Why You Must Read the VerifyFX Review
If you want to protect yourself online and not get scammed, you better read our VerifyFX Review. Here you have all the answers regarding this fraud.
We’ve analyzed this website’s content – regulation, trading platform, leverage, account types, funding methods, etc. This review is based on facts, not speculations, so please give it a read.
|Broker status:||Unregulated Scam Broker|
|Regulated by:||No Regulation|
|Blacklisted as a Scam by:||AFM, FI, CNMV, FSMA, FIN-FSA|
|Owned by:||VerifyFX Ltd|
|Supported Platforms:||MT4 (allegedly)|
|Minimum Deposit:||5,000 EUR|
|Types of Assets:||Forex, Indices, Commodities, Shares, Crypto|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Is VerifyFX a Scam Broker?
VerifyFX is essentially an anonymous website. The company called VerifyFX exists only in the warnings issued by regulatory authorities. There’s no physical address that we could check.
In the legal documentation, this phony claims that the brokerage operates under Estonian laws, which is a lie. The majority of anonymous scammers use the exact same text.
Hence, VerifyFX is unregulated. You have no reason to trust scammers like VerifyFX or Royal Oak Investment. Instead, find a reliable provider that is regulated by reputable financial market authorities such as the FCA, BaFin, FINMA, CFTC, ASIC, MAS, IIROC, etc.
You will thus be entitled to numerous perks such as segregated funds, negative balance protection, compensation in case the broker goes insolvent, leverage restriction, etc.
Warning Issued by Financial Authorities
We found a series of warnings issued against VerifyFX. A total of five European regulators have flagged this financial swindler as a scam. The regulators are the Spanish CNMV, Dutch AFM, Norwegian FI, Belgian FSMA, and Finnish FSA.
All of these bodies implement the trading laws and regulations of the European Securities and Markets Authority (ESMA). Each broker received a MiFID passport under ESMA. VerifyFX claims to possess one but these warnings beg to differ.
The Opinions of Traders On VerifyFX
More proof that VerifyFX is a scammer! On PersonalReviews, we found a complaint against the broker. This unfortunate victim explains how she got scammed. Withdrawal issues were expected.
Yep, they got me this morning… I started getting a dozen phone calls from various locations across the country and my account log-in “no longer existed”… Lodging complaint and charge-back with my bank in the morning and also submitting formal complaint to Australian Securities Investment Commission… Pity their internet search and false reviews websites flood the search results.– PersonalReviews user, April 1, 2023.
There is only one instance of mentioning a trading platform on VerifyFX’s website. It’s in the FAQ section, of course. Here the scammer promises the world-famous MetaTrader 4.
MT4 is an outstanding trading platform with cutting-edge features and tools. Traders can utilize automated trading, multiple timeframes, a user-friendly interface, etc.
However, we highly doubt that VerifyFX actually offers this platform. There’s no demo account so we couldn’t check. Even if there is an MT4 platform, we wouldn’t download it because VerifyFX is unregulated and blacklisted.
Which Financial Instruments Does The Platform Include?
In order to make this foul scheme seem legit, VerifyFX promises the following trading assets:
- Forex currency pairs;
VerifyFX’s Countries Of Service
Based on our research, VerifyFX was all over the place. This scammer tried to infiltrate several jurisdictions around the world. And managed to piss off several financial authorities. Here’s the list of countries where VerifyFX tried to find victims:
Account Options Offered by VerifyFX
Let’s make an overview of VerifyFX’s fraudulent account types:
- Green – 5,000 EUR;
- Premium – 15,000 EUR;
- Platinum – 50,000 EUR;
- Executive – 100,000 EUR;
- Presidential – 250,000 EUR.
Each type offers various perks, which are just bogus promises. As you can see, these minimum deposit requirements are insane. Imagine having to pay 5,000 EUR just to open a basic account tier.
No doubt these funds will get embezzled as soon as you deposit them. Please avoid investing in deceitful websites such as this one and EpsilonFx.
Leverage, Spreads and Fees
The maximum leverage that VerifyFX offers is 1:200. It’s a dead giveaway that this is not a legit onshore brokerage. The regulatory cap in Europe is 1:30 for retail clients.
Extremely high leverage is a double-edged sword but it often results in losses. As for the spreads, the levels are too wide to be profitable. For instance, the Basic account offers a spread of 2.5-3 pips, double the industry’s standard.
Can a Trader Use a Demo Account?
No. VerifyFX even openly said it in the FAQ section. The unscrupulous broker stated that only live accounts were available. Yet another reason not to invest in this fake brokerage.
Legit providers always include a risk-free demo account you can open to see the trading platform and try out trading.
VerifyFX’s Affiliate Program
VerifyFX was cunning enough to include an affiliate program. However, the text of this page was definitely taken from somewhere else.
We say that because we’ve seen it countless times before. It’s undoubtedly a Ponzi scheme designed to draw as many clients as possible.
The fraudster promises rewards and commissions for every new member you bring in. Do not do it, you won’t be doing your friends any favors.
Terms of Service for VerifyFX
This is the same case as with the affiliate program. The Terms and Conditions document is definitely not authentic. A dead giveaway is the Estonian jurisdiction part.
Also, the broker claims that all disputes are to be resolved before the courts of the United Kingdom. It’s a terrible and misleading lie. The whole legal documentation of this website is fake.
Withdrawing Profits From Your Broker Account
According to VerifyFX’s withdrawal policy, the available payment methods are the following:
- Credit/debit cards;
- Wire transfers.
When it comes to fees, for withdrawing “over 20% of profits or closing your account you will be required to pay Management fees/ Swap fees/ Liquidity provider fees, in order to complete the Withdrawal/Closure process.”
But here’s the issue – the text continues – “fees will be required to be paid up-front as the
segregation of the account does not give us the option to perform a deduction.” It’s illegal for a broker to demand up-front fees for performing withdrawals!
What Should I Do If I Got Scammed By VerifyFX?
If you have evidence that VerifyFX violated any terms and conditions, please let us know. You can also write a complaint on the forums to warn fellow traders.
We can assist you in getting your money back. Book a free consultation with our team and find out how the chargeback process works!
- If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.
What Is VerifyFX?
VerifyFX is an anonymous cyber trading scam that promises legit trading of FX pairs and CFDs on assets.
Is VerifyFX a Regulated Broker?
No. VerifyFX has been blacklisted by five European regulatory authorities.
Does VerifyFX Have a Referral Program?
VerifyFX offers an affiliate program, which is actually a shady Ponzi scheme in disguise.
Does VerifyFX Offer a Demo Account?
No. VerifyFX does not offer a demo account, per the website’s FAQ section.