Scam Alert: VictoryFX does not Worth Your Trust

Finding legitimate forex brokers is crucial for everyone interested in trading the market. Since the FX market is full of good and scam brokers, traders should take several precautions before entrusting a broker with a sizable sum of money to ensure their broker is reliable and trustworthy. This piece highlights a scam broker VictoryFX and cautions you to stay away from it. 

VictoryFX - A Quick Overview

VictoryFX is an Indian CFD brokerage firm providing retail trading services across various asset classes, such as forex, commodities, stocks, and indices. The company claims to be serving the industry for the past decade. There is no information on the supported platforms, accepted payment methods, or account types on the website, and clients need to sign up with it to access the said information. Accessing the educational section also redirects you to the signup page. Live customer support isn't available, though you can reach the company using the telephone number or email address.  

Is VictoryFX Regulated?

No! VictoryFX is not regulated. Since the company claims to be based in the United Kingdom, we checked the FCA register to confirm its regulatory status and found it unauthorized.

What Makes VictoryFX A Scam Broker?

Victory FX tries to pretend that it is a legitimate business by emphasizing its commitment to trust and reliability. On the other hand, it refrained from mentioning its official address except for claiming to be a UK-based company. It is even more surprising to see the contact number with an Indian country code for a company operating from the UK. 

The company claims to have existed for over a decade, while its domain is just a couple of months old, indicating that it lies about its inception date. 

Further, the design of the company's website speaks well about the team behind it. At least, a landing page with many broken links and misleading information can't be coming from a legitimate business concern.

Moreover, the recent warning issued by the British regulator FCA has stamped it as a fraudulent setup. The regulator warned investors that the company is operating without authorization and they should avoid investing in it.

How VictoryFX Scam Clients? 

Clients registering with the company receive welcome calls from the broker. The company then lures them into false profit-making deals and asks them to fund their accounts. However, after acquiring deposits, the firm turns its back on customers and does not reply to their emails or attend phone calls. Further, the company doesn't process clients' withdrawal requests at all. 

What If I Have Already Deposited Funds With VictoryFX?

You must initiate a withdrawal request as your funds aren't safe with the company. Like other scam brokers, it could stop its operations anytime and run away. Therefore, it's better to take your money out of business as soon as possible. 

Bottom Line 

Singing up with a non-regulated broker increases the chances of being scammed. Essentially you run the risk of losing your funds, not just due to poor trading decisions but because of needing to be able to take even a single penny out of a scam broker. Therefore, try to register with a regulated broker only. If nothing else, you'll have the right to sue the company if it breaches its code of conduct. Should you wish to ask anything about the broker, feel free to contact BrokersView.