Thinking of getting into business with Vici Markets? Here is what you must know about this broker. Carefully read this review to find out if vicimarkets.com is the trading platform you will want to trade with.
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About Vici Markets Broker
Vici Markets is an offshore brokerage company with a lot of promises for traders. The broker location cannot be found on the webpage. To begin with, this is a red flag on the side of Vici Markets broker.
There are different account type the broker offers. See below.
Added, the broker claims regulation from Financial Conduct Authority (FCA), Financial Sector Conduct Authority (FSCA) of South Africa, as well as CySEC of Cyprus.
To clarify, in spite the trading instruments Vici Markets claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
vicimarkets.com: Reasons to Avoid This Broker
Firstly, vicimarkets.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize the broker. We also found out that Vici Markets is not Financial Sector Conduct Authority (FSCA) data-base.
Secondly, we noticed vicimarkets.com has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the broker mentioned a withdrawal fee of $30 and a maximum fee of $3,500.
Also, for an inactivity account of 2 months or more, the broker charges $500.
Minimum Deposit
Vici Markets minimum deposit is pegged at $1,000.
As for the payment methods, Vici Markets mentioned Debit/ Credit card, Wire Transfer, cryptocurrency, Virtual Card, Neteller, and BPay. But, you should not consider making any payment with this broker because it is a risk. So beware!
Vici Markets Platform
Vici Markets offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Vici Markets Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is vicimarkets.com a Reliable Broker?
No, vicimarkets.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.