Five reasons why VIPortal must take blame for giving Kenyans the wrong view on forex - forex currency trading demo

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

Have courage to open a live forex trading account

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How to trade the weekly and monthly forex charts - best forex trading demo

How to trade the weekly and monthly forex charts ~ best forex trading demo

Selling on the weekly chart is one of the easiest ways to make money trading forex. Markets are always ranging, and when the range is broken it pays well to maintain a sell limit order at the broken support. This is because whenever the price breaks a range it must always retest the previous support before moving further down. The trick is to maintain a pending order on the previous support level.

The disadvantage with this trading strategy is the lack of a clear place to maintain the stop out level. But as long as you draw the mental line and decide that you are comfortable with losing a particular dollar amount, it will work out well for you.

The strategy almost never fails when selling but has a mixed bag of fruits whenever you seek to buy when the resistance level has been broken passed the range.

Do also note that this strategy works well on the weekly and monthly charts. This strategy also offers an early sell or buy signal on the daily chart close.

Try it out in your demo or real account and see the results.

This is how the weekly XAGUSD looked after the breakout. We maintained a sell limit order at point A after the close of the breakout candle on the weekly chart.

This is what happened after a few weeks and it definitely provided a nice return for those who waited for the previous support to be tested.

Note that on the daily chart this strategy gave us an early sell entry through a set up that most newbies must have probably used to go long instead of going short.
Do not lose your initial trading capital. Call us today on 0725 050 419 for the best forex trading orientation.

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. 

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Call us today on 0725 050 419 for the best forex trading orientation.

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Was VIPortal a pyramid Scheme - binary forex trading demo

Was VIPortal a pyramid Scheme ~ binary forex trading demo

Public opinion is now leaning to the view that VIPortal was just another pyramid scheme and that those who invested with the alleged forexbrokerage entity should get the tag of hardcore ignorants. Read and be the judge.

A Kiambu couple defrauded thousands of investors by promising to double their cash deposits only to later disappear and close shop after collecting more than Sh1 billion, witness statements filed in court by victims of the suspected con game show.

Alfred Wangai Mundia and Mercy Nkatha Kirimi, the owners of online forex trading firm VIP Portal, allegedly told clients that they would use their capital to trade stocks in internationally listed companies but fell back on the promise as soon as the money had been deposited into their account.

Some 122 investors have lodged a class action suit against the forex trader seeking compensation for their money, which they claim has not matured one year after deposit, despite a guarantee that they would receive dividends on their cash within a month.

The petitioners claim to have paid a total of Sh77 million to VIP Portal, but police records say the suspected fraudsters at one time had more than Sh1 billion deposits in the account.

The alleged fraud scheme first came to public limelight last year when accounts of VIP Portal at Family and Barclays Bank were frozen through a court order sought by the police.

The victims want the court to order the couple to refund their cash and pay them general damages for the broken promise, and punitive damages for breaching the contract they entered into with the forex trader.

“I deposited money with the defendant expecting payment of my initial investment sum plus interest. This, however, was not to be as the defendant refused to pay what it owes to me, being Sh5.5 million.

“The defendant’s actions have been done with the intention of defrauding and swindling me of my hard-earned money and in addition are an express breach of the service agreement between us,” George Mungai Nyanjui, one of the petitioners, says in court papers seen by the Business Daily.

The promise of getting one’s investment plus returns of up to 80 per cent in just 25 working days with the premium option easily lured several investors looking to get rich quick.

Investors could also go for the platinum option, which would see their investment grow by 60 per cent in 29 working days.

Samuel Njoroge, another investor, claims that VIP Portal had agreed to absorb any losses that would arise after trading using his cash. This was to give relief to investors who were afraid of losing their money, and was key in attracting more clients to try their hand in the business.

“Further terms were that in case any losses were made, it would be absorbed by VIP Portal and not passed on to the investors. Pursuant to this, the members deposited money with VIP Portal expecting payment of their initial investment sum plus interest,” Mr Njoroge says.

The class action suit comes as Mr Mundia and Ms Kirimi are facing criminal charges in the Kiambu Chief Magistrate’s court for defrauding the public and running a forex trading business without a licence from the Central Bank of Kenya.

The matter attracted the attention of the Law Society of Kenya, which piled pressure on the police to investigate the firm.

The couple was charged in June after police officers from the Banking Fraud Investigation Unit concluded that VIP Portal appeared to be a pyramid scheme and was running a forex trading company without a licence.

Mr Wangai has, however, argued that the firm is listed as an international business company in Saint Vincent and the Grenadines, and that it has never engaged in any illegal business.

Victims of the suspected con game moved to court after they learnt of a suit in which VIP Portal is fighting to unblock its accounts held at Family Bank. Walter Rotich, who lost Sh3.6 million, claims that VIP Portal is attracting new investors, whose money is being wired to offshore accounts.

“Despite having its accounts frozen, the defendant company has continued to receive money from innocent members of the public who now wire money to their offshore account in Poland,” he said.

Justice David Onyancha had in October paused the proceedings of VIP Portal’s suit against Family Bank to allow the criminal trial to proceed.

He, however, directed that the suit continue on December 19 after the criminal trial failed to start and was pushed to March, 2015.

Mr Mundia and Ms Kirimi are the firm’s directors alongside a man identified as Colin Mundia, who has gone missing since the start of investigations. Police suspect he fled to avoid being arrested.

