Offers and new customer experience - 50% deposit bonus
This platform offers one of the quickest account opening processes for new customers that we’ve ever seen, but we’ll get to that a little bit later on in this VT Markets review. The highlight of this section has to be the deposit bonus for new customers, which is a 50% match for deposits less than $1,000 and 20% on deposits of between $1,000 and $10,000.
To claim the bonus, all that you have to do is register your live account with VT Markets, which can take as little as just five minutes. Then make your instant deposit with USD as a base currency. Once that’s done, your bonus should be credited into your account automatically. Other than the one found in our eToro review, this is one of the best trading new customer bonuses we’ve seen in 2023.
Usability - What our VT Markets review is saying about the site
The VT Markets website is bright, clean and has an overall look that is easy on the eye. More importantly though, the site is extremely user-intuitive and simple to navigate. Even if this is the first time that you’ve used a trading site, finding your way around should be easy. VTMarket reviews on Trustpilot have given VT Markets a 4.5 star rating and the site has won multiple awards.
The website can be customized to suit your trading needs and you can set up notifications from the outset. The site also has a good reputation for performing well during busy trading times, and this was reflected in our experience. The only site that comes close can be found in our Capital.com review for 2023.
Accounts - Open in just five minutes
As stated previously in this VT Markets review, you can open your account in just five minutes and start trading. There are three different account types to choose from – Standard STP, RAW ECN and Islamic. We’ve explained each account type in more detail below.
Unlike the findings in our Markets.com review, there are no account inactivity fees for any of the three accounts with VT Markets and the supported account base currencies are as follows: USD, GBP, AUD, CAD and EUR.
Standard STP
The Standard STD account can be opened with a minimum deposit of $200, and new customers are eligible to claim the deposit bonus that we spoke about earlier in our VT Markets review. Some of the highlights include $0 commissions and a minimum trading size of 0.01 lot. The account uses the MT4 trading platform.
RAW ECN
Like the Standard STP account, the minimum deposit for RAW ECN is $200 and the deposit offer is available. Additionally, it also supports the MT$ trading platform. The commissions here are $6 per turn with the spread from 0.0 pips.
Islamic
VT Markets offers swap-free versions of both the Standard STP account and the RAW ECN for customers who require it due to their Islamic faith. Islamic versions of each account type have all of the benefits mentioned above in our VT Markets review, only on a swap-free basis.
Both Standard STP and RAW ECN accounts use a third-party platform in the form of MetaTrader4 (MT4). This platform is one of the most widely-used third-party platforms in the industry and for good reason. It performs well and suits traders of most experience levels. For novice traders, you can access a demo version of the MT4 platform to practice trading with virtual currency.
If there’s one change we’d like to see implemented in this VT Markets review, it would be the introduction of the MT5 platform as an option. In our TMGM review, you can find a platform that offers users access to both.
Trading payments - Fast, no-fee deposits
One of the highlights in this section of our VT Markets review is definitely the lightning-speed deposits with no fees charged. As well as bank transfers and credit/debit cards, you can also make deposits using the following e-wallets: Neteller, Skrill, UnionPay and Fasapay. There are five account currencies supported, as we mentioned in the “Accounts” section of this VT Markets review. The minimum deposit for both account types is $200 and the maximum that you can claim the 20% deposit bonus on is $10,000.
Withdrawals made to your bank account are completely free, so long as you withdraw more than 100 units of your chosen account currency. However, the downside is that fees are charged for e-wallet withdrawals. Withdrawals generally take around three business days to reach your account.
Fees – Low fees and no VT Markets scams to be found
When it comes to trading fees at VT Markets, we found them to be low compared or in line with the industry average. The highlight is, of course, the $0 trading commissions that we mentioned above in our VT Markets review. We compared the forex trading fees on a number of currency pairs to those of the nearest competitors, and they were either lower or equal in all cases. You can check out our Libertex review to see for yourself.
In terms of non-trading fees, we found quite a few positives to speak of here in our VT Markets review. There are no account inactivity fees charged, nor are there any account or deposit fees. Withdrawals are also free, provided that you withdraw more than $100 at a time (or equivalent in your account base currency. However, a small fee is charged for e-wallet withdrawals.
Customer service - Is VT Markets reliable? A definite yes
VT Markets offers 24/7 customer support via live chat, phone and email. Additionally, you can also reach them via mail at one of their three offices, which are located in Sydney (HQ), Cayman Islands and Taipei. We tested out all available channels for this VT Markets review and found the service to be helpful in all cases.
The one thing we would say is that the response times are far slower during unsociable hours. The phone line is also only available via callback and no phone number is listed. There’s also a very well-constructed help center for your more basic queries.
Regulation and deposit insurance - Is VT Markets safe?
Our VT Markets review found that this site is safe and secure for a number of reasons. For starters, the platform is registered with and regulated by the Australian Securities and Investments Commission (ASIC), which is a top-tier financial regulatory authority. Additionally, VT Markets is also regulated by several other financial regulators throughout the world. Non-Australian clients fall under the regulation of the Cayman Islands Monetary Authority (CIMA).
In terms of safety, clients’ funds are stored with the Commonwealth Bank of Australia (CBA). Segregated account storage like this helps to keep client funds safe from hackers and theft. Transactions are also encrypted and the account login process is safe and secure thanks to a two-factor authentication login system.
Additional features - What else can our VT Markets review offer?
VT Markets is based in Sydney, Australia, and was founded in 2016. It claims to be an innovative and trustworthy broker with top-tier fund security. All of these elements ring true to a certain extent, especially the fund security – as we mentioned in the previous section of our VT Markets review, client funds are stored in a segregated account with the Commonwealth Bank of Australia (CBA).
VT Markets also claims to offer an account opening process that takes just five minutes. While this is technically true in terms of how long it takes to complete the form, it’s more likely to be 24 hours before your account has actually been verified and you can start trading. Still, this is pretty quick compared to a lot of other operators.
Overall conclusion - A positive VT Markets experience and rating from us
To summarize our VT Markets review, there’s a lot to be positive about. For starters, there’s the fast execution, low trading fees and almost no non-trading fees. Additionally, we also have the two deposit bonuses that are designed to suit traders of all budget levels. The only real downside that we can pick out is a slight lack of markets. However, this is more than made up for by the fact that this broker truly is trustworthy and safe.
Highlights
- 230+ pairs to trade
- Leverage up to 500:1
- Spreads starting at 0.0
