VestingPro has a generic website that doesnít help the broker stand out. It seems the people behind this forex brokerage arenít concerned about their clients and their experience. The website of a broker can tell you a lot about its focus on user experience and VestingProís website (vestingpro.com) is very disappointing.
However, I canít just judge the broker because of its website so Iíll analyse it further in my VestingPro review:
VestingPro License and Regulation
The first thing you should always look for is the brokerís address. The address of a broker would determine which jurisdiction it would fall into. In case the broker belongs to an offshore area such as Marshall Islands or St. Vincent and the Grenadines, you should stay away from them.
In the case of VestingPro, their address is in Seychelles, a prominent offshore area:
Offshore regions have become havens for forex scams because these areas donít have financial regulators.
Scammers can run their shady operations in those regions without facing any legal repercussions. Seychelles, however, has a regulator called the FSA (Seychelles Financial Services Authority). When I checked the FSA register, I didnít find any information on VestingPro.
This means VestingPro is an unregulated and unlicensed broker. It isnít legally allowed to provide its financial services.
Unregulated and unlicensed brokers are very dangerous as they can steal your funds (through hidden charges) and even your private data!
Regulatory authorities such as CySEC (Cyprus Securities and Exchange Commission) or FCA (Financial Conduct Authority) have many rules and regulations. These regulations make sure the broker doesnít harm the interests of their users, and doesnít deceive them.
Moreover, regulatory authorities have insurance policies in case one of their licensed brokers breaks a regulation or steals their usersí funds. With unlicensed brokers, you donít get any of these benefits.
VestingPro Trading Conditions
Even though the license of a broker can tell you a lot about its reliability, the second-most important factor is its trading conditions. What trading platform does it offer? Whatís the minimum deposit limit? Weíll discuss these factors in detail to determine whether VestingPro is a reliable broker or not:
VestingPro uses a web-based trading platform. I tried to open an account on the brokerís website but thanks to bugs and technical errors, I couldnít.
The trading platform VestingPro claims to offer is certainly not as good as Metatrader platforms. They are the most popular trading platforms in the industry. They pack a lot of features and benefits while providing excellent customer support. Thatís why around 80% of the industry uses these platforms. In my opinion, you should only trade with a broker which uses these platforms.
VestingPro doesnít give any information about its minimum deposit requirement. It is quite suspicious of them to hide such crucial information from their users.
Usually brokers maintain full transparency in these matters as it is necessary to build trust.
Note that a high minimum deposit usually indicates that the broker is a scam. Most regulated brokers keep their minimum deposit requirements around $100 or $50. Thatís because they want to give their new users a chance to experience their services without making a big financial commitment.
On the other hand, shady brokers donít want you to test out their services, usually because they are terrible. They force you to invest a heavy amount at the start so they can steal at least that amount from you. You should stay away from brokers that have high minimum deposits.
So itís possible that VestingPro has a very high minimum deposit requirement and has hidden this information to avoid appearing shady.
Leverage and Spreads
The technical issues in VestingProís website didnít let me access their trading platform. So, I couldnít find out what their offered leverages and spreads are.
Just like the minimum deposit, if a broker offers a very high leverage, you should be wary of them. Many financial regulators in different regions have imposed restrictions on how much leverage brokers can offer to their clients.
For example, in the US, a broker can offer a maximum leverage ratio of 1:50.
They have these restrictions because a high leverage ratio can cause you huge losses very quickly. Such leverage ratios are dangerous for new traders particularly.
So I suspect that VestingProís offered leverage and spreads arenít very client-friendly. They have hidden this information to avoid any suspicion.
VestingPro Payment Methods and Charges
The website of VestingPro doesnít mention any transaction methods. However, they show the icons of two credit card companies on their website, MasterCard and Visa. So itís possible that they accept credit cards for making deposits.
Another indication of VestingPro being a scam is in its Terms and Conditions. In the T&Cís of this broker, it mentions that thereís a minimum withdrawal limit of $50. However, in the withdrawal page, they state that thereís no minimum withdrawal limit.
The broker doesnít provide any information about its fees and charges. This is a big red flag because it means the broker can charge you unfair fees when you sign up and steal all of your funds. Itís a major risk with unregulated brokers and VestingPro is an unregulated broker.
You shouldnít trust a broker simply because it offers bonuses. Bonuses can be quite dangerous as they allow the broker to impose certain restrictions on withdrawal without the user knowing about them. Forex scams use bonuses to lure people into signing up on their platforms too.
This is why the UKís financial regulator, FCA, prevents its brokers to offer bonuses to their clients.
Is VestingPro a Scam? Yes!
The forex industry has expanded exponentially in the last few years. Because of that, many kinds of scams have entered this sector as well. Usually, a scammer would target novice traders through bonus offers and bogus claims so they would sign up on their platform. Such brokers usually have unfair terms and conditions but people rarely read them before accepting the same.
When a person finally signs up and makes a deposit on their account, the broker can do whatever they desire. They can steal the userís funds through hidden fees or even steal their private data.
Usually these brokers operate from offshore areas such as St. Vincent. These regions donít have financial regulators like the US or the EU so they have become havens for shady forex brokers.
VestingPro Review: Conclusion
VestingPro is an offshore-based unregulated forex broker. It has plenty of other qualities that indicate itís a fraud and you should avoid it! The broker hides a lot of crucial information and uses a low-quality trading platform. It is not a suitable forex broker for you.
I hope my VestingPro review helped you make an informed decision regarding this broker. There are many scams in the forex industry similar to this one. Itís best to stay alert and do some research before signing up with a new broker.This review (VestingPro) was originally published at Gripeo. To read the full review, go to – www.gripeo.com/vestingpro/