Overview of VirtueForex
VirtueForex, founded in 2014 and based in the United Kingdom, operates as an unregulated provider of various trading services, including Forex, CFDs, metals, and cryptocurrencies.
Offering high leverage of up to 1:777, the company utilizes the popular Meta Trader 4 platform for its trading activities. Potential clients can explore its services using a demo account.
For deposits and withdrawals, VirtueForex accepts several methods, including credit/debit cards, bank wires, and cryptocurrency payments, with fees ranging from $0 to $35.
Additionally, they offer customer support via email and provide various tools like recent news and beginner lessons to assist traders in their investment journey.
Is VirtueForex Limited Legit or a Scam?
VirtueForex operates as an unregulated entity in the trading industry.
The lack of regulation means that VirtueForex does not adhere to the stringent standards and protective measures typically enforced by regulatory bodies, potentially affecting the level of security and protection available to its clients.
Pros and Cons
Pros:
- Competitive Spreads: VirtueForex boasts the industry's narrowest lucrative spreads, which can significantly benefit traders by reducing transaction costs and improving profit margins.
- High Leverage: Offering a leverage of 777:1, VirtueForex provides traders the opportunity to control large positions with a relatively small amount of capital, potentially amplifying profits.
- Rapid Execution Speed: With a claim of being number one in execution speed, along with no slippage and no requotes, VirtueForex ensures that trades are executed efficiently and accurately, minimizing the risk of price discrepancies.
- Funding Security: The firm emphasizes funding security, with trust maintenance and separate storage of funds, which could reassure traders that their capital is handled with care and not commingled with corporate funds.
- Multilingual Support: The provision of support in three languages underlines VirtueForex's commitment to serving a diverse client base and enhancing user experience.
Cons:
- Unregulated: VirtueForex is unregulated, which can be a significant drawback as it will expose traders to potential risks without the protective oversight of financial regulatory bodies.
- High Leverage Risks: While high leverage can amplify profits, it also increases the potential for significant losses, particularly for inexperienced traders who will not fully understand the risks.
- Limited Information: There is a lack of detailed information about the specifics of their asset management and how they ensure the security of client funds, which could be a concern for potential clients.
- Zero Cut Method: While the zero cut method can prevent accounts from going into negative balance, it will also imply that positions can be closed out quickly in volatile markets, which could be a disadvantage during unexpected market moves.
- Focus on Certain Features: The emphasis on specific features like execution speed and spreads will overshadow other important aspects of trading, such as customer service, educational resources, and the overall trading environment.
Products & Services
VirtueForex offers 4 kinds of products for its users.
- Forex Trading: VirtueForex offers a comprehensive range of currency pairs, allowing traders to speculate on the price movements of major, minor, and exotic pairs. Forex trading with VirtueForex can be particularly advantageous due to the narrow spreads, which can significantly impact profitability, especially in fast-moving markets. The platform's high leverage also allows traders to maximize their potential returns on currency investments, though this comes with increased risk.
- Contract for Differences (CFDs): Traders at VirtueForex can engage in CFD trading, which involves speculating on the price movement of various financial instruments without owning the underlying asset. This includes indices, stocks, and commodities. CFD trading with VirtueForex is enhanced by the platform's execution speed, ensuring that traders can take advantage of price movements in real-time, potentially increasing their chances of successful trades.
- Metal Trading: Trading metals like gold and silver is another option at VirtueForex. Metals are often considered safe-haven assets, and trading them can be a strategic move during times of economic uncertainty. With VirtueForex, traders can benefit from the platform's price optimization feature, which is crucial for metals trading, given their price volatility. The ability to trade with high leverage can also amplify the gains from metal trading, though it increases risk as well.
- Cryptocurrency Trading: VirtueForex provides traders the opportunity to delve into the rapidly evolving cryptocurrency market. Trading cryptocurrencies like Bitcoin and Ethereum allows traders to capitalize on the significant price swings these assets often experience. VirtueForex's claim of funding security is particularly pertinent for cryptocurrency traders, given the asset class's susceptibility to high volatility and risks.
How to Open an Account?
To open a trading account with VirtueForex and start trading, follow these four steps:
1. Account Opening: Begin by filling out the account application form, a process that takes approximately 90 seconds. After submitting your application, VirtueForex will review the provided information. Within 24 hours, they will complete the examination process and issue a live trading account number to you.
2. Payment: Once you receive your account number, proceed to fund your account. VirtueForex accepts a variety of payment methods, including bank transfers, credit card payments, Bitcoin, and overseas remittances. Choose the one that's most convenient for you and complete the payment procedure to fund your trading account.
3. Download MT4: To execute trades, you need to download and install MetaTrader 4 (MT4), which is a widely used trading platform in the forex and CFD trading community. MT4 is compatible with multiple operating systems, including Windows, iOS, and Android, ensuring you can trade on the device of your choice.
