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Investing in the financial markets can be highly rewarding but also fraught with risks, especially when dealing with fraudulent brokers.
VirtualFXTrade, operating under the guise of a legitimate trading platform, has unfortunately scammed many investors.
This review aims to inform and warn potential investors about the dangers of engaging with this dubious firm.
Key Points
- Warnings from Financial Watchdogs
- Connected to Other Scam Sites
- False Claims About Establishment Date
- Conflicting Minimum Deposit Amounts
- Customer Complaints
- No Regulatory Oversight
Overview
Here is a overview of VirtualFXTrade, including their contact information, regulatory status, and associated warnings
- Name: VirtualFXTrade
- Website URL: https://www.virtualfxtrade.live/
- Address: 55-61 High St, Eltham, SE9 1TD, United Kingdom
- Email: support@virtualfxtrade.live
- Phone: +19725847323
- Company: FOREXTRON LTD (Dissolved on April 19, 2022)
- Domain Registration: Registered On: May 20, 2020
It is important to note that VirtualFXTrade.live may display information that appears legitimate by imitating the details of authorized businesses or individuals.
Is VirtualFXTrade Legit?
VirtualFXTrade claims to be a legitimate trading broker, but a closer examination reveals a plethora of red flags.
Firstly, the company is not regulated by any financial authority and they claim to operate under FOREXTRON LTD, a company dissolved on April 19, 2022, according to the UK government registry.
This blatant misrepresentation should be a major warning sign for any potential investor.
Additionally, the Spanish CNMV issued a warning against VirtualFXTrade on September 11, 2023, followed by a similar warning from the FCA on July 31, 2024.
These warnings from reputable financial regulators underscore the company’s fraudulent nature.
Scam Overview
VirtualFXTrade’s deceptive practices are evident in several areas. The firm’s website, https://www.virtualfxtrade.live, is full of grandiose claims but lacks transparency.
The platform’s terms and conditions mention other suspicious websites, such as Crypto Time Finance Pro and Landmark Supreme Investment, indicating a network of fraudulent sites run by the same group.
Further research reveals that Landmark Supreme Investment also received a warning from the FCA on March 13, 2024.
This pattern of deception and regulatory warnings suggests that VirtualFXTrade and its associated sites are part of a larger scam operation.
Platform Usability and Misinformation
At first glance, VirtualFXTrade’s platform appears user-friendly and feature-rich, but this facade quickly crumbles under scrutiny.
The company claims to have been online since 2016, yet WHOIS records show that their domain was only registered in May 2020.
Trading Account Types
VirtualFXTrade offers various trading account types, each with different minimum deposit requirements and promised returns.
However, the information provided is often inconsistent and misleading.
Basic Account
- Minimum Deposit: $500
- Expected Profit: Minimum: $4,500 / Maximum: $5,000
Features:
- Industry-leading entry prices
- Highly-regarded trader education
- Advanced risk management
- Tax-free spread betting profits
Classic Account
- Minimum Deposit: $5,000
- Expected Profit: Minimum: $45,000 / Maximum: $50,000
Features:
- Even tighter spreads and commissions
- Expert news and analysis
- Competitive spreads
- Advanced trading tools
- Tax-free spread betting profits
Platinum Account
- Minimum Deposit: $10,000
- Expected Profit: Minimum: $99,999
Features:
- Full Executive benefits
- Highly-regarded trader education*
- Advanced risk management
- Tax-free spread betting profits
Signal Service
Forex Signal Subscription
Subscription Fee: $300 per month
Features:
- Professional Forex Signals
- Up to 10 signals per day
- 95% success rate
- 24/7 support
- No experience required
- Advanced trading tools
- Payment via Bitcoin only
- Usable with any broker
It’s important to understand that the high promised earnings by VirtualFXTrade are a common scammish practice.
Promising such high returns with minimal investment is not only misleading but also completely wrong.
Trading online is inherently risky, and there are no guarantees of profit. Always exercise caution and perform thorough research before committing your funds to any trading platform.
Fees and Commissions
VirtualFXTrade’s fee structure is misleading and inconsistent. While they claim no fees for deposits via credit/debit card or wire transfer, hidden costs abound.
For instance, the minimum deposit listed in their FAQs is $100, but account type descriptions start at $500.
Such inconsistencies are indicative of a poorly managed and deceptive operation designed to confuse and exploit investors.
User Experience and Reviews
Many investors have shared their negative experiences with VirtualFXTrade.
Common complaints include sudden account closures, unexplained fund disappearances, and unfulfilled promises of high returns.
Trustpilot reviews highlight the emotional and financial distress caused by this scam, reinforcing the need for potential investors to avoid this platform.
Conclusion
VirtualFXTrade is a fraudulent trading broker that preys on unsuspecting investors.
With deceptive practices, misleading information, hidden fees, poor customer service, and significant security concerns, this company should be avoided at all costs.
Potential investors are strongly urged to steer clear of VirtualFXTrade and seek out reputable, regulated brokers instead.
FAQs
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Is VirtualFXTrade a regulated broker?
No, VirtualFXTrade is not regulated. They falsely claim to be operated by FOREXTRON LTD, dissolved on April 19, 2022. Both the Spanish CNMV and the FCA have issued warnings against them.
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What are the minimum deposit requirements for VirtualFXTrade’s trading accounts?
The minimum deposit varies. FAQs mention $100, but account types start at $500 for Basic, $5,000 for Classic, and $10,000 for Platinum accounts, indicating inconsistency.
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Are the high promised earnings by VirtualFXTrade realistic?
No, the high promised earnings are unrealistic and a common scammish practice. Online trading is risky, and there are no guaranteed profits.
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What are the main red flags with VirtualFXTrade?
Key red flags include lack of regulation, false claims about establishment date, hidden fees, misleading profit promises, and numerous customer complaints on Trustpilot.
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What customer experiences have been reported about VirtualFXTrade?
Customers report unresponsive support, sudden account closures, unexplained fund disappearances, and inability to withdraw funds. Reviews on Trustpilot highlight these issues.
