Three websites, two down, one active. Negative reviews putting the Vortex Traders broker on blast and a regulatory warning against the business.
Something fishy is definitely going on, and we aim to uncover the truth in our Vortex Traders review. Keep reading to learn how this scheme works and how to recover funds lost to cyber fraudsters.
| Regulated by: | Unregulated Scam Broker |
| Is This Company Safe? | No, the platform is blacklisted |
| Known Websites: | vortextraders.live (active), vortextraders.com (inactive), vortex-traders.com (inactive) |
| Have Warnings from: | ASIC |
| Registered in: | UK |
| Operating since: | 2024-02-03 (active website) |
| Trading Platforms: | N/A |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | N/A |
| Trading Assets: | Forex, Indices, Stocks, Commodities, Cryptocurrencies |
| Free Demo Account: | Unavailable |
| How to Withdraw from This Company? | Since this company is unlikely to return your money – contact your bank or financial regulator or simply reach out to us for professional assistance in recovering your funds. |
Legal Info: Is Vortex Traders Regulated?
In April 2019, Vortex Traders LTD was founded in the United Kingdom. Although the firm still operates, notice that the nature of business is dubbed “Web Portals” and not financial services. Therefore, the entity cannot legally provide trading tools and access to financial markets.
We checked the UK’s Financial Conduct Authority (FCA) database but did not find the suspicious broker there. There is, however, a regulatory warning issued against the monkey business. On February 29 this year, the Australian Securities and Investments Commission (ASIC) put traders and investors on alert due to the broker’s shady background.
“This entity is likely to be offering financial services to Australian consumers. It does not hold an Australian financial services license or Australian credit license from ASIC and is not authorized by a licensee,” the watchdog stated.
We thus recommend sticking to regulated firms operating under the supervision of reputable financial market authorities such as the FCA (UK), ESMA (Europe), CFTC (US), ASIC (Australia), IIROC (Canada), MAS (Singapore), etc. Check FairMarkets, for example.
Such companies are subject to stringent regulations and must offer clients negative balance protection, segregation of funds in top-tier banks, and, in some cases, compensation schemes.
Who Are Vortex Traders’s Targets?
As mentioned, this broker has two inactive websites (see table) and one active page. According to WHOIS, the active vortextraders.live website domain was created on February 3, 2024. Since then, the firm has been accepting traders from the following jurisdictions:
- United States
- Australia
- France
- Brazil
- Poland
Five countries, three continents. The severity of financial market regulations in these jurisdictions varies; for instance, the U.S. features more stringent market laws than Brazil. Nevertheless, one rule they all have in common is that each market participant must obtain a license to operate.
To reiterate, Vortex Traders is not registered as a Forex brokerage firm in the UK and is also blacklisted in Australia. It’s just as bad a scheme as SeguroFX.
Trader Reviews – Sharing Experiences
We found several negative Vortex Traders reviews on scamadviser.com. The unfortunate traders who trusted the phony broker ended up losing money and experiencing frustration.
“They make you think you’re making profits when in reality they are stealing from you, asking for taxes and fees that are so ridiculous, onto the huge amount invested, my Broker even advised me to borrow money and to invest it. This was a red flag to me,”
one user stressed.
Keep in mind that it’s illegal for a broker to demand an upfront fee for withdrawals. User feedback is crucial for discerning the right providers from the duplicitous ones. Before investing, you should always read what traders and investors think about a specific company or platform.
Which Trading Platform Is Available?
Given the website’s lack of transparency, the specifications of the Vortex Traders platform remain unknown. It says only that the interface is “intuitive” without revealing key information and details. Whatever the case, do not download any files or use web-based terminals. It’s not safe.
Instead, we advise you to choose a licensed provider offering reliable third-party software, such as the aforementioned MetaTrader 4, MetaTrader 5, or cTrader.
MT platforms offer a wide range of advanced tools, including automated and algorithmic trading, superb charting, multiple timeframes, live market reports, expert advisers, branch optimization, and more.
Trading Info – Leverage, Spreads, Commissions
Trading conditions, such as leverage, spreads, commissions, and fees, remain unknown. How much does the platform charge per trading lot? You’d want to know that, right? Well, this bogus website does not believe so.
The minimum deposit to fund a Vortex Traders account is also a mystery. Basically, the unscrupulous trickster expects you to go in blind and disregard all the dangers.
Just some general advice: trading with high leverage is super risky. You can amplify potential profits by miles, but the same applies to potential losses. Many have taken the risk and ended up losing all their funds, so be careful.
Can Traders Use a Free Demo Account?
We wanted to check out the platform ourselves but couldn’t because there was no demo account. The Vortex Traders login page does not offer such an option, raising concerns in our eyes. Without it, you cannot access the platform and practice with virtual funds.
Every legit broker offers a trial period for training, so there’s no reason to trade with cyber imposters. If you are a beginner, don’t risk real money straight away.
Deposit and Withdrawal Process
The website, although unreliable, mentions two payment methods for depositing money and withdrawing funds:
- Credit/debit cards
- Wire transfers
Judging by the negative reviews, withdrawal issues are likely on this platform. In that case, you can only explore refund options.
For MasterCard or Visa credit/debit card payments, you can request a chargeback at the issuing bank within 120 days to get a refund. The stronger the case, the better. Provide bank officials with ample evidence and relevant documents.
On the other hand, reversing wire transfers is possible via a recall. You can request it at your bank, but keep in mind that wires are only reversible if the money has not yet been transferred.
Key Facts To Consider About Vortex Traders
Vortex Traders is a UK-based company that illicitly operates as a Forex broker and offers fraudulent products. The scheme mainly targets traders from the U.S., Brazil, Poland, France, and Australia. As a rogue, the business got blacklisted by ASIC.
We do not recommend trading on this platform due to its unregulated status. If you have lost money to Vortex Traders, you must seek our professional help to recover your funds! A chargeback is your best option.
Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.
Book your free consultation here and start the chargeback process.
FAQ Section
What is Vortex Traders?
A deceptive website purporting to be a legitimate brokerage firm. This business is not registered correctly.
Is Vortex Traders Legit?
No, this firm is not registered to provide trading services. ASIC issued a warning against the platform.
How to Recover Money From a Scam Broker?
If you have Vortex Traders withdrawal issues, you must try to get a chargeback. We can help you recover your funds.
Source:
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