Vistafolio is a shady offshore broker that indulges in illegal practices to deceive and scam consumers.
The company has all the red flags you would expect to see in a Forex scam.
About Vistafolio: Are They Regulated?
The short answer is: No. They are not regulated.
This broker does not currently have a valid regulation, according to verification. Please be mindful of the danger!
Dealing with unregistered and unregulated forex brokers is particularly risky since it means the owners of the business are free to do whatever they want with your money. Many unlicensed brokers engage in predatory behaviors like taking money from their clients or charging hidden fees because no watchdog is monitoring their business operations.
How can you spot a broker who is trying to deceive you?
A broker’s credentials, registration, and job history can be reviewed using BrokerCheck, a free online tool provided by FINRA. Disputes with clients, disciplinary actions, and specific financial and criminal matters on the broker’s record are all covered in the disclosure portion of BrokerCheck.
Additionally, even if they don’t outright defraud you, the lack of regulation allows the business to use leverage or trade under terms that are otherwise prohibited. Such trading conditions expose investors to bigger risks than usual and in most cases, they end up losing their investment.
Also, a large number of unregulated Vistafolio engage in illegal operations like money laundering and financial terrorism. You should therefore engage with these businesses with the utmost caution.
You should never interact with them. In the instance of Vistafolio, it is quite clear that the business is a fraud.
Red Flags in Vistafolio
There are several further warning signs that Vistafolio is a fraud in addition to having no license and having received a warning from a financial watchdog.
The address they have mentioned on their website is fake.
Vistafolio’s New Zealand Office Address Does Not Exist
It is believed that the New ZealandFSPR regulation (license number: 596789) shown by this broker is fake. Please be mindful of the danger!
According to the regulatory documents, the address of the New Zealand licensed company Vistafolio was: Floor 8, 3 Albert STreeT Auckland. The investigation staff visited the spot. The investigation staff located the office building as the regulatory paperwork revealed without any obstacle. They entered the lobby by one of the two doors closest to the offices, where they discovered from the floor information that the office of another company was located on the eighth level. They then took an elevator to the eighth floor, where they discovered a large logo in the hallway.
The actual address of the New Zealand-licensed broker Vistafolio has been shown by the staff’s on-site research to be inconsistent with that stated by the supervision agency. Its FSPR-issued FSP license (No. 596789) raises cloning suspicions.
After the investigation, they changed the address on their website.
Sending Phony Notices: The Illegal Marketing Tactics of Vistafolio
Utilizing fictitious notices, the marketers working on behalf of Vistafolio attempt to remove reviews that point out their dubious practices.
A fake DMCA involves taking a website’s original content, pasting it on your website, and then claiming ownership of the content.
Scammers employ phony DMCAs to delete news items or criticism reviews. This approach takes down multiple critical evaluations from the internet.
The fake DMCA notice that you can see above was sent by an employee of Vistafolio to Google.
Remember that posting a false DMCA notice is considered to be a form of fraud, impersonation, and perjury.
They may also send DMCA notices regarding this review because they got exposed.
Conclusion
After considering the aforementioned details, it is clear that Vistafolio is a fraud. They have published phony DMCA complaints in response to any reviews that question their dubious practices.
The company features awful trading conditions, a hefty minimum deposit requirement, and an unidentified trading platform.
In addition, the financial watchdog in New Zealand has issued a warning to them. The Forex Scam is to be avoided. At all costs, avoid dealing with them.
