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VerifyFX Review – If A Warning Is Not Enough For You, What Is?

Overview of scam broker VerifyFX

VerifyFX broker is a completely anonymous company. According to their Terms and Conditions, they comply with the laws of Estonia. Which is known as the hub for scammers. Same as the offshore brokerages. However, they still belong to Europe so companies should comply with ESMA rules.

Let’s find out together if this is the case in our comprehensive VerifyFX review.

Company N/A
Headquarters Estonia
Warning AFM, FSMA
Platforms Web trader
Minimum Deposit $100
Leverage 1:200
Spread From 0.5 pips

VerifyFX Regulation and Security of Funds

If you want to register a trading company in Estonia you should comply with their FSA regulations. Not only that but with many more European regulations if you are planning to operate in Europe. However, this scam broker didn’t bother with that. They got straight to the point. Their only goal is just to extract money from traders and vanish.

As we can see from numerous VerifyFX reviews and warnings against them. The company doesn’t have even one Tier 1 regulation. Such as FCA, BaFin or CONSOB. Instead, they got warnings from trusted regulators like Dutch AFM and Belgium FSMA. Take a look:

To avoid any discrepancies during trading read our latest update on Astrocapitaltrade and Liquidspro reviews. Expand your knowledge to stay safe.

Supported Trading Platform

Besides poor and non-existent regulation protection, this broker didn’t invest much in software either. Instead of trusted Meta Trader or cTrader, they only offer a web platform. Such platforms are known for manipulation in the first place. This leaves room for speculation if this broker is legit at all or not. Luckily, there are warnings to confirm this investment scam.

Even though they present themselves as the leading broker with cutting-edge technology it’s hard to confirm that. Firstly, the broker doesn’t provide a demo account for software testing. Moreover, they claim to have 30ms execution and a mobile app available. But nowhere is to be seen a download button. Which is quite a shady presentation.

Account Types Offered

Considering everything presented so far, we can conclude their account types are just a scheme. This broker’s goal is just to get as much money as possible from traders. But those benefits presented through account types are just fictive. Anyways, those are

  • Green                       5.000 EUR
  • Premium                   15.000 EUR
  • Platinum                   50.000 EUR
  • Executive                  100.000 EUR
  • Presidential               250.000 EUR

All accounts have the same leverage but lower spreads. At least according to the company. Other benefits are analysis, webinars, academy and trading sessions. Practically everything a scam broker would offer. However, commissions and fees remain mysterious with the VerifyFX scam broker.

Even though they have high requirements for the lowest account they will accept a $100 deposit. Since they don’t have a demo account it’s the only way for testing them out. Even though they promote a demo account it requires registration. Which leaves room for their boiler room agents to push you for a deposit.

Deposit and Withdrawal Options

The only available methods with VerifyFX broker scam are

  • Debit/Credit cards
  • Wire transfers

However, an important fact that many traders oversee is a withdrawal policy. This broker requires every trader withdrawing more than 20% of the balance to pay an additional fee. This is insane. Especially considering that all licensed brokers don’t have such malicious clauses.

On top of all, the broker has a non-deposited funds policy. Which are most likely bonuses. Those are not withdrawable. But who is to decide what profits are made with bonuses or real funds? Only this scam broker!

How the Fraud Is Conducted

Traders are registering mainly through online campaigns for quick money schemes. It’s not rare that brokers use social media apps like LinkedIn and Telegram. But the pattern is the same. Once you register they will try to sell you fairy tales.

In general, greedy and inexperienced traders fall for it. But experienced traders don’t.  That’s why you have this VerifyFX review to know these tricks before you become a part of it. As long as you are depositing money everything is fine. However, the first or second withdrawal makes you a nightmare.

Whether it’s AML laws, documents or non-existent fees, the broker will ask you to pay your last money. Have in mind, that if you deposit or not your account gets frozen. Even worse, you can’t get in touch with a broker again.

Get Helpful Information Delivered Directly To Your Inbox

Our special fund recovery team is here to advise you. Whether it’s general information about trading or ways to recover your funds. We know that some companies even prefer crypto-anonymous transfers

But that’s all a piece of cake for our team with CipherTrace software. Whatever questions you have, the first consultation is free. Get in touch today.

VerifyFX Summary

VerifyFX broker is a completely anonymous company with multiple warnings. They don’t provide any security or transparency. Moreover, the trading software is not trusted.

Considering the offer from licensed brokers this is a shame for the industry. There is no demo account, but also no micro or Islamic accounts. Numerous warning signs about this broker are waved around.

FAQs About VerifyFX Broker

What Methods Can I Use to Deposit Funds?

The only acceptable methods are via debit or credit cards and wire transfers.

Is My Money Safe With VerifyFX Broker?

Absolutely not. The company is not licensed and there are multiple warnings against the broker.

What Trading Instruments are Available at VerifyFX?

The company provides access to 5 major instrument classes: Forex, Commodities, Indices, Shares and Cryptos.

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