Vergomarkets

More and more scammers are attempting to target traders’ money while hiding behind the guise of CFD brokers. One such project is called Vergomarkets. Undoubtedly, its pages will tell visitors about “An Excellent Trading Platform to Achieve High Trading Goals” and incredibly lucrative trading conditions. However, seasoned traders can recognize this scam literally at first glance. For those who do not yet possess such knowledge, we invite you to read our review. We will show what is wrong with this platform and why you should not open or fund trading accounts here.

Overview of Vergomarkets

When choosing a CFD broker, traders primarily assess the company’s reputation and the quality of its offerings. The official website serves as the first source of information. Let’s begin our introduction from this point.

Broker History

Creators of the Vergomarkets website did not spare loud and beautiful words about the project. However, modern traders prefer more specific indicators of success — statistical figures, significant dates, reviews from real clients, etc.

The broker failed to provide several facts to outline the company’s history. On “About Us” page, they chose to publish information with zero value under tabs like Our Focus, Our Mission & Vision, and in “What Do We Value” section. Why? Because scammers lack a history, significant milestones in development (except for the creation date a few months ago). Therefore, Vergomarkets owners decided to skip the story, statistics, and team presentation. This approach won’t improve their image, but easily verifiable and debunkable fakes won’t harm it either.

Vergomarkets.com Website

The broker’s official website welcomes visitors with an unclear banner on the homepage, informing potential clients that the platform is excellent and inviting them to start working immediately (log in or register).

The design does not look optimal, and it appears inconsistent with the overall page layout. Calling the work of web designers quality is difficult. Moreover, the unsuccessful color scheme is not the main drawback. For example, numerous sliders that need manual scrolling to see the content of each slide also leave a negative impression.

The logic of the main menu is not entirely clear. Points like “About Us”, “Why Us”, and “Contact Us” in its root section are surprising. At the same time, pages with more important information are challenging to find. It’s equally difficult to explain the value of “Blog” section, which has not had a single post in the entire time the broker has existed.

We have already mentioned the not-so-great examples of content. Judge for yourself whether it can be evaluated differently:

• Fees and Charges. This section discussing commissions and fees for trading and non-trading operations contains no numerical data.
• Regulation. The broker emphasizes the importance of operating under regulator licenses but does not mention its regulators or license numbers.
• Other texts. Vergomarkets describes its advantages without providing specific facts.

In summary, the website effectively achieves its main task by creating the appearance of the broker’s presence online. However, without concrete information, it is practically useless and cannot interest experienced traders. Scammers achieve this, targeting their main audience — novices eager to earn quickly and significantly. To attract them, fraudsters use their own (not always legal) methods, in which the website plays no role.

Registration Process and Personal Account

Vergomarkets hardly adheres to established industry standards for broker services. The registration process for a new client serves as clear evidence of this. To open an account, new users need to fill out a simple form, providing a minimum of personal information:

• First and last name, country of residence (for automatic phone number prefix retrieval).
• Email address and phone number.
• Currency in which funds are accounted for.
• Password.
• Referral code.

It’s also considered that by clicking a submit button on the filled form, clients accept “Terms & Conditions” and “Privacy Policy”.

There are many differences from the procedures adopted by regulated brokers. Vergomarkets:

• Requires much less information (legal brokers typically request at least the residential address).
• Does not conduct contact verification.
• Does not inquire about traders’ experience and the origin of their funds.

While these differences do not conclusively prove that the project is a scam, there are more substantial grounds for such an opinion. Registration cannot be completed without entering a referral code. Such actions are explicitly prohibited by all reputable European and American regulators and the majority of offshore entities.

This approach implies registration only for clients who have followed links from an affiliate program or received a code from customer support. In both cases, Vergomarkets representatives can be confident that customers are ready to trade specifically with this broker and deposit funds into their accounts.

We did not fall into this category of website visitors, so we did not seek a referral code. As a result, access to clients’ space was closed for us. We missed an opportunity to assess the broker’s client cabinet, but we believe that Vergomarkets likely uses a standard template with a set of basic functions for trading support. For a scammer, this is more than sufficient.

Trading Platform

Our account creation was not completed, preventing us from observing the trading platform in action. However, some indications suggest that this pseudo-broker uses software that’s well-known to us.

We checked the address, https://webtrader.vergomarkets.com/login/, and this verification confirmed our suspicion. The scam firm, like many of its counterparts, operates with a trading platform developed by Easy Technologies.

Shortcomings of this terminal are well-known to anyone who has seen it in operation:

• A list of available assets is organized irrationally. Traders are forced to waste time searching for the desired ticker (until it is added to favorites). In some cases, such as for scalpers or during moments of high market volatility, this can lead to missed profits or even losses.
• A list of graphic analysis tools contains only 4 objects. This is insufficient for traders using certain strategies, such as wave analysis or harmonic patterns. Users will have to switch trading systems and incur losses.
• Clients cannot create or connect indicators and trading robots. As a result, the software becomes absolutely non-competitive compared to market leaders like MetaTrader or TradingView.

