Vexxsel Review: Discover More About This Broker
Vexxsel review is a thorough investigation of this shady-looking broker. Their website is organized in a way to make visitors feel comfortable and safe. They mention a couple of regulators, making you believe they are licensed. However, our research showed something different.
Make sure you read it until the end because all scam brokers have similar patterns that you should know and be able to recognize. Also, we have several recommendations for you.
Vexxsel’s Compliance and Safety
Vexxsel claims to be owned by Rever LTD, based in Singapore. Allegedly, they are regulated by the United States Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
However, these are not the institutions that license and supervise the activities of forex brokers in the US. To operate as a forex broker in the United States, a company must be registered with the Commodity Futures Trading Commission (CFTC) and be a member of the National Futures Association (NFA). Rever LTD is not listed among the members of the NFA.
The SEC is in charge of physically present exchanges, while FINRA is an authority body monitoring financial transactions and preventing crimes. People behind Vexxsel didn’t do their homework.
Vexxsel provides a contact address in Singapore. The Terms and Conditions also specify Singapore as the applicable jurisdiction. But Rever LTD cannot be found among the companies authorized by the Monetary Authority of Singapore (MAS) either.
Neither a broker by the name of Vexxsel nor a company by the name of Rever LTD is to be found in the registers of the above-mentioned institutions. They are an unregulated entity, undoubtedly.
Trading Platform Available at Vexxsel
Vexxsel offers access to the most basic WebTrader with several technical indicators. Allegedly, there’s a social trading feature showing you whether investors find an asset bullish or bearish and the most successful investors of the day/week/month.
The truth is, it’s nowhere near popular trading platforms like MetaTrader 4 and MetaTrader 5.
in 2005, giving millions of users easy access to the financial markets. Although MT4 was specifically built for Forex trading, the platform can also be used to trade other assets such as stocks, indices, and commodities via CFDs.
Both beginners and experienced traders appreciate MT4 because it is multi-functional, user-friendly, and allows users to customize the interface to their needs. It also offers advanced trading tools that allow traders to implement their favorite strategies.
MetaTrader 5 is a multi-asset trading platform that enables you to trade stocks, forex, and futures. It offers advanced tools for price analysis, algorithmic, and copy trading. Launched in 2010, five years after the launch of MetaTrader 4, MT5 is considered more improved and diverse with better charting, exclusive indicators, and its widespread ability to trade over 500+ markets.
Vexxsel Trading Instrument Offered
The website gives close to no details about trading instruments. However, on the platform, we found access to the following assets:
- Forex – EUR/USD, GBP/AUD, CAD/AED
- Indices – DJIA, NASDAQ, CAC40
- Shares – Amazon, Apple, Samsung
- Cryptocurrencies – ADA, SOL, FTX
- Commodities – gold, corn, natural gas
Types of Vexxsel Accounts
Vexxsel offers six different trading accounts:
- Student – 250 EUR
- Standard – 5,000 EUR
- Islamic – 10,000 EUR
- Investor – 100,000 EUR
- Vexxsel VIP – 500,000 EUR
- Vexxsel VIP Platinum – 1,000,000 EUR
The first two accounts have a high spread and 1-3 training. The Islamic account is swap-free, following Sharia laws. The other 3 have lower spreads, additional training, and daily consultations with an account manager. There are no demo accounts.
Deposit and Withdrawal Procedure
Vexxsel appears to accept payments with debit and credit cards like VISA and Mastercard but through some obscure third-party payment provider called paystudio.app. The more we know about them, the worse it seems.
The minimum deposit is 250 EUR, which is not a great offer since you can open an account with some legit broker for $5. There is no reason to invest that kind of money in an unreliable entity, and risk losing it. And not because of bad investment decisions.
If the account has received a bonus, it can withdraw funds only after meeting extremely high minimum trading volume requirements. According to the terms of the Welcome Bonus, a 1000 USD bonus requires trading 70 standard lots or 7 million currency units.
If the customer wants to withdraw money without having carried out trading operations, he has to pay as a fee 30% of the net deposit amount, but not less than 80 EUR. If the account is inactive for 90 calendar days, Vexxsel will charge a fee of EUR 100 and EUR 30 per month thereafter.
How Does This Scam Operate?
Scammers like Vexxsel spend a lot of money on their online advertising, promising benefits and fairy tales that credible companies don’t. That’s because the trading market is volatile, and you can’t promise your users quick returns, especially piles of money. That can happen, of course. But it rarely does. People lose money much more often.
Legit brokers are facing some restrictions which may seem disappointing to some traders. Some of them aren’t allowed to provide leverage higher than 1:30 or 1:50, nor to offer trading incentives such as bonuses. Financial swindlers don’t obey any rules, and that’s why they promise illegal things.
Vexxsel is a fraud. They say they are regulated by the SEC and FINRA. But these are not the institutions that license and supervise the activities of forex brokers in the US.
The broker should be registered with the CFTC and be a member of the NFA, which they aren’t. They provide us with a Singapore address which means they should be regulated by the Monetary Authority of Singapore, which they aren’t, as well.
They are unlicensed, and you should avoid doing business with them at all costs. You can get better trading conditions and software elsewhere.
FAQs About Vexxsel Broker
Is Vexxsel Regulated?
Vexxsel is unregulated, even though they are trying to convince us they are. We checked their claims, and it’s all a lie.
Does Vexxsel Charge Deposit or Withdrawal Fees?
Vexxsel has unfair charge fees. Legit brokers either don’t charge them or charge them much less.
What Is Vexxsel Headquarters Country?
We found the Singapore address, but we can’t say with certainty because they aren’t authorized by the Monetary Authority of Singapore (MAS) which they should be.