The Central Bank of Kenya had written to the police in March saying that VIP Portal was not licensed to operate as a forex trading firm, which led to the couple’s arrest and arraignment.

At the time the forex trader’s accounts were frozen in May, the firm had handled over Sh1.08 billion, most of which had been withdrawn by Mr Mundia and Ms Kirimi. The account had a balance of Sh174 million prior to the freeze.

“Between October 2013 and May 2014, the VIP Portal bank accountwith Family Bank had received a total of Sh1.08 billion from the public as deposits. The action against Mr Mundia and Ms Kirimi was taken to prevent a major pyramid scheme,” police said in a letter to Law Society of Kenya.

The 122 petitioners claim that they have visited the forex trader’s head office in Limuru several times but have been denied information regarding whether they will be paid.

“The petitioners have on several occasions gone to VIP Portal’s registered office to demand payment of their money only to be met with hostility and denied information as to when they will be paid,” added Nellie Wairimu,” who is representing the 122 investors.

The petitioners hold that despite serving VIP Portal with demand letters, the forex trader has refused to pay them their dues.
Do not lose your initial trading capital. Call us today on 0725 050 419 for the best forex trading orientation.
Source: Business Daily
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. 

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Reasons why every kenyan forex trader must demo trade before going live - free demo forex trading account india

Reasons why every kenyan forex trader must demo trade before going live ~ free demo forex trading account india

After reading the whole of this article it is my hope that you will get a forex trading practice account  . You could access any of them by clicking on the underlined links. 
 I do not know how you learnt how to ride a bicycle or how to swim but I can certainly bet my neck that it was not by reading some how to book or manual. You took the bicycle and fell to the ground a couple of times until you at last learnt how to ride. You threw yourself into the pool until you understood or mastered what a back stroke or butterfly move implies. You learnt by doing.

Now of course you did not throw yourself into the deeper end of the pool on your first swimming lesson. You could have ended up dead. Demo trading is like your first swimming lesson- from that moment when you dived into the shallow end of the pool. Those that begin trading live without testing their skills on a demo account can be compared to a person that dives into the deep end of the pool on their first swimming lesson. Live trading without demo trading is either a manifest of ignorance or too much adrenaline rush that creates false confidence. And whereas there is a possibility that a first time swimmer could be saved by the presence of a life saver, the forex sphere has no life saver and you are in it alone.

Similarly, you probably trained how to ride a bicycle on a three cycle. The bonus wheel was there as a safeguard- to prevent you from constant fall and injury. Okay, you may brag that for you the training was with a real bicycle, but I’m certain that you did not learn how to ride that bicycle on a superhighway. You probably secluded your rides to some walkway or path rarely frequented by cars. That is the case with demo trading. It provides you with safeguards just like the three wheeled bicycle. The safeguard is the virtual money in your trading account. Its loss does not make you starve or broke yet the more you gain of the virtual money the more your confidence grows.

Be it learning how to swim or ride a bicycle, you did not become good at it in a day or two. You put in countless hours until you neared perfection. Perfection cannot be achieved in totality, that’s why there exists such a phrase like “room for improvement”. You had a goal and a singularity of purpose and after weeks of training when you could finally ride safely on a superhighway or dive into the deep end of the pool without the help of the life saver, you rejoiced. Learning how to trade forex involves a similar path- get into the habit of practicing with a demo account until that moment when you feel that you can now trade with real money.

If you are not good with a demo account do not deceive yourself into believing that you will fair well when handling real money. You will have yourself to blame if within a week or two you are back to refunding your account. That is one of the most annoying things for any forex trader. Go ahead and apply for a demo account. It is the best way to learn how to trade the markets.

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. 

Call us today on 0725 050 419 for the best forex trading orientation.

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Is VIPortal blacklisting its clients from its official facebook page - forex demo trading competition 2013

Is VIPortal blacklisting its clients from its official facebook page ~ forex demo trading competition 2013

The situation at VIPortal Incorporated seems to be getting fluid by the day. It is now emerging that any client who posts on their facebook page asking when they are getting paid is blacklisted from the page right away. The following post was left on VIPortal’s facebook page by a man who this blogger can only conclude was frustrated not as a result of losing his money, but out of failure by VIPortal to communicate with them when it matters most. Shujaa Karanja Muchai’s parting short to VIPortal can be summed up as follows; WE MADE YOU! Read the post below and be the judge.

Communication is very important. Partners in a venture discuss problems and seek solutions together a policy not within your institution. We have come there to offer solutions not once but it falls on deaf ears. Viportal is getting better, yet we have not been promptly paid of late as it was before. People like us who had trust with you right from the word go have become suspicious of the current trend. We read from unreliable links online that the problem is the government. If true, why not call investors and seek solutions together? Information is power, and the route that this situation is taking might and for sure will impact negatively very soon. A few months ago we were friends. When explaining to us we laughed. Some of us have turned foe and have been blacklisted, well that is fine. What would you expect of a person who waits for their money in vain with no concrete information? Why hide a cancer from a person who really was a friend? Pride comes before a fall. We have been in government and anything can happen, don’t be over confident. How much would it cost to call an investors meeting in bunches and explain the hitches. Viportal is suffering from a very small problem, lack of professionalism and insincerity. If truly the problem is the government, call us and we shall give you a solution that will not last three weeks. That I tol
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