WikiFX Scam Alert! Be Wary of FX Brokers With Expired Regulation, Such as VIPOTOR

The forex market is no different since fraud occurs in practically all financial industries. However, due to the presence of stringent regulatory inspections, the graph of persons losing cash to bogus FX financial intermediaries reduced in 2022. Unfortunately, a large number of brokers continue to operate without authorisation. As a result, investing with them may put your hard-earned money at danger. Today, we'll look into VIPOTOR, a fraud broker. Before we go any further, let us give you a short rundown of the firm.

A Quick Overview of VIPOTOR

VIPOTOR (www.vipotor.com) is a London-based FX and CFD brokerage business. The firm provides trading services in a variety of areas, including FX, commodities, and options. While the company's own trading software is accessible to customers, third-party trading platforms such as MetaTrader4 (MT4) and MetaTrader5 (MT5) are also available (MT5). All platforms are available through the web, desktop, and mobile phones. The firm does not specify the payment methods it accepts or the minimum deposit necessary to create an account with it. We only found a downloaded file and a user-guide handbook in terms of educational materials.

Is VIPOTOR Regulated？

No! VIPOTOR, despite its claims, is not a regulated company. According to the broker, it is governed by rules issued by the United Kingdom's Companies House and the Financial Crimes Enforcement Network (FinCEN). However, neither institution controls forex brokers or other financial intermediaries involved in investments. It also claims to be approved by the US National Futures Association (NFA), although the organization responds quite differently.

What Characterizes VIPOTOR as a Scam Broker？

There are several reasons why we feel VIPOTOR is a fraud. Allow us to share a few of them with you. First, the broker attempts to deceive investors by claiming to be a licensed brokerage business. It discusses having CH rules in the UK, for example. However, CH-UK is only a company registrar, and registration with it does not provide any organization a license to perform financial services in the relevant area. Similarly, FinCEN cannot provide a permit to a forex or stock broker. In terms of the NFA, we discovered the broker to be unlicensed on the NFA's official site.

How Does the VIPOTOR Scam Work？

VIPOTOR poses as a regulated organization and puts false information on its website in order to deceive investors. When a trader registers up with the firm, it begins following up with them through phone or email and requests that they fill their accounts. The firm entices customers by presenting bogus profit-making opportunities. However, after collecting payments from customers, the broker ceases communicating with them or restricts their access to their trading accounts. According to several investors on BrokersView, the firm does not execute withdrawals either.

In conclusion

VIPOTOR is a proven fraud, and we strongly advise you not to put your money in it. If you have already placed money with the broker, you should remove them immediately since the broker may suspend operations at any moment, leaving you empty-handed.

Keep an eye out for additional FX Broker updates.

Install the WikiFX App on your smartphone to keep up to speed on current events.

Link to the download: https://www.wikifx.com/en/download.html？source=fma3