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Here is more information, including registration details, about VCG, the only overseas registered broker on Zim.

We recently talked about VCG Markets and today we have more details about this new broker. In this article we will delve into the information and also explain the registration process.

Registration requirements

To register, you will need to provide a color copy of your national ID card, front and back, as well as proof of residence.

As proof of residency, VCG will accept utility bills in your name; An affidavit is required if it is not in your name. If you are employed, your company may write you an employment confirmation letter that clearly states where you reside. The usual.

You can submit this information through a website or visit their branch at 187 Baines Avenue (corner 9th St/Baines).

Deposits and withdrawals

Once you have an account, you can deposit a minimum of $50 into your account and then you’ll be off to the races.

About that, we talked about CBZ being the custodian; However, fortunately, it is not necessary to have a CBZ account to deposit or withdraw. You can deposit using Visa/Mastercard transfers or even old transfers from any FCA bank account you have.

VCG is working on the EcoCash/InnBucks integration and while they can’t promise it, they believe those options will be available in a few weeks.

They say the deposits will reflect on your dashboard 3 hours after making a transfer. When the time comes for retirement, it will take 2 business days so that the funds are reflected in your account.

For the foreseeable future, VCG will not receive commissions. The only costs you will incur are bank charges when making the withdrawal.

You will not pay taxes on these transactions, meaning the government will not tax you directly. You will pay taxes in the usual way, meaning when you file your tax returns you will declare everything you need to declare.

Trade

VCG Markets does not have mobile applications at the moment, you will have to use your browser. When it comes to trading platforms, they use Metatrader 5 (MT5), which has apps for iOS and Android.

You will be able to exchange various assets, see the image below:

We talked about this last time and to confirm, you will be trading CFDs and not stocks, commodities or other real assets.

Therefore, if you buy the Apple stock highlighted in the image, you will not become a shareholder. The only thing you would have done is speculate on the stock price movement. That is, even if you hold your position for a long time, you will not receive any dividend if one is declared.

Record

If the above sounds good to you, you can register at this link.

There you will be able to create an account, fill in your details and then upload your documents. VCG will then verify it and set you up with an MT5 account number.

Then you will have to download MT5, search for VCG, select it and your trading career will begin.

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