A Prudently Drafted VistaBrokers Review Of A Cypriot Investment Firm (CIF)
Cyprus continues to be a preferred Forex broker destination among global Forex trading companies, with yet another Forex broker setting up its brokerage under the Cyprus Securities and Exchange Commission (CySEC). Vistabrokers is registered in the Cyprus as a Cypriot Investment Firm that is licensed and regulated by the CySEC to provide investment and money exchange related services to investors from all over the EU under the European Economic Area (EEA) passport. While European Forex brokers are able to provide their services to all EU member nations without any restrictions, Vistabrokers does mention its inability to serve clients from Belgium and France. The broker also prevents entertaining clients from the USA, Japan, Australia, North Korea, and other countries as deemed necessary by Vistabrokers from time to time. It does come as a surprise that Vista Brokers has categorically mentioned about legal issues with two of the major EU member nations, while the broker has the necessary licenses to continue as an EU Forex broker. Under normal circumstances, a regulatory sanction for non-compliance in EU is grounds for a temporary or permanent ban on the licenses. Nevertheless, VistaBrokers ensures the safety of your trading capital by depositing them in segregated accounts, which is kept away from the broker’s core operating capital. Vistabrokers holds at least €1 million in operating capital according to the regulatory requirements, which are further audited by several independent auditors and other agencies for maintaining a healthy capital adequacy ratio. Vistabrokers is also expected to comply with the various regulatory policies and guidelines that are specified in the European Markets in Financial Instruments Derivatives (MiFID), which creates a uniform framework of operations for all Forex brokers.
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What Are The Different Categories Of Vistabrokers Forex Accounts?
Vistabrokers offers direct market access protocols for traders by providing access to Forex, commodities, and indices trading through the extremely reliable ECN protocols. ECN/STP accounts have the best trading conditions in the entire market, where there is no conflict of interest between an FX company and its clients. ECN trading involves trading the markets directly by connecting traders to a pool of liquidity providers, which ensures that all market orders are filled as per the current market liquidity. ECN trading provides transparency in pricing, the best spreads, favorable market depth, and an overall better trading environment. To open an account, you must first choose your preferred account option from three different types of trading accounts. The Vista Basic is the cheapest ECN account option at Vistabrokers, which is available for all deposits from $100 to $499. The Vista Basic account has ECN spreads that start from 0 pips, while the commission starts from $15 per 100K traded round turn. The Vistabrokers spread for the Vista Basic account is competitive, but the commission and the initial deposit requirement are higher than the industry average. You can open an ECN account these days using just $5, which not only guarantees 0 pip spread but also offers a low commission of around $5 per 100K traded round turn. The Vista Advanced account offers the same conditions as the Vista Basic account, but the commission for trading is reduced to $10 per 100K traded. The Vista Advanced account also requires a high initial investment of anywhere from $500 to $4,999, which is a bit too high in our opinion. Perhaps the most expensive account option of the lot is the Vista Pro account, which requires a minimum deposit above $5000 for a further reduction in commission to $7 per 100K traded. As we previously mentioned, other competing brokers can offer better commissions, which does negate the need for the Vista Pro account.
There seems to be a major confusion regarding the Vistabrokers leverage offering and the actual leverage offered for a trading account. The company promises a maximum leverage of 1:500, but most traders are only able to enjoy a maximum leverage of 1:100. Of course, using a high leverage is not favorable for a profitable trading environment, but traders will require more clarity before opening an account at Vistabrokers. Vistabrokers has more than 85 different currency pairs, 14 stock indices, and a collection of commodities including oil and precious metals. Commodities have a minimum margin requirement of 1%, while indices have a minimum margin requirement as low as 0.5%. Of course, as far as Forex trading is concerned, traders should expect a minimum margin requirement that may vary between 0.2% and 4% according to the market conditions. Vistabrokers accepts multiple funding options and is one of the very few Forex brokers in the market that have waived all the associated fees of transfers for both deposits and withdrawals. Traders can fund their accounts by making a payment with credit/debit cards, e-payment systems such as Skrill, Neteller, DINPay, CashU, and fasapay, or through a traditional bank wire transfer. The only visible problem is that the broker mentions an 8-24 hour window for processing a deposit, while withdrawals have a longer processing period from 24 hours to 4 days. Most Forex brokers usually offer the option of instantaneous deposits for credit/debit cards and e-payments, while withdrawals are generally processed within a day.
Is There An Option For A Branded Vistabrokers Trading Platform?
Unfortunately, Vistabrokers does not provide any branded or proprietary trading platform, instead, offers the popular MT4 terminal for DMA trading through dedicated ECN bridges. On the upside, MT4 is available for almost all desktop and mobile operating systems, including dedicated Vistabrokers mobile apps for iOS, Android, and Windows smartphones and tablets. Vistabrokers offers comprehensive support for all MT4 versions, which is also backed by the broker’s excellent customer service department that is available through live chat, web contact form, email addresses, and direct phone numbers. Traders can also make use of the ‘Call Back’ feature, which guarantees a response from the broker’s customer support department within a few hours during regular market hours. Vistabrokers does not offer any promotions; neither does the company offer any ground-breaking Forex products. In fact, Vistabrokers has an average Forex brokerage that depends on its regulatory status and marketing reach to cater to traders from all over the world. Always ensure that you compare different options and demo trade different trading platforms before opening an account at Vistabrokers. You may also use our recommended FX brokers list for professional assistance in your search for a high-quality Forex brokerage.