Is Vital Markets Scam or Legit Broker?

No, Vital Markets cannot be considered a reliable broker. The broker is registered in the Commonwealth of Dominica, but it lacks a license from the local financial authority, the Financial Services Unit. This indicates that the broker operates without adhering to established rules and guidelines, allowing it to conduct business without following any rules and restrictions.

  • Trading with unregulated or offshore brokers poses a substantial risk, increasing the likelihood of investment losses. On the contrary, regulated brokers are typically required to follow to specific rules and guidelines to ensure fair and transparent practices, protect clients' interests, and maintain the financial system's integrity.

About Vital Markets
🏢 Registered inNo regulation
🗺️ Type of LicenseNo license
🛡️ Is Vital Markets safe to trade?No
🗺️ Recommended LicensesFCA in the UK 🇬🇧 and ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

What is Vital Markets?

Vital Markets has been operating since 2022 offering its clients access to Forex, Commodities, Indices, Shares, and Cryptocurrencies. Traders have the option to execute their trades on the widely used MT4 and MT5 platforms, providing access to a diverse range of trading tools, chart indicators, hedging capabilities, social trading features, and more.

Through our research, we have uncovered supplementary information about the broker, gaining valuable insights into different facets of Vital Markets's operations.

  • Lack of serious registration: Given the essential role of regulation in Forex trading, our investigation has uncovered that Vital Markets operates as an unregulated broker. Vital Markets Group Ltd (“VITAL MARKETS”) is a corporation with company number 2020/IBC00102, organized under the laws of the Commonwealth of Dominica. However, the broker does not mention its registration with the Financial Services Unit. This absence of licensing implies that the broker operates without regulatory approval, posing potential risks for those engaging with it. Besides, research shows that Vital Markets mainly targets traders from the UK, Canada, and South Africa. Thus, caution is advised when considering involvement with such a broker.
  • Market manipulation: The absence of transparency and regulatory oversight in trading environments, particularly with unregulated and offshore brokers, can create a setting where market manipulation becomes a concern. This manipulation might involve the broker's platform not executing trades directly to the market but instead operating solely on the broker's servers. As a result, market data may not be accurate, orders may be manipulated, and the overall trading conditions could work against the trader, potentially leading to losses in investments and account balances.
  • Client Feedback: The significant volume of negative reviews regarding Vital Markets is concerning. Traders' complaints encompass challenges in withdrawing funds, a perceived lack of transparency from the broker, unfavorable trading conditions, and inadequate service. These concerns raised by traders should be taken seriously, as they indicate potential issues with the broker's reliability and customer satisfaction.
  • Withdrawal Issues: In the process of evaluating a broker, we meticulously examine the withdrawal procedures, a crucial element in Forex trading. If the withdrawal process falls short, traders might encounter difficulties in accessing their investments and profits. The fact that Vital Markets has gained numerous complaints regarding its withdrawal process is a substantial ground for concern. 

Overall Vital Markets Ranking

Based on our comprehensive research, we've uncovered significant concerns regarding the reliability and compliance of Vital Markets with regulatory standards. Due to these issues, we are unable to provide a positive rating for Vital Markets.

  • Vital Markets Overall Ranking is 3 out of 10 based on our testing and compared to 500 other brokers. See Our Ranking below compared to other popular and industry-leading Brokers.

RankingVital MarketsXTBTrading 212
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
Is Broker safe?NoYesYes
AdvantagesNoneTrading EnvironmentEducation

Vital Markets Alternative Brokers

Considering the reservations about the reliability and security of Vital Markets, we strongly advise traders to explore alternative options that provide stronger regulatory oversight and enhanced trading conditions. Below is a list of reputable brokers that offer reliable choices, ensuring a secure trading environment for your consideration:

Deposits and Withdrawals

Vital Markets offers a variety of payment solutions including Bitcoin, ETH, XRP, LTC, DOGE, and USDT. However, the broker doesn't provide funding options like Credit/Debit cards, or e-wallets. 

  • Vital Markets does not charge any deposit fees when using BTC to fund your account, however, a 2.5% applies to all other cryptos.
  • The withdrawal process becoming more complicated and requiring additional wallet confirmation can indeed be a cause for concern. It may lead to increased expenses for the traders, and the added steps could be seen as an inconvenience. In some cases, such practices might be intended to discourage or delay withdrawals, raising questions about the broker's transparency and user-friendliness.
  • We highly advise traders to exercise utmost caution when entrusting their funds to the broker. Unfortunately, it is a common occurrence in Forex trading for traders to experience losses due to dealing with unregulated brokers.

Account Types

Vital Markets enables its clients to trade Forex, Crypto, Stocks & Commodities across a variety of account types: O Commission account, VIP account, and Fixed Spread Account. The main differences across the account types are in commissions and spreads that the company is offering.

  • All the account types offer high leverage up to 1:500. For Fixed spreads accounts the spreads start from 0.05 pips, while for the VIP account, the broker offers very tight spreads. The minimum deposit with 0 Commission account starts from $10. To fund a VIP account, traders need to make a $25,000 initial deposit. 

Vital Markets Review Conclusion

The information gathered about Vital Markets indicates that the broker offers some appealing advantages, including favorable features and trading conditions. However, it is crucial to acknowledge significant concerns about the broker's trustworthiness and credibility, primarily because it is not regulated.

Moreover, the risk of falling victim to market manipulations when trading with this broker is high. As a result, traders are strongly advised to exercise caution when contemplating Vital Markets as their choice, taking into account these potential risks and concerns about the broker's regulatory status.

We recommend traders consider brokers with licenses from reputable authorities such as  FCAASIC, or CySEC. Numerous regulated brokers offer favorable terms and conditions that adhere to top-tier regulations, creating a trading environment that prioritizes safety and aims to minimize risks. Some noteworthy options include EightcapHFM, and  Interactive Brokers.

  • Overall ranking and experience for Vital Markets is Negative

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