Beware! Vestingpro is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The interface of Vestingpro looks bland and uninspiring but we are not going to judge a book by its cover. Instead, we are going to dig deep into the information available on this broker’s website and advise you whether it is safe to entrust your funds to this company.
Vestingpro Regulation and safety of funds
On Vestingpro website, we see that the address of this broker is in Seychelles which is an offshore zone for forex trade. The regulatory body in this jurisdiction is the Seychelles Financial Services Authority (FSA), so we checked its register to see whether Vestingpro is in it. The name of this broker does not appear on the register which means that this broker is non-legit and is possibly a scammer. Just for your information, we need to tell you that even a broker is registered with FSA in Seychelles, the clients’ funds are not kept separate from those of the broker which makes it a risky undertaking to trade with brokers from this jurisdiction.
Instead, we advise you to redirect your attention to forex brokers from well-established jurisdictions, such as the US, Australia, the EU and the UK. Only in these jurisdictions licensed brokers can provide you with protection against scammers and a guarantee for the safety of your funds. Being well-capitalised is one of the main requirements that brokers must meet. In the US, licensed brokers must invest the staggering amount of $20 million and in Australia, the amount of the initial capital is 1 million AUD. This means that in case of unfavourable events, brokers will be able to protect their clients, as there are no compensation schemes or funds in these two jurisdictions.
On the other hand, in the EU and the UK, the amount of the initial capital is far lesser than in the US and Australia, only 730,000 EUR. However, licensed brokers must participate in compensations schemes or funds from which, in case of bankruptcy, clients can be reimbursed. In the UK, clients can be compensated by up to 85,000 GBP per person but only if the broker is regulated by FCA and deducts funds towards the local Financial Services Compensation Scheme. Forex brokers licensed by CySec and contributing towards the local Investor Compensation Fund will be able to refund their clients with up to 20,000 EUR per person.
In all the above-mentioned jurisdictions, licensed brokers must keep their clients’ funds separately with tier-1 banks, report their transactions on a daily basis for the sake of transparency and provide protection against negative balance. There are also other measures to protect clients’ funds which we will mention later on in this review.
Vestingpro Trading software
Vestingpro is a forex broker trading in forex, indices, metals, energies, futures and shares. The trading software consists of a web trader. Unfortunately, no matter how many times we tried to open an account, due to some broken links in the system we were not able to do so. We do not have any data regarding how the trading platform is set up by the broker and what the spread and the leverage might be.
We can advise you, however, if you are looking for a suitable trading platform to select a licensed broker that offers either MetaTrader 4 or MetaTrader 5. Only these two platforms can provide you with trading tools and instruments not matched by any other trading platform. They consist of auto trading option, trading signals, code base with customs scripts, VPS, an app market, a financial calendar, etc. The charting options these platforms are equipped with are out of this world and traders have a choice of many charts, time frames, colours, etc., even the option to create personalised templates. The technical analysis indicators, such as Fibonacci retracement, Bollinger Bands, moving averages, etc., are also worth mentioning as they help traders predict the future direction of exchange rates and help them make a profit.
What you need to look for is how the spread and leverage are set up. The industry average for the spread is 1.5 pips and spreads above this will prevent traders from making a sustainable long-term profit as the cost of transactions will be high. Watch out for the leverage as well. In the UK and the EU, the leverage for regulated brokers cannot exceed 1:30 and it presents a measure to protect clients’ funds and prevent traders from engaging in risky transactions where they can suffer a big financial loss.
Vestingpro Deposit/Withdrawal methods and fees
Vestingpro offers a real, demo and Islamic accounts. Unfortunately, the information available on its website does not state what the minimum deposit amount is. The payment methods for making a deposit, such as they appear in the footer of the company’s website, are limited to credit card only.
The information regarding withdrawals is contradictory. In the Withdrawal section, it says that there is no limit on withdrawals which means that clients can withdraw whatever amount they choose. However, in the Terms and Conditions document, the information is that the minimum withdrawal amount is $50.
Beware of the bonuses this broker offers. It may seem that a bonus is something good as it looks like it adds more trading power. However, the first thing you should remember is that these are funds belonging to the broker, not the client and as you can imagine, the broker won’t part so easily with them. That is why brokers offering bonuses usually set some very hard to fulfil conditions. In this case, to be able to withdraw the bonus amount should you choose to accept a bonus, you’ll have to execute a trading volume equal to the bonus amount divided by 4. If you are not able to do so within 60 days, then the bonus amount will be taken out of your account. We think that even experienced traders will be challenged by such conditions and our advice is not to accept bonuses and in general not to trade with brokers offering bonuses. Please remember that licensed brokers do not offer bonuses or any other incentives. This is another measure of protecting clients’ funds.
How does scam work?
A lot of people get scammed in different scammers’ schemes not because they are naive but because scammers are masters of persuasion and manipulation. It all starts with unsolicited telephone calls or a flashy ad on the Internet or social media. Sometimes people give up to temptation and invest money in shady schemes made to look legit and attractive and always promising quick and easy money fall. Once you deposit money into any of these schemes, you reach a point of no return! Your money is gone down the scammers’ food chain and you’ll have a lot of trouble recovering it. Scammers will do anything in their power to delay you, so you miss the opportunity to file for a chargeback. They will ask you for this and that document and will find hundreds of reasons not to let you retrieve your money. The trick with offering bonuses in forex trading is one of those as your funds are mixed with the bonus money and it takes a lot of hassle to fulfil the broker’s requirements before you are able to withdraw any funds.
What to do if scammed?
Speed does it! You need to act very quickly if you want to recover your money. Immediately apply for a chargeback if you have made your deposit via credit card. Fortunately, VISA and MasterCard give you 540 days within which to apply for a chargeback.
If you have paid via wire transfer or Bitcoin, chances of retrieving your fund are grim. Anyway, we want to warn you that some of the so-called recovery agents may approach you and offer to retrieve your funds. For a fee, of course! Be cautious when dealing with them as it may be another form of scam! Always check if the recovery agency is legitimate and visible to the public!
Another thing we advise you to do is to immediately cancel any credit cards if the scammers have your CVV code. Also, make sure to erase any programs on your computer that give scammers access to your personal data on your PC.
Rich Snippet Data