Why you should avoid the Vestle scam
It is the time of the season, ladies and gents, when we are getting some new brokers to talk about, when we could not be any more excited. It is not that often, after all, that you get companies like the Vestle scam to talk about. After all, we all know how much people like me enjoy talking about the inadequacies of companies, calling them out on these inadequacies and calling them what they really are: scams. Well, this time around we got a really juicy one guys. The name is pretty fresh, but it is nothing but a rebranding of an old and obvious scam company. So, we are going to treat it as such and we are going to call it out on every single thing that makes this company the terrible abomination against traders that it is.
Vestle review: the website and platform
You might have noticed that there are not that many Vestle reviews online. The reason is simple, there are not that many reviewers who are aware of the fact that the company exists at all. Currently, the privilege of telling you how big a scam it first is ours. So let us do it right and start at the very beginning by talking about the ugly pile that is their website. The first thing you see is the face of some random dude that is staring into the middle distance, with some graphs that are tangentially related to Forex painted in front of him. This kind of stock imagery makes the blood of our team leader, aka me, boil. First of all, it is ugly, second of all, it is pointless. But moving on from that, we need to talk about how informative the page actually is. Hint: it’s not. Well, to be honest, it does mention a couple of things. First of all, the page mentions that they offer several kinds of financial assets to their users. Then they go on to talk about the fact that they offer several payment systems. The problem is, they don’t talk about the terms and conditions of using any of these in any obious way. We are inclined to believe, specifically because the information is not easily available that Vestle fraud is being successfully run with this design. People who do not know they need the information just end up not looking for it and start working with the broker, making it successful at stealing.
Beyond that, the broker also fails to discuss the platforms and the general terms of working with them in sufficient detail. I mean, they do mention the fact that they have a web trader for those who want to try trading with them, and they do mention that there are some terms, but it is incredibly hard to find any more detail than that. In order to actually get your hands on this information, you would have to actually register with them and start trading with them. While not necessarily a sure sign that the company is a scam, it is for sure an indicator that it is not to be trusted. After all, this trick is pretty old. There is no Vestle MT4, only their in house produced app, which is not good and has only been used by about 40 people in total, and their web trader, which every scam, fraud and start-up is able to offer.
This is not just the case with the information about their platforms either. It seems that the Vestle Forex broker goes out of their way to limit the information that they offer to the users. It is possible to find the info, but it takes a lot of time and effort, and once you do find it, you don’t want to trade with them. With huge spreads and pretty terrible terms each type of asset comes it is not surprising why the broker is hiding this info. The information is not found on dedicated pages which talk about what each kind of trading is, what going short vs long is and so on, which is also suspicious. While it is good to educate your users, when you are just trying to establish a relationship with them, the best thing to do is to actually give them information on your services. What are your spreads, margins, leverage, so on and so on? We were not able to identify that info from the get-go and even after a bunch of research. So, the bottom line is, we don’t like what they have.
Vestle.com review of bonus offers
But, you might say, there are bonuses that the broker offers that look really attractive! Where did you find those bonuses? Because when we scrolled down to the Vestle bonus section, all we could find was information on the offers they have for people who are starting out to trade with them. These offers, labelled as promotions, are two of the most baseline offers that a Forex broker can offer in the industry. One is the offer to start a demo account with them. If you have been looking for a broker to start trading with in the past hour, you know that most brokers that are to be trusted (or even the ones that you should not trust) offer a chance for you to do so. It is one of the most popular products among beginner traders, after all, so why wouldn’t they offer it?
The second “Vestle promotion” that the broker seems to be offering is not even a promotion. It is just a statement of the fact that the broker offers everyone who works with them the chance to get 1 on 1 training sessions with their professional traders. This is something that not only should not be promoted as a bonus, but it also should not even be promoted as unique. It should be a requirement for every broker in the world and Europe that they offer learning opportunities to their users. We believe that if a broker is not providing education, it does not want its traders to succeed. If a broker is offering an education platform as a promotion, then the broker must have little to nothing that is unique about it and is trying to come up with anything at all to make a user like them. Guess what Vestle, you are not unique for offering users a chance at education. The fact that you are offering it as promotion is only making you seem like more of a scam. Which, after all this discussion, we are pretty much convinced that you are.
There are no other promotions that are offered by Vestle FX broker. Even though they have an entire section of their page dedicated to promotions. This is only to create a sense that they are offering some promotions regularly, to get new users interested in trading with them, or at least that’s what we understand the purpose of the section to be. This is because we are pretty sure that Vestle has never offered an actual bonus or promotion, and it never will. Why? Because all they want to do is take your money and never give it back to you. So, you know, do your best to avoid them.
Can Vestle be trusted?
One of the best ways to find out the answer to the question “is Vestle legit” is to start looking at the reviews they have available online. The first thing you are going to notice is that there are not that many available. You might blame the fact that the company is very new for this and ignore it. On the other hand, you could do what we do, and be suspicious and do a little more research. There are some Vestle opinions available online, many of which talk about how the broker is not good, is more of a scam than anything else, and how it has nothing going for it. Then, when you try going back to the reviews, you will notice that they have disappeared. It is like living in a dream where things disappear without an explanation. The explanation, in this case, is probably that the broker is using a significant amount of their funds in order to remove negative reviews about themselves from the internet. This way, they can attract more potential users, who did not end up seeing the reviews.
If you want to be even surer, you could go ahead and do some research on where the company gets their license. On their homepage, it says that the company was able to receive a license from iCFD. iCFD is a private company, which was founded as a result of a number of companies coming together and promising to regulate themselves. It is by far the least trustworthy financial trading regulator in Europe, and they have licensed some of the most not trusted companies internationally. Which is why, the moment we found out about them, we decided that the broker is a scam. Although the broker also claims to be licensed by CySec. So we went ahead and looked through the records of the regulator. We could not find any mention of Vestle or their parent company, which leads us to believe that the claim of the license is a lie. Which means that the company is currently claiming that they have something that allows them to offer trading services to their users, despite the fact that they are not licensed to do so. It means, to us, that the company is a liar and, quite possibly, a scam. Even more than quite possibly, we are quite certain that the broker is nothing more than a scam.
Coming to a conclusion
We did not need to go into too deep a dive into the history of the company, or into their services, in order to figure out why we should be providing you with the Vestle rating that you see above. The company is a fraud and a lie, created in order to lure innocent traders into depositing their cash and then blocking them from ever getting anything out. This is why you should stay away from the broker at all costs, and find better brokers anywhere else in the world.