Vexxsel Review – Broker Is Completely Anonymous
Have you grown tired of fake advertisements, false pretenses, and dubious offers? We know we have. Thus, putting an end to it must be done one step at a time. Enter the Vexxsel Review. Here, we’ll be discussing the fraudulent activities of this scammer and outlining the dangers arising from trusting the con artists with your funds. Enjoy!
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||AMF, CNMV, FSMA|
|Owned by:||Rever LTD|
|Headquarters Country:||Singapore (allegedly)|
|Minimum Deposit:||250 EUR|
|Cryptocurrencies:||Yes – Bitcoin, Ripple, Ethereum…|
|Types of Assets:||Forex, Commodities, Shares, Indices, Energy|
|Free Demo Account:||Unavailable|
|Accepts US clients:||Yes|
Is Vexxsel Broker Licensed By The Financial Regulator?
Not at all. First of all, we tried to find out more about this Rever LTD which allegedly operates Vexxsel. The only entity we found by that name is one from Hong Kong that manufactures electronic components. Red flag number one.
Moving on. Vexxsel also claims to be licensed by the US Securities and Exchange Commission (SEC). However, the broker offers CFD trading but that is banned in the United States by SEC. Thus, it is impossible for this anonymous fraudster to legitimately operate in the US, so the FINRA license is also a lie.
For brokers to provide services in the States, they have to be registered with both the National Futures Association (NFA) and the Commodity Futures Trading Commission (CFTC). Vexxsel is not.
As for the address in Singapore, we assumed that one was fake as well, and bullseye! Got it right. The Monetary Authority of Singapore (MAS) does not have Vexxsel in its database.
Why It Is Better Not to Choose An Unlicensed Broker
The most well-known regulators in the world require brokers to fulfill extremely demanding conditions in order to obtain a license. For example, in the US, providers must have a minimum operating capital of 20,000,000 $ and segregate clients’ funds.
In the UK, on the other hand, brokers need to have 730,000 GBP to operate but also a compensation scheme worth 85,000 GBP and negative balance protection. Vexxsel meets none of those demands, thus trading with this shady broker is extremely risky.
So Is Vexxsel a Decent Broker or a Scam?
Vexxsel is a fake and anonymous scam broker that lied about being licensed in the United States. The scammer mainly targets unsuspecting traders from Switzerland, Sweden, Italy, Luxembourg and the Netherlands.
Warnings From Financial Regulators
Do you know what’s even more dangerous? Trading with a broker that has been blacklisted. Yup, that’s our little Vexxsel. Not one, but four European regulators have issued a warning against the fraudster. Namely, the Spanish CNMV, Dutch AMF, Swedish FI, and Belgium FSMA.
Vexxsel Software – Platform Tools
We got to see Vexxsel’s trading platform and weren’t very impressed. After all, it’s hard to be amazed by a simple WebTrader. That’s right, the phony broker offers a basic browser-based platform that only has simple charts, indicators, and a calendar.
Given Vexxsel’s illicit status, we believe that this WebTrader is rigged to show fake trading. Its purpose is to deceive you so that you invest funds.
Vexxsel Assets – Instruments Types
What Vexxsel failed to provide in terms of a good trading platform, it tried to make up for with trading instruments. However, don’t let this list trick you. We gave a few examples to show you how easily one could get carried away and forget about the broker’s shady background.
- Forex currency pairs – EUR/USD, AUD/CHF, NZD/GBP…
- Commodities – gold, platinum, crude oil…
- Indices – DOW30, GER30, NIKKEI225…
- Shares – Adobe, Toyota, Microsoft…
- Crypto – Bitcoin, Cardano, Litecoin…
Where Does Vexxsel Engage In Fraud? – Countries Of Service
After some research, and the aforementioned warnings from financial regulators, we found that Vexxsel mainly engages in fraud in the following countries:
Luckily, some regulators managed to react and put Vexxsel on their blacklist. On similarweb.com, we found that the scammer’s website was visited in November the most, as many as 138,900 times.
What Are The Different Vexxsel Account Types?
Here are the account types that Vexxsel offers:
- Student – 250 EUR, spread from 3 pips;
- Standard – 5,000 EUR, spread from 2 pips;
- Islamic – 10,000 EUR, spread from 3 pips;
- Investor – 100,000 EUR, spread from 1.7 pips;
- Vexxsel VIP – 500,000 EUR, spread from 1.7 pips;
- Vexxsel VIP Premium – 1,000,000 EUR, spread from 1 pip.
These prices simply aren’t worth it. Even for the basic Student account. As for spreads, we’ll get into that in a minute.
Offer Demo Or Trial Accounts?
Nope. We were able to see the trading platform, but that’s about it. There’s no true demo account. Hence, traders are left only with a live account that needs to be paid, which is not good at all.
How Much Is Leverage, Spreads, and Fees
Spreads are terrible, to say the least. Vexxsel offers 3 pips?! Insanely uncompetitive and much wider than the industry’s standard of 1 pip or below. There are probably some hidden fees in there.
As for the leverage, the illicit broker was lazy to disclose it so we had to look for it on the platform. We found the leverage cap at 1:200. This just proves that Vexxsel is not really regulated in the US or Singapore since the maximum leverage there is 1:50 and 1:20, respectively, for retail clients.
What Is The Minimum Deposit and Methods of Withdrawal?
As we already said, the minimum deposit is 250 EUR. Nothing out of the ordinary but simply too much to risk with such a fraudulent broker. Vexxsel was pretty vague regarding the whole payment process – fees were briefly mentioned but not specified.
The unscrupulous scammer claims to accept only one method of payment – credit or debit cards (MasterCard & Visa). While it may seem very insufficient at first, this is actually the best method for getting a refund if scammed.
Scammed by Vexxsel Broker? – Allow Us to Hear Your Story
We always feel bad when we hear that someone’s been scammed. Nevertheless, it’s important to keep your head up and share your story with us to prevent this vile scheme from claiming more victims. We can help you get your money back. Ever heard of a chargeback?
But What Is A Chargeback?
- The process of reversing credit/debit card transactions.
- It applies to cards issued by MasterCard and Visa.
- You can request a chargeback at the issuing bank within 540 days.
- If you’ve sent the scammer some personal information, i. e. your ID card, passport, or driver’s license, the chargeback will fail.
If you need help with chargebacks, book a free consultation with our chargeback specialists who will help you to regain your money.
What Is Vexxsel?
The broker is an anonymous and shady broker that offers Forex, crypto, and CFD trading.
Is Vexxsel a Scam Broker?
Without a doubt. Vexxsel has been blacklisted by as many as four European regulators.
Is Vexxsel Available in the United States or the UK?
Vexxsel is available to traders from both the United States and the United Kingdom, but the broker is unregulated.
Does Vexxsel Offer a Demo Account?
No. You can access the web-based platform but there’s no real free demo account available.