CNMV, the Spanish regulator, has issued a warning regarding VisenoFX. The platform has seen a rapid increase in withdrawal issues. From what we have seen and heard, no one gets to withdraw from the platform. All their efforts to hide this loophole has garnered the attention of regulators. To protect investors, CNMV had to issue a warning regarding the use of this platform. Here’s more in our clear VISENOFX REVIEW.
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There’s nothing to talk about when it comes to the background and history of the platform. As a result, VisenoFX fails to give investors any meaningful opportunity to learn more about it. And that’s where the problems begin.
As a trader, you would want to know the credibility of a platform. That means having to invest in a platform that offers transparency. But unfortunately, there’s no transparency within the platform, and everything is a blur from the word go.
We see an attempt by the platform to try and fool investors into depositing funds. After depositing funds with Viseno FX, the platform will soon block your withdrawal. It’s especially so for first-time traders.
From the word go, visenofx.com is trapping investors into believing it’s a genuine trading platform. But, so far from it, the platform fails to offer any meaningful ways of trading. And that’s why we are here to expose all their dirty tricks.
Despite the cool website aesthetics, the platform is a hoax. However, based on the website design, we can tell that the website’s owner has some forex trading background. That said, it’s not ideal to invest with visenofx.com.
Before you invest in any platform, experts recommend doing due diligence. Try and find out what makes a platform tick. Find out from other users about their experience. It will help get you a better understanding of what to expect with the platform.
You have to weigh the pros and cons of any platform before engaging. Once you spot any irregularities, it’s best to stay away from such platforms. The platform is definitely not worth your time or money when the cons outweigh the pros.
And as such, we will help you spot some glaring mistakes. But, for most newbies, everything looks fine. The naked eye seems to favor the website, and that’s what the creators are after. A platform that looks easy on the eye.
Navigating through the website is not easy. The platform hides important details regarding the platform. You have to sign up first to know more about the trading conditions. We don’t recommend it; you need to know what you’re getting into.
Here are some of the pros and cons of Viseno FX;
There’s no mention of the available accounts on the platform. So we don’t know whether the platform offers the same accounts to all classes of investors. There’s also the issue of account features which is missing.
You don’t know the acceptable minimum deposit or maximum leverage available on the platform. These are the features you need to know before going in as a trader. Unfortunately, the platform is knowingly hiding these details.
Regulators have moved in to protect investors from platforms looking to take advantage. When it comes to minimum deposit, the acceptable amount is €$250 in all jurisdictions. Viseno FX claims that the more you deposit, the higher your chances of winning.
These are false claims as regulated platforms even ask for low amounts. The platform also fails to mention the acceptable leverage. Regulators also have put a cap on maximum leverage.
In Europe, the acceptable maximum leverage is 1:100. That protects investors from losing a large volume of trade at once. In the United States, retail traders enjoy maximum leverage of 1:50. Regulators insist on these numbers to level the playing field and protect traders.
Here’s another worrying feature with Viseno FX, the account opening process. Although it seems straightforward, there are a few issues we have to raise. First, when opening an account, the platform makes you fill in some forms.
That’s no problem, and the issue comes when verifying the account. You have to verify your account when withdrawing funds for the first time. With trusted platforms, verification of accounts is when you immediately open an account.
There’s a reason why the platform waits for members to hit the withdrawal tab. The platform knows that members will do anything to withdraw funds. And that’s why the platform asks for crucial verification documents.
We don’t understand the platform asking for a copy of your ID, bank statements, and credit card information. Other notable platforms use a two-factor authentication process for this. That’s why we don’t recommend using the platform for security reasons.
Your funds are not safe with a platform failing to segregate accounts. The platform also fails to offer insurance cover for deposits made by clients. So we have to expose the platform for failing to protect clients' interests.
Despite claiming to offer negative balance protection, that’s all a lie. The platform even fails to offer DDoS protection and SSL encryption with their transactions. It makes the website an easy target for hackers looking to get your financial information.
There are four classes of trading instruments available on the platform. These include commodities, forex, indices, and stocks. For example, you can trade commodities such as crude oil, natural gas, and wheat.
Forex trading is at the core of the platform’s activities. Members get to trade against major and minor pairs. But, again, the platform fails to give relevant information regarding leverage and spreads available.
Indices help day traders make a living out of the international markets. Some of the notable indices we have include NIKKEI and S&P 500. As a result, you trade in the world’s market stage and interact with different niches.
Stock trading has been around for years, and it’s one of the most tradeable commodities. The platform offers stocks from leading brands and companies. These include those from the FANG group and the manufacturing sector.
It’s probably the only interesting thing about the platform. The platform offers an MT4 trading platform which is ideal. But sadly, even after utilizing the platform, withdrawal remains a huge issue.
Experts recommend using MT4 and MT5 trading terminals. These platforms offer traders insightful tools that ease trading and making decisions. In addition, you get advanced tools and charting free from the platform.
There’s no information regarding who owns or runs the platform. And this is why we have to expose the platform’s anonymous nature. You would want to invest in a platform that has a reputation and solid background.
With anonymity, recovering funds is impossible. Hiring recovery agents won’t do much good as the platform deposits funds in offshore accounts. Furthermore, the owner is anonymous, making it hard to know their whereabouts for prosecution.
VisenoFX is not a licensed or regulated platform. As a result, the platform fails to honor the pledge of protecting investors. Without a legal framework, the platform will instill harsh trading conditions. Also, there’s a warning from the FCA regarding the platform.
Avoid investing with VisenoFX.
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