The new hero of our review is the broker VastWealth. It promises to provide traders with the best software, an advanced trading platform, and innovative technologies. The company assures that it will be comfortable for both novice and experienced traders to cooperate with it. However, we have suspicions that this is a scam. Let’s check if the customers speak so well about this broker.
- VastWealth General Information
- Registration and Client Portal Review
- VastWealth Trading Conditions
- Account Types Review
- Trading Platform
- VastWealth — Deposit and Withdrawal of Funds
- Additional Options
- Is VastWealth a Scam?
- Legal Information and License
- Vastwealth.io Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
VastWealth General Information
|Address||The Financial Services Center Stoney Ground, Kingstown St. Vincent and the Grenadines|
|Leverage||Up to 1:400|
Registration and Client Portal Review
The official website of VastWealth did not impress us much. We view dozens of similar sites a day. It is rare that a broker can really fork out for the original design and content on a platform. VastWealth, we also have nothing to praise. The project uses a typical template. The content is overflowing with self-promotion. There is no valuable information about the company. The team is completely anonymous. The only useful sections here are a description of trading accounts and a footer with legal information.
The registration process will not take much time. Unlike licensed brokers, VastWealth does not require you to fill out data on income and trading experience. It doesn’t even check if you have entered an email and phone number up-to-date. After you enter your data in a small form, you will get access to your Personal Area.
However, there is one huge nuance here. You will be able to open an account on the site only after you get a promo code. You cannot register here without an invitation. As you understand, this requirement is not very similar to the conditions of a reliable and transparent broker. It is not clear to us why VastWealth restricts access to customers who are interested in its offers.
VastWealth Trading Conditions
Despite the claims of high technology and innovation, VastWealth remains an ordinary CFD broker. Its services are not too different from those that you can get from other companies.
Account Types Review
On the platform, you can choose one of the account types. They differ in some additional options.
|Standard||$25,000||Fixed & Floating, Variable||1:200|
|Pro||$100,000||Fixed & Floating, Variable||1:300|
|VIP||$250,000||Fixed & Floating, Variable||1:400|
In addition to leverage and minimum deposits, accounts are practically no different from each other. The margin call level is the same everywhere and is 40%. Stop out is also 30% for all accounts. The execution type is instant. Not a word is written about additional conditions. It is very difficult to understand why the broker even came up with this division into accounts if it is so hard to find the difference between them. Besides, professional traders do not need such high leverage.
VastWealth claims that its platform is innovative. However, we cannot verify this statement. Moreover, some traders write in their reviews that the broker has only a web terminal and it is not the most popular one.
VastWealth — Deposit and Withdrawal of Funds
VastWealth offers different deposit methods. That’s all the company tells customers. There is definitely a wire transfer among them. The other methods are not specified. The broker writes that if one of the payment methods is not available for you, it will try to offer another one. VastWealth also informs that there are withdrawal restrictions on the platform. Among them are daily, monthly, and annual limits. However, exactly what limits are not specified in the documents either.
Before you can fund your account, the broker will ask you to pass a verification. It is quite standard here. You will need to provide copies of documents that prove your identity, place of residence, and the fact that your money is legal.
There are practically no additional services at VastWealth. The broker offers bonuses but does not name their size. Additionally, they may not be credited to every client. Also on the platform, there are some educational articles on the topic of what Forex is in general.
Is VastWealth a Scam?
The company’s proposals look suspicious to us. VastWealth does not provide anything exclusive but requires a minimum deposit of 5 thousand dollars. Honest brokers don’t usually do this.
Legal Information and License
In the Terms and Conditions, we read that the broker’s management company is Vallencio LC. The company is registered offshore. Its office is located in Saint Vincent and the Grenadines. That is one of the worst places to register a brokerage company. The problem is that the FSA regulator, which operates on these islands, does not pay any attention to the activities of online brokers. It also does not issue licenses to them, but only certificates of incorporation. Therefore, such companies actually work without supervision. That allows scammers, if there is an official registration, to do anything with traders’ accounts.
Vastwealth.io Domain Info
As you can see in the screenshot from the registry, Vallencio LLC was registered at the end of 2021. The broker VastWealth appeared even later. We checked the domain and found the following. The site was created on August 17, 2022. In fact, this project has only been working for a few months so far.
The broker provides a phone number and an email address for communication. The company does not have a real office. Such scam brokers are registered offshore online through intermediaries. So you should not count on a personal meeting with the manager. However, it will be quite difficult to wait for at least some response from them, even via email or phone.
So, this project is very young and has not received a license. Nevertheless, VastWealth insists that your minimum deposit has to be 5 thousand dollars. At the same time, the company does not even have a demo account. So you can’t try your hand. Obviously, it just wants to enrich itself at the expense of novice traders.
Pros and Cons
- A very short period of work.
- Registration is available by invitation only.
- There is too little information about trading conditions.
- Offshore registration.
- No license.
- Negative reviews.
Frequently Asked Questions (FAQ)
You will be able to trade CFDs on this platform. The broker does not provide any other services.
The minimum deposit is one of the weak points of this broker. VastWealth requires that you deposit at least 5 thousand dollars to the account.
No, in fact, it is a typical offshore broker. VastWealth operates without a license, and this is a major red flag. Stay away from it.