Vortexyl seems to be a promising broker, claiming to simplify the trading process. Additionally, it promises cutting-edge trading tools, extensive educational resources, and other intriguing features. We’ll discuss whether it’s worth engaging with this platform in the review below and also shed light on any potential scam indicators, if present.
- Vortexyl General Information
- Registration and Client Portal Review
- Vortexyl Trading Conditions
- Account Types Review
- Trading Platform
- Vortexyl — Deposit and Withdrawal of Funds
- Verification
- Additional Options
- Is Vortexyl a Scam?
- Legal Information and License
- Vortexyl. Domain Info
- Contacts Review
- More Details
- Pros and Cons
- Frequently Asked Questions (FAQ)
Vortexyl General Information
| Website | https://www.vortexyl.com/ |
| Phone Number |
|
| — | |
| Address | Cabot Square, London E14 4QZ, United Kingdom |
| License | — |
| Minimum Deposit | $250 |
| Assets | CFDs |
| Leverage | Up to 1:200 |
| Trading Platform | WebTrader |
Registration and Client Portal Review
The official Vortexyl website leaves a pleasant impression. The homepage is adorned with images of golden bulls and bears, creating the impression that clicking the registration button might lead to instant wealth. However, the content leaves us somewhat disappointed. There’s an overwhelming amount of self-promotion and unnecessary promotions, and information about the company itself is rather scarce. Legal details are even more elusive. At least there are descriptions of accounts and trading conditions. The website is available in only three languages: English, Spanish, and Italian. In summary, that’s about all we can say about it.
The registration process on the website appears deceptively simple and concise. Traders need to fill out a small form, providing their contact details along with their first and last name. However, things are not as straightforward as they seem. The form includes an interesting line – a promotional code. Without it, access to the client account is denied. The reasons behind this requirement and what Vortexyl is attempting to conceal remain unknown.
Closed registration processes, especially those reliant on obscure promotional codes, raise concerns about transparency and accessibility. It introduces an unnecessary barrier, making it challenging for traders to explore the platform freely.
Vortexyl Trading Conditions
It’s time to delve into the study of the broker’s trading conditions. Can Vortexyl truly offer traders something exceptional? Let’s find out.
Account Types Review
Vortexyl has introduced seven account types, each offering varying degrees of additional services with higher deposits required for more premium plans. However, there is a notable discrepancy in the broker’s communication. While the main page and FAQ section state a minimum deposit of $250, the first account type demands a substantial €10,000.
The account types exhibit minimal differences, showcasing Vortexyl’s attempt to entice traders into higher deposits by presenting a slightly more diverse range of services. However, the broker seems to focus more on peripheral market-related services, neglecting crucial aspects such as spread sizes and commissions.
In addition to the steep minimum deposit, it’s important to highlight the remarkably high leverage of up to 1:200. Notably, regulatory bodies, particularly in the UK, typically prohibit forex brokers from offering such extensive leverages.
Furthermore, it’s essential to mention that the broker does not execute orders in the real interbank market, leading to an inherent conflict of interest for traders. This could potentially impact the alignment of interests between traders and the broker.
Trading Platform
The trading platform, although currently inaccessible to us, is recognized as the terminal developed by Easy Technologies. It is exclusively a web-based version, lacking the option for download on mobile devices or PCs. Additionally, the absence of a demo account limits traders from practicing without financial risk.
Regrettably, Vortexyl’s trading platform falls short in several aspects. Noteworthy negatives include the absence of crucial features, a minimal set of indicators, and a simplistic design. These factors contribute to a less-than-ideal trading experience for users.
Vortexyl — Deposit and Withdrawal of Funds
The company provides users with a variety of options for fund transfers, including major methods like Visa/Mastercard, bank wire transfers, electronic payment systems, and cryptocurrencies. Notably, electronic wallets such as Neteller and Skrill are among the available choices. However, the actual availability of these deposit methods remains uncertain since, once again, the client portal is inaccessible to us.
The broker asserts that there are no fees associated with depositing or withdrawing funds, but we cannot verify this claim due to the unavailability of the client portal. Withdrawal requests, if processed, are stated to take up to 5 business days, which may be considered a relatively extended period, particularly given the broker’s purported support for cryptocurrency transactions.
Verification
Despite being a seemingly exclusive and closed broker, Vortexyl confidently requires traders to undergo a verification process. Once the initial account setup is complete by some way, the broker prompts users to submit verification documents. These include government-issued identification (passport, driver’s license), proof of address (utility bill or bank statement), and, in some cases, the card used for deposit.
