Beware! Vvinland is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The first major backlash for Vvinland was the third party provided slide bar in the Home page, where certain assets are circulating. These values do not represent any trading conditions offered by Vvinland, for the simple reason that the chart does not originate from the broker. As we will see in the following review, much of the broker follows in similar footsteps. Please read it prior to making any irrational decisions.
The registration process went by in a flash, and it produced a trading platform and a user dashboard area. The user area is nothing impressive, and is in fact on the lacklustre side of things. The platform revealed a EUR/USD spread of 0.4 to 0.5 pips, and a leverage capped at 1:500. Trading assets are forex currency pairs, stocks, and cryptocurrencies.
The website can be viewed and interacted with only in English.
VVINLAND REGULATION AND SAFETY OF FUNDS
There is a very brief mention in the Terms and Conditions that suggests the broker be located in the United States. While this is a ridiculous premise, it does have the ability to affect some people into thinking that it is safe to deposit in Vvinland. The Unites States is arguably the most severe all FX environments, courtesy of the CFTC and NFA. These two regulators would never allow for Vvinland to operate there.
However, further down the Terms and Conditions it is revealed that the applicable law that govern the broker are those in the Marshall Islands. Whether this is true or not does not make a difference. What really is of importance here is the fact that the Marshall Islands do not have an FX regulator, and so all brokers located there are unregulated.
Vvinland is UNLICENSED, and a risk to all capital that that been invested in it.
Traders should be trading with risk-free brokers, that hold licensed from renowned and austere agencies, like the FCA or CySec , which have made a name for themselves as some of the top regulators. Readers should be aware that both agencies have adapted very strict rules of conduct, and their licensing framework guarantees safety and security for all clientele. A good example of this is the segregation of accounts which assures that client money and broker money are kept in separate accounts. Furthermore, FCA/CySEC brokers participate in a financial reimbursement scheme that cover traders losses in case the broker becomes insolvent. The FCA provides up to 85 000 pounds per person, while CySEC guarantees up to 20 000 euros.
VVINLAND TRADING SOFTWARE
The trading terminal here is quite decent, yet it still lacks the complex nature of more evolved softwares.
The main features of this one are pending orders, the possibility for algorithmic trading, the option to customise your charts, a trader journal, and multiple indicators. Yet, when compared to industry standard offices, it falls short. Although, we do give it a thumbs up. However, we cannot recommend using it with the current broker, for it is unregulated. ‘;
VVINLAND DEPOSIT/WITHDRAW METHODS AND FEES
To deposit, users can use credit cards, debit cards, bitcoin cash, wire transfer, and bitcoin. The minimum deposit is $50. However, out of all the supposed methods (offered in the payment area), only the wire transfer worked, where it gives users a bank address. Very shady stuff!
The users has to wait a maximum of 10 days for his money to reach his or her account. The minimum withdrawal sum is $10. Withdrawals are done via credit cards, debit cards, bitcoin, and bank transfer. There is no clear mention of any withdrawal fees.
Before withdrawing, users have to get acquainted with the trading volumes, that are set by Vvinland at its sole discretion. So are we to believe that clients cannot withdraw anything if they have not completed a turn over requirement of unknown proportions? We think so.
As for a bonus withdrawal requirement, Vvinland has made sure to include one. Here, users have to make a minimum of 40 times the bonus amount in order to proceed with a bonus withdrawal request.
Withdrawals cannot be made if a user has filed for a chargeback, which is the only way of getting your money back after being scammed.
There is further proof in the Terms and Condition, that expands on the charge-back clause, bluntly stating that charge-backs are fraudulent. Furthermore, Vvinland will launch a sort of investigation unto all those who have issued a charge-back request. During the investigation, the user wont be able to access his account. The company will also hire third party collection agents to collect all fees related to the chargeback. Vvinland also claims that it will involve the local police. It makes it seem like a charge-back is an illegal move, whereas it is a very leagal thing to do, and is recommended as a way to save your money from frauds like Vvinland.
The broker can very easily close down a user’s account, at any time, for no reason what so ever, however it will return all owed funds to their original source.
The simplified Limited Liability clause is, nevertheless, equipped with the necessary vocabulary to make sure that the company is safe from any legal claims.
Behind all that we said in the review, we do have a small hint at the possibility of hope for Vvinland. This can be, if the right amount of effort is put into the company. However, this seems too far from reality, so let us not dwell on it. For now, users are discouraged from depositing here, because there is nothing good that will come out of this.
How does the scam work?
Users will be in the middle of a scam without even knowing it, that’s how efficient these scams are. Yet, clients will also be surprised that the most utilized scammer structure is laughably easy to grasp, making it predictable. We have dedicated the following section to the reveal of how the scam works.
The internet is filled with ads, it’s the fuel of the industry, and a big chunk of said advertisements are misleading and some are downright deceitful. The ads concerned with unregulated forex brokers are often very promising, and most of the times utilize completely false claims of immediate profit. Those tempted enough will be redirected to a robo-scam website that further guarantees profits. The only thing that separates the user from the unrealistic promises is a fast registration process that requires a phone number and an email address. After inputting this info unsuspecting users will start getting phone calls from illicit broker representatives, whose one and only job is to initialize the scheme by pushing a trader to make that first deposit of around $250. After that’s done, the senior representatives will be calling. These expert scammers are extremely good talkers, and will start working on you to start putting even more money in. They say that the more money invested, the higher the profit will be. At this point most traders start seeing the big picture, and will want to withdrawal their money and get out fast.
However, the scammers have anticipated this development, and are ready to counter any withdrawal request. Typically they find excuses for delaying the request in the legal documents that hold specific clauses for these purposes. The reasons are many. One thing to remember is that all illicit brokerage firms will deny the withdrawal request for as long as they can, because of the imposed time limit traders have for filling a chargeback. Once the crucial due date is not met, any chargeback requests will be denied.
What to do if scammed?
Those of you who deposited using VISA and MasterCard will be glad to know that both companies have extended their chargeback time span to 540 days, especially if the reason for it is an online scam.
Scammers will steal directly from a bank account, if the traders has provided crucial details, like banking password or security code. If it get down to this, be sure to either block the account or change the password.
Sometime victimized users will stumble upon the so called recovery agents that promises to magically reclaim all lost investments, for a fee that is. Needless to say, they will not get back any of the lost funds, and will basically scam you a second time