VGXTrade.com Review
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1 REVIEWS
Out of business Veritas Global Exchange
Updated: Apr 13, 2022
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VGXTrade is a forex broker. VGX Trade offers the MT4 forex trading top platform. VGXTrade.com offers cfds, commodities, bitcoin and other cryptocurrencies for your personal investment and trading options.
Website is down. Company seems to be out of business.
Out of business
1 •
1 REVIEWS
Recent User Reviews of VGXTrade.com
J
J
Singapore, Singapore,
Sep 16, 2019,
Guest
Scam Alert
Service use: Other
Length of use: Have not used
The obvious red flag here is the unrealistic returns they claim to achieve and their referral incentives, both classics characteristics of a Ponzi scheme. When trying to join, you will be directed to a shady Hong Kong registered broker called "VGX trade" with a suspiciously plain website. Upon creating an account with VGX, the only funding option available is a bank transfer to a Hong Kong bank account under the account name "Pareto International Holding". On top of that, the copy trade agreement provided by VGX lists the same address as Pareto and even signs off with the name and IC number of the "Chief Trader" of Pareto.
It's apparent that VGX and Pareto are the same guys and they do not even appear to be trying to hide the fact. This means that your funds are directly under the custody of an unlicensed company not even registered in Singapore (so much for the whole "Copy Trading" schtick). I believe this is also how they fabricate their trading results on myfxbook as they are the brokers themselves, they can feed in whatever data they want.
I wonder what their end game is with this scheme and how it will eventually unravel but I hope no one is dumb enough to actually hand them your money.
It's apparent that VGX and Pareto are the same guys and they do not even appear to be trying to hide the fact. This means that your funds are directly under the custody of an unlicensed company not even registered in Singapore (so much for the whole "Copy Trading" schtick). I believe this is also how they fabricate their trading results on myfxbook as they are the brokers themselves, they can feed in whatever data they want.
I wonder what their end game is with this scheme and how it will eventually unravel but I hope no one is dumb enough to actually hand them your money.
1 trader has found this review helpful