Vergomarkets provides access to an excellent platform to achieve high trading goals, meaning clients can trade in the financial markets, exclusively CFDs. The broker claims itself as the best and most profitable, but there are questions regarding its safety, such as, where is the license? It’s no secret that any brokerage company must have regulation. Moreover, it is unknown when the firm was founded and which business model it operates under. There are too few reviews on the internet to draw any conclusions, so our task is to figure out whether the platform is a scam or not.
Table of Contents
|🎲 Demo Account
|⏳ Start Time
|💲 Minimum Deposit
|⚖️ Minimum and Maximum Leverage
|⚙️ Trading Platform
First Impression of Vergomarkets.com
Why create something new and unique to stand out from the crowd of identical brokers and impress potential clients? Apparently, this question was pondered by the leadership of Vergomarkets, so they decided to use a template for the official website, where dry and boring information prevails, lacking specific details and confirmations, and filled with a lot of meaningless text that is absolutely not useful to users.
Regarding the resource’s structure, everything here is usual and typical. There is a standard panel at the top with the main information:
- About us. Information about Vergomarkets.
- Why us. Fees and affiliates.
- Trading. Description of conditions, including tariffs and platform.
- Legal documents. User agreement, AML & KYC policy, and others.
The founding date, names of the leadership, business model, and other important data that should be on any broker’s website, are missing here. The company also superficially describes the terms of cooperation. Searching for necessary data is difficult, as visitors need to read through a mountain of unnecessary and useless text. Thus, we can confidently talk about the low quality of the Vergomarkets website.
Partnership and Bonuses
The firm offers traders bonuses, the type and size of which depend on account status. Beginners can receive welcome bonuses, and for existing clients, there is a loyalty program where points can be earned for each trade. All bonuses at Vergomarkets are issued under certain conditions, which, unfortunately, are not disclosed by the company in the open access. However, some huge and inadequate trading volume must likely be completed before the opportunity to withdraw both the bonus and the profit obtained with its help becomes available.
The broker also offers an affiliate program, which is also not described. It is unknown how much percentage of the reward is offered for attracting a client and whether these funds can be withdrawn immediately.
Account Opening on Vergomarkets.com
On its main page, Vergomarkets describes how to start cooperation: register an account by choosing a suitable tariff, fund the deposit, and also access educational materials. However, there is one problem during registration. The firm requires entering a promo code, which first needs to be obtained from somewhere, leading to the question, “Where?”. This means it is impossible to create an account without an invitation.
The requirement of a mandatory promo code at the time of registration is a negative factor, as this approach is often used by fraudulent and illegal organizations. Considering Vergomarkets’ obscurity, it’s likely impossible to find such a code, although it might be distributed by the broker’s managers.
Additionally, the company does not offer to open a demo account to try the service without the risk of losing real money. Another significant drawback of Vergomarkets.
The verification procedure is mandatory in the firm, without which it is impossible to use the broker’s services. Vergomarkets adheres to the AML & KYC policy, so all traders need to provide two types of documents:
- Confirmation of identity, for example, a passport, ID card, or driver’s license.
- Confirmation of residence address: bank statements or utility bill.
Vergomarkets may also require a photo of the bank card if it is used for balance replenishment. It is unknown whether it is convenient to upload documents and how long their verification will take.
- It is unknown whether it is convenient to upload a document.
- The verification processing time is not specified.
Vergomarkets offers to make trades on a web-based trading platform. The terminal is only available in a web version, including on smartphones, as the software is adapted for mobile browsers. There is no separate app available for download from official stores like AppStore/Play Market. Those who prefer trading on a phone are unlikely to positively assess this fact. The same applies to experienced and professional traders who only trade on desktop software, as it clearly outperforms the web version in terms of capabilities, stable operation, technology, and practicality.
Due to the impossibility of creating an account without an invitation code, it is impossible to check the interface and capabilities of the terminal. Therefore, one can only rely on the description given on the website. However, Vergomarkets only briefly describes the software, supposedly claiming it has a user-friendly interface and advanced tools. Unfortunately, there isn’t even a screenshot of the platform on the website.
How Can I Trade With Vergomarkets?
Trading is conducted through a terminal, with only CFDs on forex, metals, indices, commodities, cryptocurrencies, and stocks available. A detailed specification of contracts with current spreads and swaps is missing. Meanwhile, Vergomarkets promises zero commissions, but traders need to pay the spread, the exact size of which remains unknown.
There is also leverage, limited to 1:200. Traders can open positions with a volume from 0.01 lots. The minimum deposit is from $250, but the description of tariff plans provides slightly different information. We will further consider the types of accounts, as this affects the set of additional services.
