Vectra Forex Review
Trading at vectraforex.com will most probably not turn out to be as lucrative as you first expected it to be. The reason for that is because the company providing Forex and CFD trading isn’t a licensed brokerage.
That, however, doesn’t seem to stop them from promoting and selling the services they don’t own a permit for. Stay with our Vectra Forex review to discover who they really are and what are some far safer options you can choose as an alternative.
|Vectra Forex Limited
|Type of the company
|Unregulated / Offshore
|Warnings from Financial Regulators
|No official warnings
|Dubai, UAE (alleged)
|Majority of clients are from
|Malaysia, Indonesia, South Africa, Singapore, United States
|Yes – Online Form
Legal Jurisdiction Unclear
Website in question is run by a company with the same name which should be headquartered in UAE and SVG but with courts of Belize having exclusive legal jurisdiction.
Such opposing details cannot mean that we’re dealing with a legit Forex dealer. Firstly, despite the alleged office in Dubai, the conduct is not supervised by the local regulator – DFSA. Secondly, the SVG address would suggest an offshore conduct that is not regulated in any way, shape or form, considering that the local SVGFSA doesn’t license brokers. However, there’s a conduct registered with the authority under the name of Vectra Forex Limited.
Lastly, the legal documentation suggests laws of Belize to be overruling. However, it’s apparent that the firm is not licensed in that country, as FSC doesn’t include them in their licensed entities list.
By now it’s painfully clear that this is not a broker you could trust with your funds as there’s no segregated accounts, compensation plan or negative balance insurance.
Another unregulated Forex dealer operating from SVG is LCM FX, so if you’re pondering on investing there, please refrain from exposing your capital to such risk.
Common Deception Methods
This illicit company hosts pages on popular social media, including Facebook and Instagram. The majority of victims, however, were called directly via phone by boiler room agents. Other schemes use this same method, including Starlight Capital for instance.
The swindlers are trying to distance themselves from the whole ordeal, by allegedly alerting clients of the existence of “company agent impersonators”. It’s all a bunch of hogwash, of course, since Vectra Forex broker is completely illegal.
If you’re looking for a secure way to boost your Forex trading career, why don’t you take a look at our funded trading program instead?
Regular Misuse of Popular Software
Don’t be quick to label this trading environment as rich and generous just because they advertise MT4 on their website. Plenty of illicit online platforms do that in order to impress their potential future customers.
The thing with this faux Forex provider is that they just brag about offering the award-winning app while not providing the necessary credentials to use it. You may download and install MT4 on your desktop or mobile app at any time. However, you will be doing so from the developers own store and server.
In order to be able to make any money with this broker, you’d have to get access to their own trading server. Unfortunately, no such concept exists, and you can only use the MT4 terminal for demo testing.
Accounts Mimic Legit Competition
Our attempts at creating a Vectra Forex login were fruitless, however, as the login server doesn’t seem to work at the moment.
The firm currently advertises 2 types of live accounts, here’s an overview of minimum deposits:
- Vectra Standard – $15
- Vectra Sapphire – $50
These minimum deposits are somewhat more costly than the current industry average of $10, but not by much. The more expensive account type allows access to some educational materials, the quality of which we were unable to evaluate due to the problematic login.
Although the company does advertise a demo account, clicking on the “Try Free Demo” button does nothing.
Not Worth The Risk
Trading conditions on this trading portal are anything but lucrative, although they’re promoted as if they’re the most competitive in the industry. What is most commonly seen on illicit trading sites is what we had the chance to witness on this one, as well.
The exposure can vary and it ranges from 1:100 up to 1:1000, it all depends how much of a risk-taker you are. Bear in mind that as attractive as high leverage may seem, the higher the ratio the bigger the loss. On the other hand, there’s spreads from 1.8 pips on EUR/USD on the Standard account and 0.1 pips for the Sapphire.
Problems With Payouts
There’s no explicit withdrawal policy on the website, nor does the site advertise any payment channels. The Terms of Service document is horribly translated, and much of the information remains obscured.
These sorts of scam brokerages are known to deny any withdrawal requests. Don’t risk dealing with these swindlers – try our funded trading service instead!
Attempting to reach the customer support directly is not doable. There exists a poorly designed and nonfunctional online chat service, but in reality, it’s just another way to send an inquiry via a message. The main channel for reaching out to support is through filling in an online form.
Responses to that sort of inquiry are received in the email. However, when we tried to get in touch and out more on account creation issues, no one bothered to respond to our appeal.
Dealing with a broker that doesn’t have proper license or regulation is ill advised. The inherent risks are much larger than mere financial loss- these cybercriminals may try to obtain your personal data and abuse it for another purpose.
There is always a better solution – take a look at our funded trading account with $180,000 of allotted balance. With our help, you can kickstart your career toward a successful trader in no time!
What is Vectra Forex?
It is an unregulated and dangerously risky platform to trade Forex and CFDs on.
Is Vectra Forex a Regulated Broker?
No, the broker is a total phony and presents fake data while not owning a single credible license.
What is the Difference Between a Broker and Proprietary Firm?
Prop firms can fund you with big amounts of money for you to use to place orders while brokerages only allow you to trade with your own funds.