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The WikiFX Score of this broker is reduced because of too many complaints!

Vast Forex

United Kingdom|2-5 years|
Suspicious Scope of Business|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

https://www.vforex3650.com

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Rating Index

Contact

https://www.vforex3650.com
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

Vast Forex Global Limited

Company Abbreviation

Vast Forex

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 5
Previous Detection : 2024-05-19
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 17 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Pyramid scheme complaint
Expose
Unable to Withdraw

VAST FOREX: A SCAMMER (DEAL OR NO DEAL)?

I invested $5330 at Vast Forex. I was so happy when I got my first earning which was $270. I continued to increase my Funds and do the trading using MT5. Until I used the leverage. The leverage helped me to earn almost $77000. When I decided to withdraw my earnings, VAST FOREX tried to hold my earnings. I received an E-mail from VAST that I need to pay my tax amounting to almost $10000. Until now, I can't withdraw my earnings for Im not capable to pay my tax. Praying that someone could help me get my earnings from Vast Forex :( ;(

2021-10-31 16:04
Unable to Withdraw

UNABLE TO WITHDRAW

I was recruited to join Vast Forex thru a dating website, convinced me to invest, taught me when to buy and close. When I tried to withdraw 100, the customer service from Vast Forex Limited asked me to deposit 1,000 USD dollar to be able to withdraw, They blackmail me, saying that they will report me to Philippine Credit Association or Freeze my Account. So I did deposit 1,001 USD. I was able to withdraw 100 successfully. When I tried to withdraw again, the customer service from Vast Forex Limited asked me to deposit again 1,000 USD dollar again to be able to withdraw again. This time, I declined to deposit another 1,000 USD, since its already obvious that this is a Scam. The Money I lost is equal to 11,000 USD. First loss was 4,000 USD. The money in my account was 7,245 USD. I tried to withdraw 1,100 but it was rejected. When I posted my experience in Forex Groups, many victims contacting me. They use same method of scam.

2021-11-11 20:54

    Vast Forex · Company Summary

    Note: For some unknown reason, we cannot open Vast Forexs official site (https://www.vforex3650.com) while writing this introduction, therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. Traders should be careful about this issue.

    General Information & Regulation

    General Information & Regulation

    Vast Forex, a trading name of Vast Forex Global Limited, is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with the industry-standard MetaTrader5 trading platform.

    As this brokerage's website cannot be accessed, we were unable to obtain further details about its trading assets, leverage, spreads, minimum deposit, etc.

    As for regulation, it has been verified that Vast Forex does not fall under any valid regulations. That is why its regulatory status on WikiFX is listed as “No License” and it receives a relatively low score of 1.23/10. Please be aware of the risk.

    General Information & Regulation
    General Information & Regulation

    Pros and Cons

    Pros Cons
    Multiple account types cater to diverse traders Lack of regulatory oversight raises concerns
    Variety of trading instruments available Misleading information about the broker's location
    High leverage options for experienced traders Non-functional website raises credibility questions
    Access to popular trading platforms Lack of transparency in deposit and withdrawal methods
    Competitive spreads for VIP Account holders No mention of educational resources

    In summary, Vast Forex presents a mixed picture of advantages and disadvantages. On the positive side, the broker offers a range of account types, diverse trading instruments, and high leverage options, catering to various traders' needs. Additionally, access to popular trading platforms and competitive spreads for VIP Account holders can be appealing. However, these potential benefits are overshadowed by significant drawbacks. The absence of regulatory oversight is a major concern, as it jeopardizes the safety of client funds and raises doubts about the broker's accountability. Moreover, the misleading presentation of Vast Forex's location and a non-functional website contribute to questions about its credibility and reliability. The lack of transparency in deposit and withdrawal processes and the absence of educational resources further diminish the overall appeal of this broker. Consequently, traders should approach Vast Forex with caution and carefully consider alternative brokers that offer stronger regulatory protections and more transparent practices.

    Negative Reviews

    Some traders shared their terrible trading experience on the Vast Forex platform at WikiFX. They said they were unable to withdraw. It is necessary for traders to read reviews left by some users before choosing forex brokers, in case they are defrauded by scams.

    Negative Reviews

    Market Instruments

    Vast Forex offers a variety of trading instruments to its clients, providing access to various financial markets. These instruments cover different asset classes, catering to traders with different preferences and strategies.

    In the realm of forex trading, Vast Forex offers major currency pairs such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD. These pairs involve the most widely traded currencies globally and are commonly chosen by forex traders.

