Is Virtual Payout Legit or a Scam?
No, Virtual Payout is not a legitimate company. The company has some regulatory issues including their registration and legal authority. Besides these issues, their previous clients reported several unlawful activities. If you want to know more about this scam broker’s dirty tricks, read further.
What is Virtual Payout?
Virtual Payout claims to be a UK-based trading company. They claim to be regulated and have various trading instruments such as cryptocurrencies, forex, commodities, indices, and shares.
The platform of Virtual Payout is very knowledgeable and reliable. The company offers an enhanced version of MetaTrader 4 with state-of-the-art analytical and technological features. The trading platform will give customers all the tools they require to conduct wise and lucrative trades while lowering the possibility of suffering a loss.
For a broker firm, this one has been in operation since 2018, which is a considerable amount of time. Interestingly, there haven’t been any alerts issued yet. However, a lot of unfavorable evaluations will be taken into account.
Virtual Payout Details
Regulated by: | No regulations |
Is This Company Safe? | No |
Known Websites: | Virtualpayout.com |
Have Warnings from: | N/A |
Registered in: | UK (allegedly) |
Operating since: | 2018 |
Trading Platforms: | Web trader |
Maximum Leverage: | 1:400 |
Minimum Deposit: | $10,000 |
Deposit Bonus: | Available |
Trading Assets: | Cryptocurrencies, Forex, Commodities, Indices, Shares |
Free Demo Account: | No |
How to Withdraw from This Company? | Considering too many warning signs, withdrawals might be harder than you think. If you face the same problems, please contact our team. |
Deposits and Withdrawals
Compared to most respectable brokers in the industry, who normally ask for a minimum deposit of up to $250, Virtual Payout has set an astounding $10,000 as its initial deposit requirement. This significant deposit demand prompts additional inquiries concerning the business’s procedures and compliance with industry standards.
The minimum withdrawal amount for bank wire transactions is $300. The minimum withdrawal amount for bank cards, wallets, and electronic payment systems is simply $1; however, this amount includes any commission fees. It’s also important to be aware that there may be bank fees associated with these transactions, which might reach $30.
Account Types
Regarding the account kinds, the minimum deposit requirements are rather high. It’s merely a basic account that requires a $10,000 deposit.
Regarding the advantages of larger reserves, however, there are essentially none. The broker only advertises a few VIP, support, and instructional services. However, these are frequently just strategies of manipulation used on traders. In either case, the choices are:
- Standard – $10.000
- Silver – $50.000
- Gold – $100.000
- VIP – $250.000
- PRO – $1M
Red Flags and Warning Signs
Although Virtual Payout bills itself as a reputable forex broker in London, United Kingdom, our careful investigation has revealed a serious red flag: the business does not currently hold a genuine Financial Conduct Authority (FCA) forex license.
The fact that the Australian Securities and Investments Commission (ASIC) has formally acknowledged and issued a warning on Virtual Payout’s questionable activities only exacerbates the situation. Traders should take this warning extremely seriously, as it often represents the bad experiences of people whom dishonest forex brokers have duped.
Customer Complaints and Negative Reviews
A quick search on Google reveals a plethora of negative reviews and complaints against Virtual Payout. Common grievances include:
- Withdrawal issues: Users report prolonged withdrawal processes, unresponsive customer support, and ultimately, inability to access their funds.
- Manipulative trading platform: Complaints suggest the platform may be rigged to favor the broker, leading to losses for traders.
- Aggressive marketing: Many find Virtual Payout’s marketing tactics pushy and deceptive, highlighting unrealistic promises of guaranteed profits.
Got Scammed by Virtual Payout? We Help Victims!
Unfortunately, some may have already fallen victim to Virtual Payout’s deceptive practices. If you’ve been scammed, remember you’re not alone. Several organizations and resources can assist you in seeking compensation and reporting the fraud.
If you have been scammed by this broker, you can contact us for a free consultation. In this consultation, you will get professional guidance and recovery service recommendations to get help in recovering the lost funds.
If you’ve experienced financial losses with companies like WealthPro365, Exorays, or Cylwex, please report it using the form below.
