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    Is Varot Forex.com Legit or A Scam Broker?

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    Absolutely not. Varot Forex is a scam broker. Here’s why:

    • Blacklisted by Hong Kong SFC: The Hong Kong Securities and Futures Commission (SFC) has blacklisted Varot Forex as a clone firm. This means they’re impersonating a legitimate company to deceive investors.
    • Unregulated: Varot Forex lacks a license to operate, making it a risky and potentially fraudulent choice.
    • Missing Legal Documents: Varot Forex doesn’t display crucial legal documents like Terms and Conditions or Deposit/Withdrawal policies on their website. This lack of transparency is a major red flag.

    What is Varot Forex.com?

    Varot Forex claims to be a forex trading broker offering access to the MetaTrader5 platform, tight spreads, and deep liquidity. However, due to their blacklisted status and lack of regulation, these claims are most likely false.

    Varot Forex.com Details

    Feature

    Varot Forex

    Regulated Brokers

    Country

    Hong Kong (Unverified)

    Varies (e.g., Cyprus, UK)

    License

    Unregulated

    CySec, FCA, etc.

    Guaranteed Funds

    No

    Up to £85,000 (depending on regulator)

    Segregated Accounts

    No

    Yes

    Negative Balance Protection

    No

    Yes

    The table clearly shows that Varot Forex falls short in every aspect of security and client protection compared to regulated brokers.

    Deposits and Withdrawals

    Varot Forex claims to accept deposits via bank cards, wires, and China UnionPay. However, due to their unregulated nature, depositing funds with them is highly risky. There’s no guarantee you’ll get your money back.

    It’s important to choose a broker that offers secure deposit and withdrawal methods, such as debit/credit cards with chargeback options.

    If you have lost money to companies like DFLSky; or ELWallets; please report it to us on our Report a Scam form.

    Account Types

    There is no information available on Varot Forex’s website regarding account types.

    Red Flags and Warning Signs

    There are several red flags that scream “scam” with Varot Forex:

    • Blacklisted by a financial regulator
    • Unregulated operation
    • Missing legal documents
    • Unverified company location
    • Promises of high leverage (which can lead to significant losses)

    Customer Complaints and Negative Reviews

    Due to Varot Forex’s recent appearance, there may not be many online reviews yet. However, considering the red flags, it’s safe to assume negative reviews would emerge if people deposited funds.

    Varot Forex.com Alternative Brokers

    There are many reputable and regulated forex brokers available. Look for brokers with licenses from CySec, FCA, or other trusted regulatory bodies. These brokers offer:

    • Security: Client funds are held in segregated accounts, protecting them from the broker’s financial troubles.
    • Fairness: Regulatory oversight ensures fair trading practices and minimizes the risk of manipulation.
    • Transparency: Reputable brokers provide clear terms and conditions and readily answer client inquiries.

    We recommend using a broker comparison tool to find a licensed and secure forex broker that suits your needs.

    Got Scammed by Varot Forex.com? We Help Victims!

    Unfortunately, if you’ve been scammed by Varot Forex, recovering your funds might be difficult. Our professional can help you through a free consultation call and recovery service recommendations to help you recover the lost funds or You Can report to us today by the form below.

    However, depending on your payment method, you might have some options.

    • Credit Card: If you deposited with a credit card, you may be able to file a chargeback with your credit card company.
    • Debit Card: Depending on your bank and the type of debit card, you might have limited chargeback options.

    It’s important to report your experience to the relevant authorities. This helps warn others and potentially aids investigations. You can report Varot Forex to the Hong Kong Securities and Futures Commission (SFC).

    Remember, prevention is always better than cure.  Do your research before choosing a forex broker. Look for regulated brokers with a good reputation and avoid any that exhibit the red flags mentioned earlier.

    File A Complaint Against Scam Broker's


      Picture of Christopher Gregory

      Christopher Gregory

      Christopher Gregory is a seasoned financial writer specializing in forex and cryptocurrency news. With a keen eye for market trends and a deep understanding of the financial landscape, Christopher provides insightful analysis and up-to-date reports to keep his readers informed.

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