Success in online trading partly depends on a reliable and capable forex broker. However, the challenge lies in determining which broker fits the bill.
Forex trading streets teem with illegitimate forex brokers who promise all manner of high returns. These sleek performers entice you to part with your money, but you end up getting scammed.
Vantage FX is a world-renown forex broker boasting many accolades. But is this an authentic broker? Is it regulated, and are clients able to withdraw funds or close profitable trades? We reveal the truth in this detailed review.
If you have lost your money to Vantage FX, get in touch with us, and we will help you recover your money.
Who is Vantage FX?
Vantage FX is a member of Vantage Global Prime Pty Ltd. Its head office is in Australia. In 2019, the firm celebrated 10 years of excellence as an award-winning global CFD broker. It claims to offer “transparent access to the forex market…exceptional execution speed and award-winning customer service”.
The company gives retail and professional traders access to forex markets, indices, shares, commodities, and cryptocurrencies. Its clients have access to two popular trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Besides, it also offers the ChartIQ platform, myFxtrade (auto trading), and ZuluTrade (social copy trading).
Is Vantage FX Licensed?
Vantage FX is a regulated forex broker. It is licensed by the Australian Securities and Investment Commission (ASIC). It is also regulated by the Cayman Islands Monetary Authority (CIMA).
It is not regulated by the UK’s FCA (Financial Conduct Authority). Traders based in the United States and Canada cannot use Vantage FX services.
Its clients are under the jurisdiction of CIMA, a small-scale regulator overseeing less than 20 brokers.
When it comes to regulated brokers, there are still some that are legitimate and some that aren’t.
The good thing about choosing a legitimate broker is that your money is safe. They honor withdrawal requests, plus they do not manipulate market prices. This is because violating any regulatory rules could lead to the stripping of their regulatory status.
Regulatory authorities also protect investors. They provide reimbursement schemes that refund the client’s investment when the broker suffers bankruptcy.
However, there are also regulated scams that exist in this industry. They seem legit. But on the ground, they keep bending or even breaking the rules. In this Vantage FX review, we’ll clearly show you whether it is a regulated scam broker.
Trading with Vantage FX
Vantage FX accommodates both professional and newbie traders. The minimum deposit amount you require to open an account is $200. To acquaint yourself with the trading platform, you may sign up for a demo account before you get to deposit real funds.
The firm’s standard leverage starts at 100:1 though it can go up to 500:1. Withdrawal processing takes 2 to 3 days, spreads start from 0 points (on some accounts), and the broker charges no commissions for account servicing.
There is no negative balance protection, though. As such, as an investor, you can lose more money than you deposited.
Is It Safe to Invest Your Money with Vantage FX?
Vantage FX claims to be a secure and safe forex broker that offers its clients highly transparent access to global markets. It’s easy to think it holds dear the values of integrity, trust, and accountability.
From its site, you’d think the goal is to help its clients pursue their financial goals. With such a noble mission, is there any reason to doubt its sincerity?
Despite this glossy picture, there are several complaints online concerning Vantage FX’s trading activities. Various review portals contain negative reviews by users citing challenges with withdrawals and allegations of price-manipulation to trigger stop losses.
The existence of these grievances is enough to raise a red flag. Let’s look into some of them:
1. Association with Unsavory Incidents
In a particular incident, the broker denied one of its IBs payment then allegedly offered to release the amount if the IB removed his online complaint. Another issue raised was about a well-known scammer working for Vantage FX as an IB for some time.
2. Complaints Regarding Withdrawals
Some clients reported having a challenge withdrawing funds.
3. Money Heist: Cases of Disappearing Funds
Some clients have reported that they were unable to make deposits despite numerous attempts. Only to discover later that the money had indeed gone through. Other issues reported involved the inability to close profitable trades. In both cases, the affected clients lost their money.
4. Ineffective Customer Service
A scam forex broker will ensure that its customer service does not offer useful service. While maintaining a look of false efficiency, the operators will be quick to respond to your queries. Still, they will not provide any meaningful support or resolve your challenges.
A legitimate broker cultivates and maintains relationships with clients while ensuring their customer service team is accessible and responsive.
5. Bonuses and Incentives
Vantage FX offers new traders a bonus as an invitation to start trading. The three bonus programs require a minimum deposit, and the deposit amount depends on the bonus type.
This is not illegal. However, if you do decide to accept a bonus, make sure you understand the conditions as they often come with strings attached.
6. Offshore Location
From its website, Vantage FX is located offshore in Georgetown, Cayman Islands – well-known for scam brokers.
When choosing your forex broker, it’s essential to confirm that the broker has a license. But that’s not enough. Choose one that is reliable, allows for easy withdrawals, and offers you responsive customer service.
Vantage FX claims that it’s “safe” and of good repute, boasting excellent trading platforms and market coverage. However, some of its trading practices raise eyebrows. This puts a dent on its transparency and reduces its investors’ trust.
Truth is, it reeks of a scam – a regulated scam.
So, if you are to choose your next forex broker, wouldn’t you rather select one whose reputation is solid?
Have you lost any money with Vantage FX or any other scam forex broker? Worry not. We can help you get it back. Schedule a free consultation let’s start the process.