Philippine Client Reports Undelivered Withdrawal from Ventezo and Unauthorized Access to Account by Country Manager

Forex and CFDs broker Ventezo boasts about its trading advantages with perfect conditions for profitable trading and prides itself on its wide range of trading instruments, innovative trading platforms, maximum liquidity, and round-the-clock support, while the reality seems to run counter to these claims.

Two complaints from a Ventezo client reveal disturbing signs that Ventezo may operate as a scam.

Client: “Illegal Access and Unauthorized Withdrawal of Funds by Ventezo Country Manager”

A trader from the Philippines alleged in his complaint that Ventezo’s Country Manager in the Philippines accessed his trading account without his permission and made an unauthorized withdrawal of $851.38. He became aware of this on December 6, 2023, when he received an email stating that a withdrawal had been completed. As a result, he immediately logged into his account and confirmed through online support that a local representative had made the transaction.

According to the trader, his brother-in-law's trading account was also undermined when he received a similar e-mail from Ventezo regarding a completed withdrawal request that he had not initiated.

The Ventezo client sought resolution by directly contacting the company’s Owner/CEO “Mr. IVAN NOVOSELOV” via WhatsApp messenger. However, no response was received.

Client further reports undelivered withdrawal from Ventezo

The trader’s mother, a Ventezo client as well, has been facing non-release of her withdrawn funds. Despite receiving an official email confirmation from Ventezo that the withdrawal request had been completed and confirmation of the funds' transfer from chat support, the funds haven't been credited to the bank account.

They have repeatedly pursued the matter without receiving any effective response and these issues have remained unresolved.

The Ventezo client considers the company’s misconduct as serious fraudulent behavior that compromised the integrity of operations and breached client trust. He also mentioned that concerns have been raised about the transparency of Ventezo's operations in the Philippines. So, is Ventezo authorized to operate as a financial services company? We conduct a full review of its regulatory status.

Is Ventezo Regulated?

Based on the website information, Ventezo is a trade name of Ventezo Limited, a company registered with the Financial Services Authority of Saint Vincent and the Grenadines (SVG FSA) under number 22938 IBC. Despite this, the SVG FSA neither regulates forex trading brokerage activities nor issues such licenses.

The broker also claims that Ventezo Limited is registered under the National Futures Association (NFA) under ID: 0563580. However, the search in the NFA database yields no results. There is no doubt that the company misrepresented its regulatory information. 

In light of the client's concern about Ventezo's business legitimacy in the Philippines, an investigation is needed. First, Ventezo Limited is not registered with the Securities and Exchange Commission of the Philippines, the government agency supervising capital market institutions and participants in the Philippines. Second, the Philippines SEC clearly noted in the latest ADVISORY on forex trading issued in 2018 that foreign exchange trading is illegal in the Philippines.

Therefore, Ventezo is an unregulated broker. 

BrokersView Reminds You

Ventezo has faced client allegations of committing fraud, and the fact that it is operating as an unregulated broker to offer forex and CFDs trading services in different jurisdictions has raised red flags. This poses huge risks to traders and investors, BrokersView recommends extreme vigilance against the unauthorized broker.