VNSmart Review – Why FSMA Issues A Warning Against VNSmart Broker?
The first thing about the VNSmart broker that caught our attention is the claim that it’s a Blockchain Securities Trading platform. Of course, it implies that the company offers crypto trading, which has regulation issues per se. Check out all about the company in our VNSmart review.
|Regulated by:||Unlicensed brokerage|
|Blacklisted as a Scam by:||FSMA, CONSOB, MAS|
|Cryptocurrencies:||Available – BTC, ETH, XRP – total of 54|
|Types of Assets:||Crypto and stocks|
|Free Demo Account:||Not Available|
|Accepts US clients:||US traders are accepted|
Is VNSmart Regulated? – Is The Platform Legit?
Checking out the broker’s white paper told us nothing. The firm claims to be operated by Robin Hood and Saxo Bank employees, but there’s no proof of that. Furthermore, the explanation of the investment process itself makes no sense whatsoever. In the end, there’s no mention of VNSmart regulation.
The Importance of Tier 1 Trading License
Financial regulators are divided into 3 Tiers based on their requirements. The strongest regulators are in the Tier1 zone, while loose offshore regulators would belong to the third. As you can tell, Tier1 regulators such as FCA, ASIC, and BaFin are closely monitoring financial institutions and making sure they operate by law. Since VNSmart has never obtained a license, your funds are at risk.
Scam Warnings From Financial Watchdogs
VNSmart complaints led to regulatory warnings. There have been several from Belgium, Italy, and Singapore,
Official Warnings Issued by FSMA and MAS – Evidence of Fraud
Where Is VNSmart Trading Scam Active?
To our knowledge, there are several areas of VNSmart trading scams. They are:
When Did We First Discover the Broker?
We received an official complaint about VNSmart back in 2018, right after Bitcoin lost its value. This firm saw an opportunity to use the rising popularity of crypto and present something new – trading stocks on the blockchain.
It was a good idea but a bad execution since the company didn’t bother to legitimize its business and get regulation. Once they saw the scheme works, they started defrauding more and more people, with the peak being in March 2021. Since then, regulators have warned citizens not to fall for the VNSmart scam.
What Trading Platforms Are Available?
Let’s just say that the VNSmart trading platform won’t blow your mind. It’s a simplified WebTrader, far from MT4 or MT5. The leverage goes up to 1:50, which is solid. Yet, we don’t know basic things, such as VNSmart’s minimum deposit or bonuses, so investing money is risky anyhow.
VNSmart Mobile Trading App
There’s one good perk, and that’s VNSmart login via mobile. Clients have access to the app based on the WebTrader they use and log in whenever they need to view their account.
What Products Does VNSmart Offer?
As mentioned, VNSmart designed its platform to be blockchain-based, with the possibility to trade shares. So, clients can invest in crypto or shares via a blockchain network. It was an innovative solution, for sure, but it needed to be developed differently, following specific regulations to be a real investment opportunity. This way, it turns out to be yet another scheme we’re used to seeing all the time.
VN Coin Crypto – Another Crypto Scam Token
The broker VNSmart has developed its own coin, VN Coin. By mining it, the firm is collecting funds. However, you need to have eligible white papers and regulations to be an actual token. VN Coin has none. You’re also given predictions about coins price in 2022, where the coin needed to cost $2.5. Since we’re already here and the coin is worth less than a dollar, we can say all these predictions are a lure for innocents to put in more funds.
VNSmart Withdrawal Process
If you want to learn how to deposit, the entire website is dedicated to this question. Yet, a small section explains that withdrawals are made from your trading account to your wallet, meaning only in crypto. And that’s already bad since you can never be sure the company will send you funds or approve withdrawal from their own wallet to yours. You entirely depend on an unsolicited business to be trustworthy and refund you.
Scammed By VNSmart Broker? – Talk To Our Recovery Experts
If you end up being a victim of a VNSmart scam, it’s time to notify us. Our recovery specialists are here and would like to hear your story and help you get the money back. Get in touch via online chat, book a FREE consultation, and let’s find the quickest way for a refund before it’s too late.
What Is VNSmart, And Should I Invest Money In It?
VNSmart claims to be a blockchain-based investment platform but has no regulation.
Can I Trade Cryptocurrencies And CFDs With VNSmart Broker?
You can trade crypto and shares as CFDs on the broker’s WebTrader.
Does VNSmart Give a Deposit Bonus When Opening an Account?
VNSmart didn’t give any information about minimum deposits and bonuses.
Is VNSmart a MetaTrader 4 Forex Broker?
VNSmart doesn’t offer MT4; instead, clients have access to WebTrader.