VGFX is a forex broker established in 2023, focused on providing investors with trading services for financial products such as forex, commodities, indices, futures, and cryptocurrencies. The broker uses standard account types and does not provide proprietary or commonly used trading software. Features include offering up to 1:500 leverage, with the overall website design and content modeled after the IC Markets Global website.
Company Background:
VGFX is a new forex broker founded in 2023, offering global customers trading services for forex and other financial derivatives. The broker's official domain was registered on September 14, 2023, less than a year ago.
VGFX claims to hold regulatory licenses from the US MSB, US NFA, and Seychelles FSA, but there are no regulatory records for this broker in those regulatory bodies' databases. Therefore, VGFX is an unregulated broker.
As an unregulated broker, VGFX may increase potential customers' risks. Without a regulatory body as a safety net, the security of clients' funds and the fairness of the trades may not be guaranteed. Potential clients should carefully assess the pros and cons of working with an unregulated broker before deciding to open an account with VGFX. Investors need to consider the risks that may arise from the lack of regulation and decide if they are willing to take those risks.
Trading Products:
VGFX offers a diversified trading service, covering financial products like forex, commodities, indices, futures, and cryptocurrencies, providing global traders with 24/7 trading opportunities. Below are the main products offered by VGFX:
Forex Trading: VGFX is dedicated to offering a wide range of forex trading options, covering 61 currency pairs, including major and minor currencies. Traders can enjoy spreads from 0.0 pips and leverage up to 1:500.
Indices Trading: VGFX offers trading on 25 major global indices with no commission and leverage up to 1:200. Traders can participate in the global indices market through the company's ST5 trading platform.
Commodities Trading: VGFX offers traders over 22 types of major commodities, including energy, agriculture, and metals. Traders can choose from spot or futures contracts for difference (CFDs), enjoying up to 1:500 leverage.
Cryptocurrency Trading: VGFX provides flexible trading opportunities in the cryptocurrency market, supporting 24/7 trading. Traders can use up to 1:500 leverage for long and short positions, covering the most popular 10 cryptocurrencies on the market.
Futures Trading: VGFX offers trading on four major global futures products with no commission and leverage up to 1:200.
Account Types:
The broker provides a standard account, including commission-free trading, fast order execution, a 1:500 leverage ratio, and deep liquidity. The standard account uses the MetaTrader 5 trading platform, allowing traders to leverage their trading funds up to 1:500 and enjoy deep liquidity. Additionally, the standard account offers other trading conditions and supports multiple account currencies such as: USD, AUD, EUR, GBP, SGD, NZD, JPY, CHF, HKD, CAD.
Deposit and Withdrawal Methods:
VGFX offers a variety of funding options, including payments via VISA, PayPal, Skrill, and NETELLER. These options support instant deposits, enabling users to quickly transfer funds into their trading accounts for immediate trading. The platform also promises fast processing of withdrawal requests to ensure clients can access their funds promptly.
The broker's forex trading hours are from 00:01 (server time) to 23:59 (server time) daily, with Fridayâs cutoff at 23:57. Gold trading is from 01:02 to 23:57 (server time) daily. Other metals (such as Silver XAG, Palladium XPD, Platinum XPT) trade from 01:00 on Monday to 23:59 (server time) daily, with Fridayâs cutoff at 23:57.
How to Open an Account?
The steps to open an account with VGFX include the following simple processes:
- Visit the VGFX official website.
- Click on the âCLIENT LOGINâ button on the homepage to enter the account opening page.
- Fill in the required registration information to complete account setup.
Spreads and Leverage:
VGFX offers trading conditions including very low spreads and leverage up to 1:500. Spreads start from 0.0 pips, meeting the needs of day traders for low-cost trading. The 1:500 leverage ratio provides investors with greater trade size but also comes with corresponding risks.
However, trading with high leverage can increase potential profits but also comes with potential risks. Investors should carefully assess their risk tolerance and trading strategy when opting to use high leverage, ensuring they fully understand the potential risks involved with high-leverage trading.
VGFX offers more than 1780 tradable financial instruments covering markets such as forex, stocks, indices, bonds, cryptocurrencies, and commodities, and supports minimum trade sizes of 0.01 micro lots.
Website Design:
VGFX's website design and content closely resemble those of websites like DBRS Morningstar, Ultimate Pro Assets, COF, Daytrading International, Poohtrade, all of which use a template similar to IC Markets for construction.
Customer Support:
VGFX lacks adequate customer support services, which may pose a series of challenges for investors. This means that investors might not be able to resolve issues promptly during trading, increasing the risk of trading. Therefore, given this situation, investors may need to look for other reliable financial service providers to ensure they can receive the necessary help and support during the trading process.
Conclusion:
VGFX is a newly established forex broker providing traders with a variety of financial products for trading, including forex, commodities, indices, futures, and cryptocurrencies. VGFX does not offer trading software for investors, has a leverage ratio of up to 1:500, and is currently not regulated by any regulatory body. Investors should choose the services of this broker with caution. Moreover, VGFX's website design adopts a template similar to several other brokers.
Currently, VGFX is marked as "unregulated" on Traderknows.
