Fraud Alarm Sounds! Traders Fail to Withdraw from Unregulated VORTEXYL

In mid-March, a trader left a comment on BrokersView stating that he had fallen victim to VORTEXYL, a self-proclaimed technologically advanced online CFD platform.

In his case, the VORTEXYL client failed in his attempts to obtain a withdrawal of €3,000, despite spending two months trying to do so. His account then showed a balance of $7,036 which is too good to believe, but his initial withdrawal of €3,000 was still pending. His repeated attempts to contact VORTEXYL have failed as the company only responds via automated e-mails.

Unmasking VORTEXYL

Online trading platform VORTEXYL, which offers forex, CFDs, and crypto to trade, claims to feature multiple advantages such as competitively tight spreads, unparalleled security measures, and fast execution on all trades, taking pride in its commitment to providing a safe and secure online Vortexyl that is legal and transparent. 

However, the broker’s unlicensed operation and violations have made these claims ill-founded and collapsed. 

Is VORTEXYL regulated?

VORTEXYL claims to be registered as a business and comply with all industry policies, but the procedure of obtaining its regulated status is still taking time to complete. However, the broker failed to provide its company profile, such as registration number and address, and its operator. 

While VORTEXYL presents a location in the UK, no record of authorization can be found in the Financial Conduct Authority (FCA) database. It is also not registered with the Companies House upon our check.

CNMV’s warning against VORTEXYL

On March 11, 2024, the Comisión Nacional del Mercado de Valores (CNMV) added VORTEXYL to its warning list for providing investment services without authorization. VORTEXYL’s operation in Spain violated the local security markets law.

Other traders’ feedback

VORTEXYL has been accused of blatant fraud by its clients. The broker was further condemned by its clients due to an unresponsive customer center and delays in withdrawal processing.

Avoid Scam Broker VORTEXYL

Given that VORTEXYL is unregulated and has been warned by CNMV, the platform poses a much higher risk of fraud, manipulation, and misconduct to investors. The negative feedback from traders on VORTEXYL is alarming, hopefully serving as a wake-up call for you to avoid falling prey to this platform.