VTB Banking Group has many divisions that are responsible for different sectors of financial services, and VTB 24 Forex is one of them. This subsidiary brand has been in the market for over 20 years, providing its clients with access to the international foreign exchange market. Is this service worthy of attention?
General information about VTB 24 Forex broker
The domain onlinebroker.ru , on which the broker is located, has been served since 2000, and the company itself was founded in 1990. It is interesting that on the Internet there were several more sites that are like two peas in a pod similar to the platform page. And here the trader may have questions – do I conduct trading operations on the site I need?
The company provides full information about the licenses received, regulations and additions to them, as well as bank details and forms for filling out. In terms of legal documentation, there is no doubt about the competence of the investment service. There is a list of providers of quotes and other exchange data, as well as sources of analytical materials. You can contact the support service by calling the Russian phone number or at the office, which are located throughout the Russian Federation.
What the VTB 24 Forex trading platform offers
It should be noted right away that the service is not designed to provide services to traders from other countries. You can open an account only through a representative office of VTB Bank, in some cases you must be its client. The broker’s official website is the link between the user and the international foreign exchange market, since all operations are carried out through its own online trading system Onlinebroker. The following platforms act as trading terminals:
- OnlineBroker;
- MetaTrader5;
- QUIK.
To help VTB 24 Forex offers a robot advisor, portfolio analytics and indicator support. Since the conditions for opening an account are extremely limited, users can evaluate the work of the platform in advance by opening a demo account for one month.
Speaking of trading conditions, there is only one type of account that a broker opens with any amount. The minimum deposit is $ 2,000, so novice users or traders who are afraid of taking risks will not be able to do this.
Precious metals, classic currency pairs and futures act as trading instruments, there is margin trading in the foreign exchange market. The maximum leverage is 1:50. It is worth considering that 13% tax is withheld from the client’s profit, but there are no commission fees at all.
Judging by the reviews left about VTB 24 Forex, the company is seriously worried about serving its customers. The site contains a large amount of educational material, video tutorials, a glossary, detailed articles and even face-to-face seminars that you can attend for free. In the corresponding section of the “Investor School” you can find useful information related to trading.
What is the situation with the possibility of withdrawing funds with VTB 24 Forex? A separate section on the site is devoted to this, which provides step-by-step instructions for withdrawing money. From the published data, we can conclude that such an operation takes place only on bank cards, but you can find out more about this at the bank’s office.
Disadvantages of a brokerage company
A significant omission is the limited area in which a broker can operate. Although the functionality of the platform is accessible and understandable, not everyone will be able to trade on it. High initial deposit also scares off traders. In addition, the arsenal of tools is rather meager – due to work under Russian law, the service cannot carry out the conclusion of transactions on the international market.
As noted in the negative reviews left about VTB 24 Forex, the main drawback is the incorrect operation of the platform, difficulties with placing stop loss orders and calculating the tax. Users also talk about problems with the support team.
Most of the comments about VTB are positive. The presence of a large package of licenses and legal documents shows that you can trust this broker. However, you should always be careful when dealing with brokers.
