Overview Of VirtueForex
VirtueForex Claims To Have Been Founded In 2014 And Is Headquartered In The United Kingdom, But We Inquired That The Domain Name Was Registered In 2016. VirtueForex Is An Unregulated Company That Offers Multiple Trading Services, Including Forex, CFDs, Precious Metals And Cryptocurrencies.
The Company Offers Leverage Of Up To 1:777, Using The Popular Meta Trader 4 Platform For Trading Activities. Prospective Clients Can Use A Demo Account To Learn About Its Services.
For Deposits And Withdrawals, VirtueForex Accepts Multiple Methods, Including Credit/debit Cards, Bank Telegraphic Transfers And Cryptocurrency Payments, With Fees Ranging From $0 To $35.
In Addition, They Provide Customer Support Via Email And Offer Various Tools Such As The Latest News And Beginner Courses To Help Traders Gain Support During The Investment Process.
Is VirtueForex Ltd A Legal Or A Scam?
VirtueForex Operates As An Unregulated Entity Within The Trading Industry.
The Lack Of Regulation Means That VirtueForex Does Not Adhere To The Strict Standards And Protections That Are Usually Enforced By Regulators, Which May Affect The Level And Level Of Protection Available To Its Clients.
Pros And Cons
Pros:
Competitive Spreads: VirtueForex Has The Narrowest Profit Spreads In The Industry, Which Can Significantly Benefit Traders By Reducing Trading Costs And Improving Profit Margins.
High Leverage: VirtueForex Offers 777:1 Leverage, Giving Traders The Opportunity To Control Large Positions With Relatively Little Capital, Potentially Amplifying Profits.
Fast Execution Speed: VirtueForex Claims To Be Number One In Execution Speed, With No Slippage And No Re-quotes, Ensuring Efficient And Accurate Trading And Minimizing The Risk Of Price Differences.
Security Of Funds: The Company Emphasizes The Security Of Funds, Guaranteeing That Traders' Funds Are Properly Handled And Not Mixed With Company Funds Through Trust Maintenance And Separation Of Funds.
Multi-language Support: Support In Three Languages Is Provided, Highlighting VirtueForex's Commitment To Serving A Diverse Client Base And Enhancing The User Experience.
Cons:
Unregulated: VirtueForex Is Not Regulated, Which Can Be A Significant Drawback As It Exposes Traders To Latent Risk Without The Protective Oversight Of Financial Regulators.
High Leverage Risk: High Leverage Can Amplify Profits, But It Also Increases The Risk Of Potentially Large Losses, Especially For Inexperienced Traders Who Do Not Understand The Risks.
Limited Information: The Lack Of Detailed Information About The Details Of Their Asset Management And How To Ensure The Safety Of Client Funds Can Become A Concern For Potential Clients.
Zero-point-cutting Method: Zero-point-cutting Method Prevents Account Balances From Turning Negative, But Also Means That Positions Can Be Quickly Position Squaring When The Market Is Volatile, Which Can Become A Disadvantage In Unexpected Market Movements.
Excessive Focus On Certain Characteristics: Excessive Focus On Specific Characteristics Such As Execution Speed And Spreads Can Obscure Other Important Aspects Of Trading, Such As Client Server, Educational Resources, And The Overall Trading Environment.
Products & Services
VirtueForex Offers 4 Products To Its Users.
Forex Trading: VirtueForex Offers A Comprehensive Range Of Currency Pair Trading, Allowing Traders To Speculate On Price Fluctuations In Major, Minor, And Exotic Currency Pairs. Trading Forex With VirtueForex Can Be Particularly Advantageous, As Narrow Spreads Can Significantly Affect Profitability, Especially In A Rapidly Moving Market. The Platform's High Leverage Also Allows Traders To Maximize The Potential Returns From Currency Investments, But This Also Comes With Increased Risk.
Trading In Contracts For Difference (CFDs): Traders At VirtueForex Can Trade In Contracts For Difference (CFDs), Which Involves Speculating On Price Movements Of Various Financial Instruments Without Owning The Underlying Asset In Question. This Includes Indices, Stocks, And Commodities. Trading In Contracts For Difference (CFDs) Through VirtueForex Allows Traders To Take Advantage Of The Platform's Execution Speed And Grasp Price Fluctuations In Real Time, Thus Increasing The Chances Of Successful Trades.
Trading In Precious Metals: Trading In Gold And Silver Is Another Option At VirtueForex. Precious Metals Are Often Seen As Safe-haven Assets, And Trading During Times Of Economic Uncertainty Can Be A Strategic Move. With VirtueForex, Traders Can Benefit From The Platform's Price Optimization Features, Which Are Essential For Trading Precious Metals Because Of Their High Price Volatility. High-leverage Trading Can Also Amplify The Gains From Trading Precious Metals, But It Also Increases Risk.
