Virtu Financial is an established forex broker company in Finland.
Finding a reputable Virtu Financial review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.
Below is an in-depth review of Virtu Financial to help you make an informed decision before opening your account or trading on their platform.
They are an institutional-grade Forex broker and certified ECN broker providing direct interbank market access to Forex traders on the MetaTrader4 platform.
Although the broker is not regulated, they have received some awards.
Virtu Financial was founded in 2005 and headquarters in Helsinki, Finland. The company uses to trade under the name Knight Capital before it became Virtu Financial.
The broker offers low Interbank ECN spreads, Direct Interbank Markets Access, Straight Through Order Processing (STP), ultra-fast Institutional execution, no requotes, and no order rejections.
The website was not available when writing this review and it is not clear whether the company is still operating or if it has closed.
Awards and Recognition
In the world of forex broker companies, it counts much for the company’s reputation if it has been honored with awards from esteemed organizations or publications.
Virtu Financial has received some positive ratings in personal online reviews and sources state that it has received multiple awards at the esteemed Shanghai Forex Expo in Asia.
It received the Best Security of Clients Funds Awards in 2014 and for The Best Forex execution from TheForexAwards.com
Virtu Financial Accounts
A forex account is a trading account held by a trader with a company like Virtu Financial, that is issued with the primary purpose of trading through its platforms. The number and type of accounts that a trader can open with a broker company usually differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.
Types of Accounts and Their Features
Virtu Financial offers traders a demo account in the form of a 30-day MetaTrader4 practice account which is an exact mirror of the live trading environment.
It showcases the same cutting-edge direct interbank market spreads and execution their live traders enjoy. It has a balance of virtual money that sport real-time prices and trading conditions.
The following live account types can be opened:
- Individual Account
- Joint Account
- Corporate Account
- Super Trust Account
Virtu Financial also gives traders of the Muslim faith the option of opening a Swap-free account as it implies no swap or rollover interest on overnight positions, which is against the Islamic faith. Traders can open a Swap-free account on any of the account types offered.
All accounts with Virtu Financial require a minimum deposit of $ 500. They can trade at leverage up to 1:500 and have spreads starting at 0.1 pips. All the accounts can trade in 54 different currencies and metals.
The process to open an account can be started from links on the company homepage. The process is started with the completion of an online registration form.
Traders will be required to go through a basic “know your customer” process where they will be required to forward documentation to verify identity and your residential address.
As soon as Virtu Financial has ascertained that your submitted details are correct you will be informed that you have been accepted.
Customers can then proceed to fund the preferred account and start trading.
It is not clear in what currencies accounts can be opened but it would most probably be the most common ones including USD, EUR, CHF, GBP, AUD, and JPY, and using several payment methods.
Deposits and Withdrawals
Virtu Financial requires a $ 500 minimum deposit in all its account types. Funds can be deposited into Virtu Financial accounts via:
- Credit cards
- Debit cards
- Bank wire transfer
- Union Pay
Bank wire transfers take up to three days to clear where credit and debit cards are processed overnight.
To make a withdrawal, clients are requested to fill out an online withdrawal form. Virtu Financial states that this is usually processed within one working day of receipt.
Cost and Fees, Commissions and Spreads
The cost of trading depends on different factors like commissions, spreads, and margins.
The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.
The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.
Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.
Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.
While contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, it’s trading on shares will incur commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.
Virtu Financial offers tight spreads starting at 0.1 pips. According to sources there are no hidden costs or fees for setting up an account. The broker does not charge any deposit or withdrawal fees no commission.
Virtu Financial allows maximum leverage of 1:400.
The amount of leverage is expressed as a ratio, for instance, 50:1, 200:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 200 000 USD/JPY, that leverage will equate to 200:1.
Leveraged product trading magnifies a trader’s potential profit – but of course, also increases the potential loss. This facility enables traders to get a larger exposure to the market than the amount they deposited to open a trade.
Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.
The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.
Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.
The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.
There is no indication on the internet whether Virtu Financial offers any bonuses to its clients.
Trading Platforms, Software, and its Features
The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.
Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.
Virtu Financial provides the globally renowned MetaTrader4 and MetaTrader5 as the trading platforms of choice.
MetaTrader4 has been the platform chosen by several traders since its inception. It is the most popular and preferred platform due to being user-friendly, intuitive, and customizable, with charting tools and news, analysis reports, and financial calendars.
MetaTrader5 is the updated version of MT4 and was released by MetaQuotes. It offers a totally new and improved trading platform with a mass of new features comprising one-click trade execution.
It also includes Expert Advisors (EAs), MQL5 Wizard for easy creation of EAs, Buy Stop Limit and Sell Stop Limit, 21 timeframes, 38 built-in technical indicators, 39 graphical objects, and several MQL5 indicators, among others.
MT4 and MT5 are compatible with desktops, android and iPhone, tablets, and various web browsers. Android
Also, Virtu Financial has developed a custom MetaTrader4 for Mac applications which permits Mac users to benefit from the full suite of features MetaTrader4 offers without the need to install multiple operating systems.
Virtu Financial provides FIX API that allows direct market access to clients familiar with FIX protocol. Clients can benefit from Virtu Financial existing fluidity and super low dormancy combination technology.
The price feed enables clients with exclusive trading systems to enjoy Direct Market Access via FIX protocol.
Both these platforms are typically offered in several languages which include English, French, German, Spanish, Dutch, Portuguese, Arabic, Farsi, Chinese, Japanese, Turkish, Greek, and Russian. It is not indicated which languages are available at Virtu Financial.
