Vantage FX Review: Can You Trust This Forex Broker?
The forex business attracts tons of investors. Because of this, some illegitimate forex brokers find ways to take advantage of unsuspecting traders. Is Vantage FX one of them? Who regulated Vantage FX, and does it abide by the rules? For answers to these questions, read this in-depth Vantage FX review before investing your finances with them.
If you have invested with Vantage FX before and lost your money, book a free consultation session with us. Our experienced team of experts will guide you on how to recover your money.
Now, let’s look at all the details. Is this forex broker who it claims to be? Here’s the truth.
An Honest Vantage FX Review
Since its inception in 2009, Australian forex broker Vantage FX has provided a platform for investors to trade in different financial assets. The multi-asset broker has amassed more than 50,000 trading clients over this period.
The company has global operations and claims to offer the most transparent forex trading environment for its customers. It has also won several awards in recognition of its quality services.
While all these seem legit, is this a strategy to trap unsuspecting investors, or is the company genuine?
Is Vantage FX a Legitimate Trading Company?
As a newbie or seasoned investor, it can be challenging to distinguish between legit online brokers and scammers. Most of the illegitimate companies package their services so well to throw you off.
To determine whether Vantage FX is one of them, we’ll look at whether the company is regulated and by which bodies. We’ll also look at the firm’s offerings, services, and operations to come up with a final verdict.
Vantage FX: A Brief Background
Vantage FX has more than ten years of market experience in forex trading. Specializing in over 300 tradable assets, the company deals in forex, indices, soft commodities, precious metals, shares, cryptocurrencies, energies, and CFDs.
The company operates in 172 countries and has over 1,000 employees in more than 30 global offices.
Vantage FX has its headquarters in Sydney, Australia.
Who Regulates Vantage FX?
Vantage operates as a trademark of Vantage Global Limited, which is regulated and authorized by the Vanuatu Financial Services Commission (VFSC) under registration number 700271. This regulation is per the Financial Dealers Licensing Act.
Vantage group of companies is also regulated in other jurisdictions. For instance, the Vantage International Group Limited is regulated and authorized by the Caymans Islands Monetary Authority (CIMA) registration number 1383491.
On the other hand, Vantage Global Prime Pty Ltd is regulated by the Australian Securities and Investments Commission (ASIC), ASFL number 428901. This caters to clients and traders within Australia.
Is Vantage FX Regulated in the UK?
Forex brokerage firms and financial companies are regulated by the UK’s Financial Conduct Authority (FCA). This body does not regulate Vantage FX; therefore, it’s not governed by the FCA rules and regulations.
Does the US Regulate Vantage FX?
The company has a regional restriction in some countries, including the United States of America; therefore, it’s not regulated to operate in the country.
The Bait Features by Vantage FX
Vantage FX offers some products to traders that make the company appear legit. Here are some “good” features of the company that act as bait to lure in unsuspecting traders.
The company attracts investors by offering low fees on the trading platforms. Investors don’t need to pay any deposit fees, and the minimum amount when opening a trading account is $200.
In addition, there are no account maintenance or inactivity fees. The withdrawal fees depend on the payment method you use.
With Vantage FX, traders can use popular trading platforms, including MetaTrader 4, MetaTrader 5, ProTrader, or the Vantage app.
The company also has platforms for social copy-trading such as DupliTrade, ZuluTrade, and MyFXBook Autotrade. All these tools make it easier for beginners and seasoned investors to trade.
Like other forex brokerage firms, Vantage FX is regulated and authorized by different bodies for its operations in Australia and other regions.
While these would prove legitimacy to most beginner investors, it could be a calculated scam to attract more traders.
Vantage FX Scam Signals
Looking at the other side of the coin, which are some of the red flags?
According to customer reviews on Trustpilot, Vantage FX will lose you money. The staff helps new traders deposit cash until it’s time to withdraw when things get complicated.
Some customers also claim that the company siphoned money from the accounts due to the hedged positions without giving the traders any explanation. Based on these reviews, Vantage FX doesn’t look like a legitimate investment platform.
Paid and Fake Reviews
Vantage FX has also been in the spotlight due to multiple suspicious and fake reviews on Forex Peace Army.
According to some comments, the company demanded that one of their IB remove his complaint in exchange for payment.
A legitimate company wouldn’t go through all the trouble to pay off people for fake reviews. The brokerage firm is doing this because it has something to hide.
While the company claims to be regulated by reputable body ASIC, its other companies are regulated by CIMA in the Cayman Islands and VFSC in Vanuatu.
These regulations in offshore regions are questionable due to grey areas regarding financial regulations in these locations. The company claims the customer funds are held in segregated accounts, but licenses from these regions might have loopholes that lead to the loss of customer funds.
Vantage FX: Final Verdict
Vantage FX has portrayed itself as a legitimate forex brokerage firm regulated by the reputable ASIC. The company attracts customers using low fees, several withdrawal methods, and well-known trading platforms.
However, after careful analysis and in-depth Vantage FX review, this company is a regulated scam. From the tons of negative customer reviews and fake reviews, the company has something to hide.
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