When he enters the market, a trader has to think of the broker as a link to a chain that is dedicated to making profits. This is not the case with the scam broker Vantage FX. The broker cannot be trusted at all, let alone trusting it with so much integrity. The broker claims that it provides top-class services and that back such claims are nowhere to be seen. Vantage FX has a degraded quality as a broker, provides the user with folded facts, and no information at all can be extracted from the website that can be called relatable.
Vantage FX: Account types
The broker persists on complicating the account types. Instead of giving out easy to comprehend account types, the broker merges ECN with two of its account types. Another one is an STP account. Please note the fact that none of the accounts is an NDD account and since a maximum of them are ECN there will, for sure, be a third party liquidity provider present.
The execution type vantage FX provides, is STP. this clearly means that the broker shoves an unwanted third party to its investors. Here, the third party will make the decisions regarding the trader’s money, not the broker. The trader will forever be in an illusion that the broker is safe, the broker, on the other hand, shape-shift and start acting as the liquidity providers broker.
The broker goes on to make another claim that the provided services are designed for traders regardless of what experience they have. Simultaneously, the broker makes it necessary that the trader deposits $20,000 in one of its accounts as the minimum balance. Only professional traders and traders who have some experience making money in the market can accept such a number, not a novice broker.
Vantage FX: Trading platform
The broker forces MetaTrader4 to its users even though the organization already rolls out an updated version; newer ones replace older versions because they had some glitches or lagged in many ways. The updated versions have more precise trading tools, and the trader can earn a lot from them. The broker makes sure that the trader cannot make handsome profits by making sure that the platform is outdated and has tools that are of practically no use in 2021. The necessity of such a platform made mandatory by the broker is a clear sign that the broker is a scam and does not want its traders to stay in the market for long.
The broker claims that it provides the traders with leverage of 500:1. The European Union has restricted the use of leverage to 1:3. What the broker offers is in exponentials of what is permitted. Such leverage schemes are put in place just so that the broker operates the market that is already out of his reach and naturally loses the trade. In the end, the broker is in a win-win situation since it had to practically do nothing to make money other than converting a lead into a customer.
First, the broker claims that the support team is present five days in a week, taking out the weekends as no support days. Second, the broker claims that the support team is responsive, but it was unable to resolve straight queries when we enquired.
The support team took so long to respond that the trade we were worried about, had already passed.
The support team does not support the trader on weekends when the market is most volatile. Weekends is when the majority of day traders trade and make their livings. Vantage FX has failed as an ideal broker by restricting access to support trams on these particular days.
Education and research:
The broker claims to provide its users with the best educational material that includes economic calendars. The gruesome reality is that all the broker cares about is the headings are in place. What resides in them is a complete misfortune and a pathetic excuse for educational material.
The traders who have already trusted Vantage FX are in a traumatic state of mind. The broker pushed them towards wrongful trades by providing false educational material that was first place, of no use.
Commission and fee:
All the accounts that the broker claims to provide are subjects to very high commissions that are charged per trade. This information may come badly for day traders because they earn on the trading volume, and the profit margin fo each trade is kept low. By winning a maximum number of trades, day traders make sure that their money is earned and none of it is lost.
When the broker charges the traders with commissioned trades, then
some amount of the profit goes to the broker. The profits a day trader makes are cut each time he makes them. None other than Vantage fx broker is the culprit here.
The broker asks for three dollars in commission for each trade, per lot. A special focus on the words per lot has to be made because the maximum a trader can make is ten dollars. The broker asks for thirty per cent of the profit made in each trade. As the lots increase, so does the commission.
Apart from this, the broker asks for 1.4 pips as a spread for the standard account. The higher the Pip, the higher the profit a trader makes through them. When the broker is not asking for commissions, it asks for pips, and when the broker is not asking for pips, commissions walk in the picture.
All of this is done so that the trader stays in a loop where he has to pay the broker in some form of the other, at the same time the broker makes sure that its collars are clean while the hands keep getting dirtier.
Deposit and withdrawals:
Vantage FX provides withdrawals through wire transfer and only crest cards. At the same time, the broker barrs the most popular options, such as Skrill or Neteller. When the trader has to deposit, the broker gives far more options than what it offers when withdrawing the money. When the incoming money is at stake, the scam broker makes sure that it comes in seamlessly and when the outgoing money is at stake, Vantage FX makes sure that more and more restrictions are placed on it.
The broker is a complete scam and has not made any sufficient moves to tell the traders that it is safe. High spreads, commissioned trades, more and more leverage. All these are signs of a scam broker that the broker vantage FX rightfully possesses. We recommend our traders to move their financials to more responsible brokers like HFTrading, PrimeFin Global Trade ATF, for example. These brokers have been in the market for a very long time and have proved to be safe. These brokers treat their traders as a family and protect them at all costs.