Vital Markets Review – Reasons to Avoid This Scam Broker

At first glance, Vital Markets offers a stylish comprehensive website with loads of options, prompting potential clients to believe they are dealing with a legitimate broker. However, this may not be the case, and this Vital Markets Review will explain why.

Leverage Up to 1:500
Regulation Not regulated
Headquarters 8 Copthall, Roseau Valley, 00152, Commonwealth of Dominica
Minimum Deposit 10 $
Review Rating 1/5
Broker Type Forex
Platforms MetaTrader 4 & MetaTrader 5
Spread As low as 0.1 pips

Vital Markets says it is based in the Commonwealth of Dominica. On the website of Dominica’s Financial Service Unit, there is no trace of the brokerage. Therefore, we conclude that the offshore broker is indeed unregulated. Also, there is no real evidence that Vital Markets is actually based there since it cannot be found on any website.

In addition to being unlicensed, the Vital Markets broker has not provided an email address nor a phone number on its website, a red flag that often indicates that you’re dealing with a scam broker.

Is Vital Markets A Legit Broker? Regulation and Security

Vital Markets’ Terms and Conditions section is quite long and seemingly covers everything related to the company’s operation as well as legal requirements. As previously mentioned, the Commonwealth of Dominica’s Financial Service Unit has no information on Vital Markets, thus rendering the statements written in the Terms and Conditions meaningless.

Not all offshore brokers are scams. Some are part of much larger international broker groups and can therefore be trusted. Meanwhile, this is not the case with Vital Markets, yet another reason to believe that your investments are at risk.

Trading Software Overview

According to the Vital Markets website, the broker offers MetaTrader 4 and MetaTrader 5, the two most famous and renowned trading platforms today. For MetaTrader 4, Vital Markets offers the possibility of downloading it for Windows and Android or using the web trader.


It is not uncommon that scam brokers can get their hands on these two top platforms and put malware in the download files, so proceed with extreme caution. There are many other legitimate brokers that provide you with the same software and are much more trustworthy.

Account Types Offered

Vital Markets offers six types of accounts:

  • $0 commission account – higher spreads, min. deposit of $10 and leverage of up to 1:500;
  • VIP account – very tight spreads, min. deposit of $25,000, commission per lot of $6 and leverage of up to 1:500;
  • Fixed spread account – typical spread from 0.5 pips, min. deposit of $10, commission per lot of $5 and leverage of up to 1:500;
  • Micro account – same as the fixed spread account;
  • ECN/STP account – same as the previous two except with a commission per lot of $7-9 depending on the spread;
  • Demo account.

Account Types Offered by Vital Markets

Unlike many other investment scams, Vital Markets actually has favorable starting conditions. A $10 deposit is not that bad and the spreads are pleasing, but setting the leverage at 1:500 can result in great losses, especially among novice traders. One more unusual thing is charging a commission on the standard account.

Trading Instrument

As trading instruments, Vital Markets offers:

  • Forex – EUR/USD, AUD/CAD, EUR/CZK, etc.
  • Cryptocurrencies – Bitcoin/USD, Avalanche/USD, Ethereum/USD, etc.
  • Indices – Germany 30/USD, Ibex 35/USD, Euro Stoxx 50/USD, etc.
  • Stocks – Apple, Amazon, Boeing, FedEx, Netflix, etc.
  • Commodities – copper/USD, silver/USD, gold/EUR, etc.
  • Futures – the website is missing the table for this.

All in all, that indeed is a wide range of trading instruments that might attract many clients. One of the most popular Forex trading pairs – EUR/USD – has a spread between 0.6 and 0.9 pips. The leverage cap for all instruments is 1:500, the broker’s website states.

Funding Method

The broker’s website states that clients can make deposits by choosing “from a variety of payment solutions including Bitcoin, ETH, XRP, LTC, DOGE and USDT.” One thing to notice in this string of payment options is that they are all crypto.

Funding Method at Vital Markets

While it is not uncommon to pay in crypto, brokers offering exclusive crypto payments are often unscrupulous and suspicious. Scam brokers prefer crypto because it is the easiest way of stealing money since crypto payments are hard to trace and do not allow a chargeback. As for withdrawals, also in crypto, the website claims that the request processing takes up to 5 days.

How Can I Recover the Money I Lost to Vital Markets?

Crypto transactions are hard to track, but there are tools following the transaction by the ID and connecting it to a certain wallet within the exchange. Once tracked, a customer can submit a legal letter to the exchange requesting a refund.

It is crucial to act as soon as possible once you’ve discovered that you’ve been scammed. Do not be embarrassed about reporting a scam! We can assist you with that.

Vital Markets Summary

  • Vital Market is an unregulated offshore broker;
  • It offers two of the best trading platforms in MetaTrader 4 & 5;
  • It offers a wide range of trading instruments;
  • Deposits and withdrawals are done exclusively in cryptocurrencies.

FAQs About Vital Markets Broker

Is Vital Markets A Good Broker?

Vital Markets presents itself as a good broker with a favorable offer and trading instruments but in reality, it is unlicensed.

Is My Money Safe at Vital Markets?

Your money is not safe at Vital Markets because the broker is unregulated, which carries risks.

What Is The Minimum Deposit for Vital Markets?

The minimum deposit that Vital Markets requires you to make is $10 ($0 commission account).


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Nov 17, 2022
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