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Vortexyl Review | "Your Ideal Trading Destination" or a Scam?

by Kevin Berry
Rating: 
  1.7/5   Reviews: 2
Vortexyl - logo

Vortexyl is described as your ideal trading destination for reaching ambitious targets and empowering your aspirations with optimal trading environments. At least, this is how the broker offering CFDs describes itself. It’s a British company that has not received a license from the Financial Conduct Authority but claims to be in the process of obtaining regulation, of course, without any confirmations. In addition, it is unknown when the platform was launched, as the founding date has been conveniently ignored. The absence of online reviews hints at the young age of the firm. If you want to know what factors of scam this organization possesses, join our investigation.

Highlights

🏛️ Country United Kingdom
⚠️ Regulation
🖥️ Website https://www.vortexyl.com/
🎲 Demo Account No
⏳ Start Time 2023
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:200
⚙️ Trading Platform WebTrader
📨 E-mail
📞 Phone +442038666808, +442038666813

First Impression of Vortexyl.com

The official website of Vortexyl is designed in black and white shades with inserts of gold color. The graphic design predominantly features bulls and bears, symbolizing participants in the financial markets. Overall, the website is typical and template-like, not differing from most similar brokerage resources.

Vortexyl - site

The firm introduces us to its activities and trading conditions, but only superficially. Many facts remain unknown, for example, the founding date, licenses, and business model. There’s even an absence of a standard warning about the risks of CFD trading. Instead of providing all the necessary data, Vortexyl uses some vague phrases, as if generated by a neural network. Most of the text lacks meaningful content and usefulness.

The structure is typical: at the top is a panel with all the information regarding conditions, as well as legal documents and contacts. The main page lists pseudo-advantages without evidence or confirmation. The website’s language is only English.

Partnership and Bonuses

Vortexyl offers clients bonus promotions, primarily deposit bonuses. It’s important to remember that such bonuses imply an agreement to certain conditions, which often require an unimaginable trading turnover before funds can be withdrawn. Moreover, the broker does not disclose details regarding the rules for working off bonuses. Secondly, regular traders receive points through a loyalty program, but here too, there are no details on what these points are and how they are accrued.

Users can additionally earn through an affiliate program. Vortexyl does not mention the existence of such an opportunity on its website, but looking ahead, one can see during account registration a field for entering a certain promo code, hinting at the presence of an affiliate program.

Account Opening on Vortexyl.com

The firm describes the process of starting a cooperation in several steps: creating an account and choosing a tariff, and then funding the deposit. The registration procedure at Vortexyl is simple and should not cause any difficulties. It is sufficient to enter your country, name, contacts, password, account currency (USD, EUR, or GBP), and specify a promo code.

Registration

The referral code turned out to be mandatory for completion. That is, without this code, creating an account is not possible. It raises the question, “Where can one find this interesting referral code?”. The company is little-known, and finding a trader who could share an invitation is a challenging task. Or is it necessary to contact customer support? In any case, such an approach from Vortexyl is a negative factor and a significant drawback. It is not recalled that any legal and verified broker required an invitation code for registration. Usually, account creation is available to everyone, and closed registration is more often found in fraudulent organizations.

Error registration

Moreover, Vortexyl does not even offer a demo account service, which would allow one to evaluate the interface of the trading terminal. Another significant disadvantage.

Verification

It is not possible to use the company’s services without successfully passing identity verification, as Vortexyl follows the AML & KYC policy. Therefore, the client needs to provide documents for verification, which are not even listed on the website. However, the KYC procedure is unlikely to be different from other companies, so it is probably necessary to upload at least two documents: proof of identity and proof of residence. It is also highly likely that the firm will request a photo of the bank card if it is used for depositing funds. The document processing times remain unknown.

Pros
  • None.
Cons
  • It is unknown what documents are required.
  • The document processing time is not specified.

Trading Software

Since it is impossible to register an account without an invitation, we cannot practically check what the platform looks like and what features it has. Therefore, we have to rely on the description available on the Vortexyl website.

The trading terminal is only available in a web version, while for trading from smartphones, there is a version adapted for popular mobile browsers. Desktop versions and mobile applications for Android/iOS are absent, which causes additional inconvenience for users. Browser platforms cannot be a full-fledged alternative to desktop and mobile versions.

Vortexyl assures us that its trading platform has a user-friendly interface, and sophisticated and effective tools, but does not describe the capabilities of the terminal in detail. Much of the description includes praise of the web platform and an emphasis on its advantage over other terminals, which we highly doubt. The company has not even provided screenshots of the software.

Features Vortexyl Soltechx XFortunes
Demo Account
Mobile App
Own Development

How Can I Trade With Vortexyl?

Traders have access to all the main market classes: forex (majors, minors, and exotic currency pairs), indices (Europe and the USA), stocks, metals, commodities, and cryptocurrencies. However, all instruments are only available as CFDs. Vortexyl also offers leverage up to 1:200 and a minimum order volume of 0.01 lots.

All Info About Accounts

Vortexyl has developed 7 tariff plans. The better the account type, the more additional services are available to clients, but the required deposit is higher. The first account type requires a huge €10,000, while the main page and the FAQ section mention a minimum replenishment of $250. There is some contradiction in the broker’s words here. At the same time, the deposit requirements are significantly higher than those of competitors, where one can start trading even with $10.

