Here’s more info including registration details about VCG, the only registered foreign-based broker in Zim

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