4. Start Trading: After your payment is confirmed by VirtueForex, you're all set to begin trading. You can start executing trades with as little as 1,000 currency units. It's advised to start trading cautiously, especially if you're new to trading, to understand the market dynamics and how to utilize the trading platform effectively.
Trading Platform
VirtueForex offers its clients the highly acclaimed MetaTrader 4 (MT4) as its trading platform. MT4 is renowned for its robustness, user-friendly interface, and comprehensive analytical tools, making it a top choice among traders worldwide. This platform is compatible with a variety of devices, ensuring that traders can access their accounts and trade from virtually anywhere.
Here's a breakdown of the compatibility options for MT4 provided by VirtueForex:
- Windows: Traders using Windows PCs or laptops can easily download and install the MT4 platform, providing them with a stable and comprehensive trading environment.
- iPhone: MT4 is available for iPhone users, allowing them to trade, monitor markets, and analyze charts directly from their smartphones.
- iPad: Apple iPad users can benefit from the larger screen for detailed chart analysis and efficient trading, with a version of MT4 specifically optimized for the iPad's interface.
- Android: MT4 is also available for devices running the Android OS, offering a seamless trading experience for users who prefer Android smartphones or tablets.
Leverage
The leverage offered by VirtueForex is up to 1:777. This high leverage ratio allows traders to control a large position in the market with a relatively small amount of invested capital, amplifying potential profits as well as risks.
Deposit & Withdrawal
Deposit
- Methods: VirtueForex allows deposits through various channels including domestic bank remittance and Bitcoin remittance.
- Depositable Currencies: You can deposit funds in two major currencies: US dollar (USD) and Japanese yen (JPY).
- Fees and Reflection Time:
- Credit Card: There is an 8% fee on deposits made via credit card, with the funds reflecting in your account within 24 hours.
- Bank Wire: Deposits via bank wire are free of charge but take up to 72 hours to reflect in your account.
- Bitcoin & Ethereum Payment: These deposits are also free and take about 24 hours to be reflected in your account.
Withdrawal
- Withdrawal Assurance: VirtueForex commits to not refusing withdrawals, ensuring that you can access your funds when needed.
- Withdrawable Currencies: Similar to deposits, you can withdraw funds in USD or JPY.
- Fees and Reflection Time:
- Domestic Bank Transfer: A fee of $35.00 is charged for withdrawals, and the process takes about 3 business days for the funds to be reflected in your account.
Customer Support
The customer support for VirtueForex is provided via email. If you need assistance or have any inquiries, you can reach out to their support team at support@virtueforex.com. They offer support to address your questions or concerns regarding their trading services or your account.
Educational Resources
VirtueForex offers a variety of educational resources to support both new and experienced traders. Their offerings include:
- Tutorial Videos: VirtueForex provides tutorial videos that cover essential topics such as installing MT4, making payments, and understanding various chart displays. These videos are designed to be beginner-friendly, enabling new traders to quickly get up to speed and start trading with confidence.
- Daily Financial News: Every day at 8 am, VirtueForex presents the Daily Financial News, where newscasters explain market forecasts analyzed by technical analysts. They cover the latest trends in stocks and exchange rates worldwide, presenting the information in a way that's easy to understand. This daily news segment is a valuable resource for traders to get informed about the market before they start trading, helping them to strategize their moves for the day.
- FX Lessons for Beginners: To attract newcomers in the forex market, VirtueForex offers FX lessons specifically designed for beginners. These lessons provide foundational knowledge about forex trading, equipping beginners with the necessary insights to embark on their trading journey.
- Recent News Updates: VirtueForex keeps its users informed about significant developments and updates related to the trading world, including changes in trading hours, reopening of cryptocurrency FX products, and important notices to customers. Staying updated with such news can help traders make informed decisions in a timely manner.
Conclusion
VirtueForex is a trading platform offering a range of services, including Forex, CFDs, metals, and cryptocurrencies.
Despite being unregulated, it provides competitive features like high leverage, a variety of payment options, and educational resources to support traders at all levels.
Its commitment to providing daily financial news, tutorial videos, and beginner lessons makes it a considerable option for those looking to engage in trading activities.
FAQs
Q: What trading services does VirtueForex offer?
A: VirtueForex offers trading in Forex, CFDs, metals, and cryptocurrencies.
Q: Is VirtueForex regulated?
A: No, VirtueForex is not regulated.
Q: What leverage does VirtueForex provide?
A: VirtueForex provides leverage up to 1:777.
Q: What platforms can I use for trading with VirtueForex?
A: VirtueForex offers the MetaTrader 4 (MT4) platform for trading, compatible with Windows, iOS, and Android devices.
Q: What payment methods does VirtueForex accept?
A: VirtueForex accepts various payment methods, including credit cards, bank wire, Bitcoin, and Ethereum.
Q: Can I access educational resources with VirtueForex?
A: Yes, VirtueForex provides tutorial videos, daily financial news, and FX lessons for beginners.
Q: How can I contact VirtueForex customer support?
A: You can contact VirtueForex customer support via email at support@virtueforex.com.
