Note: VigoFX's official site - https://www.vigofx.com/Home is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is VigoFX？
VigoFX is an unregulated trading platform that offers a variety of financial instruments for traders to speculate on the price movements of various assets. It provides access to trading opportunities in Forex (foreign exchange), indices, commodities, and share CFDs (Contracts for Difference). The platform also offers different account types with varying minimum deposit requirements as well as multiple payment methods for deposits and withdrawals.
Pros & Cons
Pros:
Wide Range of Trading Instruments: VigoFX offers a diverse selection of trading instruments across various asset classes, including Forex, Indices, Commodities and Share CFDs.
Multiple Account Types: The platform offers diverse account types, including the Standard, the Micro, the Silver, the Gold and the VIP Account, catering to various trading needs and experience levels.
Cons:
No Regulation: The lack of valid regulation raises significant safety and trust concerns, as regulatory oversight is crucial for ensuring customer protection and platform transparency. There are also reports of being unable to withdraw and scams, adding to the cons of the platform.
Lack of Information: The company's website is non-functional, suggesting a lack of transparency and reliability. The lack of comprehensive information hinders informed decision-making and fuels suspicion.
Is VigoFX Legit or a Scam？
VigoFX currently lacks valid regulation, which raises significant concerns about its safety and legitimacy. Regulatory oversight is crucial for ensuring that a financial services provider operates within established standards and adheres to specific rules and requirements designed to protect investors and clients. Without proper regulation, there is an increased risk of fraudulent activities, scams, and inadequate consumer protection.
Market Instruments
VigoFX provides a comprehensive range of trading instruments spanning various asset classes, catering to the diverse needs of investors. From the dynamic world of forex, where traders engage in currency exchange pairs, to indices, offering exposure to broader market movements, VigoFX ensures access to versatile trading opportunities.
Additionally, commodities trading allows investors to speculate on the prices of essential resources like gold, oil, and agricultural products. For those interested in the stock market but prefer flexibility, Share CFDs (Contracts for Difference) enable trading on the price movements of individual companies without owning the underlying assets.
Account Types
Standard Account ($1000 Minimum Deposit): VigoFX's Standard account is tailored for traders seeking a balanced approach to trading. With a minimum deposit requirement ranging from $1000 to $2499, this account offers access to a wide range of trading instruments across various asset classes.
Micro Account ($500 Minimum Deposit): VigoFX's Micro account is designed for traders who are just starting their trading journey or prefer to trade with smaller capital. With a minimum deposit requirement ranging from $500 to $999, the Micro account provides a cost-effective way to enter the financial markets.
Silver Account ($2500 Minimum Deposit): VigoFX's Silver account caters to traders who require a more advanced trading environment with additional benefits. With a minimum deposit requirement ranging from $2500 to $9999, the Silver account offers enhanced features such as lower spreads, personalized trading support, and access to exclusive market research and analysis.
Gold Account ($10,000 Minimum Deposit): VigoFX's Gold account is designed for high-net-worth traders seeking premium trading conditions and personalized services. With a minimum deposit requirement ranging from $10,000 to $24,999, the Gold account provides access to VIP trading benefits, including tighter spreads, priority customer support, and exclusive invitations to VIP events and seminars.
VIP Account ($25,000 Minimum Deposit): VigoFX's VIP account is the pinnacle of trading excellence, tailored for elite traders who demand the highest level of service and privileges. With a minimum deposit requirement of $25,000, the VIP account offers unparalleled benefits, including ultra-low spreads, dedicated account managers, premium trading tools, and personalized trading strategies.
Leverage
VigoFX distinguishes itself by offering an impressive maximum leverage of 1:400, empowering traders with amplified potential for profit generation. Leverage magnifies the impact of market movements, allowing investors to control larger positions with relatively small amounts of capital. This high leverage ratio can significantly enhance trading opportunities, enabling traders to capitalize on even slight price fluctuations in the market.
Spreads
VigoFX's spread offerings cater to the diverse needs of traders across its range of account types, ensuring competitive pricing and flexibility.
With fixed spreads starting from 2 pips for both the Standard and Micro accounts, traders can execute their strategies with clarity and transparency, knowing the cost of their trades upfront. The Silver account introduces a blend of fixed and variable spreads, with fixed spreads starting from 1 pip and variable spreads from as low as 0.5 pips, providing traders with the flexibility to choose the most suitable option based on market conditions.
As traders ascend to the Gold account, they benefit from tighter fixed spreads starting from 0.7 pips and variable spreads from 0.5 pips, enhancing trading efficiency and minimizing costs. The VIP account offers the most competitive spreads, with fixed spreads starting from 0.4 pips and variable spreads from an impressive 0.3 pips.
Deposits & Withdrawals
VigoFX offers a convenient and flexible approach to deposits and withdrawals, supporting a variety of popular payment methods to accommodate the preferences of traders worldwide. Whether it's the simplicity and familiarity of debit and credit cards, the ease of e-wallets like Neteller, PayPal, and Skrill, or the accessibility of alternative payment solutions like WebMoney and CashU, VigoFX ensures a seamless transaction experience. Additionally, traders can opt for traditional wire transfers for larger transactions or when other methods are not available.
Customer Service
VigoFX prides itself on delivering exceptional customer service, offering multiple channels for traders to seek assistance and guidance whenever needed.
With a dedicated phone line available at +44 7448885131, traders can connect with knowledgeable representatives who are ready to address inquiries and resolve issues promptly. Additionally, VigoFX provides a convenient email support service at support@vigofx.com, allowing traders to reach out with questions or concerns at their convenience.
Furthermore, with a physical address at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines, VigoFX provides a tangible point of contact for those seeking face-to-face assistance.
Conclusion
In conclusion, VigoFX offers diverse trading instruments to cater to different trading needs and allows trading with multiple account types. However, its unregulated status raises significant concerns about its safety and legitimacy. The lack of complete and transparent information about its service sections can hinder a trader's decision-making process.
Frequently Asked Questions (FAQs)
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
