FVP Trade, a trading broker, sent a notice on its website yesterday stating that its money has been blocked and should not be used to aid any of its traders. According to the WikiFX investigation, FVP Trade has received several complaints from traders all across the world, resulting in a bank inquiry against the firm. After a few minutes after claiming their money has been frozen, the program goes down, and traders are unable to access their accounts. Many websites advise against trading with this broker since there has been a lot of bad news and complaints from their traders that the firm may suddenly announce any difficulties. One of the dealers from Vietnam complained on Twitter about FVP Trade, saying he couldn't log in (as shown below).
About FVP Trade
FVP Trade describes itself as an internationally licensed CFD broker that offers its customers CFD access to a diverse variety of assets. It is based in the United Kingdom, registered in the British Virgin Islands, and is regulated by FINTRAC in Canada, ASIC in Australia, and the FCA in the United Kingdom.
The broker has been in business since 2017, providing it with a decent amount of experience as a CFD broker. Clients may trade all forms of financial instruments as CFDs on the world-renowned MetaTrader 4 platform.
There are a number of account kinds that provide fixed spreads with immediate execution or floating spreads with either instant or market execution for customers to select from.
In addition to over 60 distinct currency pairs, the broker offers metals, commodities, cryptocurrencies, and market indices as CFDs.
Pros
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FCA Regulation
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24/7 low minimum deposit
Cons
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There are no US customers allowed.
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Spreads that are higher than usual
Regulation of Brokers
WikiFX worked closely with 30 financial authorities, and all of the information on the broker's dealer page is factual and correct. ASIC regulates the FVP trade (image shown below). They asserted, however, that they are periodically examined by the NFA, FCA, and FINTRAC, but solely based on information obtained from financial authorities. Their FCA regulatory status has been “Exceeded,” and their NFA regulatory status has been “Unauthorized.” FINTRAC is subject to no rules.
FVP Trade Administration
WikiFX takes examining a broker's headquarters extremely seriously. According to their official website, their British Virgin Island location is Ashley Ritter Building, Fleming St, Road Town, British Virgin Islands, and the status of their office base is “CLOSED.” According to an item on their website, they also operate someplace in London. WikiFX discovered on many websites that their London office is situated at 71-75 Shelton Street, London WC2H 9JQ, England, United Kingdom (as shown below).
WikiFX App FVP Trading
FVP Trade has a poor WikiFX rating, indicating that it is not a suitable broker to invest in. It is also stated on the website that FVP Trade is a Ponzi Scheme (as seen below), which is mostly a scammer's unlawful conduct. WikiFX has received complaints about FVP Trade from traders all around the world, with the majority of these difficulties being “Unable to Withdraw.”
Several Latest Feedbacks about FVP Trade Issues
Another poor review from a reputable website
On the FVP Trade WikiFX Dealer Page, you may find all of the information about FVP Trade, as well as complaints against it.
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