Vittaverse Review – A Well Polished Trap Will Still Hurt You
Here, we have an example of a very well orchestrated con. Vittaverse Review will tackle all the facets of this fraudulent company, and show you the minute details and problems of this broker. With only the company registration being legitimate, every other aspect of trading through this brokerage puts your finances at great risk.
|Is This Company Safe?||No, Vittaverse is an Offshore Scam Broker|
|Have Warnings from:||N/A|
|Trading Platforms:||MT5, cTrader|
|Trading Assets:||Forex, Cryptocurrencies, Indices, Stocks, ETFs, Commodities|
|Free Demo Account:||N/A|
|How to Withdraw from This Company?||Vittaverse is an unregulated entity, which is unlikely to return your invested funds. Seek help from your Bank, Financial Regulator or Reach out to our Recovery Specialists to aid you in recovering your funds.|
Is Vittaverse a Regulated Broker? Which License Do They Own?
Vittaverse has made available the information on the address of their company HQ, and the company registration. This information checks out, as Vittaverse LTD is legitimately registered in St. Vincent and the Grenadines… But there is a problem with this.
You see, SVG has recently stopped regulating VASPs, or Virtual Asset Service Providers. We call them “online brokers” colloquially. After checking the databases of prominent financial regulators around the world, we found out that the company does not own any trading license.
The obvious dangers with unregulated brokers is that they answer to no-one. Because of this they quickly turn to defrauding their investors. There are other risks, however, and for this reason we should consider to which conditions a regulated broker must adhere for risk-mitigation purposes.
In the EEA, there is a MiFID transnational agreement, which is dictated by ESMA and requires complete financial transparency.. Regulators in the EU require from their brokers at least €730 000 of starting funds, and a compensation scheme of €20 000 before they issue a license. Additional requirements include Negative Balance Protection, and Segregated Bank Accounts. Maximum leverage is 1:30 for Forex and CFDs, and 1:2 for Cryptocurrencies. Bonuses are not allowed anywhere in the EU.
In Canada and the US, these requirements are somewhat different. Where Canada requires an initial capital of CA$1 000 000, the US is much more stringent with their US$20 000 000 requirement. Neither the US or Canadian regulators require Negative Balance Protection. The maximum allowed leverage is 1:50, and bonuses are allowed in both jurisdictions. The main difference is that Canada does require a Compensation Scheme, unlike the US. Of course, the brokerage must be completely transparent financially.
Now, we have mentioned that we’ve searched the databases of Tier-1 regulators around the world. These include BaFIN, FCA, CONSOB, FMA, FINMA, New SRO, NFA and CBR. Neither of them have any information about Vittaverse. This proves our claim that Vittaverse is an unlicensed broker.
Who are Vittaverse victims?
Vittaverse has been in their illicit business since at least 2022. In this time, they have managed to get into the wallets of citizens from many developed nations. They mostly attract their victims through the combination of competitive prices that regulated brokers simply can’t match, very large leverage of 1:500 and referral programs.
- United States
These promises of large financial returns for referring your business associates, friends or even family are well known with con artists. Many Pyramid or Ponzi schemes use these tactics to steal from more people. If you suspect that somebody has been soliciting the services of Vittaverse, or have already deposited money with these swindlers, consider seeking legal help as soon as possible.
Vittaverse’s Leverage and Spreads
Vittaverse openly advertises an exceptionally large leverage of 1:500 for their traders. This includes the majority of trading instruments, such as Forex Pairs and different CFDs. The leverage for Cryptocurrencies is lower, set at 1:10. This seems like the risk is lower, but as you remember, most of the developed countries do not allow the leverage on Cryptos to be higher than 1:3.
We couldn’t find any data on how tight or loose the spreads are at Vittaverse. This information is not shown openly on their website, and you may not see it through a trading application unless you verify your account. The lack of transparency with Vittaverse is yet another reason why we don’t recommend this brokerage.
So far, the most affected nations of the Vittaverse scam are these:
What Types of Bonuses Are There?
Vittaverse does not offer one-time bonuses for any deposits. Instead, this faux broker uses another fraudulent strategy that is even more dangerous. You will see later in our Vittaverse Review how these swindlers require concurrent payments that continually bleed your money. The dream of quick and labor-free income is just that, a pipe dream.
Vittaverse Trading Features
We’ve already reviewed some of the basics, such as spread and leverage. When it comes to trading assets, there is a rather large variety. This includes different CFDs, Forex Pairs and even Cryptocurrencies.
The trading applications are top-notch at Vittaverse, but there are many reasons why you should avoid this brokerage outright. Stay with us as we delve deeper into which bait Vittaverse uses to lure new victims.
Various Products That Vittaverse Offers
There is a very hefty selection of different tradable assets with this broker. The instruments are divided into several categories, with a great number of choices in each. As there are simply too many to just name them, we have created a list of categories with the most popular examples in each.
Here is what you may trade through the Vittaverse broker:
- Forex – 103 pairs, including EUR/USD, AUD/CAD, USD/CHF and GBP/JPY
- Cryptocurrencies – 136 coins, including Bitcoin, Ethereum, Litecoin, Dogecoin
- Indices – 13 assets, including DAX, Nikkei, Nasdaq
- Stocks – 119 assets, including Tencent, Apple, Tesla, Honda
- Commodities – 16 assets, including Gold, Palladium, Wheat, Cocoa
- ETFs – 16 assets, including GLD, USO, VEA, QQQ
Vittaverse Trading Account Selection
Vittaverse only offers a single trading account for their clients. Once you login to the main account, you may create multiple sub-accounts with this broker. Each of these are slaved to the main account. This is done in order to facilitate the various investment plans, of which we will discuss later in our Vittaverse Review.
