VanomFX Review: A Falsely Regulated Platform
VanomFX is not your cup of tea when it comes to trading. The platform claims to be fully regulated with no proof of it. We have seen withdrawing funds is nearly impossible. Please stay away from vanomfx.com
VanomFX claims to be regulated by ASIC, FCA, and FSCA. None of these regulators have heard of the platform. What we have is an attempt by the platform to appear compliant. From the horse’s mouth, the FCA distances itself from such a platform. The regulator will later issue a warning regarding this platform. Members, on the other hand, are facing a huge withdrawal obstacle. Find out more in our detailed VANOMFX REVIEW.
The homepage gives members the assumption that this is the best Forex broker. The truth is, it’s not the case. What we have is an attempt by the platform to act holier than thought. We need to ensure that no one falls into their trap.
For the past few weeks, it’s been hard to reach out to the platform. The emails we’ve sent haven’t been responded to. And this is what members are facing with the platform. Those who have sent withdrawal requests will wait for a lifetime before getting any response.
It would be best if you stayed away from the platform due to its inability to offer realistic profit margins. Once you deposit funds, the platform toys with your mind. You will trade and even make profitable trades. Withdrawing funds will be your biggest problem.
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VanomFX doesn’t even come close to a real trading platform. There are a lot of red flags found on their cartoon-themed platform. But, again, it goes to show the lack of professionalism. No broker would have such a theme.
Your first step when deciding what to invest in should be doing thorough research. Make sure to check what others are saying about the particular platform. It’s what makes trading safe as it gives you an idea of what to expect.
VanomFX fails to indicate the available accounts and plans. As a result, investors are blindly signing up without knowing the available features. We believe the platform is taking advantage of investors with it.
Without having prior knowledge of trading conditions, the platform may impose harsh trading conditions. And this puts your funds and trading at risk. In addition, there’s no information on available leverage or spreads.
You should know that the industry has set maximum leverage at 1:100 in Europe. In the States, the regulators have put a cap on leverage. So you get to trade with a leverage of 1:50, which is perfect for retail traders.
One important feature that’s missing is the minimum acceptable deposit. The platform fails to indicate the acceptable minimum deposit. Regulators have set $250 as the acceptable minimum deposit.
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Such a platform will ask for high deposit amounts and claim it increases your chances of winning. For example, you might deposit $7,000 and get the same account features as one who deposits $500. It’s completely unfair as you should get more features for your high deposit amount.
Opening an account with the platform is straightforward, with the process taking less than five minutes. First, you get to fill in your address, contacts, and full names. The platform will then send instructions on how to fund your account.
We have a problem with how the platform verifies these accounts. Instead of verifying accounts once you open, the platform waits until your first withdrawal. That’s when the platform asks for sensitive documents.
You will have to send a copy of your ID, bank statements, and credit card information. We don’t understand why the platform would ask for such documents. There are other ways of verifying accounts.
Most cyber security experts warn of such platforms as it’s seen as data harvesting. Your credit card may be charged with several online purchases. Nothing is stopping them from clearing your bank account as the platform has all your details.
Available Trading Assets
The platform offers investors four classes of trading instruments. These include commodities, forex, indices, and stocks. You can trade leading commodities from the energy and manufacturing sectors.
Forex trading is at the core of their platform, with members having to use major pairs. The platform doesn’t allow members to spread risks with exotic and minor pairs. Instead, you can trade leading global markets such as DAX, Dow Jones, and the Nikkei.
The platform also allows investors to trade with leading company stocks. For example, you get to trade the FAANG group of shares on the platform. Other stocks from global brands such as Samsung and Tesla are also available.
Despite the platform claiming to reside in London, the address is not true. We found out that the address is from an old building undergoing renovations. And this is the reason why we doubt the credibility of Venom FX.
It’s clear VanomFX is trying to hide its true identity. For example, the company House UK doesn’t have any entity registered with the Venom name. We also don’t get to see any names listed as associates of the platform.
And this shows a lack of transparency from the platform. The people behind the platform want to remain as anonymous as possible. And this is why we need to expose the platform. So please stay away from it or risk losing your entire funds.
Contact and support
Another feature to look out for when selecting a viable investment platform is the support structure. Go for a platform that guarantees direct support. With venomfx.com, it’s not the case. Instead, you get a platform that tries to minimize communication as possible.
That’s why you get a platform offering one-way communication. Members can only send emails and hope the platform will respond in time. Unfortunately, it’s not the case as more members are complaining of a lack of support.
Deposit and withdrawal
After opening an account, the platform sends instructions on how to deposit. You can deposit via bank and wire transfer. Once you fund your account, the balance will reflect on your trading account.
Withdrawing funds after trading with the platform remains the biggest hurdle facing members. But, unfortunately, none of the new members have been withdrawing funds. And this has been brought to the attention of regulators.
A platform that blocks withdrawals is not one that we would recommend. The platform is also deleting new accounts with balances of more than $1,000. We believe the platform will soon shut down.
Is VanomFX Licensed or Regulated?
VanomFX is not a licensed platform and doesn’t hold any compliance documents. What we have is a platform that fails to offer investors a real trading opportunity. Your funds are at risk with anonymous and unregulated platforms.
None of the three regulators mentioned have ever heard of the platform. The platform is not found on their official registry, as is the norm with registered entities. We also couldn’t find any documents on their website to prove their claim.
You should sign up with platforms that have valid license documents from reputable regulators. These regulators ensure all parties adhere to trading regulations. The best regulators include ASIC, BaFIN, CFTC, CONSOB, CySEC, FCA, NFA, and the SEC.
Safety of funds with VanomFX
Your funds are far from safe with a platform that falsely claims to be regulated. The platform doesn’t segregate accounts nor offer insurance cover for deposits made.
There’s no way we will recommend a platform that fails to allow withdrawal. So please stay away from vanomfx.com.
The best way to invest requires having credible investment platforms with a proven track record. Try them out today.
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