Beware! VitalityTradings is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Immediately upon entering the website of VitalityTradings we were welcomed by blurry images, slowed loading processes, and a website structure that left us confused and somewhat aghast. The website does not offer too much on its website. Everything seemed rushed, and nothing seems trustworthy. Read our review of VitalityTradings for more insight.
Creating an account did not take us more than 10 seconds, and thankfully we received a confirmation email to help us activate our account. When we clicked on the link it redirected us to the website, and after a couple of seconds, we were in a user area that was shockingly bad. The whole thing was half empty, and there was barely anything to do! However, by far the biggest blunder pulled by the company is the complete lack of a trading software. We will discuss this in a second, but it really is that bad. There are no trading conditions at all! No spreads, no leverages, no financial instruments. Nothing!
The website is only available in English.
VITALITYTRADINGS REGULATION AND SAFETY OF FUNDS
The Terms and Conditions drop on us the typical scammer broker clause, stating that the services of the firm are available only there where it is legal to do so. There are no further details as to the jurisdictions, or any ruling regulators or authorities. The ambiguity of it all is typically for brokers that do not have a license, and try to conceal this through rhetorical statements.
Further down the term, we learn that the company is not really appropriate to be used in jurisdictions outside of the United States. Let us explain to you the FX situation in the US. In the country, there are two FX license issuers, the CFTC and the NFA, two top regulators, arguably the best in the world. Their requirements are so stiff and austere, that only a handful of brokers can meet them, which is the reason why there are a dozen or so FX companies operating within the United States. We are 110% sure that VitalityTradings is not one of them. It can barely keep its sloppy website from glitching out, let alone abiding by draconian guidelines!
There is no further regulatory information that is worth mentioning here. The broker is completely and without a doubt UNREGULATED, a risk to all investors, and a scam!
Losing money is the only certainty when it comes down to investing in unregulated brokers. The thing we advise users to do first is to check for a license, preferably from know regulators, such as the FCA or CySEC, or other European overseers. The big regulators all apply specific frameworks for brokers to abide by, and should they diverge from these rules, the brokerages will sooner or later be penalized for their actions! This is a stimulus for brokers to follow the rules, thus making them trustworthy FX trading sources. Moreover, the FCA and CySEC have financial compensation schemes for users. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
VITALITYTRADINGS TRADING SOFTWARE
The closest thing to a trading software is a third-party chart in the registered user area, which does nothing but look good. All the assets and values that flicker on it are irrelevant to both users and the broker itself.
On top of that, the website holds no platform information. To put it straight, VitalityTradings does not have a trading software!
Instead, the website hints a the presence of investment packages, which are very popular among the scammers nowadays!
The just of it is that users deposit a certain amount, and in return they expect an illogical profit. The concept is very attractive, and that is why this scam is so popular.
VITALITYTRADINGS DEPOSIT/WITHDRAW METHODS AND FEES
The only payment method that we saw in the user area was through a Bitcoin wallet, which is by far the riskiest of all payment methods, especially in the FX broker industry. Payments made through cryptocurrencies are untraceable, and thus can be lost forever if the user is not careful. There is no minimum requirement for investing. Although the website claims the minimum deposit to be $500 for the first investment package.
Users can withdraw through a form, that asks of them the payment method, amount, and email. There is no guarantee that the withdrawal will actually go through, and we really doubt that it will!
Do not invest in this scam. You will regret it!
How does the scam work?
The first step to being scammed is traced all the way back to online ads. We all have seen them. They offer luxurious lifestyles, beautiful women, sports cars, and shiny items. It’s all a part of the scheme. The first step is to tempt users to click on these ads.
The ads lead to either a scammer broker site or an intermediary source. On whichever one you fall you will be surely asked to provide a phone number and an email address. These are imperative to the scammers because they need a way to contact you.
The second step is to contact the user, and pushing him or her to invest for the first time. This is done by the first wave of scammers, whose job is to hook you to the scheme. The first investment is important because through it you build trust.
The initial deposit will ensue the second wave of scammers, which are the core and probably the creators of the fraud. The expert scammers sometimes called “account managers”, are responsible for keeping you invested in the shame. They might even pay you a hefty preliminary sum, just to add confidence to your investments. Their deposit requests will gradually become bigger, and in the perfect scenario, the user will deposit an additional 2-3 times, until she realizes she has been scammed.
At this point, your money will not be eligible for withdrawal, and neither will your profit. The broker can withhold requests, close down accounts, or even shut down entire websites! The final step is for the fraudsters to keep what they have stolen!
What to do if scammed?
Credit and debit card losses are easiest to recover because users can file for a chargeback. What’s more, is that MasterCard and VISA have a chargeback period of 540 days.
Money invested and lost to scams through bank transfers can be potentially refunded if the bank the user is using has an emergency plan. Remember to always change your bank account username and password when scammed!
Cryptocurrency deposits are untraceable, and so cannot be recovered. Forget about investing in unregulated brokers through this method.
Recovery agents are the last frontier of the entire scammer process. They will appear out of nowhere and will convince users that they have the tools to return all lost deposits. However, they will ask for an upfront payment. If paid, they will disappear.
Rich Snippet Data