Recently we found out there is a new broker on the South African market called VipWayZone. We decided to do a VipWayZone review to help traders find out more about this broker. VipWayZone is offering several types of assets and 5 account types, including fully managed accounts. This broker was allegedly founded by professional traders with a great experience. This broker accentuates that it offers an easy to use the platform, and to be suitable for beginners as well.
VipWayZone review will cover all important aspects of trading with this broker – account type descriptions, software analysis, deposit and withdrawal methods, and customer support experience. We tried to keep objective criteria and deliver as balanced review as possible.
This broker is not regulated. Trade only with regulated brokers like IQ Option and get a free demo!
VipWayZone has five different accounts for South African traders, and most of them are managed accounts. This means that the trader allows the broker to manage their money. Such accounts require a bigger deposit than usual. However, we strongly recommend to manage your own money and take full responsibility for your trading.
The cheapest account type requires a minimum deposit of $250. VipWayZone says you will get trading software and a weekly call with your account manager.
The minimum deposit goes up – count on at least $5,000. You get an introduction lesson by personal account manager, financial and risk management plans, personal analyst, webinars and rushed withdrawals.
The minimum deposit is $10,000. You get all the benefits of a Standard account, but also special VIP sessions with 21%-26% net income.
Fully Managed Account
For this account, you have to pay $25,000. Such a high minimum deposit leaves us with high expectations. Traders get an introduction by their personal manager, financial and risk management plans, webinars, personal analyst, rushed withdrawals and fully managed account by their analytic department with 21%-37% income.
Premium Fully Managed Account
The most expensive account with VipWayZone has a minimum deposit of $100,000. The trader gets all the benefits of the Fully Managed Account, and vip sessions with 21-32% net income, as well as a fully managed account by the analytic department with up to 38% income. VIP debit card is included.
VipWayZone Demo Account
VipWayZone demo account is something every trader expects to get. Still, this broker doesn’t offer a demo account, but we hope they will add it soon. A demo account is an amazing learning tool that gives traders a chance to explore the platform without exposing their money to any risks. All funds traded, gained and lost on a demo account are virtual, while the deposit is kept on a real account. The demo account is equally popular among all kinds of traders.
Beginners usually use it to learn how to place the trade in the first place, while most experienced traders test their strategies and trading skills.
VipWayZone has proprietary software, which means that it was developed by the broker and not an outside company. This is a web-based software. Traders never have to download it, but can access it directly from the internet browser. Such software is very convenient, especially for traders who don’t have much technological knowledge. Traders can trade forex, CFDs and binary options on this platform.
When it comes to assets, VipWayZone broker offers 23 indices, 12 forex pairs, 17 cryptocurrencies, and plentiful of stocks and commodities. Assets are not listed on the left side, as usual, but below the chart. Still, traders can easily navigate them thanks to tabs.
On the other hand, the window where trades are placed is not very user-friendly. For example, it was impossible for us to see how to set the leverage, and overall experience was as if something is missing. However, we give thumbs up to feature that allows traders to close at profit or close at lost.
VipWayZone Mobile Platform
VipWayZone claims to have a mobile app. There was no download link on the website, and we couldn’t find one in the app store, so we concluded how this is just a mobile version of their web trader. You don’t have to download it. Access it from your mobile browser. Modern traders simply love mobile trading as it gives them an amazing opportunity to trade on the go.
All you need to do is check your mobile phone and you will immediately see your progress. Also, you can utilize the important market news the moment you receive them and close trades that aren’t going your way.
VipWayZone Customer Support
VipWayZone customer support is based on email and phone support. There is no live chat. Traders who have a question can ask it on the phone or send an email. This means that customer support will cost you some time (email) or money (phone). We believe how adding a live chat feature would be an amazing upgrade for this broker. Live chat is incredibly popular among traders as it gives them a chance to contact the broker in an easy and fast way. They never have to wait for an hour or to get an answer, as most customer supports work 24/5 and live chats have the priority.
VipWayZone could put more effort into their education section. There aren’t any useful guides or videos traders might use prior to trading.
VipWayZone Deposit and Withdrawal
VipWayZone doesn’t have terms and conditions published on their website, so we didn’t find out much about the withdrawal conditions and fees. The minimum withdrawal is $250, which is the industry average. There are several deposit methods available: bank wire and credit cards. There are no special local methods for South Africa. We hope that this broker will add terms and conditions soon because it is hard to recommend a broker that doesn’t have them.
Is VipWayZone a Scam?
We can’t be 100% sure and say this broker is a scam, but there are some things we don’t like about it. For example, adding terms and conditions would increase their business transparency. For now, we rather recommend trading with regulated brokers like IQ Option, a regulated broker with a free demo.
South Africa newsletter
Signup for the newsletter and keep updated
about the best brokers and auto trading robots.
about the best brokers and auto trading robots.