VT Markets: What Does the Trader Say about it?

VT Markets, a forex broker regulated by the Australian Securities and Investments Commission (ASIC) and the Financial Sector Conduct Authority (FSCA) in South Africa, has recently been the subject of a client complaint.

The VT Markets client from Malaysia submitted his complaint with BrokersView in late April, stating that his withdrawal request for more than $800 submitted in March has been pending. 

As seen from the Account Transaction History Statement below provided by the VT Markets client, he submitted two more withdrawals in the amount of 100 USDT and $500 respectively in early April. However, the status of the withdrawals has also been unprocessed.

The client has contacted VT Markets’ customer support team numerous times. However, his problem remained unresolved despite providing personal information for KYC purposes and receiving assurances that an account manager would contact him to resolve the issue.

When he attempted to submit a support ticket request, an error occurred in the procedure. “They even block the ticket feature from my account,” stated the trader.

BrokersView has forwarded the client’s complaint to VT Markets and is awaiting a response.

Risk Alert on VT Markets

Founded in 2017, VT Markets is an Australia-based forex broker and regulated by ASIC. The broker is registered with the Financial Services Authority of St. Vincent & the Grenadines (SVG FSA) and is also authorized by FSCA. 

However, VT Markets was placed on the warning list of the Financial Conduct Authority (FCA) on 21 June 2023 for providing financial services or products without the regulator’s authorization. The FCA recommended the public to avoid dealing with the firm and beware of potential scams.

Although VT Markets is regulated in Australia and South Africa, the FCA’s warning and negative feedback from the Malaysian trader may indicate the broker’s illegal or improper operations in the two countries.

Therefore, this piece hopefully serves as a reminder that regulated brokers are just less risky compared to unlicensed ones, and licenses and oversight cannot completely eliminate investment risks and the possibility of violations.

BrokersView recommends verifying legitimacy in multiple jurisdictions, reviewing client reviews, and considering warnings from regulators, among many other factors, before dealing with your potential broker.