Vexxsel Review: Stay Away From Vexxsel.Online
We have some bad news for you, reader. When you search the word “Vexxsel” you will get some disturbing results. The first page in the results is the company website itself, and the second is an anonymous poll website with some very bad user experiences.
If we look at Vexxsel’s home page, we will notice that they claim to be registered by SEC and FINRA. This is a rather interesting claim since our investigation proved that Vexxsel is a fraudulent company, not licensed by any financial authority.
On the main page of Vexxsel’s site, we can see that a parent company, Rever LTD is mentioned as a main capital holder. We suspect this to be a lie also. There are some companies registered as Rever LTD in the US, but none of them specialize in finance.
This Vexxsel review is here to show you how unscrupulous people try to take your hard-earned cash. We have created this article to inform the general public just how cunning scammers have become.
|Broker Type||Forex, Stocks, Crypto, Indices, Commodities|
How Are You Safe at Vexxsel? Regulation and Security
Two US financial authorities named CFTC and NFA are responsible for licensing the brokers in this area. Acquiring licenses for broking is a very hard thing to do in a country that is strictly regulated such as the US. In order to start a broking business in the US you must fulfill certain criteria:
- Starting capital of over $20 000 000
- Fund protection through segregated bank accounts
- Leverage limitation to 1:50
- Transactions reporting
If a company wishes to remain in business after acquiring a license, they must continue to follow these rules. Vexxsel is not recognized by either CFTC or NFA, and this leads us to believe they are not a lawful business.
But, let’s not jump to conclusions just yet. This is why our staff took the liberty of checking other regulation agencies’ databases such as ASIC, CySEC, NFA, IIROC, BaFin, FINMA and CNMV. There is no company named Vexxsel in any of them.
What we’ve seen so far is certainly raising some red flags. We can keep digging deeper into who the people behind the organization are, but we don’t need to know that. All we need to know is that they are con artists, and Vexxsel is one of their fronts.
An Overview of Trading Software
Most renowned trading firms operates on multiple platforms. The most popular ones are MT4 and MT5, and both have incredible track and safety records. It seems odd that a high-profile company such as Vexxsel is claiming to only operate on a web platform.
This web platform is easy enough to access. If the client wishes, they may open a trading account by clicking anywhere on the trading page. A security certificate, so called SSL, is active on the page.
Devil lies in the details, and here is where Vexxsel falls short. It lacks any advanced tools and instruments. It is as if Vexxsel doesn’t want its investors to succeed, and this is true. The only thing they want is for you to deposit your money, they don’t care about what happens to their victims afterward.
Funding Procedure at Vexxsel
Unlike their legitimate competition, Vexxsel doesn’t offer many deposit or withdrawal options. The company only accepts debit and credit card transfers. Supported cards are Visa and MasterCard.
Withdrawals incur some special rules, as stated on their site. There are a number of dubious steps the client has to take in order to withdraw their money. Minimal withdrawal sum is not specified, but withdrawing more than $1.000 at a time requires some additional identification, and sending photos or scans of your personal documentation.
Creating an account and speculating on their platform is easy, but it is only a facade. We all trade to earn money. How can you earn money if you can’t withdraw it from your account?
How is the Scam Carried Out?
Let us assume you are a beginner. You’d like to invest some money, and see your investment pay off after some trading. You find a nice, well-made site with a good looking trading platform.
For people who do not check the backgrounds of their brokers thoroughly, this is where the pains begin. Many scam sites offer trading views just like Vexxsel, and they let their victims play with colorful flow charts and numbers, thinking they are doing actual trade.
Once you’ve deposited your money, it goes into the fraudster’s pockets. They made sure to make withdrawal as difficult as possible, so as to deter people from withdrawing. Many would just deposit additional funds once the trading software tells them they have more potential for profits.
If you are ardent about withdrawing your money, you have to comply with their “special rules”. They will ask for personal documents, and this holds another risk. If they gain access to your personal data, the scammers may even commit an identity theft!
We certainly have hopes that this Vexxsel review will allow potential traders to have a more educated approach when searching for reliable brokers. It is never an easy task to discredit potential frauds, however.
Doing some in-depth research on Vexxsel, however, yielded some very disturbing
results. This is a predatory entity that holds no licenses, and has a record of defrauding their investors.
None of the claims they have made hold up to any scrutiny. There are no awards, not a single regulation they adhere to, and quite frankly, even the people behind the company might be a complete fabrication.
Before making an investment, do check other companies we have recommended. You will find that there is safety, reliability, and profits to be found in trading. It might even become that good and fun job you’ve always wanted!
FAQs About LoyalFXMarkets Broker
Is my Money Safe with Vexxsel?
Unfortunately, no. Vexxsel is a conning front that only seeks to take your money away, and give nothing in return.
Does Vexxsel Offer Demo Account?
Demo accounts are available on Vexxsel, and you can certainly use them to train in a limited capacity. It is the lack of advanced options that would make it a bad platform for studying.
What Is The Minimum Deposit at Vexxsel?
Minimum deposit is around 250€, which is much more than most of the competition requires to conduct business.