Beware! SecuredVC 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.
SecuredVC interface does not look particularly exciting or professionally made. However, it seems that all the necessary information is quite visible and readily available, so let’s not judge a book by its cover and find out what this broker got to offer to its potential traders.
SecuredVC Regulation and safety of funds
First of all, from the information provided on SecuredVC website, we find out that the address and registration of the company is in St. Vincent and the Grenadines (SVG). This is an offshore zone for forex trade and there is no official regulator for forex brokers. The conclusion we draw is that it is not reliable to trade with this broker as your funds will not be safe. If that broker at any stage decides to shut down the website and disappear, your hard-earned money will be gone too.
We advise you to look for brokers that can provide you with protection against scammers and guarantee the safety of your funds. You can find such brokers in the well-established jurisdictions of the US, Australia, the EU and the UK. In the US and Australia, licensed brokers must be well-capitalised to be able to operate and they must invest an initial capital of $20 million in the US and 1 million AUD in Austalia. You don’t imagine that scammers will match this amount of money for the benefit of looking legit. On the downside, in the US and Australia, there are no compensation funds or schemes in case the broker goes bankrupt which means that brokers must rely on being well-capitalised to be able to protect their clients in case of unfavourable events.
On the other hand, the regulations for forex brokers in the EU and the UK are somewhat different. In these two jursidictions the amount of the initial capital that must be invested is not so high – 730,000 EUR. However, licensed brokers must participate in a compensation fund or scheme which provides the means to compensate the clients if the broker becomes insolvent. For example, if the broker is regulated by CySec and contributes to the local Investor Compensation Fund, its clients will be repaid up to 20,000 EUR per client in case of insolvency. The amount of reimbursment for clients of forex brokers regulated by FCA in the UK can reach up to 85,000 GBP per client if the broker deducts funds towards the local Financial Services Compensation Scheme.
SecuredVC Trading software
SecuredVC is a forex broker trading in forex, stocks, indices, cryptocurrencies and commodities. This forex broker offers a web trader to its clients. From the imgae below you can get an idea about what the platform looks like. On the left, you see displayed the menu for the trading instruments with the bid/ask price and in the middle you see the chart of one of the major forex currency pairs, EUR/USD with the fluctuation in its price in a give time frame. From the bid ask price for this currency pair we calculate that the spread is 7 pips. We muust say that this spread is very wide compared to the industry average of 1.5 pips. If you don’t know where your broker gets its revenue, let us tell you – from the spread. Se, we can’t help it but conclude that this broker will get rich very quickly at your expense!
If we look at the leverage that is shown in the last image with the account types information, we can see that the leverage is also very high and can rich up to 1:400. High leverage signifies only two things – a big win or a big loss. And if you hope for the big win thinking that the high leverage will amplify your potential for winning, you are really wrong! Yes, high leverage can do that but only if the transaction is successful. What about the fact that 70% of traders lose in transactions? The odds are not in your favour and if you lose, you’ll lose really big, It’s not by chance that one of the measures for protecting clients’ funds is the limit imposed on leverage by the regulatory bodies in the EU, the UK and the US. In the EU and the UK, the leverage cannot exceed 1:30 for the major currencies. In the US, it is 1:50. Only in Australia, from the well-established jurisdictions that we mentioned above, there is no limit on leverage. The situation will change in March 2021 when the new regulations will match the ones in the EU and the UK and the leverage for major forex currencies in this jurisdiction will become 1:30 as well.
SecuredVC web trader platform
Before we move on, let us tell you a few words about the trading software options. Well, first of all, a web trader does not really offer much to its traders as it is a rather basic and cheap platform preferred mainly by the dodgy brokers. In contrast, the majority of licensed forex brokers offer either MetaTrader 4 and MetaTrader 5 trading platforms. Although MetaTrader 5 sounds like an upgrade of MetaTrader 4 and both platforms have a lot in common in the advantages they offer to the traders in terms of trading tools and instruments, but there are also a lot of differencies. Both platforms offer a great charting package and support for thechnical analysis indicators, an auto trading option, trading signals, VPS, code base with customs scripts, an app market and a financial calendar. However, MT4 and MT5 run different programming languages and experts that are coded to work on one of the platforms will not function on the other. We advise you to experiment and see which platform better suits you by using the demo account which both platforms offer to new forex traders to practice and gain experience beofre dipping their toes in the sea of forex trade.
SecuredVC Deposit/Withdrawal methods and fees
Clients of SecuredVC have a choice of 4 trading accounts – Self Managed, Gold, Platinum and VIP. The minimum initial deposit for the Self Managed account is 250 EUR. To feed their account, traders can choose between payment via credit card, bank wire or Bitcoin.
The minimum withdrawal amount is 100 EUR/USD/GBP. However, be careful with your withdrawal options as there are heafty fees for withdrawals. For every withdrawal you make, your broker will charge you a 1% withdrawal fee with a minimum 30 EUR/USD/GBP and maximim of 300 EUR/USD/GBP.
The withdrawal processing time is rather lengthy and can take between 7 and 10 business days.
SecuredVC account types
One of the signs you can recognise shady and dodgy brokers is that they offer bonuses to their clients. This one is no exclusion. What you need to know about bonuses is that they are funds belonging to the broker, not the trader and despite the fact that they look to be adding extra trading power, they come with some heavy to fulfil conditions that can mess up your funds and withdrawal options. For example, to be eligible to withdraw the bonus amount and any profit associated with it, the trader must execute trading volume that is 50,000 times the bonus amount. Good luck with that! Even experienced traders will think twice before accepting such bonuses. Also, keep in mind that legit brokers do not offer bonuses or other incentives.
How does scam work?
A lot of people get scammed every day, not because they are naive or stupid, but because scammers are inventive and they are masters of manipulation. Often, as you scroll up and down on the Internet or social media, you come across ads for a quick and easy profit which sometimes sound too tempting not to fall into their traps. So you deposit some money into the account and what happens next is the incessant calls of the scammers. First, they congratulate you for taking the first steps towards becoming rich and next, they try to convince you to invest even more money into their ‘profitable’ business. What you probably don’t know is that your money has just gone as a commission to some scammers. And so, you wait and build the sandcastles of your dreams for a better and ‘richer’ future. And you wait, and you wait, for the money to come. But where is it? Now is your turn to call the scammers and to ask what’s going on. They try to placate you and ask you to be more patient. But have had enough and all you want is to get your money back. The scammers kind of promise, but now they are asking you to provide this document or fill out that form, etc., etc., all done in an attempt to delay you from filing for a chargeback.
What to do if scammed?
If this happens to you, our advice is to act immediately and if you have paid your deposit via credit/debit card, to file for chargeback which is retroactive cancellation and refund of your previous transaction. Visa and MasterCard give you 540 days time limit to file for chargeback which gives you a fighting chance to recover your money.
However, if you have used bitcoin or bank wire for your payment, the chances of you recovering your money are really slim.
Whatever you do to recover your funds, beware of the so-called recovery agents. Please make sure that you are dealing with a genuine one by checking their credentials and company’s information transparency. Otherwise, you may fall victim to another form of scam.
Cancelling your credit/debit card in case you have given the scammers your CVV code may be another good idea. Also, make sure to remove from your PC any software that my give scammers access to your private data stored on your computer.
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