All Info About Accounts
Vergomarkets offers seven types of accounts:
- Bronze. An astounding minimum deposit of 10,000 euros, and this tariff is aimed at beginners, but which inexperienced traders are ready to invest such a substantial sum? Users receive market reviews, e-books, access to webinars, and social trading.
- Silver. No less than 25,000 euros. Here, the balance bar is even higher, with the only difference being video on demand. There is a lack of logic and common sense in these trading conditions.
- Gold. From 50,000 euros. The deposit is twice as large, with only two added services: a personal assistant and one risk-free trade.
- Platinum. From 100,000 euros. Includes access to a trading room and a customized account. Vergomarkets preferred not to disclose what these services are.
- Diamond. From 250,000 euros. Includes a trade specialist and exclusive marketplace updates.
- Premium. At least 0.5 million euros. According to the description, this account type is no different from “Diamond”.
- VIP. For those who can afford a 1 million euro deposit. Similarly, no differences were noted.
Clients also have access to the Islamic account feature, which is almost the only positive aspect regarding trading conditions. Because the requirements for a minimum deposit and the scarcely useful additional services can hardly be characterized positively. Vergomarkets tries to extract as much money as possible from traders, offering them more services in return. This approach, strangely enough, is most often found in fraudulent organizations.
Hidden spreads, zero commissions, and leverage of 1:200 not only raise suspicions but also signal a 100% b-book business model, where there is a conflict of interest, as the platform does not benefit when a trader makes money. On the contrary, the firm is interested in the losses of its clients. Is there any sense in cooperating with Vergomarkets?
- The swap-free feature is available.
- Zero commissions.
- No table with current spreads and swaps.
- 100% B-Book.
- The broker requires a high minimum deposit.
Market Analysis and Education With Vergomarkets.com
Beginners can read basic educational information to familiarize themselves with forex, CFD, and margin trading. Additionally, the company runs its blog, but there are no articles available now. Vergomarkets also provides an extensive FAQ and a table with online quotes for indices, futures, currency pairs, and bonds.
Many useful tools are missing here. For example, an economic calendar and a calculator for calculating position parameters would be very useful. A news feed would also be useful for users, and beginners would appreciate having ready-made training courses and fresh analytics.
Deposit, Withdrawal, and Fees
Balance replenishment is available using all major methods. Not only credit/debit cards and bank wire transfers, but also cryptocurrencies and electronic payment systems. Vergomarkets accepts Skrill and Neteller, but the broker is silent regarding specific digital currencies. The firm promises not to charge a fee for depositing and withdrawing funds. However, the processing time for a withdrawal request can take up to 5 business days.
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How Can I Contact It?
For contacting Vergomarkets’ managers, there are two phone numbers. The first is for contacting technical support, and the second is for trading inquiries. Both phones have a UK code, and both are unavailable.
The presence of an email address is not only customary for any brokerage company but also necessary. However, Vergomarkets decided that they do not need an email address, so it is not even present on the site. There is also no online chat for prompt communication with staff, but there is a form for creating a feedback request.
- Email and online chat are not absent.
- Phone numbers are not available.
Is Vergomarkets Dangerous?
A broker with a template, boring, and useless website does not inspire trust. The same can be said about anonymity and lack of transparency, including the absence of important contact data. Although we cannot label the company as a scam with 100% certainty at this moment, we assume that cooperation with it is risky. A final verdict requires checking the duration of operation and the legitimate status of the firm.
How Long Does The Broker Work?
The duration of operation is an important aspect of any company’s activity, but Vergomarkets hides the date of its founding. The absence of reviews on the internet may only indicate the platform’s young age. And the registration date of the official website’s domain in November 2023 only confirms this.
How Is Vergomarkets Regulated?
There are suspicions about a fictitious address in the United Kingdom, and to avoid baseless claims, we should check for a license from the Financial Conduct Authority and the presence of the organization in the legal entity registry of this jurisdiction. Unsurprisingly, Vergomarkets is absent from the FCA.
At Companies House, as it turns out, the broker is also absent. This suggests illegal activity and a fake office address. These are serious red flags, based on which we can now draw conclusions about the broker.
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Frequently Asked Questions (FAQ)
How to Trade With Vergomarkets?
Is Vergomarkets Legit?
How Risky Is It?
This is not the first time a similar CFD scam has been encountered. How many such garbage dumps actually exist? Take, for example, the website vortexyl.com, which looks exactly like Vergomarkets. The fraudsters don’t even think about design, layout, and conditions; they just copy and paste (Ctrl C + Ctrl V). Under no circumstances should you believe these scammers and transfer money to them, as it is a classic fraudulent trap for your deposits. Legally, the organization does not exist, so a license cannot even theoretically be obtained. Anonymous scammers tell nonsense about “we are in the process of obtaining a license”. Sweet lies, nothing more! The entire firm is fake and a scam.