Vestrado is presented as a professional broker offering the best possible trading conditions – the tightest spreads, leverage as high as 1:500, a wide selection of currency pairs – well over 60 – generous trading bonuses, and a well known platform – MetaTrader4.To get more news about vestrado review, you can visit wikifx.com official website.
The offer might certainly seem attractive at first glance given the relatively low minimum deposit requirements and the assurance for the safety of your funds – Vestrado claims to be properly licensed and authorized.
Regrettably this is simply not true. Vestrado is not regulated anywhere, which along with their offshore registration immediately brings their credibility down to zero. Is Vestrado legit? No, being unregulated and based offshore, Vestrado simply can not pass for a legit broker. Better check our list of trusted and properly licensed European brokers instead. Vestrado says to be owned and operated by a company called Vestrado Ltd., supposedly based and incorporated in St. Vincent and the Grenadines. And Vestrado also suggests that they are licensed and authorized by the local Financial Services Commission (FSC) in accordance with the local regulations. Take a look: Not that we value much offshore licenses issued by offshore regulators like the FSC in St. Vincent and the Grenadines, because offshore regulators simply lack the capacity to oversee internationally operating brokers, not to mention their notoriously lax regulatory framework. The funny thing here however, is that the FSC simply does not pay attention to the forex industry.
The FSC regulates the banks, the pension and the insurance sectors on the Islands, but not the so called “International Business Companies” registered there and pretending to operate as legit forex and CFD brokers.
And the FSC has even issued a warning on the subject virtually saying that “the FSA does not issue any licenses to carry on the business of FOREX Trading or Brokerage or Binary Options Trading nor does the FSA ‘Regulate, Monitor, Supervise or License’ International Business Companies (IBCs) which engage in such activities”, adding that “FOREX or Brokers Trading licenses are not issued by any authority in St. Vincent and the Grenadines”. See for yourself: So obviously Vestrado is not regulated anywhere, which makes them virtually anonymous too, because you should agree that without an official license from a legit financial authority, where you can check the broker’s credentials (including the address), you will never be able to reach the true owners of the website and bring a successful legal action against them, once you realize you have been scammed.
Can I make money with Vestrado? No, you should not fool yourself that you will be able to male even a single penny with a unregulated, virtually anonymous website like Vestrado, which on top of that bears all the hallmarks of a scam. Better check our list of reliable, UK regulated brokers instead.
And you will definitely get scammed, because you will hardly be allowed to make any withdrawals at all, which by the way is evident from the website’s very Terms and Conditions. Take for example the following passage regarding Vestrado’s withdraw policy: “This policy can not be exhaustive”, Vestrado says adding that “additional conditions or requirements may apply at any time. Usage of this site and services is subject to the Client Agreement and other operative agreements which may be amended from time to time at Vestrado’s sole discretion”. What is the minimum deposit requirement at Vestrado? Vestrado says that you can open a trading account with just 5 USD or so, but because you have no reason to trust a unregulated, zero credibility website like this, here you may check as well our list of brokers, offering micro and cent accounts for real.
Otherwise, Vestrado says to be offering three account types – Frux Account, Fides Account (Cashback) and Respectus Account (ECN) with minimum deposit requirements of 5 USD, 50 USD and 100 USD respectively.
