We recently discussed VCG Markets, and today we have more details about this new broker. In this piece, we will delve into the information and also explain the registration process.
Registration requirements
For one to register, they will need to provide a colour copy of their national ID, front and back, and also proof of residence.
For the proof of residence, VCG will accept utility bills in your name, an affidavit is required if not in your name. If you’re employed, your company could write a confirmation of employment letter for you which clearly states where you reside. The usual stuff.
You can submit this information via a website or you could visit their branch at 187 Baines Avenue (corner 9th St/Baines).
Deposits and withdrawal
Once you have an account you can deposit a minimum of $50 into your account and then you’re off to the races.
On that, we talked about CBZ being the custodian however, fortunately, you don’t need to have a CBZ account to deposit or withdraw. You can deposit via Visa/Mastercard transfers or even plain old transfers from whatever FCA bank account you have.
VCG is working on EcoCash/InnBucks integration and whilst they can’t promise, they believe those options will be live in a few weeks.
They say deposits will reflect on your dashboard 3 hours after you effect a transfer. Come withdrawal time, it will take 2 business days for the funds to reflect in your account.
For the foreseeable future, VCG will not be taking any commissions. The only costs you will incur are bank charges when withdrawing.
You will not be paying taxes on these transactions i.e. the government won’t be taxing you directly. You will pay tax the normal way i.e. when you submit your tax returns, you declare whatever you need to declare.
Trading
VCG Markets does not have mobile apps at the moment, you will have to use your browser. When it comes to trading platforms, they use Metatrader 5 (MT5) which has iOS and Android apps.
You will be able to trade in several assets, check out the image below:
We touched on this last time and to confirm, you will be trading CFDs and not the actual shares, commodities or other assets.
So, should you buy the Apple shares highlighted in the image, you won’t become a shareholder. All you would have done is speculate on the price movement of the shares. Meaning even if you hold your position for a long time, you won’t be getting any dividend should one be declared.
Registration
If the above sounds good to you, you can register at this link.
There you can create an account, fill in your details and then upload your documents. VCG will then verify you and set you up with an MT5 account number.
You will then have to download MT5, search for VCG, select it and your trading career commences.
Also read:
- You can now easily and legally trade in foreign company shares, crypto, precious metals etc in Zim
- Online forex traders, there’s a new broker with Zim-specific solutions in the market now
- ZSE & SECZ want more retail investors – Stockbrokers will have to improve their online presence for that to happen
4 comments
That’s great.hope the spreads and commissions are reasonable and no much manipulation on trades.is this broker regulated internationaly or just a bucket shop which can just find excuses to not honor withdrawals when they feel like.Also on issue of withdrawals and taxes how do we go about as individuals in declaring the tax and withdrawing freely and not being overly taxed when not being profitable or very profitable
I’ll definitely try it out
Well it sounds great to have a broker in Zimbabwe 🇿🇼. We as traders we will try it out and check the spreads. The only thing i am worried about is the time the money will reflect on my after depositing, 3 hours is not a joke that is a little bit weird. They should try to fix that ifd they are serious enough.
3 hours for deposits and 2 days for withdrawals is a bit too much for me. If they want to attract customers they have to do better ,they should atleast have instant deposits…
We are used to brokers like Exness and Deriv who execute instant deposits and withdrawals…