Cryptocurrency Trading: VirtueForex Offers Traders Access To The Rapidly Evolving Cryptocurrency Market. Trading Cryptocurrencies Like Bitcoin And Ethereum Allows Traders To Profit From The Large Price Swings These Assets Often Experience. For Cryptocurrency Traders, VirtueForex Claims That The Safety Of Funds Is Particularly Important Because Such Assets Are Vulnerable To High Volatility And Risk.
How Do I Open An Account?
To Open A Trading Account With VirtueForex And Start Trading, Follow These Four Steps:
1. Open An Account: First Fill In The Account Application Form. This Process Takes About 90 Seconds. After Submitting The Application, VirtueForex Will Review The Information Provided. Within 24 Hours, They Will Complete The Review Process And Issue You A Real Trading Account Number.
2. Payment: Once You Receive Your Account Number, You Can Start Topping Up Your Account. VirtueForex Accepts A Variety Of Payment Methods, Including Bank Transfer, Credit Card Payment, Bitcoin, And Overseas Money Transfer. Please Choose The Most Convenient Way To Complete The Payment Process And Top Up Your Trading Account.
3. Download MT4: In Order To Execute Trades, You Need To Download And Install MetaTrader 4 (MT4), A Trading Platform Widely Used By The Forex And CFD Trading Community. MT4 Is Compatible With Multiple Operating Systems Including Windows, IOS And Android, Ensuring That You Can Trade On The Device Of Your Choice.
4. Start Trading: After Your Payment Is Confirmed By VirtueForex, You Can Start Trading. You Can Start Executing Trades From 1,000 Currency Units. It Is Recommended That You Start Trading Cautiously, Especially If You Are A Novice, To Understand Market Dynamics And How To Use The Trading Platform Effectively.
Trading Platform
VirtueForex Offers Its Clients The Highly Acclaimed MetaTrader 4 (MT4) As Its Trading Platform. Known For Its Stability, User-friendly Interface And Comprehensive Analytical Tools, MT4 Has Become The First Choice For Traders Worldwide. The Platform Is Compatible With Multiple Devices, Ensuring That Traders Can Access Their Accounts And Trade From Almost Anywhere.
Here Is A Detailed Description Of The MT4 Compatibility Options Offered By VirtueForex:
Windows: Traders Using A Windows PC Or Laptop Can Easily Download And Install The MT4 Platform, Providing Them With A Stable And Comprehensive Trading Environment.
IPhone: MT4 Is Available For IPhone Users, Enabling Them To Trade, Monitor The Market And Analyze Charts Directly From Their Smartphones.
IPad: Apple IPad Users Can Take Advantage Of The Larger Screen For Detailed Chart Analysis And Efficient Trading. MT4 Is Optimized For The IPad Interface.
Android: MT4 Is Also Available For Devices Running The Android Operating System, Providing A Seamless Trading Experience For Users Who Prefer Android Smartphones Or Tablets.
Leverage
VirtueForex Offers Leverage Up To 1:777. This High Leverage Ratio Allows Traders To Control Large Positions In The Market With Relatively Little Investment Capital, Amplifying Potential Profits And Risks.
Deposits And Withdrawals
Deposits
Methods: VirtueForex Allows Deposits To Be Made Through A Variety Of Channels, Including Domestic Bank Transfer And Bitcoin Transfer.
Deposable Currencies: You Can Make Deposits In Two Main Currencies: The US Dollar (USD) And The Japanese Yen (JPY).
Fees And Reflection Time:
Credit Cards: Deposits Made Via Credit Card Will Be Charged An 8% Fee And Funds Will Be Reflected In Your Account Within 24 Hours.
Bank Telegraphic Transfer: Bank Telegraphic Transfer Deposits Are Free But Take Up To 72 Hours To Be Reflected In Your Account.
Bitcoin And Ethereum Payments: These Deposits Are Also Free And Take Approximately 24 Hours To Be Reflected In Your Account.
Withdrawal
Withdrawal Guarantee: VirtueForex Promises Not To Refuse Withdrawals, Ensuring That You Can Use Your Funds When You Need Them.
Withdrawable Currencies: Similar To Deposits, You Can Withdraw Funds In USD Or JPY.
Fees And Response Times:
Domestic Bank Transfers: There Is A $35.00 Fee For Withdrawals, And The Whole Process Takes Approximately 3 Business Days To Be Reflected To Your Account.
Customer Support
Customer Support From VirtueForex Is Available Via Email. If You Need Help Or Have Any Questions, Please Contact Their Support Team Support@virtueforex.com. They Offer Support To Answer Your Questions Or Concerns About Their Trading Services Or Your Account.
CONCLUSION
VirtueForex Is A Trading Platform That Offers A Range Of Services Such As Forex, Contracts For Difference, Metals, And Cryptocurrencies.
Although It Is Not Regulated, It Offers Competitive Features Such As High Leverage, Multiple Payment Options, And Educational Resources To Support Traders At All Levels.
It Is Dedicated To Providing Daily Financial News, Tutorial Videos, And Beginner Courses, Making It A Worthy Option For Those Who Wish To Engage In Trading Activities.
