Vantagefx.com Review: is Vantage FX A Legit Forex Broker?

Vantage FX Review: this is the name of a Forex broker that is located in the offshore location of Cayman Islands. Is vantagefx.com a scam Forex broker?

The location provided for the broker on the page is an offshore location, Cayman Islands. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

On the website, they claim to possess technological edge that allows for Forex robot trading. Their servers are said to be located in Equinix data centres for better range and coverage. It is said that accounts are opened with ease and speed.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

Vantage FX Trading Platform

Vantage FX software can be used by either the MetaTrader 4 or 5 trading platforms. We are aware that the popularity of these platforms is because they allow the effective use of auto-trading Forex robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating system. All can be used on desktops, Linus, windows, iOS and Android.

Tools that comes with these trading platforms are also found to be useful for traders. It has proven to be user friendly as well and helps traders in analyzing the market easily.

Trading instruments offered to traders are: Forex currency, commodities, indices and share CFDs. We find that it does not offer crypto option to clients. We know that legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

Maximum leverages offered is 1:500 and while this may seem generous but they could pose danger. High leverages can lead to huge loss of funds as well. Spreads are 0 pips on the EURUSD pairs.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on Vantage FX

The means of making payments are: Bank wire, Visa, MasterCard, BPay, FasaPay, MobilePay, Neteller, Poli, Skrill, Transfer from Existing broker, and UnionPay. Withdrawals are allowed via: Bank wire, Visa, MasterCard, FasaPay, Neteller, Skrill, and UnionPay.

We find that e-wallets are available and this is encouraging because standard and legit brokers make deposit and withdrawals available via Visa, MasterCard and Wire Transfer. Many offer e-wallets like: Skrill, Neteller, UnionPay, FasaPay, and so on.

Minimum deposit required is placed at $200 which is within the obtainable average of $100 – $250 among brokers. Withdrawal charges are not stated for this broker. Sometimes it is better to mention if they apply or not. We do not even find any terms and conditions; this is a shady thing. Traders are expected to sign up for something with unclear conditions.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

We do not find trading bonus offers and this is a good sign. Many scam brokers use trading bonus to prevent traders from withdrawing when they want giving them unrealistic restrictions.

Is Vantage FX Licensed?

No. The branch of the brokerage we are considering is not duly licensed and registered. It is based in the Cayman Islands which is an offshore location. Forex trading goes on without regulation in this kind of location making it a choice base for scam companies. Trading with a Forex broker that is unlicensed pose many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well.

Further, since no commission is monitoring them, they are not under obligation to trade fairly. They would be less likely to follow trading rules set to guide those involved in the Forex market.

But we also found that the branches owned by the parent company of the broker in Australia and the UK are licensed. They are regulated by the ASIC and the FCA respectively.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

On FPA, there are some negative finds about Vantage FX, and the most disturbing was that the company tried to bribe an Introducing Broker, IB, to remove a complaint against it regarding denied commissions.

Support

To reach the broker, they provide the telephone number: +442080363883 and the email address: support@vantagefx.com

Conclusion

We find some negative and some positive things on Vantage FX in the course of this review. Trading conditions like minimum deposits and payment methods are encouraging as well as the trading platforms. However, the offshore location is disturbing and the negative reports found on third-party websites.

 

COMPARE WITH A TRUSTED BROKER

Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website

DID YOU KNOW!! Most Autotrading softwares or robots claiming to turn you into a millionaire overnight are SCAMS. If you are in need of a legitimate software or robot that can help you trade profitably, see our recommendation HERE

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Summary
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Vantage FX
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