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BROKER REVIEW

VANTAGEFX

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July 1, 2020 | 

JOHN K MWANIKI |  1 Comments | 

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VANTAGEFX REVIEW

Our Pick

Mimimum Deposit

$200

Crypto

currency
currency
currency
currency
currency

Regulation

country

Our Score

9.5

VantageFX is a leading Australian forex broker that specializes in ensuring the complete and fulfilling trading experience. Offering the very best in cryptocurrencies, Indices, shares CFDs and Commodities, the site is an industry leader. It has consistently received massive applauds on its security, customer support, and market transparency. 

The company, started in 2009 to provide trading solutions, has a highly trained and experienced team with all the knowledge on customer needs. The consistent superior services have, over the years, have landed it several awards and a place at the top of the forex brokers' world. 

Here is a detailed VantageFX Review; 

Regulation 

VantageFX is a secure trading platform that is highly regulated. Owned by the Vantage International Group Ltd, it has to comply with the Cayman Islands Monetary Authority (CIMA) and Securities Investment Business Law (SIBL). 

Even though the broker by itself is not a publicly-traded entity nor does it operate a bank, it still complies with the Australian Securities & Investment Commission (ASIC) and the Financial Conduct Authority (FCA). Such regulations provide that it has to keep the clients' funds in a segregated account. It does regular audits to ensure compliance and to notice any anomalies as soon as possible.

Fees

With its primary source of income being spreads and commissions, VantageFX provides for various costs on transactions.  The cost of trading generally depends on the account the trader operates. 

It provides for spreads of 0.1 pips on EUR/ USD in the ECN accounts and 1.4 pips for the standard account. It also charges a commission of 6% per full round on the ECN accounts. 

These rates are a little higher than the average brokers. 

The site also provides for both negative and positive swap rates on overnight trading. On the positive side, the broker offers tips on how to gain the most from the swap trades in the MT4 trading platforms. Traders might also incur some withdrawal and deposit fees depending on the payment method. 

VantageFX provides leverages of between 100:1 to 500:1. Traders looking for higher leverages have the liberty to apply for consideration. 

Account Types 

VantageFX has three main types of accounts; Standard STP, Raw ECN, and Pro ECN. The standard STP is an ideal account for beginners looking for no commission and the easiest access to the market. The Raw ECN, on the other hand, is for the ardent traders who are after more liquidity and better spreads. Ultimately, the Pro ECN is for the professional trader who controls high volumes. 

All these accounts have access to trading platforms and mobile app functionality. They also allow for trading in similar assets. 

The Standard STP supports base coins like AUD, EUR, JOY, NZD, and USD. It uses STP for execution, with spreads from 1.4. It also provides for a minimum balance of $200 and leverages 500:1. The accounts charge no commission. 

Unlike Standard STP, Raw ECN does not provide for 2% rebates on lots. It requires a minimum deposit of $500 and charges a commission of $3.0 per lot. Its base currencies are EUR, CAD, AUD, and GBP.

The Pro ECN does not charge commissions on lot rebates. However, it charges a commission of 2% on the lot per side. It allows a minimum deposit of $20,000. 

VantageFX allows shifting to any account as long as the trade meets the minimum deposit thresholds. It also provides Islamic accounts based on sharia laws and a demo account for learning. 

Account Standard STP Raw ECN Pro ECN
Target user Beginner Experienced Professional
Minimum deposit $200 $500 $20000
Execution type STP ECN ECN
Minimum trade size 0.01 lot 0.01 lot 0.01 lot
Platform MT4 & 5 MT4 & 5 MT4 & 5
Leverage Up to 500:1 Up to 500:1 Up to 500:1

Deposit and Withdrawal timeframes 

VantageFX supports multiple payment methods like Mastercard, Skrill, Bank transfer, Visa, Swift, and Neteller. While the funds from most of the payments reflect within seconds, the bank wire transfer reflects a day after the deposits. 

The site only accepts funds that bear a similar name to that in the account. It also waivers the deposit and withdrawal. Traders only have to incur the third-party fees. The site also provides that the name in the trading account must tally with the name on the payment account. 

Trading platforms 

VantageFX understands what the traders are looking for and looks to provide it by using the popular MetaTrader 4 and 5. These platforms come with reliable 24/5 customer support and are available in over 32 countries. The MT4, however, is more popular than the MT5 due to its highly regulated and easy to use trading environment.  

The broker has invested in top of the range plugins to increase the output of the platforms further. It provides for account management through MAM/PAMM accounts on the leading site. 

The broker also looks to expand its reach and has since introduced the ZuluTrade platform for increased social trading. It also has the MyFXBook Autotrade for those who wish to explore auto trading.

Market and Products 

While VantageFX offers a wide range of instruments, it still has the space to include some more. It comes with around 40 currency pairs on the forex trading. These come with a leverage of 500:1.  

It also provides ten world popular stock exchange indices, more than 50 U.S. and Hong Kong shared CFDs, and over 17 commodities. 

Instrument Numbers Examples
Shared CFDs 50 U.S., 50 Hong Kong Apple, Netflix, Visa, Amazon, PetroChina, and others.
Index CFDs 10 Chin A50, FTSE 100, Dow Jones 30, Nikkei.
Commodities 17 U.S. oil, Heating oil, Coffee, Cocoa, Natural Gas, Gold, Silver, and others.

Customer Service 

VantageFX has a reliable 24/5 customer service with multiple communication channels. The easiest option is the live chat conveniently placed on the surface of the site. It also provides for a phone number for those who prefer calls. 

The broker also has email support with a typical reply duration of 24 hours. It provides for country-specific telephone contacts and fax. Also, those in Sydney and Melbourne can visit the physical offices. 

Even though it lacks a FAQ section, unlike most brokers, it provides enough information on the page. 

Education Materials 

VantageFX understands the need for knowledge when investing in forex trading. For that, it provides great learning tools for traders of all levels. It has a comprehensive guide on learning to trade, which covers multiple sections like market analysis, market overview, and trading psychology. 

It also provides webinars by different authority traders as well as tools MT4 user manuals and other video tutorials. 

Pros and Cons 

Trading in VantageFX is one of the most fantastic trading experiences one would wish for. Other than the security of funds, the site invests in multiple tools for ease of trading. It also provides for affordable charges depending on the account type and experience. The site also takes into account the customer needs, thus only work with the popular trading platforms. 

Trading on the site is as great to a beginner as it is to professionals. It provides for different account types to accommodate the different experience levels. The same applies to give multi learning resources with regular webinars and user videos. 

The only concern that comes with trading on VantageFX is the limited assets. It should consider increasing the instruments to attract more users.

Pros Cons
Secure trading Limited assets
Multiple learning tools
Reliable customer service
Different accounts depending on user needs
Dependable trading platform 

Conclusion 

Anyone looking for a reliable trading platform will be doing themselves a disservice if they don't consider VantageFX. With some of the most secure assets and competitive rates, it is all one needs to join the market. Do not hesitate to contact the customer service in case of any concerns.  

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COMMENTS

1 Comments

Like this article

Robert Wolfe
I also fell a victim to this scam broker. They kept on asking me to deposit more money. Then they stopped picking up my calls and doesn't reply my mails. After loosing more money. Finally I have gotten back all my lost fund and bonus from CFD stocks. They

0     Reply    10 months ago from: Nigeria

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