This is one of the most common techniques of protecting the downside risk of your investments. When you diversify, you spread your investments across assets.
Anyone interested in trading the market must find reliable forex brokers. Since there are both reputable and dishonest brokers on the FX market, traders should exercise caution before giving a broker a significant amount of money to make sure the broker is dependable and trustworthy. This article warns you to avoid the rogue broker VictoryFX by highlighting it.
A Quick Overview of VictoryFX
An Indian CFD brokerage company called VictoryFX offers retail trading services for a variety of asset classes, including forex, commodities, stocks, and indices. The business says it has been working with the sector for the last ten years. Customers must register with the website in order to access any information about the supported platforms, accepted payment options, or account kinds. You are also redirected to the registration page when you access the instructional area. There isn’t any live customer service offered, but you can contact the business via phone or email.
VictoryFX: Is it regulated?
No! It is not regulated, VictoryFX. We investigated the FCA register to authenticate the company’s regulatory status because it states that its headquarters are in the United Kingdom and discovered that it is not allowed.
Why is VictoryFX a Scam Broker, exactly?
Victory FX emphasises its dedication to trust and dependability in an effort to pass for a real company. On the other hand, it made no mention of its registered office beyond stating that it was a UK-based business. Even more unexpected is the contact number for a UK-based corporation that has an Indian country code.
The company falsely claims to have been around for more than ten years, as evidenced by the fact that its domain is only a few months old.
Additionally, the website’s layout reflects favourably on the creative team behind it. At the very least, a landing page with several broken links and inaccurate information cannot be from a reliable company.
Furthermore, it has been identified as a fraudulent setup by the most recent warning from the British regulator FCA. Investors were forewarned by the regulator that the company was operating illegally and that they should steer clear of doing business with it.
How Does VictoryFX Con Customers?
The broker phones new customers to welcome them to the business. The business then urges them to fund their accounts after luring them into fake profit-making deals. However, after receiving deposits, the company ignores its clients and does not return their calls or emails. Additionally, the business does not at all handle client withdrawal requests.
What when I already have deposited funds with VictoryFX?
Your funds are not secure with the company, thus you must start a withdrawal request. Like other swindler brokers, it could abruptly cease business and flee. Therefore, it is preferable to remove your funds from the company as quickly as possible.
Conclusion
The likelihood of getting duped increases when using an unregulated broker. In essence, you run the risk of losing your money not only as a result of bad trading choices but also as a result of having to be able to extract even a single penny from a rogue broker. So make an effort to only register with licenced brokers. If the business violates its code of conduct, you will at least have the option to file a lawsuit. Please feel free to get in touch with us if you have any questions about the broker.
