Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex ~ forex currency trading demo
It seems that our analysis on VIPortal incorporated, a Kenyan forex entity, is not going away any day soon. Let it be known that we have nothing against VIPortal. We only think that we owe it to the unsuspecting public which has a right to know, online forex being an unfamiliar terrain to many Kenyans. Online forex trading is considered as such because of the
limited interaction between the forex trader and the market maker, who is basically the forex broker. Try and fix VIPortal into this scenario and you will be left wondering whether VIPortal is trying to redefine the meaning of online
forex trading or whether what they are attempting to do is what forex brokers should actually be doing. It cannot skip our minds that VIPortalhas also branded itself as an ECN provider. We will not delve into that discussion today. Let it be the subject of another occasion. Today we only aspire to show how VIPortal Incorporated has misled the Kenyan public interested in the trading of forex on what online forex trading actually entails?
1. Forex brokers are market makers
Being a market maker simply means that you provide an avenue through which forex traders will buy or sell any currencies, metals or any other commodities. In a sense you have to be trading against the client so that when the client buys it implies that you have sold. So far VIPortal has not shown that it has been a market maker to over 8,000 of its clients. When most these clients first opened accounts with VIPortal, the entity had no Meta trader 4, which it has recently acquired. Yet majority of Kenyans I have interacted with on matters forex now believe that what VIPortal has been doing is what the typical forex broker does. That is, taking money from the client and trading on their behalf. That belief is wrong. The best a forex broker can do is to assign a trader to an account manager who guides the trader on when and how to trade on any platform registered in the full names of the trader. I highly doubt if any of VIPortal’s clients can see the results taken on their behalf for the past few months through the Meta trader platform.
2. Forex brokers have different payment options
VIportal seems to be the de facto neteller ambassador in Kenya. Neteller is a money transfer system that allows transfer between merchants and individuals. You could compare it to Lipa na Mpesa. We wonder whether during the signing of trading contracts clients were notified that they could only be able to withdraw their money through Neteller accounts. If VIportal is on some affiliate program with Neteller one can only try and guess how much money they have made from each of their clients that opened a Neteller account to get their money back. The Kenyan public should know that forex brokers provide various ways of cash deposit and withdrawal depending on what is convenient to the trader. Some of those ways include depositing or withdrawing by wire transfer, debit card, credit card, skrill or moneybookers, Paypal and many other ways. If VIportal is on an affiliate program with Neteller their clients must be let know under the principle of full disclosure. But as matters currently stand, all its clientele believes that Neteller is the only way to get their money back.
3. Hedge funds are the only certified entities that trade for individuals and organizations
VIPortal is not a hedgefund and as such should not be taking money from its clients and trading on their behalf. It claims that its staff constitutes traders rated from three stars to five stars. Were the clients provided with the trade records of all of VIPortals traders so as to ascertain whether they were capable of bringing profitable returns to the trader’s accounts? I doubt. Probably no client asked to be furnished with such information; not because they lacked the guts to inquire but because they do not know that before anybody handles your trading account you need to see a certified document showing all the trades they have taken for a given period of time in a real trading account. Hedgefunds generally trade for others because as the name suggests they hedge their positions so that the loss they make in one trade is covered by the profits in another trade taken at the same time.
4. Studying how to trade forex online should not be that expensive
Forex trading is not an elitist profession. It is the only sphere where even college dropouts can do much better than those with master’s degrees. And just if you did not know, you do not need a university degree to trade forex online. Of course VIPortal has in no way made forex seem like a science, but it has been charging abnormal amounts to those who would want to learn how to trade forex. In a previous article we attempted to answer the question whether forex trading can betaught. VIPortal’s high fees could be as a result of enjoying a monopoly due to their permanent presence unlike most self declared Kenyan forex tutors without addresses who disappear soon after getting hold of your money. What any Kenyan aspiring to learn how to trade forex should know is that there are many online forex tutors that charge far less to train anyone on how to learn to trade forex online. And you will be surprised to discover that most of what you will be taught after paying over Kshs. 100,000 for an advanced course at VIPortal is actually available for free in an online forex forum. They probably copied the course from one of those forums.
5. Forex trading is not all about prayers
I am not discouraging anyone from sticking to their pious lives, but what you should know is that as a trader the market cares less about your background. Forex trading is not a sphere where you sow a seed (panda mbegu), and have profits henceforth. Bad trades in this sphere are not rebuked through biblical versus- it is a centre of realism. You are either profitable or a loser. Most of VIPortal’s reply to those with questions concerning its activities has been bible based. Visit their facebook page and you will discover that any concern raised is often rebuked through some verse from the New Testament. Forex is a murky world and most of those learning to trade under the tutorship of VIPortal will be devoured by this world when they open live accounts. My only hope is that they have not been insisting on the power of prayers to any of their students when it comes to the trading of forex. For forex trading is all about eating your just desserts.
It is our hope that you now know what it means to be an online forex broker. You also now understand that you can actually ask to be paid back your investment through any means other than Neteller as long as your contract did not spell out the means of getting your money back. You can get more information on forex trading from the article titled ten things you did not know about online forex trading in Kenya or from any of the articles listed below. You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
Read: How Profit Venture Limited is stealing from Kenyan forex traders
Call us today on 0725 050 419 for the best forex trading orientation.Related articles:-Why are many Kenyans failing in the online forex business
Is online forex trading illegal in Kenya
How VIPortal got it wrong
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There is another type of limit order that closes a transaction, and, often, it is listed simply as a limit order by the trading platform, but this is an order to close a transaction that has already been initiated. If the initial transaction was a buy, then the closing limit order will be a sell, and vice versa. It is not necessary to specify whether to buy or sell, since this will be determined by the initial transaction. It is only necessary to specify the price. 
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