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VIP GLOBAL FX & VIP GLOBAL CAPITAL: This Scammer May Still Staring at You from a Dark Corner

2024-04-24 Brokersview

VIP GLOBAL FX & VIP GLOBAL CAPITAL: This Scammer May Still Staring at You from a Dark Corner

Informed traders know that in this complex financial market, choosing a regulated broker is essential for financial security. Forex scammers are well aware of this and try to find opportunities to put on a mask of legitimacy.


VIP GLOBAL FX and VIP GLOBAL CAPITAL are financial service providers operated by the same company. They claim to offer traders access to the world's most popular financial products, including forex, indices, precious metals, commodities, stocks and ETFs.


However, both brokers' websites are no longer accessible, leaving many traders who have not yet withdrawn anxious. Obviously, underneath their seemingly glamorous exteriors, they were actually a well-designed scam.


There is no way for investors to avoid being duped? In fact, the suspicious nature of this company was evident from the very beginning.


It's not clear when the VIP GLOBAL FX and VIP GLOBAL CAPITAL websites were shut down, but in November 2023, the VIP GLOBAL CAPITAL’s website was still accessible. At that time, contradictions already existed between its self-proclaimed address and registration information and the facts.


VIP GLOBAL CAPITAL claims to be registered in SVG and St Lucia


The broker claimed to be operated by VIPGlobal Capital LLC, a "legitimate company" registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA) and also registered in St. Lucia. Upon inquiry, the SVG FSA does have a registered company with the same name. However, this company does not appear on the St. Lucia financial regulator FRSA's list of money service businesses.




Most importantly, neither SVG FSA nor FRSA regulates forex activities. That means that none of the registration information provided by this broker can prove its legitimacy.


With the shutdown of the VIP GLOBAL FX and VIP GLOBAL CAPITAL websites, victims who were already experiencing delays in withdrawals are now having an even harder time getting their money back. According to an Indonesian investor, all withdrawal requests he initiated between December 2023 and January 2024 were delayed by the broker, resulting in losses totaling $12,246.29.


An Indonesian investor filed a complaint against VIP GLOBAL FX


Scammers who have tasted the bite of ill-gotten will never leave the financial markets easily. They just hide for a while and stare at the wealth of innocent traders in some dark corners.  Perhaps when people are not paying attention, they have already come back, with a new name, a new website, and a new identity, to continue their fraudulent activities.


As an investor, the way to avoid falling into this trap is to double-check that the broker holds a Forex license before trading and to say no to unlicensed ones.