VipTrade Review Is Viptrade.ge A Scam or Legit Broker

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VipTrade Review: Is Viptrade.ge A Scam or Legit Broker?

Viptrade.ge Review: Vip Trade is a Forex brokerage owned by Trade Holding. Is it safe to trade with VipTrade? Before trading with this broker it is important you read this review as it will serve as eyeopener.

The first step of our investigation is discovering if a company is properly licensed or not. To do this, we must establish the location or region where it claims to be based. Then we check if it is regulated or not.

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What You Should Know About VIP Trade Forex Broker

VipTrade is allegedly located in Georgia. This region does not have a specified forex regulatory commission and thus makes it hard to trust any license this broker may have. Yet, it mentions that it is licensed and regulated by the National Bank of Georgia (NBG).

We found that it is indeed true that the NBG holds brokers some standards as well as other firms handling funds and assets. To get this license, the company has to have a capital of at least 500,000 Georgian Lari. This regulation requirement may not be as strict as those of top European commissions but it is better than nothing.

Advantages of VipTrade.ge

  • It has some sort of regulation which is a good thing as clients are assured that their funds would be handled properly.
  • The broker offers an advanced trading platform that is easy to use.
  • Masterclasses and other educational materials are also offered to help traders become better and see more gain.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

VipTrade Trading Platform

VipTrade offers the MT5 trading platform. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are currency pairs, precious metals, indexes, cryptocurrency, and other commodities. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

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The maximum leverage offered to clients is 1:50 and while this may not seem generous, it is advisable. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal Methods on VipTrade

After browsing through viptrade.ge we could not find any mention of deposits or withdrawals means. This is quite discouraging because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $10,000 is required and this is more than the obtainable average of $100 to $250 that is common among legit brokers. We could not find out much about the withdrawal conditions applied by this broker because the Customer Contract page was in Russian. Since not only Russian residents are targeted we will appreciate if this information is presented in other languages.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is VipTrade a Licensed Broker?

Like we revealed when we started out, unlike other European regions, no specific Forex commission is in charge of regulating trading in Georgia. But the National Bank of Georgia has some rules of trade placed on firms it regulates. VipTrade is one of such regulated companies.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

We have the same language issue when we tried to find a means of contacting customer service.

Conclusion

One of the advantages VipTrade has is that it has some sort of regulation. Besides this, not much is encouraging about this broker. The MT5 it provides is not made available on the demo account and it requires a high deposit minimum. Further, we are not told what the transaction methods are for this broker. If you have anything to say about this broker, do so in the comment section.

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

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