Is VeloCityTradeFX a Licensed Broker?We have to conclude that VelocityTradeFX is a scam based on our study. This judgment is supported by the fact that the company has been placed on a blacklist by a financial regulator for offering unlicensed investment services. BCSC is the financial watchdog that has issued a public alert about VelocityTradeFX. The broker accepts British Columbians as customers, however the BCSC stated that VelocityTradeFX is not authorized to trade in, or provide advice on, securities or derivatives in BC. When interacting with businesses that are not authorized to trade or provide advice in BC, the regulator advises citizens of BC to use care.
Why Should Not You Trust an Unlicensed Broker?Maintaining orderly markets depends on financial regulation. Every nation has at least one independent regulator in charge of keeping an eye on the financial system and ensuring the safety of investors’ clients. Although no regulation is flawless, it offers consumers at least some minimal protection. In the realm of investments, regulation frequently makes sure that client funds are kept separate from business funds, that traded assets are priced transparently, that the firm has no conflicts of interest, etc. Simply put, investment businesses must abide by certain standards, and regulators make sure they do.
Can VeloCityTradeFX Be Trusted?
No, as the platform has no regulation and authorization, this platform should not be trusted. Also, they don’t have the legal authority name who are controlling this broker firm.
Warnings From Financial Regulators
The fact that BCSC, a financial authority, has banned VelocityTradeFX does not imply that it is a fraud. Unless the notice specifically states otherwise.
But it’s crucial to understand that there is always a justification for a firm to be put on a financial authority’s warning list.
The regulator must have been compelled to look into VelocityTradeFX and come to the conclusion that the public needed to be alerted about it. such as user complaints or mistrust, for instance.
What Do Traders Think Of VeloCityTradeFX?
There are several complaints against this platform. Several users reported that this platform blocked their accounts when they tried to withdraw their funds. Also, this platform has not returned as high a profit as it promised.
Platform Offered by VeloCityTradeFX
There are three different types of VeloCityTradeFX trading accounts:
- Smart Trading Account – $5,000 minimum deposit
- Expert: $20,000
- $50,000 – Financial Guru
To be quite honest, we don’t see anything clever about VeloCityTradeFX’s $5,000 minimum deposit requirement. There are several disadvantages to the company, including the fact that the industry average is $250 and no one would risk such a huge sum of money on an unregulated program.
Country Serving by VeloCityTradeFX
This platform has been serving its scam activities in Germany, UK, Canada, Italy, and Albania.
VeloCityTradeFX Range of Trading Markets
There isn’t much to say about the VeloCityTradeFX trading platform. Instead of any reliable software, the organization offers a straightforward web-based interface.
This WebTrader provides necessary features including an asset overview, the ability to invest additional money, the ability to start and close deals, and the ability to see trading history. However, there are no sophisticated features, social trading platforms, or EAs.
The most important thing to do if you want to start trading is to select a broker that offers MetaTrader, the finest that the market has to offer.
Minimum Deposit and Withdrawal Terms of VeloCityTradeFX
We were unable to verify if VelocityTradeFX permits wire transfer and credit card transactions as advertised since the deposit option is not accessible if the account is not authorized. Virtually seldom do financial scammers employ standard payment methods. As an alternative, they frequently steer their victims toward bitcoin transactions that forbid chargebacks and refunds.
The Terms and Conditions stipulate withdrawal costs that might reach $50. Given that the majority of trustworthy brokers do not impose any transaction fees, this is extremely absurd. However, it seems quite unlikely that I will be able to withdraw any money from VelocityTradeFX. This is ensured by the predatory terms that make this collection of fictitious legal documents so well-liked by con artists.
Ways to Make a Deposit
There is no specified deposit method mentioned on the website. Until your account is approved you cannot see the ways of deposit. This is another red sign of being a scam company.
Victim of VeloCityTradeFX Scam? Report Your Story To Us.
The BCSC, a financial regulator, has issued a warning about VelocityTradeFX. As a result, there is an issue with it, and you would be better off avoiding it.
If you are unsure about VelocityTradeFX, simply email us with the scam or tale, and we will get in touch with you to discuss getting your money back.