Vip Forex Pro

Note: Vip Forex Pro's official website: https://www.vipforexpro.com/ is currently inaccessible normally.

Vip Forex Pro Information

Vip Forex Pro was registered in the offshore Marshall Islands, together with an inaccessible website, make the first impression of unrealibility.

The broker is said to offer trading services in cryptos, forex, indices and stock products. Spread for the main EUR/USD is from 0.6 pips. While the broker uses the popular MT4 platform, the minimum deposit from $1 000 is high and prevents many from entering actual trading with them.

To make thing worse, the broker currently operates without valid regulation from authority bodies, meaning less compliance to industry rules and customer protection. There is even a piece of exposure to frauds on WikiFX, which further exacerbates its credibility that we recommend you to stay away from such possible scam broker.

Regulatory Status

Regulation is a crucial aspect of evaluating the legitimacy and reliability of a brokerage firm, and in the case of Vip Forex Pro, the broker operates without any valid regulatory oversight. The absence of a regulatory framework raises huge concerns regarding the broker's adherence to industry standards, financial transparency, and the protection of client interests.

Downsides of Vip Forex Pro

Unavailable website: Vip Forex Pro's website cannot be opened currently, which indicates possibility of cease of operation.

Regulatory concerns: The broker operates without valid regulation by any financial institutions, meanig that it might not comply to industry standards. This heightens trading risks with them.

High minimum deposit: The broker charges an extremely high minimum deposit of $1 000, which is quite a huge burden for many investors

WikiFX exposure: There is a piece of exposure from WikiFX about fraud, indicating unsatisfactory customer experience with this broker that investors can take reference to.

High withdrawal fees: Vip Forex Pro charges a withdrawal fee of 3.5% for cards and €25 for wire tranfers, which is unreasonably high and will whittle down a huge proportion of investors' profits.

What Can I Trade on Vip Forex Pro?

Vip Forex Pro advertises that it offers a variety of market instruments for trading. These include:

• Forex (Foreign Exchange): The global marketplace for buying and selling currencies, where traders profit from changes in exchange rates between currency pairs.
• Indices: Indices are statistical measures of the performance of a group of stocks or other assets which are used as a benchmark for the overall market or specific sectors.
• Stocks: Shares of ownership in a company, bought and sold on stock exchanges, representing a claim on part of the companys assets and earnings.
• Cryptos (Cryptocurrencies): Digital or virtual currencies that use cryptography for security and operate on decentralized networks, often based on blockchain technology.

Account Type

Vip Forex Pro claims to offer four types of trading accounts, namely Classic, Gold, Platinum and VIP.

The minimum initial deposit amount is extremely high at €1,000 for the Classic account, while the number reaches to €100,000 for VIP account. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

Vip Forex Pro offers leverage up to 1:400, which allows investors to control a position of 400 times of their initial deposits.

However, you should be very prudent to use such tool since leverage not only amplify profits, but losses will be augmented at same level as well.

Spread

The tightest spread for EUR/USD is from 0.6 pips in the Gold account, and the Classic account has a modest EUR/USD spread level from 3 pips.

While VIP account, though with the highest threshold, has the widest EUR/USD spread from 5 pips, which is not the normal case comparing to most brokers.

For trading commissions, the broker does not disclose any information.

Trading Platform

Suprisingly, Vip Forex Pro offers a full functional MetaTrader4 platform, which is widely used around the globe. You can access the charting tools, analysis resources and automated trade execution through the platform.

Deposit and Withdrawal

Vip Forex Pro accepts deposits and withdrawals via credit cards, wire transfers and some unknown e-wallets.

The broker has set its minimum deposit at $1 000 on one page of the website, but then it claims only to need as little as $250 to open an account. The minimum withdrawal amount is €100.

Besides, hefty payment fees are charged by the broker: 3.5% for card payments, $30/€25/£20 for bank payments. This is quite high and can be a huge burden to investors and eat up their profits.

Bonus

VIP Forex Pro claims to offer some bonuses. However, if you want to withdraw your bonuses, you will be required to have a total trading volume of at least 10% of the total bonus amount.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.