Markets, Products, and Instruments
Virtu Financial offers trading in the following instruments:
Most brokers offer all or some of the following market instruments for trading:
Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.
As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.
Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.
This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.
The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.
Safety and Regulation
Before deciding to join a broker and start trading, a potential trader needs to establish whether a broker like Virtu Financial is safe to trade with. One of the surest benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watchdogs over its actions.
Virtu Financial headquarters in Helsinki, Finland but is operated by Knight Capital Markets Ltd in St. Vincent & the Grenadines. It is an unregulated company and client funds are not safe and secure when trading through this broker.
It is not clear whether the client’s funds are kept in segregated accounts or if there is any assurance should the company be liquidated that ensure the client’s funds will not be lost.
There is a high risk when trading with Virtu Financial, even though the broker offers cutting-edge new technology for very popular trading platforms.
Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.
Virtu Financial customer support team can be reached in real-time 24/5 via email and live chat.
Sources report that clients can reach a Virtu Financial representative by telephone at the main office in Helsinki or with toll-free numbers at their offices in the UK, Germany, Hungary, Singapore, Australia, France, Malaysia, Canada, Italy, and New Zealand.
As the website of Virtu Financial was not available it could not be determined what the email address or telephone numbers are.
It is also not clear in what languages the customer services are provided.
Potential traders need to do as much as possible research about speculative trading before commencing to do it and while trading. Trading successfully relies heavily on knowledge and understanding of the markets, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.
Virtu Financial’s website was not available to determine if the broker provides research tools. However, sources do indicate that clients have access to advanced charting packages and technical analysis.
Virtu Financial also provides Expert Advisors, built-in indicators to analyze all market movements, real-time data export, price alerts, and trading signals, charting tools, access to an Economic Calendar, and online market news. Most of these tools are also available on the MT4 and MT5 platforms.
Education and Training
Before starting to trade, potential Virtu Financial clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If Virtu Financial’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.
Virtu Financial does not provide any educational tools to assist beginner traders in forex trading, according to sources.
There are no videos, online tutorials, or ebooks for beginner traders. Although there are sufficient research tools provided, the broker lack in providing training for the novice.
With the website of Virtu Financial not available it poses the question of whether this broker is open or close.
It is not a regulated broker and thus client funds are not secure and safe.
Virtu Financial does offer the use of the MetaTrader4 and MetaTrader5 platforms in several different versions which is a plus.
While Virtu Financial promises to make all efforts to fill a trade at the requested price, trading on-line does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is unfortunately not accessible as the broker’s site is not available.
Virtu Financial warns potential customers that Forex and CFDs trading always carries a high risk and may not be suitable for all investors.
Before deciding to trade with Virtu Financial, potential traders are advised to carefully consider their investment objectives, financial situation, needs, and level of experience before investing money they cannot afford to lose.
Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.
Virtu Financial at a Glance
|Broker’s name||Virtu Financial|
|Regulating authorities||Not regulated|
|Countries not accepted for trade||United States|
|Islamic account (swap-free)||Yes|
|Minimum deposit||$ 500|
|Deposit options||Credit cards, Debit cards, Bank wire transfer, and Union Pay|
|Withdrawal options||Credit cards, Debit cards, Bank wire transfer, and Union Pay|
|Platform(s) provided||MetaTrader4, MetaTrader5, FIX API, MT4 for Mac|
|OS compatibility||Mac, Android, Web, iPhone, Desktop|
|Tradable assets||Commodities, Metals, Oil, Gold, and Indices|
|Languages supported on the website||English|
|Customer support languages||English|
|Customer service hours||24/5|
How many instruments can I trade with Virtu Financial?
You can trade several different instruments with Virtu Financial, which include the following:
Which platforms are supported by Virtu Financial?
Virtu Financial provides the following popular trading platforms:
- FIX API
- MT4 for Mac
Does Virtu Financial offer leverage?
Yes, Virtu Financial offers maximum leverage of 1:400.
What spreads can I expect with Virtu Financial?
Details are not available as the website was not available and the reviews had to rely on other reviews on the internet. Sources state that Virtu Financial offers tight spreads starting at 0.1 pips
Does Virtu Financial charge commission?
It is not clear whether Virtu Financial charges commission as the website was not available to determine this.
Is Virtu Financial regulated?
No, Virtu Financial is not regulated.
Is Virtu Financial a recommended forex trading broker for experts and beginners?
Virtu Financial offers a fair-trading environment for more experienced traders.
What is the overall rating out of 10 for Virtu Financial?
What is the difference between a demo and a live trading account?
A demo account is offered by broker companies and funded with virtual money that enables a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account funded with the customer’s actual money.
Does Virtu Financial offer a demo account?
Yes, it does
Can I convert my demo account to a live trading account with Virtu Financial?
The website was not available to determine whether the demo account could be converted into a live account.
Which live trading accounts does Virtu Financial offer?
- Individual Account
- Joint Account
- Corporate Account
- Super Trust Account
What are the available deposit currencies for a live trading account?
USD, EUR, CHF, GBP, AUD, and JPY
Deposits and Withdrawals
What is the minimum deposit for Virtu Financial?
How do you make a deposit and withdrawal from Virtu Financial?
Virtu Financial offers the following deposit methods:
- Bank wire transfer
- Credit cards
- Debit cards
- Union Pay
The same method that was used to fund an account must usually be used to withdraw money again with Virtu Financial
Does Virtu Financial charge withdrawal fees?
No, but fees from a financial institution may apply
How long does it take to make a withdrawal?
Virtu Financial states that this is usually processed within one working day of receipt. Traders should note however that depending on a specific bank service it may take several days for the money to be available in a client account.