The list could go on. However, there’s a flaw in the terminal that is much more significant than any other — the server administrator’s ability to influence the flow of quotes, order placement, and order execution. As a result, a profit or loss depends not on the current market situation but on the broker’s representatives’ manipulations. Scam platforms widely use this software to legitimize the transfer of funds from traders to the broker.

Note! Vergomarkets claims the platform as its own development and, accordingly, provides users with unreliable information about its origin. The motives for hiding the real creator of the software are unclear to us.

Contacts

Vergomarkets publishes information about all the ways a trader can contact company representatives on “Contact Us” page. The list includes:

• Feedback form.
• Phone numbers: +442038666796, +442038666799.
• Office address: 15 Cabot Square, London E14 4QT, United Kingdom.

We are surprised by some peculiarities in the provided contact information:

1. The broker does not disclose an email address.
2. Links to groups and channels on social networks are also absent.

Vergomarkets claims to have many years of experience. However, during these “many years,” not a single public group has been created. This is another argument suggesting that the platform is not engaged in real activities.

Analysis of Services Offered by Vergomarkets

Introduction to the broker’s services forms only the first impression of it. A more detailed understanding can be obtained through an analysis of its conditions under which they are provided. So, what have founders prepared for traders?

Funding and Withdrawal

The broker provides information on the payment methods available for non-trading operations on “Deposits and Withdrawals” page. Fund transfers can be made through:

• Bank transfers.
• Debit or credit cards.
• Online payment systems.
• Cryptocurrency transfers.

Vergomarkets also provides step-by-step instructions for depositing funds and submitting withdrawal requests on this page. Does the company actually use these methods for monetary transactions? How secure are the transactions? Does Vergomarkets disclose its details? Answers to these questions can be found in the personal account. We were unable to do this as we still do not have an active Client Portal. However, experience with similar projects suggests that it may not be that simple. Either the intervention of customer support will be needed, or only cryptocurrency transactions will be available. We are confident that the platform’s details will not appear in the public domain, allowing the broker to avoid attention from financial and tax authorities.

Vergomarkets Trading Conditions

We have seen this company avoid disclosing operational details. Therefore, it was no surprise that the broker does not publish trading conditions. Vergomarkets offers customers a choice of 7 types of accounts. However, the only notable aspect in their description is the minimum deposit amounts:

• Bronze — €10,000.
• Silver — €25,000.
• Gold — €50,000.
• Platinum — €100,000.
• Diamond — €250,000.
• Premium — €500,000.
• VIP — €1,000,000.

Information on other trading conditions can be found on various pages of the website. However, specific data is not available. For example, they mention extremely narrow spreads and sufficient leverage for traders to achieve high returns, but numerical parameters could not be found. The approach is quite clear.

The broker’s task is to attract new clients with offerings like insured trades, access to educational materials, or assistance from company representatives. Trading conditions expressed in numbers provide a basis for comparison with other companies. It’s uncertain whether Vergomarkets can compete with licensed brokers that have been in the market for over 20 years.

Unique Features

Nevertheless, project owners have formulated an interesting proposition for many potential clients. Within this framework, traders can open Islamic (swap-free) accounts. Apparently, out of habit, Vergomarkets did not disclose conditions for providing this service. Whether the replacement of swaps with commissions will be advantageous to participants in trading will be learned through real trading experiences.

Is Vergomarkets Trustworthy and Reliable?

The next, and perhaps most crucial, components in the overall portrait of a broker should be the official information about it. Owners have repeatedly emphasized on its website the importance of official activities under the control of regulators. Let’s see how they translate its own words into practice.

Assessing Legitimacy

Nowhere on the official website does Vergomarkets mention the company’s place of registration, the presence of licenses and other details. We didn’t find any names of regulators under which the firm operates. In fact, it provides very little specific information about itself.

Searching in Companies House did not yield any similar results. Obviously, the organization is not registered in the UK. We even doubt that it is registered in any other jurisdiction. Otherwise, “Terms & Conditions” would be concluded not on behalf of some abstract “platform” but a real company.

Accordingly, without the registration of a legal entity, there can be no talk even of offshore licenses. Thus, all the eloquent words of Vergomarkets about regulation are just an attempt by scammers to portray a legal broker. Well, failure happens to everyone.

Established Track Record

The last question we want to draw attention to is the broker’s duration of existence. The word “long-standing” too often appears on its pages. We will try to find out how “long” it’s by using “Whois” service.

Judging by the domain registration date of November 13, 2023, “long-standing” for Vergomarkets owners means “existing for more than a month.” Seriously speaking, we see how the project once again tries to deceive clients by providing them with fake information. Dealing with these scammers is definitely not advisable.

Implications for Traders

The overall picture of Vergomarkets looks quite unfavorable. The broker tries to convince traders of legal operations with a license, but in reality, the platform lacks official registration and permissions from any regulator. The project conceals details about itself and its services, and the information published is often inaccurate. We are convinced that it is another scam, and that it’s not worth giving your money to fraudsters.

Strengths and Weaknesses