Vatee cites personalized services, dedicated client support, exceptional trading experience, and extensive trading resources among the reasons you should consider it the ideal broker. The broker allegedly provides an intuitive trading platform and uses backend management to secure clients’ accounts.
Vatee is an online forex broker advertising itself as a multiple-state regulated entity. The broker also prides itself in multiple awards it allegedly won for being, among others, the “best global trader.” However, we suspect this is only a marketing gimmick. Moreover, the broker guarantees numerous trading instruments, including commodities, forex, metals, indices, cryptos, shares, and metals. Although the broker might pass as genuine, there is more than what meets the eye, exposing this broker as a scam.
Before digging deeper, we should get some basics out of the way to help you navigate this space. First, the allure of forex trading stems from its low account minimums, 24-hour trading, limitless currency options, and availability of large amounts of leverage. Second, forex trading can be lucrative and profitable if approached like a business rather than a get-rich-quick strategy. However, success is incredibly elusive and can take years to achieve.
Third, there is no handbook for successful trading in the financial markets. So, don’t take any broker claiming to have trading blueprints seriously. The most you can do in forex trading is to manage your risks. Lastly, it’s a good idea to weigh the advantages and disadvantages of this investment before diving into the venture. Although investing in foreign currencies might be exciting, not everyone should do it.
Equally important for investors is knowing the tricks brokers use to dupe you into investing with them. For this reason, we have shared some alerts you should be keen on when looking for dependable forex brokers. Read the subsequent review to learn more about why we do not recommend this broker or any of its kind.
Vatee has listed two companies on its website, but their affiliation is unclear. The broker claims to have a global presence in 35 international cities and over 78 000 customers. The broker also states it has been in the market since 2013, a claim we swiftly dismissed upon discovering that it registered its domain with the whois on 11 July 2021. Either the company offered its services through underhand channels or is lying about its inception date. Whatever the case, we don’t know which is worse.
Vatee cites personalized services, dedicated client support, exceptional trading experience, and extensive trading resources among the reasons you should consider it the ideal broker. The broker allegedly provides an intuitive trading platform and uses backend management to secure clients’ accounts. But since the broker seems cunning, it wouldn’t be surprising if such deliverables were unmet.
Vatee alleges that it has a base in Vanuatu and has availed a corporate address to that effect. We suspect this location is preferred due to its loose forex regulation. Since there is no reference to the Australian location, we are left wondering why the broker claims to be registered there.
When selecting brokers, go for those with solid customer service support that guarantees 24/7 support. Unfortunately, the broker has not provided a telephone contact but only an email address. This implies you might be unable to get instant access to urgent inquiries. Being stuck with no one to help you is a situation no investor would want.
Deposit and Withdrawal Rules
Scammers favor cryptocurrency because they do not allow for chargebacks. The website states that Vatee offers a variety of well-known payment options, such as bank transfers, credit cards, PayPal, Neteller, and UnionPay. However, the sole option on the deposit menu is to send an amount to the chosen crypto wallet. The inconsistency between the payment options stated on the website and those that are actually offered is a major red flag.
Vatee has a $300 minimum deposit, which is also not competitive. Many of the industry’s most prominent companies offer newbie traders starter accounts with cheap initial deposits, as low as 5 USD or even 1 USD. There is no reason to risk a substantial amount with a broker whose regulation status is inconclusive. The broker claims to charge no fee on withdrawals.
Vatee provides MT4, one of the most prominent trading platforms in the market. The MT4 delivers a wide range of features and is simple for developing unique trading systems. This is demonstrated by practical features, including three alternatives for order execution, nine order types, 30 built-in technical indicators, and nine timeframes.
Additionally, the platform allows for the customization of all indicators and expert advisors. Furthermore, traders can do a backtest to assess how well automated and human trading strategies perform on previous quotes. The software also helps the community by enabling signal duplication.
Nonetheless, the MT4 can only be as good as the broker offering it. Therefore, we do not recommend this broker as we have reservations about the credibility of its platform. As a con, the broker can manipulate the platform to deceive investors.
Despite that, the broker got it right on the demo account. The demo helps you practice developing a trading strategy to avoid inexperienced traders’ mistakes and establish good money management. There is no problem if you use the broker’s demo account for a trial, just don’t go live(real) with this broker.
Vatee Regulation Status
Two companies are listed on the website’s home page: Vatee Global Limited, situated in Vanuatu, an offshore zone, and Vatee Co Pty Ltd, registered in Australia, a regulated jurisdiction. A search in the respective financial authorities’ databases reveals that these companies indeed exist. However, we must clarify that the registers maintained by the Vanuatu Financial Services Commission and the Australian Securities and Investments Commission (ASIC) exclude registered domain information.
As a result, we cannot guarantee that the website depicts the two entities. Also, VFSC does not have an established forex market oversight. Therefore, you cannot count on the agency’s aid to mediate or help you get your money back if you disagree with a broker registered with the VFSC. Again, the content on the website makes it obvious that when we open an account, we are entering into an arrangement with the uncontrolled offshore firm, as opposed to the ASIC-licensed one.
It is best to select a broker under oversight agencies such as ASIC, the Commodity Futures Trading Commission (CFTC) in the US, the Financial Conduct Authority (FCA) in the UK, or an EU regulator like the Cyprus Securities and Exchange Commission, depending on your location. These brokers offer protections to their clients, including negative balance protection and segregation of customer and broker money. Brokers are also required to participate in guarantee programs in the EU and the UK, which protect a portion of the trader’s money if the broker goes bankrupt.
Vatee Trading Conditions
Vatee has not provided relevant legal documents. This broker can set numerous traps, including hidden fees and withdrawal terms that are impossible to achieve. This is easy because they know that nobody will ever read the T&Cs or client agreement that they haven’t made public. You should not commit to such an investment if what’s in it for you is not crystal clear. Moreso since Vatee has not given us a reason to trust it so far.
Vatee allegedly offers bonuses in the form of $ 5000 credit eligible investors in the standard account plan. There are two things wrong with this. First, regulated brokers are forbidden from issuing bonuses and promotions due to the extortionate terms they come with. Secondly, the broker has not disclosed the conditions of this bonus.
ASIC has imposed a 1:30 leverage capping for all its brokers. The capping aims to shield you from incurring significant losses that may hurt your investment. Meanwhile, Vatee advertises a 1:500 leverage, which nullifies the claim that the broker is under ASIC’s regulation. Additionally, the broker offers a spread of 1.7 pips. While this spread may be acceptable, there is no reason to invest here when there are countless legit brokers with spreads below 1 pip.
Vatee has put in a lot of effort to appear legit. However, we managed to detect some loopholes in its website info. The broker violates the regulations of the financial ombudsman it is supposedly under, operates in a jurisdiction (offshore) with lax forex oversight and omits material legal documents. So in light of these issues, we can confidently label it a scam.
To spot a dependable forex broker, you must know how the forex market operates and the requisite standards. Moreover, you should also be aware of tricks scammers use. The exposure will allow you to distinguish real/reasonable brokers from unrealistic ones.