We could not find information about different account types on VirtueForex’ website, so we assume there is a single commission-free trading account type available to its clients. It provides variable spreads, the option to trade in micro lots and high leverage levels, reaching 1:500. Additionally, PAMM accounts are available to money managers.
When we tried out VirtueForex’s MT4 in demo mode and found out that the spread for the EUR/USD pair amounts to around 1.7 pips on average, which is far from being competitive. The best forex brokers offer spreads within the range of 1.0 – 1.5 pips on EUR/USD and most of them are licensed by reputable financial agencies, while VirtueForex is not regulated. Yet another big disadvantage of this broker is the high initial deposit it requires – $10 000. Who would invest that much in a broker operating without a valid license, when you can open an account with major brokerages such as IG and CMC Markets (both licensed in numerous jurisdictions) with just a couple of dollars?
The Company. Security of Funds
Virtue Technology Group Limited / Virtue Technology Inc.
UK / Panama
Founded in 2015, VirtueForex is a forex broker that offers online trading in more than 40 currency pairs and precious metals through the MetaTrader 4 (MT4) platform. According to the information on its website, it focuses on European & Asian markets. There are two companies behind the brand – UK-based Virtue Technology Group Limited, and Virtue Technology Inc., headquartered in Panama. None of this companies holds a forex brokerage license, so you’d better not risk 10 hundred bucks with this broker.
Doing business with offshore or non-regulated brokerages involves many risks and traders should be aware of that. That is why we generally advise our readers to select a forex broker licensed in Cyprus, UK, or Australia for instance, where retail customers have certain level of protection.
VirtueForex offers its customers the good old MetaTrader 4 (MT4), desktop and mobile versions available.
MT4 is still the preferred choice of most traders, despite the efforts of its developer MetaQuotes to make its successor, the MetaTrader5 more popular. Reliable and easy to use, the MT4 offers traders a full set of professional tools: a number of technical indicators, extensive back-testing environment, advanced charting package and a wide range of Expert Advisors (EAs).
Methods of Payment
Clients of VirtueForex can make deposits to and withdrawals from their accounts via credit/debit cards, and bank wire transfer.
The broker says that it does not charge additional fees for deposits, however, withdrawals are charged $35 per transaction.
VirtueForex is one of the many unregulated forex brokerages that support the MT4 platform. While writing this review, we could not find many advantages of this broker, quite the opposite, actually – it requires very high initial investment, its spreads are above the average, and besides, it charges commission fees on withdrawals.
VirtueForex Review Conclusion
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