VastWealth Review – Warnings Explain Why We Can’t Trust This One
The abundance of these small-time scammers advertising revolutionary ways of getting rich is starting to concern us. The broker we’re discussing today is yet another SVG-based scam that we’re here to expose in our VastWealth review.��
All the warning signs are there, wherever you look. Whether you want to get information on their license, or the trading platform, or the environment itself – you can’t. The scarce pieces of info given on the website do not reveal much. These details only serve to disguise the truth of VastWealth being a horrible brokerage altogether.�
On top of already disturbing red flags found all over, there’s even warnings issued against this sham. Nothing could save VastWealth from the conclusion we’re about to draw in the following review – they’re a swindler, through and through.
|Unlicensed Offshore Scam
|Blacklisted as a Scam by:
|FCA, CNMV, CSA
|Saint Vincent and the Grenadines
|Webtrader and Mobile trader (alleged)
|Yes (BTC, ETH, XRP, LTC)
|Types of Assets:
|Forex, Commodities, Crypto, Indices, Stocks
|Free Demo Account:
|Accepts US clients:
|US clients are accepted
What Are the Risks Involved When Trading with VastWealth?
Trading at VastWealth is as risky as trading with any other scammer of this caliber. The broker’s location being SVG implies they had no chance of being regulated by the jurisdictional authority – SVGFSA. Vallencio LLC is registered with this entity, but this financial agency doesn’t regulate brokers anymore. So, they couldn’t have a trading license.�
Furthermore, after checking databases of premium regulators like FCA, BaFin, CySEC, ASIC, CNMV and FSMA, we only found the warnings issued.
You should never settle with anything less than a broker with a prestigious license. We always enforce this belief for the sake of your safety as a trader. For example, VastWealth will offer you leverage of up to 1:400 and fake trading conditions to get you to invest and rob you of your funds quicker.�
Regulated brokers cannot do this because the presence of a license and external supervision prevents them from acting the way VastWealth does. Heavily regulated broker dealers have to provide segregated bank accounts as a way of keeping your investments safe. When the broker cannot access your funds, they cannot misuse them like VastWealth openly does.�
Seeing the scarily high leverage of 1:400 will certainly trigger your scammer detection senses. However, there’s always worse. GroupTFM is a similar fraud offering leverage of terrifying 1:600 max.
�Remember that the UK, EEA and AU have leverage capped at 1:30. It’s only slightly higher in the US (1:50), but the general idea remains the same and it serves to prevent quick loss.�
When trading under regulation, you can rely on the financial ombudsman to protect you in case of dispute through a compensation fund. Not with VastWealth, though. This financial swindler will defraud you any way they can and do their best to get away with it unpunished!
The warnings issued on this cyber criminal confirm all our doubts about this dubious broker. Monafoli is another fake brokerage brand also blacklisted by FCA and for a good reason! Take a look what the financial authorities have to say about this fraudulent scheme:
VastWealth Reviews and Comments
The first warning you’re faced with when visiting the VastWealth page at TrustPilot is the one about fake reviews detected. Apparently, the company pays review-writers that leave positive ratings and evaluations to raise the VastWealth reputation.�
Unluckily for VastWealth, this doesn’t help much in masking their wrongdoings. Most of the customers have an exceedingly negative opinion on this financial services provider. Here is how some of them go:
Vastwealth is a scam investment platform that almost ripped me off of a considerable amount of money. The experience was terrible, and I regretted ever signing up for the platform.[…]
Please please avoid this company, it is a scam, you will never see a penny return.
They WILL keep calling to invest more money, do not fall into their trap, I’m writing from personal experience. AVOID THEM
Total SCAM . Deposit $250 , watch it grow, try and make a withdrawal. Conveniently you can’t access your account. STAY WELL AWAY!
Where Does the Broker Operate? – Countries of Service
VastWealth doesn’t filter their clients much – they just want you to sign up and start investing. The website is only available in English, so you’d assume they mostly target English native speakers. However, the reports show the victims do not just come from the primarily English-speaking areas. The countries where this scam mostly operates are:
- United Kingdom
- United States
How Does the Scam Work?
