Excel VBA code cannot protected directly. You have to extract important code parts from VBA and place the code into a DLL. Then you protect the DLL with Licence Protector. The DLL can be written with any compiler. If you would directly address the Licence Protector DLL, a hacker could remove the DLL commands in the VBA Code.

 

If this is approach not possible or you want to protect formula, you can use All-In-One Protector (www.AllInOne-Protector.com), which does not require any development work. Click here for details