VirtueForex is a Panama based forex broker also with an operation in the United Kingdom. They are working on creating a highly transparent trading environment with the ultimate goal of always offering the best price to users as foreign exchange trading is done all over the world. Members and liquidity providers that work to support VirtueForex are only those who have long been successful in the financial industry. At least that is what they say on their site. We will be looking through the services on offer to see what they really do deliver.
It seems like there may just be on account available from VirtueForex but we are not 100% sure about this. Throughout this review, as we get to each individual section, we will outline any potential differences. Of course, if there is just one account then everything that we write in this review will be relevant to that account.
The platform being offered by VirtueForex is the always popular MetaTrader 4 from MetaQuotes. MT4 comes with a whole host of features including its accessibility as a desktop download, mobile application, and web trader. Some more of its features include it is a flexible and fast trading platform, access to trading signals from top providers, and compatibility with expert advisors for algorithmic trading. You can’t really go wrong with using MetaTrader 4.
The maximum leverage available is currently 1:1000, this is very high and we would suggest not setting it higher than 1:500. Leverage can be selected when setting up an account and should you need to change it you will need to contact the customer service team with the request.
The minimum trade size is 0.01 lots and they go up in increments of 0.01 lots. We do not know what the maximum trade size it but you can have up to 200 trades open at any one time.
We do not know if there are any added commissions on the account. We do know that there are swap fees though which are charged for holding trades overnight and can be viewed within the MetaTrader 4 trading platform.
The assets have been broken down into a number of different categories which we will now go over.
Forex: AUDCAD, AUDCHF, AUDJPY, AUDNZD, AUDUSD, CADCHF, CADJPY, EURAUD, EURCAD, EURCHF, EURGBP, EURJPY, EURNZD, EURUSD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, GBPUSD, NZDCAD, NZDCHF, NZDJPY, NZDUSD, USDCAD, USDCHF, USDHKD, USDJPY, USDTRY, USDZAR, ZARJPY, EURHKD, HKDJPY.
CFD: AUS 200, DE 30, ES 35, F 40, HK 50, JP 225, STOXX 50, UK 100, UK Oil, US 20, US 100, US 500, US Oil.
Metals: Gold (tradable against USD and EUR) and Silver (tradable against EUR and USD).
Cryptocurrencies: Ethereum, Ripply, Bitcoin, Litecoin, and Dash.
We do not know what the spreads are at this time. The homepage states that they have the industry’s narrowest standard spreads, so we assume that means they are low but we don’t have any numbers to go with it. The spreads are variable though, which means that they move about and when there is added volatility they will be higher.
The minimum deposit amount is $100. This is the required amount to open up an account and also as the minimum amount for any future top-up deposits.
Deposit Methods & Costs
There are three different ways to deposit. The accepted methods are with VT Cash, Bank Wire, and Bitcoin & Ethereum Payments. There are no added fees when using Crypto or Bank Wire Transfers but if you use VT Cash there is an added deposit fee of 2%.
Withdrawal Methods & Costs
The only two methods mentioned for withdrawals are VT Casha and Bank Wire Transfer. It is strange if you cannot withdraw via cryptocurrencies as it is an option to deposit. The following fees are applicable.
-VT Cash – 2% fee
-Bank Wire – 35 USD fee
The minimum withdrawal amount is $100.
Withdrawal Processing & Wait Time
The processing times are not mentioned, but we would expect the withdrawals to be fully processed between 1 to 5 days from the time the request is made.
Bonuses & Promotions
When going through the site we did not see anything related to any potential bonuses or promotions so we do not think there are any. If you are after bonuses then you could always contact the customer service team to see if there are any coming up that you can take part in.
Educational & Trading Tools
There doesn’t seem to be any educational material on the site which is a shame as a lot of brokers are now trying to add value and to help their clients become better traders. It would be good to see VirtueForex do something similar.
The customer service team is available 24 hours a day 7 days a week. You can contact them using an online submission form or by using the live chat. There is also a physical address available along with a phone number and email address.
Panama Address: Ricardo J. Alfaro Ave. The Century Tower Bldg. Suite401-80 4th Floor El Dorado, Panama City, Rep. of Panama
UK Address: 483 Green Lanes, London, N13 4BS, United Kingdom
Phone: (+507) 279 3280
Demo accounts are available. In order to open one, you will need to download the MT4 platform and open one up from within the platform. The demo account will mimic the trading conditions offered by VirtueForex, so it provides a good chance to test out the conditions and your strategies without any risk. The accounts should not expire and should run indefinitely unless left dormant for too long.
The following statement is available on the site: “Please note that VirtueForex will not be able to provide accounts to customers living in the United States and customers living in areas where FX transactions or CFD transactions are restricted or prohibited by domestic laws.” If you are still not sure of your eligibility then we would suggest contacting the customer service team to check prior to signing up for an account.
There is a whole load of information missing from the site, such as no details regarding commissions, spreads, and trade sizes. It is vital to know the trading costs in comparison with other brokers. There are enough assets to keep you busy which is good, and there are plenty of ways to contact the support team. There are only a few ways of depositing and even less for withdrawing. There are fees for withdrawing, which is a shame to see. The decision to join VirtueForex or not is up to you, but we would probably advise looking elsewhere for a Forex broker that makes more information available.