Virpoint. Any experiences?
Discussion
My mum has 'found' Virpoint, and has started investing with them. I was wondering if anyone had any experience of them. She has invested £250 so far, and says it's now worth £295, in four days. I don't know what she has invested in, and whether they have different options. I don't know anything about them!
Harpoon said:
Your Mum is trading CFDs? What's her attitude to risk? 20 out of 10?
Thanks for your reply.Virpoint said:
RISK WARNING: Contracts for Difference (CFDs) are complex financial instruments that carry a high risk of losing money rapidly due to leverage
She knows nothing about whatever CFDs are, and neither do I. I have no idea what risk level it is but she's 'made' a good percentage in a short time, which is what she sees.
https://www.reuters.com said:
About VirPoint
Founded in 2020, VirPoint is a UK-based CFD trading platform offering access to multiple asset classes, including equities, forex, commodities, indices, and digital assets. The company integrates AI-driven trading technology with expert human insight, providing clients with a balance of innovation, security, and personalized support.
VirPoint operates under Finstar Technologies LTD, a privately held company incorporated in the Marshall Islands
Can you lend her a bargepole?Founded in 2020, VirPoint is a UK-based CFD trading platform offering access to multiple asset classes, including equities, forex, commodities, indices, and digital assets. The company integrates AI-driven trading technology with expert human insight, providing clients with a balance of innovation, security, and personalized support.
VirPoint operates under Finstar Technologies LTD, a privately held company incorporated in the Marshall Islands
link
maccboy said:
Thanks for your reply.
She knows nothing about whatever CFDs are, and neither do I. I have no idea what risk level it is but she's 'made' a good percentage in a short time, which is what she sees.
Seriously, take the profit and run ASAP. She might "only" have £250 invested so far but leverage means she could lose way more than that.She knows nothing about whatever CFDs are, and neither do I. I have no idea what risk level it is but she's 'made' a good percentage in a short time, which is what she sees.
To borrow an article from Trading 212
https://helpcentre.trading212.com/hc/en-us/article...
T212 said:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
maccboy said:
My mum has 'found' Virpoint, and has started investing with them. I was wondering if anyone had any experience of them. She has invested £250 so far, and says it's now worth £295, in four days. I don't know what she has invested in, and whether they have different options. I don't know anything about them!
It's worrying that people can get sucked into this kind of stuff just as they would play online bingo. The reach of the internet + social media is infinite and a lot of people could lose a lot of money.If I were her I'd check out now with my £45 winnings. Being cynical I'd suggest they arrange for a quick win to trick you into investing more.
Mazinbrum said:
flight147z said:
With CFD trading can't you end up owing more than you initially "invested", unlike stocks where the worst outcome is that you lose everything...
Not if you're a retail client.Wouldn't be doing it in the OPs position though
Mazinbrum said:
flight147z said:
With CFD trading can't you end up owing more than you initially "invested", unlike stocks where the worst outcome is that you lose everything...
Not if you're a retail client.Worth a read: https://www.fca.org.uk/news/press-releases/fca-war...
butchstewie said:
How the hell does the average mum find themselves doing that? 
That isn't like to come up on any "how do I save or invest a few quid" Googles.
Run don't walk IMO.
I have tried explaining to my mum about Vanguard and investing in Life Strategy or S&P500 funds and she thinks that is way too risky.That isn't like to come up on any "how do I save or invest a few quid" Googles.
Run don't walk IMO.
I would fall over backwards if she told me she had invested in CFDs
maccboy said:
Update! She has asked for her money back and for her account to be closed. Today she received all £295 into her account. Do you think she should have another go.....?!!
Good news!She could invest the £45 gain.. so if it disappears she still has the original £250. But you can't keep opening and closing accounts...
maccboy said:
Harpoon said:
Your Mum is trading CFDs? What's her attitude to risk? 20 out of 10?
Thanks for your reply.Virpoint said:
RISK WARNING: Contracts for Difference (CFDs) are complex financial instruments that carry a high risk of losing money rapidly due to leverage
She knows nothing about whatever CFDs are, and neither do I. I have no idea what risk level it is but she's 'made' a good percentage in a short time, which is what she sees.
Thank goodness you described only a few hundred Pounds.
You have reminded me of some very wise words, from a man who is considered to be the most successful investor, Mr Warren Buffett, so well worth listening to.
"I only invest in things that I understand".
I have always followed that rule, but with the occasional exception (HSBC), which in the event of failure would not hurt too disastrously, but for me that does introduce greater unknown risk. Banking has become so hugely complex, I doubt any of the employees at any level, understand every aspect. At the present time they are making excellent profits and during the pandemic were one of few banks that did not need outside financial assistance. Hopefully that continues, but who knows?
An example entering the unknown, but importantly being aware of the risk.
Gassing Station | Finance | Top of Page | What's New | My Stuff