Victory FX Review: Broker Should be Avoided at All Costs
Without mentioning the owning firm, Victory FX implies their residing address is London, UK. That itself must have attracted the attention of the UK financial regulator – FCA. Due to missing authorization for offering online trading services, FCA has blacklisted Victory FX.
A detailed explanation of it can be found on FCA’s web page:
Another solid evidence of Victory FX’s illegal operation is that the Italian regulator has also issued a warning against them:
The web presentation is missing fundamental data. Not only do we know nothing about the company but the trading conditions aren’t showing either. This level of shadiness is quite laughable, but concerning as well.
Working with unlicensed brokers, such as those described in the following paragraph, has the same risks as TradeHUB, Deuxstock, and Revolut Expert.
|Broker Type||Forex, CFD|
|Spread||From 0 pips|
|Blacklisted by||CONSOB, FCA|
How Are You Protected at Victory FX?
As eager as we were about proving Victory FX to be regulated, we didn’t manage to find any evidence of it. The broker doesn’t show up in any of the databases we checked. BaFin, AMF, CySEC, ASIC, IIROC, NFA, CNMV, and FINMA are some major regulatory authorities. Victory FX isn’t regulated by any of them.
As proven earlier, we only managed to find the two warnings against this obvious scam. FCA rebukes Victory FX’s claim to be regulated. The warning is directed at all potential victims who the phony might be selling their services to. Since Victory FX is not regulated, in the case of a dispute investors can’t have access to the Financial Ombudsman Service or be protected by the Financial Services Compensation Scheme (FSCS).
Gaining a license from any of the top-tier regulators, especially FCA, is quite a task. The company has to invest at least £730 000, provide segregated accounts, restrict the leverage to 1:30, ensure negative balance protection, and plan compensation schemes.
As a blacklisted con, Victory FX seems hardly capable of warranting any of those regulatory criteria. Be warned if ever dealing with this swindler – they only ought to rob you!
Victory FX Trading Platform Overview
We were more than optimistic after finding out Victory FX provides trading on glorious MT5. To be crystal clear: the download links do exist. Even so, the MT5 you download from Victory FX is taken from another domain, named Five Star Capital.
The two have nothing in common. If you installed and joined the MT5 from that source you’d be trading on a server that has no relation to Victory FX.
Fairly interesting way to deceive the investors and make them believe they’re trading. Unfortunately for Victory FX, still not smooth enough to fool anyone.
Due to the disturbing truth about the trading terminal, we can’t tell if Victory FX even has trading software to offer.
Account Types Offered at Victory FX
New investors can open one of the three account types offered:
- ECN account – Spreads from 0.0 pips, leverage up to 1:500, minimum order size 0.01
- Elite account – Spreads from 1 pip, leverage up to 1:500, minimum order size 0.01
- Pro account – Spreads from 1.5 pips, leverage up to 1:500, minimum order size 0.01
That being the entire information on the accounts, we have to admit it’s insufficient to properly choose. In difference to this, regulated brokers are exact and concrete about all the beneficiaries that various accounts give.
Funding Methods at Victory FX
Victory FX repeatedly proclaims not to have a minimum deposit requirement.
Deposits are made through bank wire transfers. A real surprise not to have crypto depositing as the only option. Our surprise was only short term though, as it turned out the client area gives away no bank info for the transaction.
Nothing said anywhere on the site or client area covers the withdrawal terms. To submit a withdrawal request you have to give your bank account info. Not at all advisable with a fake broker!
The entire story about deposits and withdrawals is beyond misleading and suspicious, so better stay away and don’t risk being robbed.
How Does The Scam Actually Work?
Friendly Victory FX site makes you feel welcome and taken care of. Their confident agents are trained to sell you a believable story about getting rich in no time. As a matter of fact, they’ll even motivate you by gifting you all kinds of bonuses.
They will not let you know these bonuses come with ridiculous and unreachable conditions. However, phonies will easily misuse your trust and disappear with your funds as soon as you invest.
Another scenario is them prolonging your suffering by becoming even more friendly and caring, just to extort more money. In most cases, withdrawals are made impossible. By the time you realize what is really going on, you will have already become their victim.
Forex Brokers Recommended
To spare yourself the money, time, and energy, why not invest with a reliable and trustworthy broker? These sites provide all the necessary information to help you make up your mind.
There is no room for shadiness and anonymity. Viable trading conditions, a trustworthy platform, transparent deposits, and withdrawals, it’s all guaranteed.
These are only some of the choices we’d recommend you check, but feel free to do additional research:
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
Victory FX Summary
You can’t tell what aspect of their functioning is Victory FX shadier about. Whether it’s the general trading conditions, license, trading platform, or deposits and withdrawals. None of the mentioned is functioning properly, it’s deeply disturbing.
In short, our Victory FX review has tried to show the readers there’s nothing about Victory FX that’s worth your time. Not only will investing here not yield profitable results but you will be scammed. Since the refund process is always long and exhausting, it’s better to prevent the scam in time.
Look for a reliable brokerage organization that is transparent and licensed. Even if they provide license details, check those too as phonies often try to pass as clones.
We admit it’s not easy protecting yourself from all the dangers of online trading. That’s why we should work together on reporting scammers and sharing experiences. We’d be thankful if you told us your story or observation.
FAQs About Victory FX Broker
Are Victory FX Regulated?
No, Victory FX does not own any license issued by a jurisdictional regulator.
How Much Is The Minimum Deposit for Victory FX?
The minimum deposit requirement at Victory FX is not limited to any sum.
Does Victory FX Offer a Demo Account?
No, Victory FX does not offer a Demo account. Clients have to choose between ECN, Elite, and Pro accounts.