We are going to review VXMarkets, the once most sought after the broker has lost its way and is now among the worst scams in forex history. Following, we are going to review this broker and see what led to its downfall.
- About VXMarkets
- What it Offers?
- Blacklisted by FCA and ASIC
- Binary Bots
- Cold Calling
- No Withdrawal
VXMarkets registered in 2014 and is a subsidiary of Clear VX Limited. The registered address is Hamburg Germany. The broker offers 120 assets with different options and expiry dates. The minimum deposit is $250.
For starters, the company never offered a demo account. It used SpotOption Platform and provided different trading options like Trend Options, Intraday Options, Long Term Options and combined them with varying dates of expiry. It also offers Turbo and short-term opportunities with 60 seconds and provides a high payout rate of 71%
For a time, VXMarkets was among the best-brokers in the forex marketplace. But that’s no longer the case. We are going to explain why by pointing put its major flaws.
VX Markets started off pretty good. It was one of the best brokers around. However, the company soon started to skim its user of all their money. Fortunately, their malpractices were noticed, and the broker ended up losing its license. Right now, its blacklisted by two major financial authorities, Financial Conduct Authority (FCA), and the Australian Securities & Investments Commission (ASIC). According to them both, VXMarkets is involved in a scam, and users should stay away from it at all cost. See Proof.
ASIC has cleared mentioned it as a scam.
FCA included it in the list of 94 fraudulent brokers it released early this year.
VXMarkets offer binary bots for automated trading. There is nothing wrong with the bot or how it trades. Instead, we are skeptical about what VXMarkets offers you. The company provides a German Binary Bot (a gimmick probably) that will execute one trade each month. This subscription will cost you $2,500/month.
How does the company justify its offer? And where would you recover two and a half grands? There is no justification available.
VXMarkets has a knack for calling its already registered members and asking them to put more money into their accounts. The caller (almost always) come with a ridiculous offer and says it’s a quick grab. No respectable broker does this.
VXMarkets has been in the forex marketplace for a while. For some reason, it stopped accepting withdrawal requests at all. The company no longer processing payment withdraw. It always comes up with an excuse why it can’t process payment including identity issues, provision of ID Card or another document, server error, etc.
For a time, VXMarkets was one of the respected forex brokers, but it indulged itself in every malpractice. Thankfully, it got noticed, and two of the most powerful financial authorities blacklisted it.
This proves that the once respected broker is nothing but a scam now. Therefore, you should refrain from investing in it.