Varna Trade is a CFD (Contract for Difference) broker registered on its official website on October 17, 2023. It primarily offers CFD trading services in forex, stocks, indices, commodities, energy, and precious metals to investors. The company's headquarters are undisclosed. The broker's website is available in multiple languages, including English, Traditional Chinese, Simplified Chinese, Japanese, German, French, Arabic, Korean, Thai, Russian, and more. However, it does not provide services to jurisdictions where it may violate local laws and regulations.
Company Background and Regulatory Status:
According to publicly available information on its website, Varna Trade claims to be headquartered in Tulsa, Oklahoma. It provides retail and commercial banking services in the Midwestern and Southwestern United States and is among the top 50 financial services companies in the United States, being the largest in the state of Oklahoma. The company asserts that, in recent years, it has raised over $3 billion in funds by supporting various significant projects, currently managing over $4 billion in assets for government and corporate entities. The broker's website indicates that it is regulated by the National Futures Association (NFA) and the Financial Crimes Enforcement Network (FinCEN) with NFA ID 0559712 and MSB ID 31000257135387.
Upon verification, it is found that Varna Trade is only a non-member of the NFA and is not regulated by the NFA. Additionally, FinCEN's mission is to protect the financial system from illegal use, combat money laundering, terrorism, and promote national security through strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence. However, it does not regulate financial derivatives trading. Varna Trade's website design closely resembles that of several other brokers, including Kaerm IM, RH Trade, HCapitalForex, Arlington Asset Investment Corp Ltd, Huigu Limited, suggesting that these broker websites may be mass-produced using the same template to confuse investors, as registered with FinCEN and NFA.
Furthermore, as of November 14, 2023, the broker's website has been registered for less than a month.
Account Opening:
To open an account with Varna Trade, users need to click "Register" on the broker's website to access its proprietary trading platform. Clicking "Register" again in the upper right corner of the trading platform allows users to create an account. During registration, users need to provide their name, personal email, phone number, verification code, and set a login password. The broker sends a verification code via email, and after submission, users can log in. Real-name authentication is required before deposits and withdrawals can be made and trading conducted.
Account Types:
Varna Trade's website does not mention specific information about trading accounts. In the frequently asked questions section on its website, the broker claims to offer spreads as low as 1 pip and leverage ranging from 1:100 to 1:500. However, detailed information on minimum deposit amounts, trading commissions, additional levels, stop-loss levels, minimum trade volumes, and other trading details is not clearly disclosed.
Trading Platform:
Varna Trade only provides a proprietary web-based trading platform to users. This platform's rules are highly opaque, and users may experience price manipulation and slippage, along with high trading fees.
Deposits and Withdrawals:
The broker's website does not disclose specific details about deposit and withdrawal methods.
Customer Support:
Varna Trade only supports customer inquiries through the email address support@varnatradefx.com, providing a limited means of contact.
Summary:
Traderknows advises investors that Varna Trade's corporate entity registration information is unclear. The broker's claimed regulatory registrations seem to be intended to mislead uninformed investors. The broker itself is not regulated by any official financial regulatory authorities in jurisdictions, and the lack of clear account information on its website, the requirement for an invitation code for account registration, the use of a proprietary trading platform, and the limited contact information all suggest that the website may be associated with fraudulent activities.
Traderknows recommends that traders stay away from this platform when choosing a trading platform to avoid unnecessary financial losses. Additionally, the broker's website, along with VLC Trade LLC, OBV Trade MT5, SXHJAS GLOBAL LIMITED, ASEX CAPITAL GROUP LIMITED, KFCP GLOBAL LIMITED, Cberry Wt, Kaerm IM, RH Trade, HCapitalForex, Arlington Asset Investment, Huigu Limited, and others, is designed using the same template, indicating a potential connection.
As of now, the broker has been marked as a "boiler room" on Traderknows.
