Everything you need to know about Vandera
Vandera is one of those brokers who appear to come out of an online casino manufacturing business. Recently, we’ve seen the same design choice many times, which we believe is a new approach to attracting investors. Once a pattern starts to show up, especially with unregulated brokers, we immediately become suspicious of any broker who takes this approach.
Today’s Vandera is no different from the rest. It uses a design that is there to attract as many depositors. You cannot trust a broker whose highest credo is to take advantage of unsuspecting users. The following review reveals everything there is to know about Vandera.
To register we had to go through a very simple process, after which we got full access to a trading section. There was no need to check our emails for a confirmation email or verification code. What followed was a deteriorating customer portal area that has seen better days.
We checked the commercial software and were disappointed and somewhat intrigued by what Vandera has to offer. It is by no means something to rely on. In fact, it’s a very shady move on your part, as we’ll see in the Software section of the review. There is no place for real trading, in the sense of a forex broker. Users are encouraged to invest in these asset packs. Only currency pairs and stocks are available to invest in. However, the whole ordeal is too suspicious to be profitable.
Due to the nature of these packages, there are no applicable spreads or leverage. As we mentioned, Vandera is not your typical forex broker.
Vandera regulation and security of funds
Vandera is reportedly based in the UK in accordance with the Terms and Conditions, but the footer and contact page locate the company in Singapore.
In the UK, all currency rules are in the hands of the FCA, one of the best and most trusted regulators in the industry. It has a list of all regulated entities and it was no surprise when we found out that Vandera is not there. Therefore, the FCA does not regulate Vandera, and if the company is actually there, it operates completely unlicensed.
In Singapore, Asia’s largest foreign exchange center, the Monetary Authority of Singapore (MAS) regulates regulatory work. It also has an official list of all regulated entities, in which there is no trace of Vandera. What we did find was Vansera on the MAS warning list.
We assure our readers that investing in unregulated brokers will lead to financial losses and likely identification issues. Therefore, it is imperative to check every broker you come across to obtain a license. We encourage users to opt for companies licensed by the FCA or CySEC as these two are the most popular regulators, with some of the major forex brokers in their sights.
Regulators, like the one we mentioned, have a myriad of rules and guidelines that all brokers must adhere to. The most common are minimum capital requirements, client fund security, monthly and annual reports, etc. In addition, many of these regulators (with exceptions) offer compensation schemes that apply to traders who have fallen victim to a broker’s inability to pay you. back. CySEC guarantees up to €20,000 per person, while the FCA guarantees up to £85,000.
In addition, the Terms and Conditions, the only legal document in existence, is very short and therefore uninformative, covering only a handful of everyday topics. The clauses that guarantee clients their safety are missing, not to mention the conflict resolution clauses that are so necessary for any disagreement between the broker and the client.
Vandera commercial software
It is important to note that Vandera has no commercial software. Instead, it allows users to invest directly in stocks or some currency pairs. This is what the investment page looks like.
For $499, users can trade the EUR/CAD currency pair. The reasons why a client invests are a mystery. The highlighted green text promises a return on profit, but again, we see no reason for a return on investment. Nothing suggests that users invest in anything worthwhile.
This approach has been seen with other scam brokers but here the twist is quite unique. But that doesn’t make it any less suspicious.
Prices and method of deposit or withdrawal of vandera
The only way to deposit is through a bitcoin method. Once the money is sent to this dodgy BTC address, who knows what will happen. There is also a high chance that users will not get their money back. The minimum deposit is $500.
How does the scam work?
There is a common scheme used by most brokers. Its use is popular because there is no other way to rip users off online. The tools available are limited. However, as the scheme is overused, it is constantly evolving and changing. Lots of scammers apply multiple variations, but the structure and steps required to complete it are relatively stable.
The first step is victim collection, which is done by attracting users through online advertisements on popular websites, usually on social networks. These ads are recognizable by their exaggerated promises of a lifestyle we all dream of but know is impossible. Usually, there are beautiful women, beautiful cars, great-looking houses, and sandy beaches. Users only need to invest and/or trade, everything is one click away!
These ads lead to a website or resource, be it brokers or an “intermediate” site. In either case, you will be asked for some type of contact information, preferably a phone number. On the other end of the line will be the first agent, usually the underpaid, whose job is to trick you into making your first investment in the scam. They receive a hefty commission for this and are therefore very involved.
The second wave of scammers is account managers, who are expert scammers. They are serious about making money and will tirelessly try to persuade users to invest more. They are good salespeople and will most likely sell you lies about layers of false promises.
When the time comes and the investor starts asking questions, it’s too late. Days, weeks, or months or investing with no returns will certainly arouse suspicion. At this point, the scammer will try to stop withdrawal requests or close the account completely. We’ve also seen entire websites shut down completely. The last thing scammers want is your money back. They will also enforce shady clauses in legal documents to cancel applications.
What to do if you get scammed?
Requesting a chargeback is the best and first thing users of the victim should do. Credit and debit card companies allow money is taken from a card to be returned, which is the best way to recoup lost investments! In addition, MasterCard and VISA have a 540-day chargeback period.
If the user deposited via bank transfer, the next step is to change all bank account information, including username and password. Banks may also have a plan for this type of situation, so it is always a good idea to contact them directly and explain the situation to them.
Many illegal brokers will request crypto deposits. The last thing you need to do is deposit using a cryptographic method. They cannot be traced and are a one-way ticket to lose all the money.
Stay away from recovery agents or agencies. These guarantee the refund of all your money, however; somehow they will only do this in exchange for a fee or commission. Once a user falls for the trick and you pay, they disappear with the money!