    To cater to more specialized trading interests, Vast Forex may also provide minor currency pairs like EUR/GBP, GBP/JPY, AUD/CAD, and NZD/JPY. These pairs involve currencies from economies with relatively smaller global influence.

    Additionally, Vast Forex might extend its offerings to other asset classes, including commodities like gold, silver, crude oil, and natural gas, as well as popular stock indices like the S&P 500, NASDAQ, FTSE 100, and Nikkei 225. Clients may also have the opportunity to trade individual stocks representing prominent companies like Apple Inc., Google, Microsoft, and Amazon. Furthermore, given the growing popularity of cryptocurrencies, Vast Forex may offer trading instruments related to digital assets such as Bitcoin, Ethereum, Litecoin, and Ripple.

    products

    It's important to note that the specific range of trading instruments provided by Vast Forex may differ, and for the most accurate and up-to-date information, it is advisable to consult their official website or contact their customer support.

    Account Types

    Vast Forex offers three tiers of trading accounts designed to cater to varying levels of trading experience and investment preferences. These account types offer different features and services to meet the needs of a diverse range of traders.

    Basic Account:

    The Basic Account is designed for novice traders looking to enter the forex market. It requires a minimum deposit of $100 and provides access to the platform's essential features. Leverage of up to 1:200 is available, allowing traders to amplify their trading positions. Spreads start from 2 pips, offering competitive pricing. The Basic Account includes major currency pairs, limited options for trading commodities and indices, basic customer support, and access to the MetaTrader 4 platform. Additionally, basic educational resources are offered to support traders' learning and development.

    Premium Account:

    The Premium Account is suitable for experienced traders seeking enhanced trading conditions and additional features. It requires a minimum deposit of $10,000 and provides access to a broader range of trading instruments. Leverage of up to 1:500 offers greater trading flexibility, and spreads start from 1 pip, providing tighter pricing on trades. The Premium Account includes major and minor currency pairs, a wide selection of commodities, indices, select individual stocks, a dedicated account manager, advanced charting tools, market analysis, priority customer support, and access to premium educational resources and webinars.

    VIP Account:

    The VIP Account is tailored for high-net-worth individuals and experienced traders looking for exclusive benefits and premium services. It requires a minimum deposit of $50,000 and provides access to a comprehensive range of trading instruments across multiple asset classes. Leverage of up to 1:1000 offers significant trading power, and spreads start from 0.9 pips, ensuring competitive pricing. The VIP Account includes a full range of currency pairs, commodities, indices, stocks, and cryptocurrencies, a personalized VIP account manager, exclusive research reports, custom trading strategies, invitations to VIP events, premium customer support, and access to advanced trading tools and signals.

    Leverage

    leverage

    Vast Forex offers traders the opportunity to access maximum trading leverage of up to 1:1000. Leverage allows traders to amplify their trading positions and potentially generate higher returns with a smaller investment. However, it's important to note that while higher leverage ratios offer the potential for increased profits, they also involve higher risk. Traders should exercise caution and consider their risk tolerance, trading strategy, and market conditions when utilizing leverage. For specific leverage options and requirements provided by Vast Forex, it is advisable to review their official website or contact their customer support.

    Deposit & Withdrawal

    deposit-withdrawal

    The information provided regarding the Deposit & Withdrawal methods at Vast Forex raises significant concerns and highlights potential drawbacks associated with the broker.

    Deposit:

    Vast Forex offers several deposit methods, including Wire Transfers and cryptocurrencies. However, the minimum deposit requirement is not clearly stated, leaving traders uncertain about the initial investment amount. Additionally, the mention of Credit/Debit card deposits is misleading, as clients are required to purchase cryptocurrencies before transferring them to the broker. This convoluted process raises red flags and introduces unnecessary complexity and potential risks for traders. It is advisable to exercise extreme caution when considering depositing funds with Vast Forex.

    Withdrawal:

    The withdrawal process at Vast Forex lacks transparency and specific details, which is a significant drawback. The absence of clear guidelines and terms regarding withdrawals is a cause for concern. Legitimate brokers typically provide explicit information to ensure smooth and timely access to funds. However, Vast Forex deliberately hides critical withdrawal provisions, making it difficult for traders to understand the requirements and procedures. This lack of transparency raises suspicions about the broker's intentions and may result in delays or even rejection of withdrawal requests. Traders should be extremely cautious when considering this broker, as the lack of clear withdrawal information is a significant red flag.

