Read our VEXXSEL review to see if this broker is a scam or legit. Just to clear doubts, this is a vexxsel.online review.
Looking for a smooth trading experience? Once you have decided to try your luck in the financial markets, your aim is to achieve your goals and take advantage of the lucrative opportunities that are available. You need to understand that it is not just your skills, experience and knowledge that will play a role here, as there are other factors at play.
Perhaps, the most important one is the online brokerage you choose to begin your journey. This is due to the fact that a one-size-fits-all approach does not apply here. Every broker is different, as you will learn in this VEXXSEL review, and if you do not select the right one, the consequences can be disastrous.
This is because it is not just about high quality and low quality services from these brokers. There are companies that are completely fraudulent and are just looking for a way to scam you.
Setting up fake brokerages for this purpose is the easiest way to target those in the financial markets, where a lot of money is involved. Thus, when you first come across the sheer number of online brokers, you should remember that a lot of these are nothing more than scams.
If you end up with a shady, or fraudulent brokerage, all you are going to do is lose your hard-earned money. You have to avoid this scenario at all costs, but the problem is that most brokerages will come off as authentic and professional at first glance.
While none of the scammers will tell you the truth about themselves, you expect to be able to see something that will give them away. But, this is not the case, as you will see when you go through the VEXXSEL website.
At first glance, you will find that VEXXSEL appears to be quite convincing, with all relevant information given in an orderly and comprehensive manner. It also claims to operate in the United States and that it is authorized and licensed.
Nonetheless, you need to remember that first looks can be deceptive and this seems to be the case here as well. How? This is because when you start following up its claims, you will come across a horde of problems. Let’s explore some of them below:
Licensing and regulation
The best place to begin your verification of a brokerage is with its licensing and regulatory status. Companies that make the effort of procuring a license establish their own credibility because it shows that they are committed to providing quality services to their clients and have nothing to hide.
Fraudulent brokers would never obtain a license because it would expose them right away, since they have no intention of providing any services and are just interested in stealing money.
The license and regulation depends on the jurisdiction and as mentioned above, VEXXSEL claims to be based in the United States.
As per its website, the brokerage is owned and operated by a company named Rever LTD that claims to be registered with the US Securities and Exchange Commission (SEC) as a Broker-Dealer, as well as the Financial Industry Regulatory Authority (FINRA).
Not only is this untrue, but you should also take note that these are not the regulatory bodies in the US.
Brokers operating in the country have to have a license from the Commodity Futures Trading Commission (CFTC) and acquire the membership of the National Futures Association (NFA). But, you can check their online registers and not find VEXXSEL, or its parent company, listed anywhere.
This is confirmation that the broker is not based in the US, or is operating illegally from there. In addition, it also claims to have offices in Singapore, but it cannot be found in the online register of the Monetary Authority of Singapore (MAS) either.
All of this shows that you are dealing with a virtually anonymous broker when it comes to VEXXSEL because there is no way to verify any of its information.
The key ingredient for your trading is the trading software because it is used for trade execution. The software is also integrated with analysis tools, indicators and more that can make a big difference during the trading process.
Different trading software exist and not all of them are created equal. You would obviously want to have access to the best, but VEXXSEL cannot live up to your expectations in this regard.
The trading software that VEXXSEL offers is a simple web based platform that can hardly be considered innovative or reliable. It is a far cry from the cutting-edge and professional platforms like the MT5 that have powerful technology and an assortment of tools to deliver a flawless trading experience.
Your bottom line depends on the trading conditions that a brokerage is offering to you and this is another aspect of VEXXSEL that is filled with problems.
The trading conditions the brokerage is offering are nowhere close to competitive. As a matter of fact, they are downright terrible because the spreads are as high as 3 pips. These are at least three times more than the standard spreads available with most brokers.
As for competitive ones, their spreads can go lower than a pip. Likewise, the leverage that VEXXSEL offers is as high as 1:200. This is higher than the cap imposed in the US of 1:50, which is more proof that the brokerage is not operating from the US. Such leverage levels are considered extremely dangerous because they can magnify your losses.
Deposits and withdrawals
You need to know how you can make your deposits and withdrawals for safety and convenience reasons. This area is also filled with problems because VEXXSEL seems to accept payments via credit and debit cards like VISA and MasterCard, but not directly. This means you are likely not going to be able to file for a chargeback.
It demands that you use an obscure third party payment provider named paystudio.app that you know nothing about and can steal your information.
The highlighted problems can help you conclude that VEXXSEL is not a professional broker and should be discarded.