The minimum initial investment with Vittaverse is $100. The main account is available through all of the trading platforms this broker offers.
There Is No Free Demo At Vittaverse
Vittaverse really tries hard to appear legitimate. Their dashboard does mention a demo account, but there are no options to create such an account. When we contacted the customer support, they directed us to a video tutorial, and indeed it contained the options to create a demo… But it was still unavailable in our dashboard.
It is quite possible that Vittaverse only offers the demo to verified clients who have already deposited funds, but that defeats the entire purpose of a demo. The majority of these scam brokers don’t offer a demo account, and Vittaverse is no different. You will notice that Coinexab employs the same strategy.
Vittaverse Uses Predatory Investment Plans
Investment plans at Vittaverse are made in such a fashion to encourage frequent recurrent payments. This broker advertises a 70-30% investment opportunities, with large returning benefits for successful trades. If you lose funds when speculation, well tough deal. You just lost a part of your benefits.
While the 4 daily lost investments sounds like a risk mitigation plan, it’s a play on your psyche. They use gambling entrapment strategies to make you spend more money in order to remain eligible for a large “investment bonus”! There is even an ongoing competition, with the first prize being a $500 000 in tradable funds injected by the company into your trading account.
Don’t fall for the trap! Their “Evaluation Process” is just another way to make you spend more of your money! 60 consecutive successful trades is an unrealistic target for which even the most seasoned professional traders would struggle to accomplish!
Trading Platforms Available at Vittaverse
You might say that we were pleasantly surprised when we found out that Vittaverse offers the industry standard MT5 and cTrader programs. This doesn’t change the fact that they are a fraudulent company, and you should not take the existence of these trading applications as a measure of honesty.
You should know that the majority of scam brokers, CapitalsWise for instance, use the Web Trader software instead. This platform has poor security, and swindlers use it to their advantage. They purposely tailor the market data to make you lose money faster.
Vittaverse Mobile Trading App
Both of the trading applications that Vittaverse offers are available on all mobile devices. cTrader and MT5 are some of the best trading applications around in this regard. They feature full compatibility with both Android and iOS.
Although this would be a welcome addition to the service of any licensed brokerage, we can’t really say the same applies with regulated brokers.
Vittaverse Withdrawals are a difficult topic to discuss. There is a minimum currency amount for both deposits and withdrawals with this broker, but they may only be done with different Cryptocoins. These may be stable coins, like USDT or true Cryptos like Bitcoin. These transfers are exceptionally dangerous, as they don’t facilitate the chargeback options offered by more traditional fund transferring mechanisms like Bank Cards.
There are ways to track these transfers, however. Cypher Trace is one of the programs that allows you to find the origin and the destination of Crypto Transfers.
The problematic part comes with the Terms and Conditions, which do not cite any payout circumstances. Without verifying your account, or better said sharing your private information with the con artists, you can’t access deposits or withdrawals in your dashboard.
There are many people who have fallen for the Vittaverse trap, and now find themselves in a bind, unable to withdraw their money. If you have been fooled in such fashion, don’t hesitate to ask for legal help. It’s your money – don’t let the thieves just walk away with it!
Vittaverse Customer Support
Vittaverse customer support is available 24/7. Their agents are very quick to respond, especially through the Live Chat.
That said, they don’t seem to be able to answer your tickets properly. For instance, when we asked about creating a Demo account, the agent seemed completely unaware that the option for a Demo in MT5 is non-functional. They kept insisting that the Demo is available, and that we were doing something wrong instead.
However unreliable these Customer Support Agents are, you may contact them via Telegram, Instagram, Facebook, Email and Live Chat if you wish to.
Final Thoughts: Is Vittaverse a Good Broker or Not?
Although our first impression of Vittaverse was quite good, the thread quickly began to unravel. The more time we spent researching this company, the worse the foul stench of fraud became. The website is top-notch, and seemingly so are the trading conditions… But the company does not have any trading license whatsoever!
Besides the lack of regulation there are ample other reasons why we don’t recommend this broker. Their Terms & Conditions don’t cover the payout conditions, and their funding methods are Crypto only. Customer Support Agents don’t seem to know what they’re doing, and the website does not contain any Spread, Fee or Commission information. The Investment Plans require frequent deposits, and they try to pull more people into the whole scheme through a Referral Program.
If you have by any chance already deposited funds to this broker, you need to consider charging it back immediately. Don’t wait for the last train, and book your free consultation with our recovery agents as soon as possible. Our team of legal professionals is on hand, and we’d like to hear your experience so that we may help many more people who have already been defrauded by Vittaverse. You may connect with our company through Live Chat, for the quickest response, and remember – the first consultation is absolutely free!
What Is Vittaverse?
Vittaverse is an illicit offshore brokerage based in SVG. They are a company that should not be trusted, and if you have already deposited your money, you should consider seeking legal help as soon as possible!
Does Vittaverse Offer a Demo Account?
Don’t believe what Vittaverse advertises on their website, as they don’t feature a demo account for their platforms.
Is Vittaverse a MetaTrader 4 Forex Broker?
Although Vittaverse features cTrader and MetaTrader 5 support, this company does not offer MetaTrader 4 to their clients.