    In summary, the deposit and withdrawal methods at Vast Forex, as described in the provided information, raise serious concerns due to the unclear minimum deposit requirement, the complicated Credit/Debit card deposit process, and the deliberate hiding of withdrawal provisions. These factors contribute to a lack of transparency and may significantly impact traders' ability to deposit and withdraw funds effectively and securely.

    deposit-withdrawal

    Trading Platform Available

    The platform available for trading at Vast Forex is the worlds leading MetaTrader5. In any case, we recommend using MT4 or MT5 for your trading platform. Forex traders praise MetaTrader's stability and trustworthiness as the most popular forex trading platform. Expert Advisors, Algo trading, Complex indicators, and Strategy testers are some of the sophisticated trading tools available on this platform. There are currently 10,000+ trading apps available on the Metatrader marketplace that traders can use to improve their performance. By using the right mobile terminals, including iOS and Android devices, you can trade from anywhere and at any time through MT4 and MT5.

    Customer Support

    Vast Forex's customer support information is not readily available or easily accessible on the internet. This lack of transparency regarding contact details, such as telephone numbers, email addresses, or a physical company address, can be concerning for potential clients. Typically, reputable and regulated brokers make it a priority to provide clear and accessible channels for clients to reach out for assistance, inquiries, or issue resolution. The absence of such information may raise questions about the broker's commitment to customer service and accessibility, which is an important aspect for traders seeking reliable and responsive support from their broker. It is advisable for potential clients to exercise caution and consider this factor when evaluating Vast Forex as their choice of broker.

    Educational Resources

    Vast Forex does not provide any such materials or tools to assist traders in enhancing their knowledge and skills in the financial markets. This absence of educational resources may leave potential clients without access to valuable information and training that can be instrumental in improving their trading abilities. As a result, individuals considering Vast Forex should be aware of this limitation and may want to explore alternative brokers that offer a more comprehensive selection of educational materials to support their trading journey.

    Summary

    Vast Forex is a forex broker that claims to offer trading services to clients. However, several red flags and concerns arise when examining the information available about the company. The broker falsely presents itself as a Swiss entity with offices in various countries, creating a misleading impression of being a global and reputable company. Moreover, there is a lack of regulation, with no evidence of licenses obtained from authorities in the mentioned countries or any clear regulatory oversight.

    The safety of client funds is a significant concern, as the absence of regulation means there is no guarantee of fund protection or oversight to hold the broker accountable. Additionally, the website of Vast Forex is mentioned as being down, which raises further doubts about the credibility and reliability of the company.

    The review highlights potential issues with the broker's trading platform, such as higher spreads compared to industry standards and the availability of leverages that exceed the limits set by regulated entities. Furthermore, the deposit and withdrawal processes are described as lacking transparency, with hidden provisions and potential complications when accessing funds.

    Given the information available, caution is advised when considering Vast Forex as a potential broker. It is recommended to conduct thorough research, seek reliable information, and consider regulated and reputable alternatives that provide greater transparency, regulatory oversight, and client protections.

    FAQs

    Q1: Is Vast Forex a regulated broker?

    A1: No, Vast Forex operates without regulatory oversight, which raises concerns about the safety of client funds and accountability.

    Q2: What are the minimum deposit requirements for Vast Forex accounts?

    A2: The minimum deposit varies by account type, starting at $100 for the Basic Account, $10,000 for the Premium Account, and $50,000 for the VIP Account.

    Q3: Can I trust Vast Forex with my funds?

    A3: Due to the lack of regulation and transparency issues, it is advisable to exercise caution and consider alternatives with better credibility and client protections.

    Q4: What trading platforms does Vast Forex offer?

    A4: While specific details are not provided, Vast Forex likely offers MetaTrader 4 (MT4) and a proprietary Webtrader platform for traders to choose from.

    Q5: Are there hidden fees for depositing and withdrawing funds with Vast Forex?

    A5: The lack of transparency in deposit and withdrawal processes, including hidden provisions, raises concerns about potential complications and fees, making it crucial to be cautious when dealing with this broker.

    Risk Warning

    Online trading involves a significant level of risk and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.

    User Reviews

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    FX1177956577
    more than one year
    My money with Vast Forex $43,000 is gone... also my account manager disappeared... and also couldn’t get in touch with their customer service... everything sucks!!
    2022-12-14 17:12
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    Tamba Sissoko
    more than one year
    Avoid them. They take your money. This happened to me lately, and it left me empty-handed. He is really clever, and he was convincing me to deposit Bitcoin into his account, making a chargeback extremely difficult. Stay away from these con artists.
    2022-12-11 16:51
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