Being an unscrupulous scheme of fake foreign exchange demands wearing a certain mask and image. VastWealth builds theirs on fake promises, arrogance and boastfulness. Not only do they claim to be the leading Forex and CFD exchange company, but they also supposedly have the best security systems, 24/7 customer support and unmatched trading conditions.��
Under the excuse of providing the customers with a revolutionary trading environment, VastWealth finds it only justified to boost the prices for their illusory services. We’ll later discuss just how expensive the trading accounts and tools are.�
However, the devoted agents will not reveal this about their company. Their skill lies in the fact that they can convince you these fabrications to be the only truth! With a lot of patience and persistence, boiler room agents at VastWealth can convince you to invest. By the time you get a hunch of something bad going on, the swindler has you dancing in the palm of their hand already.
What Products are Offered?
Under ridiculously high exposure to risk and with undefined, but supposedly lowest spreads on the market, you can trade the following instruments at VastWealth:
- Forex (AUD/USD, EUR/USD, USD/CHF, GBP/USD, USD/JPY)
- Commodities (Gold, Silver, Natural Gas, Crude Oil)
- Crypto (BTC, ETH, XRP, LTC)
- Indices (S&P 500, NASDAQ 100, NIKKEI 225, ASX 200)
- Stocks (Yahoo, Apple, Alibaba, Twitter, Visa, Toyota)
VastWealth Platforms and Accounts
Not surprising in the least, the VastWealth technological solution to your trading demands is not available without an account. Advertised as an “online trading gateway to more accessible, more innovative, safer trading”, this platform sounds like something we’ve all been waiting for.�
However, if it was that rich, revolutionary and innovative, we’d have already heard of it. We highly doubt it could even compare to the stand alone apps like MT4, MT5 and cTrader. The VastWealth webtrader is probably nothing more than bogus software that the swindler easily manipulates and modulates according to their goals.�
Account opening with this insincere broker is not working without a Promo Code. What a shame that we couldn’t witness the greatness of this unscrupulous trading app. What’s even more saddening is the fact that this denied us the opportunity to spend a horrendous $5,000 to buy a starter account.�
Here’s what the packages cost at VastWealth:
- TEST – $5,000 �
- STANDARD – $25,000
- PRO – $100,000
- VIP – $250,000+
Withdrawing Profits From Your Broker Account
Confusion hit us hard with this one. VastWealth allows withdrawals only if the withdrawal amount is over $500,00. After that, the Terms and Conditions doc says: “We do not charge fees for any deposit or withdrawal transaction, but we do not guarantee that all transactions will be free of charge”.�
So, you’re supposedly able to perform transactions without being charged but it’s not guaranteed these wouldn’t cost you anything? At this point, this dastardly scheme only manipulates words and plays mind games with users to find excuses to block payouts.�
We’ve already pointed out that the scammed victims complain about the disturbingly recurring phone calls and email spamming while the cashout is never processed.�
I Was a Victim of the VastWealth Scam, What Should I Do?
Are you suspecting to be the next VastWealth victim? If you’ve invested real cash with this defrauding criminal and the payouts aren’t happening, then your doubts are probably justified. That’s a reason enough to contact our support team instantaneously.�
Describe your problem to us and we’ll offer you useful advice. Not only will it cost you nothing, but you will immediately feel better after sharing your story and experience. Needless to say, your knowledge of this or any other scammer helps us build a strategy to pursue them and alert the authorities in charge of such cases. So, for the sake of regaining your capital, reach out to us today.
How trusted is VastWealth?
VastWealth is not a trusted brokerage, although they claim so. Their statements are all lies and they are not regulated to provide their services. If anything, they’ve actually been blacklisted for their engagement in scams.
Does VastWealth Offer a Demo Account?
As far as the site explains, the broker does not utilize a Demo account for trial trading with risk-free conditions.
Can I Trade Crypto and CFDs With VastWealth?
These are advertised tradable instruments but we cannot confirm or deny if it is true, as the platform-testing wasn’t an option at the time of writing this review. Either way, trading with an unlicensed broker is not profitable however you look at it.