Another Fraud Broker from SVGs
Today, we are going to review VIP Markets. This SVG based brokerage service is losing its edge, and we intend to find out why. Please refrain from making any judgments before going through our whole review.
About VIP Markets
VIP Markets is Forex Trading Platform Founded in 2014. The platform is from Saint Vincent and The Grenadines, and given address is Griffith Corporate Centre, Beechmont, Kingstown. For a time, it operated as one of the most respectable brokers in the market. It offered some great features which we are going to discuss below!
What it Offers?
VIP Markets is a bit different from other brokers in the market. It primarily deals in Forex, Metals, CFD and even Oil. VIP Markets Limited owns this broker. The company offered a web-based trading software instead of MT4. It deals in 120 assets with different types and expiry dates. The trading options were favorable and geared towards the trader. It process withdrew payment within three days and had no issue, until recently.
We found the following problems when digging around. We are surprised how VIP Markets went from one of the respected brokers in the market to a scam. If you don’t believe what we said, read on the following points:
Blacklisted by FSMA
The Financial Services and Markets Authority has blacklisted this brokerage service. According to FSMA, VIP Markets doesn’t comply to the financial legislation, and hence it is forced to recommend people to steer clear of this broker. It even went to the extreme measures and adviced people to refrain from replying any cold calls by the broker as it is known to scam users.
VIP Markets is not new to the business; it has been offering its services for a few years. Still, for some reason, it stopped paying traders. Yes, there is a community outburst in the forex forums all over the internet that this broker hasn’t paid them for some time.
It seems like VIP Markets now wants to milk the audience it created for years. There is no other explanation. The company wants to cash in the goodwill it created for the past years.
As we said, VIP Markets is now looking forward to milk its users. The platform used to pay withdrawals promptly, but that is no long er the case. Even worse, it ceases all contact with the user. Yes, it doesn’t reply email or phone calls. The user can contact via live support, but that hardly helps in this case.
With what we discovered about VIP Markets, we won’t be wrong to say it’s a scam. It used to be a reliable broker, but it seems the company now wants to cash in the goodwill it built for the past years. Unfortunately, we can’t do anything for the previous users except for recommending them to use a recovery service. There is a slim chance you will see your money again, but feel free to try.