Table of Content
Vexxsel Review – Find Out What This Broker Can Offer
Table of Content
Vexxsel Review, we shall discuss the disgusting scam this fraudulent broker seems to be running. After examining the legal background of this con artist, as well as the trading platform and conditions, we came to the conclusion that Vexxsel should never be trusted.
The broker claims to be based in Singapore. Moreover, it offers Forex, crypto, and CFD trading. Among its numerous lies are the fake licenses from several institutions, which is simply not plausible. We’ll do our part in exposing the scammer and then we’ll hand the case over to renowned European financial market watchdogs that caught Vexxsel red-handed.
|Leverage||Up to 1:200|
|Regulation||Unregulated Scam Broker|
|Minimum Deposit||250 EUR|
|Broker Type||Forex, Commodities, Shares, Indices, Crypto|
How Are You Protected at Vexxsel? Broker Regulation
You are not safe at all, dear trader. No chance in hell. First of all, Vexxsel claims to be operated by Rever LTD. The only entity by that name we found was this one, based in Hong Kong.
However, this company is engaged in manufacturing, not financial market services. Furthermore, it could not possibly offer CFD trading in Hong Kong since there’s a ban in place there.
Moving on – Vexxsel claims to be regulated by the US Securities and Exchange Commission (SEC), but that authority also banned CFD trading in the States. Hence, the whole FINRA and SIPC thing is also a ruse. The Singapore address? Fake as well, we checked the Monetary Authority of Singapore’s database.
That ought to send Vexxsel home crying. But, we don’t plan to show any mercy to this fraudster. See what top European regulators such as the Spanish CNMV, Belgium FSMA, and Dutch AMF had to say about this scammer.
Available Trading Software at Vexxsel
Now that we have debunked the lies behind fake licenses, it’s time to take a look at the key aspects of trading. We’ll start with the platform. Vexxsel offers WebTrader. Given the broker’s illicit status, we’ve anticipated this poor and unpolished browser-based platform to be there somewhere.
Actually, WebTrader could be good, for the first two weeks of trading. Yes, it’s that simple. Advanced features that bring you the charms of trading are missing. There’s no automated trading, no market reports, branch optimization or API integration. For these features, you’re going to need Meta Trader software (4 or 5).
It’s not hard to find, just look for a reputable and licensed broker. No more dealings with shady anonymous or offshore scammers.
Account Types Offered by Vexxsel
According to Vexxsel’s website, the financial swindler offers a total of six account types:
- 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.
This right here, folks, is absurdity at its finest. Spreads starting from 3 pips?! Does Vexxsel know how bad that is? There’s no way you’ll be able to profit with such wide spreads. Also, why wasn’t the leverage disclosed? We had to look for it elsewhere and found that the cap is 1:200. That’s well above the legal limits in the US and Singapore (1:50 & 1:20).
We also don’t know anything about commissions. And would you look at those abnormal prices? One needs to bust the bank just to get a competitive spread level.
What Market Instrument Can Be Traded at Vexxsel?
As for the trading assets that Vexxsel claims to offer on its website, we compiled a list with examples below:
- Forex currency pairs – EUR/USD, AUD/CHF, NZD/USD…
- Commodities – corn, platinum, crude oil…
- Indices – S&P 500, DOW 30, NIKKEI 225…
- Shares – Adobe, Ferrari, Bayer…
- Crypto – Bitcoin, Ripple, Ethereum…
This list means nothing to us since the broker is unregulated, and even worse, blacklisted. Therefore, you should be cautious. It’s easy to get distracted by all the available instruments and disregard the fact that the provider is a fraud.
Vexxsel Deposit and Withdrawal Process
There’s only one available payment method – credit/debit cards (MasterCard & Visa). This is actually a good thing because there’s a neat method of getting a refund, but more on that later. Vexxsel says it charges a 30% inactivity fee after 90 days of non-trading.
The minimum deposit is 250 EUR, which we deem too much for such a shady broker. You need much less to open a micro account with a reliable and trustworthy provider that won’t try to embezzle your funds the first chance it gets.
How Do I Get My Money Back If Vexxsel Scams Me?
Since this broker only accepts credit/debit card payments, there’s one way you could get a refund. Namely, we’re referring to a chargeback. This represents the process of reversing credit/debit card transactions and you can request it at the issuing bank within 540 days.
However, if you have sent the scammer copies of your personal documents such as your ID card, passport or driver’s license, the chargeback will not be possible. So, be careful.
- Vexxsel is an anonymous broker falsely claiming to operate out of Singapore;
- The licenses from SEC, FINRA, and SIPC are a lie;
- The owner of Vexxsel is not really Rever LTD;
- WebTrader is the only available trading platform;
- The minimum deposit is 250 EUR;
- Leverage goes way beyond any legal limit in the world.
FAQs About Vexxsel Broker
Is My Money Safe with Vexxsel?
Of course not. Vexxsel has been blacklisted by three European regulators. Plus, the whole business is shady.
How Long Does it Take to Withdraw From Vexxsel?
Vexxsel mentions 10 days but we think there won’t be any withdrawals made at all.
What Are The Funding Methods For Vexxsel?
Vexxsel only accepts credit and debit cards issued by MasterCard and Visa.