Vortexyl’s team then reviews the submitted documents to ensure compliance with their verification requirements. This step aims to confirm the trader’s identity and validate the provided information.
After the review, traders are notified of the verification status. If successful, users gain access to the full range of trading features and functionalities on the platform.
Additional Options
Vortexyl boasts a diverse array of supplementary features, ranging from access to webinars and e-books to risk-free trades, social trading, and a personal assistant. However, the question remains: what do these services truly entail?
The offer of risk-free trades raises concerns about Vortexyl’s direct market access and hints at a model where the broker benefits more from higher deposits, potentially compromising genuine market engagement.
Besides, while analytics are presented as a valuable service, the lack of transparency regarding the identities of Vortexyl’s team members raises uncertainties about the quality of their consultations. Are they providing accurate forecasts and insights, or are they merely pushing pseudo-advice to extract funds?
Is Vortexyl a Scam?
And here we are, delving into another intriguing chapter of our review. Are you ready to uncover the honesty and transparency of this broker?
Legal Information and License
While legal information on the website is elusive, there are at least English addresses and phone numbers provided. What does this signify? It indicates a semblance of accessibility, right? Unfortunately, no. A thorough search in the registry yields no matching records. Vortexyl doesn’t officially exist there. Consequently, it implies a lack of licensure for providing brokerage services. With a minimum leverage of 1:200, expectations of holding any authoritative license for this company seem dubious at best.
Vortexyl. Domain Info
Yet another glaring sign of potential fraud lies in the broker’s history. Don’t anticipate anything extraordinary from this company. According to the Whois service, its domain was registered on November 13, 2023. Consequently, this is a freshly minted scam. And, of course, we have our doubts about its longevity.
Contacts Review
Moving on to the contact details, Vortexyl provides two phone numbers and an address. Strikingly absent is an email address, raising eyebrows. Regarding the address, it’s evidently fake, as the broker is not officially registered in the UK. On maps, there’s no trace of any office belonging to this organization.
More Details
Finally, the most intriguing revelation is that Vortexyl isn’t the only one of its kind. Unfortunately, it’s part of a nest of clone sites. For instance, Fortnomics and Blantomic fall under this umbrella, as we’ve previously discussed. Such is the state of affairs.
Pros and Cons
- Vortexyl offers diverse supplementary features, including webinars, e-books, risk-free trades, social trading, and a personal assistant.
- Lack of transparency.
- Limited trading platform features.
- Closed registration process.
- Contradictory deposit information.
- The broker promises high leverage, up to 1:200.
Without a doubt, Vortexyl is a scam. It operates as a fully anonymous and fabricated broker, lacking both licensing and registration. Additionally, its brief operational history, spanning only a few weeks, raises significant reliability concerns.
Frequently Asked Questions (FAQ)
It provides various supplemental services, including webinars, e-books, risk-free trades, social trading, and a personal assistant.
According to the trading conditions, the company indicates a minimum deposit of $250 and €10,000. It’s crucial to approach these figures with caution, considering the inconsistencies in the broker’s information.
No, it is not safe. As a fictitious broker, it should not be considered a reliable option for trading.
Fake quotes!
A week of trading and a substantial financial investment led me to an alarming revelation about Vortexyl. The platform, supposedly designed for profit, turned out to be nothing more than a manipulative scheme employing fake quotes.
The deceptive practice of manipulating quotes became evident after several artificially triggered stop-losses. It became clear that Vortexyl operates as a market maker, processing orders internally and not on the actual market. Trading profitably on this platform becomes an insurmountable challenge, as the odds are stacked against the trader.
However, the more significant issue lies in the inability to withdraw funds. Beyond the challenge of trading in the positive, the platform’s refusal to process withdrawals raises serious concerns about the broker’s integrity. In essence, this scam becomes a black hole for funds, making it a perilous choice for any trader.
Unregulated and unregistered
Vortexyl stands out for all the wrong reasons. Firstly, the lack of regulatory oversight raises significant concerns about the legitimacy of its operations.
Secondly, the so-called registration in the United Kingdom is nothing more than a facade. A closer look reveals that the provided details are far from genuine, further eroding any trust in the broker’s authenticity.
Adding to the list of red flags, the company’s brief existence of just a few weeks hints at a potential fly-by-night operation. The absence of a track record and the mysterious inception of its domain in late 2023 paint a grim picture of Vortexyl’s credibility.