Overview of VesTrade
VesTrade, a potentially US-based platform, offers a wide variety of assets including crypto, forex, binary options) for trading through their customizable platform. They satisfy beginners with a low $300 minimum deposit but lack regulatory transparency. Customer support is available weekdays via multiple channels, and educational resources focus on binary options. Consider the lack of regulation a risk factor before investing.
Pros and Cons
Pros
- Wide Variety of Trading Instruments: VesTrade offers access to over 1500 trading instruments, including cryptocurrencies, forex, and binary options. This extensive range allows traders to diversify their portfolios and explore various markets within a single platform.
- Four Account Types: VesTrade provides four distinct account types tailored to different trading needs and experience levels. From beginners to more advanced traders, there is an account type that suits various budget sizes and trading preferences, enhancing flexibility and choice.
- 24/7 Customer Support: All account types benefit from VesTrade's round-the-clock customer support, ensuring that traders can receive assistance whenever needed. This continuous availability is particularly valuable for resolving issues or obtaining guidance at any time.
- Comprehensive Educational Resources: VesTrade provides a robust array of educational tools, including books, video tutorials, seminars, PDFs, and forums. These resources support traders in enhancing their skills and knowledge, particularly in binary options trading.
Cons
- No Regulatory Information Provided: VesTrade lacks transparency regarding its regulatory status. The absence of information about licenses or governing bodies is a significant concern, as regulation is crucial for ensuring client protection and maintaining fair trading practices.
- Higher Spreads for Some Account Types: Certain account types, particularly those with lower minimum deposits, feature higher spreads. This can result in increased trading costs for users of these accounts compared to those with higher minimum deposits and potentially lower spreads.
- High Deposit and Withdrawal Fees: The fees associated with deposits and withdrawals, especially for credit/debit card transactions, can be relatively high. This could impact traders who frequently deposit or withdraw funds, as card transactions incur a 3.99% fee, while bank transfers are slightly cheaper at 1.5%.
Regulatory Status
Information about VesTrade's regulation is entirely absent. There's no mention of licenses or governing bodies overseeing their activities. This lack of transparency is a major red flag, as reputable brokers operate under regulations to ensure client protection and fair trading practices.
Market Instruments
VesTrade is a global online trading platform that allows users to trade a variety of financial instruments, including cryptocurrencies, forex (foreign exchange), and binary options. They offer more than 1500 trading instruments, suggesting a wide variety of assets to trade on their platform.
Account Types
VesTrade offers four account types to suit different trader needs:
Personal Account: This account is a good option for new traders or those with a smaller budget. The minimum deposit is just $300, and you can trade over 100 products. Spreads start from 0.5 pips, which is a fixed amount you pay per trade. This account type offers 24/7 support, which is helpful for beginners who may need assistance getting started.
PRO V6 Software Account: This account is designed for traders who want to use the PRO V6 trading platform. The minimum deposit is $500, and you can trade over 120 products. Spreads also start from 0.7 pips and are fixed. Like the Personal Account, this option also offers 24/7 support.
Standard Account: The Standard Account is a good middle-ground option for traders who want more flexibility than the Personal Account but don't need all the features of the Premium Account. The minimum deposit is $1000, and you can trade over 150 products. Spreads start from 0.5 pips, but unlike the previous two tiers, they are variable. This means the spread can change depending on market conditions. Standard Account users also benefit from 24/7 support.
Premium Account: The Premium Account is the most feature-rich option offered by VesTrade. The minimum deposit is $1500, and you can trade over 250 products. Spreads start from 1 pip and can go down to 0.5 pips, offering tighter spreads for potentially better profits. Similar to the other account types, the Premium Account comes with 24/7 support.
How to Open an Account？
- Visit VesTrade Website: Locate the VesTrade website and navigate to their account registration section.
- Complete Registration: The registration process can be completed within a minute. Specific details on required information are not available here.
- Deposit Funds: During registration, a broker will be automatically assigned to your account. Once registered, you'll need to deposit funds using the broker's preferred method.
- Trading Activation (Optional): VesTrade mentions automatic trading options. After depositing funds, you can choose to enable their automated trading tools or opt for manual trading.
Leverage
The maximum leverage offered by forex brokers varies depending on the regulation. In Europe, the maximum leverage is capped at 1:30, while outside of Europe, it can reach up to 1:500. ASIC regulated brokers can offer higher leverage to traders in Europe. Whether you should choose a higher leverage depends on your risk tolerance - higher leverage can amplify both your profits and losses.
Spreads &Commissions
VesTrade offers commission-free accounts with varying minimum deposits. Spreads depend on the account type, with fixed options starting from 0.5 pips on some accounts and variable spreads potentially reaching as low as 0.5 pips on others with higher minimum deposits.
Trading Platform
VesTrade offers a trading platform that accommodates various user preferences, whether you need a simple interface or a feature-rich environment with widgets and tools. It supports Forex and Binary Trading Robots (Expert Advisors), which automate buy and sell transactions based on algorithmic scripts, enhancing Auto Trading capabilities.
Deposit & Withdrawal
VesTrade offers a variety of payment methods and fees. Exchange fees vary depending on the currency and coins being traded. Trade fees include maker fees for creating sell offers and taker fees for accepting buy offers. Deposit and withdrawal fees depend on the method used; debit/credit card transactions typically incur a 3.99% charge, while bank transfers usually have a 1.5% fee. Some exchanges may not accept credit cards. VesTrade supports various deposit methods including PayPal, Skrill, Neteller, credit/debit cards, and even Bitcoin or other cryptocurrencies.
Customer Support
VesTrade offers customer support via multiple channels including phone calls, SMS (+19205582855), Whatsapp (+15752498652), Telegram (+19205582855), and email (vestradefx@outlook.com). Their representatives are available weekdays from 9:00 am to 10:00 pm Eastern Time, but the support is closed on weekends.
Educational Resources
VesTrade provides a comprehensive range of educational resources for binary options trading. These include books and eBooks, such as “Trading Binary For Dummies” by Joe Duarte, which allow for self-paced learning from seasoned experts. Engaging video tutorials and seminars walk users through trades and keep them updated on market trends, with some brokers offering weekly seminars.
Free downloadable PDFs and instruction guides, like the popular “Abe Cofnas” PDF, provide step-by-step instructions. Forums and chat rooms facilitate idea exchange and real-time learning from experienced traders, while newsletters and blogs keep users informed about market developments and competitions.
Copy trading platforms enable users to replicate the strategies of successful traders, enhancing their learning experience and trading success.
Conclusion
VesTrade offers a wide variety of trading instruments, including cryptocurrencies, forex, and binary options, with a low minimum deposit of $300. However, the lack of regulatory transparency is a major concern. Customer support is not available on weekends, and deposit/withdrawal fees can be high. Overall, VesTrade's advantages are outweighed by the disadvantages, especially the lack of regulation.
FAQs
What types of instruments can I trade on VesTrade？
VesTrade boasts a broad selection of assets for trading, including popular options like cryptocurrencies, forex (foreign exchange), and even binary options.
Is VesTrade beginner-friendly？
VesTrade seems to satisfy new traders with a low minimum deposit of $300. They also provide educational resources and 24/7 customer support on weekdays.
What educational resources does VesTrade provide？
VesTrade offers a variety of resources, including books, video tutorials, seminars, and downloadable guides. It seems their educational focus leans more towards binary options trading.
Is VesTrade safe to use？
There's no information available regarding VesTrade's regulation, which is a red flag.
Risk Warning
Online trading involves significant 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 provided in this review may be subject to change due to the constant updating of the company's services and policies.
2023-02-21 13:38