The tariffs differ little from each other. Vortexyl clearly tries to extract more money from traders by offering a more diverse service on more expensive account types. The following services are available to clients:

  • Market reviews and e-books.
  • Webinars and video on demand (VOD).
  • Social trading.
  • Personal assistant.
  • Risk-free trades.
  • Customized account and trading room.

Account types

In addition to the high minimum deposit, it is worth noting the high leverage of up to 1:200. The catch is that regulators prohibit forex brokers from offering such huge leverages. Therefore, it is logical to assume that Vortexyl lacks regulation.

An Islamic account is available, but a demo account is not. There is also no ECN, hinting at a Dealing Desk business model. Zero commissions also support this business model, as the intermediary must earn somehow. Moreover, the absence of transaction fees is likely reflected in the spreads, so they can be very high. Unfortunately, there is no table with online spreads.

Pros
  • There’s an Islamic account.
Cons
  • Vortexyl works on the principle of extorting money.
  • High minimum deposit.
  • Business model dealing desk.
  • No demo.

Market Analysis and Education With Vortexyl.com

In addition to the aforementioned features, the broker offers online quotes in a small table on the main page of the site, as well as basic materials on the traded asset classes. Vortexyl also promises to provide educational materials, e-books, and educational videos. However, fresh analytics and additional widgets, such as an economic calendar and news feed, are missing.

Deposit, Withdrawal, and Fees

The broker offers to transfer funds using all major methods: Visa/Mastercard, bank wire transfers, electronic payment systems, and cryptocurrencies. Among the electronic wallets, Neteller and Skrill are available, but there are no comments regarding digital currency, although it is likely to be Bitcoin. It is also known that Vortexyl does not charge a fee for depositing and withdrawing funds. Processing of withdrawal requests takes up to 5 business days.

Features Vortexyl ISA Investment Investments Global
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

Users can call one of two provided phone numbers: for trading inquiries or technical support. Additionally, there is a form to create a feedback request. However, what stands out is the absence of an email address. For some reason, Vortexyl has not provided any email accounts. There is also no online chat for promptly resolving any issues, and no social media accounts for actively interacting with subscribers and promoting the platform’s services.

Pros
  • There are two phone numbers.
Cons
  • No email is listed.
  • Online chat and accounts are absent.

Is Vortexyl Dangerous?

Can we currently claim guaranteed fraud? Not yet, but it strongly smells of danger from the platform. An uninformative website, closed registration via invitation codes, and ambiguous trading conditions – all these factors are currently tarnishing the company’s reputation. However, if we want to definitively know whether Vortexyl is a scam or not, we need to find out when the organization was founded and whether it has any licenses.

How Long Does The Broker Work?

There is no exact founding date. Why is Vortexyl hiding such an important fact from its activities? Probably because there is something to hide. Judging by the absence of reviews on the internet, the company started operating relatively recently. And the domain of the website confirms this, as it was registered only in November 2023.

Domain

How Is Vortexyl Regulated?

Cabot Square, London E14 4QZ, United Kingdom – this address is listed in the “contacts” section on the company’s website. Fine, this is British jurisdiction, where the Financial Conduct Authority is responsible for controlling forex brokers. However, there is nothing about the company in the FCA register.

Vortexyl - FCA

The office address is vague because there is no specific building number. And more interestingly, the company is not found on the Companies House register. A search by the name Vortexyl yielded nothing.

Vortexyl - Companies House

Features Vortexyl Stone Bridge Ventures LiquidChart
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With Vortexyl?

First, you need to register an account, then provide documents for KYC, and after that, fund the deposit - this should be the step-by-step instruction on how to start trading with a broker. However, at the registration stage, you need to enter a promo code, without which creating a personal account is impossible.

Is Vortexyl Legit?

We found out that the organization has no license and is also not listed in the Companies House registry of legal entities in the United Kingdom. It means only one thing - illegal activity. 

How Risky Is It?

Cooperation with Vortexyl is a 100% risk. Such companies operate illegally, so it's unlikely that there are safe and reliable brokerage services here.
Kevin Berry
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Expert Opinion

Don’t even try to find this wonderful invitation code that will grant access to the personal account and the Vortexyl platform. I don’t understand the point of such an approach, as with such scammers. What’s the sense of making registration closed? Can anyone explain it to me? And the fact that these are blatant scammers is easy to understand: a fresh domain, no license, fake data, a conflict of interest, high leverage, and a high minimum deposit. The number of negative factors is off the charts, and there are no guarantees of reliability and safety whatsoever. So don’t even think about transferring money to scammers.

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The level of trust
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2 reviews about Vortexyl

Jimmy Neutron December 1, 2023 - 19:04
Can they be trusted?
The level of trust
Quick withdrawal of funds
Efficiency of technical support

And can you trade here? It looks very good, and interesting services are available. But I am interested in reliability. Has anyone already traded here? Can the platform be trusted with a deposit?

Reply
Jungo December 14, 2023 - 12:14
In a similar scam I lost 5k once.
The level of trust
Quick withdrawal of funds

The saddest thing is that I once fell for a similar scam broker and gave the scammers €5,000. Moreover, the site was exactly like vortexyl.com, but I was a novice then, so I couldn’t see the fraud in it. I can’t remember the name, but I perfectly remember the same types of accounts and similar trading conditions.
I assume there are many such fraudulent and fake sites on the internet. Anonymous criminals create them in batches. If even 1 out of 10 can deceive a person into giving them money, it’s already a profit for scammers. So know the truth about scam brokers.

Reply

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