VT247 Forex Broker provides real users with * positive reviews, 1 neutral reviews and * exposure review!
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Beware of their hidden fees when making a deposit. Also, you cannot withdraw any winnings out, not even after I have provided them my account card and bank statement, both have my name on it. Really had enough if these scammers I have decide to close my account. This disgusting broker ruined my life!!!
VT247 is a relatively new player in the forex brokerage space, having been established in 2020. This review aims to provide a comprehensive overview of the broker's offerings, including user experiences, pros and cons, and expert opinions gathered from various sources. Overall, VT247 has garnered mixed reviews, with some users praising its trading platform and competitive spreads, while others express concerns regarding its regulatory status and customer support.
Note: The regulatory landscape for VT247 is complex, with different entities operating in various regions. As such, it is essential for traders to be aware of the specific regulations and protections applicable to their jurisdiction.
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.0 |
| Tools and Resources | 3.5 |
| Customer Service and Support | 3.0 |
| Trading Setup | 4.5 |
| Trust Level | 2.0 |
| User Experience | 3.5 |
| Overall | 3.5 |
We assess brokers based on a variety of metrics, including user feedback and industry standards.
VT247, operated by Virtual Trade Consultancy Global Pte Ltd and based in Singapore, offers a range of financial products including forex currency pairs. The broker provides access to the popular MetaTrader 4 (MT4) platform, widely recognized for its robust trading capabilities. Despite being a newcomer, VT247 aims to cater to both novice and experienced traders with its diverse offerings.
VT247 operates without a valid regulatory license, which raises significant concerns regarding its trustworthiness. According to multiple sources, the lack of regulation poses high risks for traders, as there are no established consumer protections in place (WikiFX). This absence of oversight is a critical factor that potential clients should consider before engaging with the broker.
VT247 accepts various currencies for deposits and withdrawals, including USD, EUR, and GBP. However, the minimum deposit requirement is set at $200, which some users find relatively high compared to other brokers. While there are no fees for deposits, withdrawal fees can apply depending on the method used, with some reports indicating a $20 fee for wire transfers below a certain threshold (ForexFraud).
VT247 offers a welcome bonus of 50% on the initial deposit, which could be an attractive incentive for new traders. However, the terms and conditions are not always clear, and traders are advised to read the fine print to understand the requirements for withdrawing bonus funds (DailyForex).
The broker provides access to a limited range of tradable assets, primarily focusing on forex pairs. This limited offering may not suit traders looking for a more diversified portfolio, especially since there are no options for trading cryptocurrencies or stocks directly (ForexBrokers).
VT247's cost structure includes variable spreads, starting from 1.2 pips for its standard account and 0.0 pips for its ECN account, which charges a commission of $6 per trade. While these rates are competitive, the lack of transparency regarding swap rates could be a drawback for some traders (Investing.com).
The maximum leverage offered by VT247 is 500:1, which can amplify both potential gains and losses. This high leverage is appealing for experienced traders but poses significant risks for those less familiar with the market dynamics (ForexFraud).
VT247 primarily utilizes the MT4 platform, which is renowned for its user-friendly interface and extensive analytical tools. However, the absence of MT5 or proprietary platforms may limit options for traders looking for advanced features (DailyForex).
VT247 does not accept clients from several countries, including the United States, Canada, and Singapore. This restriction may limit its appeal to a broader audience, particularly in regions where forex trading is popular (ForexBrokers).
Customer support for VT247 is available in multiple languages, but the service is limited to 24/5 availability. Users have reported varying experiences with response times, leading to concerns about the effectiveness of customer support during peak trading hours (Investing.com).
| Category | Rating (out of 10) |
|---|---|
| Account Conditions | 4.0 |
| Tools and Resources | 3.5 |
| Customer Service and Support | 3.0 |
| Trading Setup | 4.5 |
| Trust Level | 2.0 |
| User Experience | 3.5 |
| Overall | 3.5 |
In conclusion, while VT247 presents itself as an emerging broker with competitive spreads and a user-friendly platform, the absence of regulation and limited asset offerings raise significant concerns. Potential traders are encouraged to weigh these factors carefully against their trading needs and risk tolerance before proceeding with this broker.
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