In my last two articles, I spoke about what to look for in a reliable and unreliable forex broker, so it would only be fitting for me to do an article on the real-life experience of using a locally managed brokerage firm and provide real-life feedback as a client who has made use of their services.
Its been five trading days since I signed up with Vault Markets and actively traded the live markets using their products, I came across them through a local forex influencer who as usual flashes a lot of cash and encourages people to trade the Nasdaq 100 with him daily using an account called Vault 1000 which as the name suggests, has a very enticing leverage offering of 1:1000, which cannot be changed once selected and which is portrayed as a sure-fire way to double and even triple your Forex accounts but as we all know when trading the Nasdaq 100 1:1000 leverage is a very risky thing to do, especially with a spread of 300 and doing this will surely only lead to greater and greater losses over time, this stood out as the first red flag, the are no service agents who care enough to contact you as the client to offer some advice on how to go about your trading journey.
The next aspect is the spread on offer in the quotes section of MT4, most of the tradable assets offer a spread of 30 or greater, which as a day trader is very troubling, the open price is usually far below or above your opening price which provides a lot more drawdown than necessary and also will lead to greater losses over the long term…
Apart from the influencers, high leverage and unreasonable spreads, the Vault Markets website is very basic and offers no additional value apart from opening an account and moving funds into your MT4 account, the WhatsApp number provided for support does not work and the link constantly provides an error message saying the action could not be completed, the email support is not much better, offering a turnaround time of almost 48 hours which is unacceptable in the fast-paced world of trading the global markets.
As far as deposits and withdrawals go, there is not much I can share but the deposit process runs fairly well with minor connectivity issues, I have not yet attempted a withdrawal but in my site survey to follow I will share this detail with you as well.
Overall and in conclusion I must be honest and not recommend this broker for your financial goals, there are way too many variables that work against the trader and are rigged to ensure that you lose in the long run.
Chadd
Customer reviews from Vault Markets:
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