Vip Forex Pro-Overview of Minimum Deposit, Leverage, Spreads

Note: For some unknown reason, we cannot open Vip Forex Pros official site (https://www.vipforexpro.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

VIP Forex Pro, a trading name of Astrica Ltd, is allegedly a forex broker registered in the Marshall Islands that claims to provide its clients with various tradable financial instruments with leverage up to 1:400 and variable spreads from 0.6 pips on the Web trader and MT4 trading platforms, as well as a choice of four different live account types.

As for regulation, it has been verified that VIP Forex Pro 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 1.30/10. Please be aware of the risk.

Negative Reviews

A trader shared his terrible trading experience in the VIP Forex Pro platform at WikiFX. He said this platform is a fraud and he is 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.

Market Instruments

Vip Forex Pro advertises that it offers access to a wide range of trading instruments in financial markets, covering forex currency pairs, equities, commodities, shares, indices and cryptocurrencies.

Account Types

Vip Forex Pro claims to offer four types of trading accounts, namely Classic, Gold, Platinum and VIP. The minimum initial deposit amount is extremely high-€1,000 for the Classic account, while the other three account types have much higher minimum initial capital requirements of €10,000, €25,000 and €100,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.

Leverage

The leverage offered by Vip Forex Pro is capped at 1:400, which is much higher than that provided by most brokers. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.

Spreads

Vip Forex Pro claims that different account types can enjoy quite different spreads. Specifically, the spread for the EUR/USD on the Classic account starts from 3.0 pips, the Gold account has spread from 0.6 pips, while the VIP account has spread as high as 5 pips.

Trading Platform Available

Platforms available for trading at Vip Forex Pro are Web Trader and MetaTrader4. 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.

Deposit & Withdrawal

VIP Forex Pro accepts credit/debit cards, wire transfers and some unknown e-wallets. The same ambiguous payment methods are used when withdrawing funds. The broker has set its minimum deposit at $1000 on one page of the website, but then it claims only to need as little as $250 to open an account. The minimum withdrawal amount is €100. Credit/debit cards are charged 3.5%, while wire transfers are charged $30/€25/£20.

Bonuses

VIP Forex Pro claims to offer some bonuses. However, if you want to withdraw your bonuses, you will be required to have a total lot trading volume of at least the 10% of the total bonus amount.

In any case, you should be very cautious if you receive a bonus. First of all, bonuses aren't client funds, they're company funds, and fulfilling the heavy requirements that are usually attached to them can prove a very daunting and difficult task. Remember that brokers who are regulated and legitimate do not offer bonuses to their clients.

Customer Support

Vip Forex Pros customer support can be reached by telephone: +442038853876, email: support@vipforexpro.com. Company address: Trust Company Complex Ajeltake Road Ajeltake Island, Majuro Marshall Islands MH 96960.

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.