services. This is a major warning indicator since it indicates that the broker has the ability to charge you unethical fees when you sign up with them and take all of your money. Unregulated brokers present a significant danger, and VestingPro fits the bill of an unregulated broker.
You should not put your faith in a broker solely due to the fact that it gives bonuses. Bonuses can be highly risky because they provide the broker the ability to place certain withdrawal limits on the customer without the user being aware of those restrictions. Scams in the foreign exchange market sometimes offer bonuses to get individuals to join their platforms.
Because of this, the Financial Conduct Authority (FCA), which is the UK’s financial regulator, prohibits its brokers from offering bonuses to their customers.
Is VestingPro a Scam? Yes!
Over the course of the past several years, the foreign exchange market has witnessed phenomenal growth. Because of this, a wide variety of different scams have also made their way into this industry. Typically, a con artist will target inexperienced traders by providing them with incentive offers and making false claims in the hope that they will sign up on their platform. These brokers typically contain terms and conditions that are unjust, but individuals rarely read them before agreeing to such terms and conditions.
When a person ultimately registers for the service and makes a deposit into their account, the broker is free to do whatever they choose with the account. They can take the user’s money by charging them secret fees, or they can steal the user’s personal information.
In most cases, these brokers conduct their business from offshore locations such as Saint Vincent. Since these areas lack the financial regulators that are present in the United States and the European Union, they have become safe havens for dodgy forex brokers.
VestingPro Review: Conclusion
VestingPro is an offshore-based unregulated forex broker. It has plenty of other qualities that indicate it’s a fraud and you should avoid it! The broker hides a lot of crucial information and uses a low-quality trading platform. It is not a suitable forex broker for you.
I hope my VestingPro review helped you make an informed decision regarding this broker. There are many scams in the forex industry similar to this one. It’s best to stay alert and do some research before signing up with a new broker.