The Venus4T website encourages us to enhance our trading journey by becoming clients of this reputed and successful forex broker. However, even a quick examination exposes several indications that Venus4T may not be a legitimate financial services provider. In this Venus4T review, we will elucidate why entrusting your funds to Venus4T is not advisable and suggest more reliable forex brokers.
Address: Place de la Fusterie, Geneva, 1204, Switzerland
Warning: Ontario Securities Commission (Canada)
|August 07, 2023
|5 months, 24 days, 20 hours, 58 minutes, 35 seconds
Lack of Regulation
Venus4T presents itself as a respectable Swiss broker, but our study has shown that it does not adhere to the regulatory requirements stipulated by the Swiss Financial Market Supervisory Authority (FINMA). The company’s inability to obtain a genuine forex license is a strong argument against doing business with them.
Additionally, we have discovered a particular warning from the French Autorité des Marchés Financiers (AMF) that specifically cautions about Venus4T and labels the business as an unlicensed broker. Traders should take these warnings seriously, as they are frequently the result of regrettable events in which clients have been duped by dishonest brokers.
We strongly warn against engaging in any business transactions with Venus4T in light of these facts.
Trading Platform and Security Concerns
There is a link on the website to download the MetaTrader 5 (MT5) platform; however, the installation file is for a version of the program that is not broker-specific and is generic in nature.
To create an account on Venus4T, a promo code is required. We found it difficult to determine whether the broker provides authentication for logging into the MT5 trading server because of this restriction.
There are links to obtain remote access software on the website as well. It should be noted that fraudsters often convince would-be victims to install this kind of software on the pretense of needing technical support, which might risk personal device security.
Venus4T Review: Demo Account
The lack of a risk-free demo account raises a significant concern. For beginners, the recommendation is to avoid risking real money immediately. Most reputable brokerage firms now provide a demo account, so it’s crucial to select a provider that offers this essential feature.
Deposits and Withdrawals Concerns
Venus4T presents traders different account types, separately with its minimum deposit need. The Starter account is presented as the most accessible option, with a minimum deposit of $250. On the other end, the highest-tier Platinum account requires a substantial amount of $100,000. It’s worth noting that the minimum deposit requirements for most legitimate brokers typically hover below $200, making Venus4T requirements significantly higher.
Moreover, it’s important to note that Venus4T still fails to provide details about its withdrawal fees and requirements.
According to information on the Venus4T website, they claim to provide a diverse range of trading instruments.
However, due to our inability to register and independently confirm the company’s assertion of tight spreads on Forex through their trading platform, we strongly caution traders to be wary and avoid falling for potentially misleading claims. Regarding leverage, Venus4T offers options with leverage of up to 50:1.
In conclusion, Venus4T is an illegitimate online trading platform lacking a valid license. Primarily focusing on traders from the Netherlands, Lithuania, and Canada, this cyber fraud targets unsuspecting individuals.
We strongly advise against using this platform due to its lack of regulation and its blacklisting by the Canadian AMF regulator. If you have fallen victim to the Venus4T scam, or Cryptocurrency trading scams it is imperative to seek professional assistance for the recovery of your funds.
To initiate the process, utilize our complaint form to schedule a free consultation with Brokers Complaint. Share the details of your case, and our team will guide you through the chargeback process, providing support at every stage.
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