A Shady and Expensive Forex Broker
VIPTrades is a forex broker situated in Georgia. Unlike many brokers, they offer multiple language options and are the first ones to offer a Georgian-based website. Lately, potential clients have been concerned about the authenticity of this broker as certain aspects of their business do seem shady. To facilitate those clients and to eradicate all the suspicions, we are conducting a review which covers all the aspects of this business. This review of VIPTrade would help us to decide whether this is a legit business or just a scam launched to trap people.
VIPTrade offers its customers six (6) different types of account the details related to which are as under:
There are different discounts on all the accounts. They provide a 15% discount in Regular, 25% in Premium, 40% in VIP, 60% in VIP+, 80% in Gold, and 100% in Platinum accounts.
There is also an option of a demo account but there is no Islamic account option which makes it difficult for Muslim clients to work with this business.
VIPTrade is regulated by the Bank of Georgia. Although this means that it is regulated and is better than an unregulated broker but still this is a weak regulation as this institution is not strong enough as FCA and SVG and others of their kind are. This signifies that VIPTrade is not highly trustworthy and could not ensure the best and safest for their clients.
Such loose regulations are just as good as a word on a paper. They do not have any actual tasks and do not have proper processes to ensure what the business is up to. Moreover, Georgian trade markets are in the budding phase and hence they do not know the thick and thin of this business and hence much cannot be expected of them.
The trading platform offered by VIPTrade is MetaTrader5 (MT5) which is just an updated version of MetaTrader4, a loved and cherished trading platform throughout the trading community. Almost 80% of the forex brokers use this platform and all the legit brokers are satisfied by its performance.
MT5 is acknowledged for its trade bots, market comparisons, analytical abilities and the ability to handle multiple trades simultaneously.
High Minimum Deposit:
The minimum deposit required to work with VIPTrade is $10,000 which is many times higher than the average in the market. The average in the market lies between $10-$250 which when compared to the minimum deposit of VIPTrade is a lot less and makes a lot more sense. This high minimum deposit is a huge drawback to the business as people would like to invest for a lot less and gain a lot more facilities.
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This huge minimum deposit might also be because VIPTrade is an unregulated broker. Such brokers are required to maintain a particular financial standing which they do by asking huge deposits from their customers and then making such policies and ways so that they might not be able to withdraw their money from their accounts adn be trapped in the system forever.
The trade conditions provided by the business are not so good. They are providing their customers with conservative leverage of 1:50. Many brokers out there are offering leverages that may reach up to 1:500 ( ten times more than what they are providing). This causes a huge difficulty to a person who wants to invest with them. When he sees such conservative leverage, it’s disappointing because it ensures nothing but huge losses.
The trade spreads are not declared for any of the accounts which makes it suspicious and makes one believe that they are hiding something which is a bad sign for any business.
Withdrawal and Deposit:
There is no information about the withdrawal and deposit methods supported by the business on their site. This is rather unusual as many businesses do support bank, card, wire, and online transfer and they do mention it on their site.
The fact that none of this information was disclosed makes it very difficult to trust them and work with them.
MT5 demo unavailable:
VIPTrade is not offering a demo of MT5 in their demo account. Rather they provide their potential future client with a web-based platform which is not very impressive. How do they expect one to choose to work with them when they are not providing a proper demonstration of what the clients would be getting themselves into once they have signed up.
This makes one think whether they would even provide the legit MT5 platform in other accounts or not?
Customers have lately been found griping about the fact that there is a huge language barrier between them and the customer support available as they mostly do not understand anything as adequately as Georgian. This makes it difficult for them to convey their issues to the competent authorities and causes a lot of inconveniences as both sides cannot understand each other.
Although their website is catchy and interactive, most of it is in Georgian. Their customer contract was also in Georgian which makes it difficult for people speaking other languages to understand any of the provisions provided. There is an option of three other languages but still they do not translate most of the stuff creating a huge language barrier.
In the light of the review conducted on VIPTrade, we conclude that this is not a safe business to work with. This claim is supported by the fact that it has a loose regulation, a high minimum deposit, trade conditions are not so favorable, no withdrawal or deposit methods disclosed, a demo of MT5 not available and there is a huge language barrier between the users and the traders.
We do suggest one to be safe and sure before investing with any business in this regard.
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