Abandoned - VantageFX loots user's accounts with poor excuses

FxMangr

Recruit
Messages
1
Hello everyone!

I am writing this post in order to warn about VantageFX's activity.

The company using the (poor) general excuses like "high risk trading" , " oversized positions overnight", "suspicious trading activity" , loots her users' accounts anytime that they have some profit.

This is completely unacceptable because everything is fine for the Forex Companies when the high leverage and the high risk trading work against the clients and we have to deposit funds again and again.

Though when the client makes a couple of good trades, then the Company remembers that these were *risky* and *oversized* trades that could potentially lead to negative balance so they are cancelled (!!)
Of course by following this scam tactic, VantageFX or any other Forex broker achieves a Win/Win scenario because the client loses funds from the risky trades and if he ever make it to win money, the company claims the aforementioned and loots his account!

I totally respect the fact that a company might consider a client's trading activity as "too risky" but they can do many other things like inform the client that his account is in read-only mode so he can only withdraw and never trade again or that his leverage is reduced for specific instruments etc.
However, looting the client's account when he has made some profit and cancelling trades that obviously had no abusive elements (they were not opened and closed in a few seconds or a couple of minutes for example) , is a red line.

To be more specific :
On 20/4/2022 I opened a position buying TSLA (Tesla) using the default leverage of my account for this instrument (1:20), using about $430 that I had as balance.
The position was not opened just a few seconds or minutes before the market close but was opened for the whole last hour which is usually one of the most volatile periods for the the NY stocks and makes perfect sense to do it. Usually most people trade during the first and last hour.

I had even extra margin of about $80-100 as profit for a few minutes before the close of the market and if I was an abusive trader I would have used this extra margin for getting even more TSLA units. I didn't !

The next day, TSLA had a big gain and I closed my position after the market opened with a bit profit of $1260.
(I would have maybe even higher profit if I had waited for some more minutes..!)

I made a $280 withdrawal and the company refused to do it , replying that I am in a Black list and that the funds of my account will be removed!!

Of course I answered to them that I have no problem if they don't want me as a client anymore but but looting my balance is totally not ok ! I asked for all my funds of about $1700 but the company never gave them.
This is a scam tactic and I warned them that I would report it to save other traders from this company.
They didn't seem to be bothered and they looted my account after all!

I know that some companies have problem if a trading position is opened for less than 1 or 2 or 5 minutes (which is a long discussion again if it is logical or not). Though seeing this for a position that was open for ONE HOUR is extremely shocking! A position that was opened with the very SAME conditions that the company has for your trading account when you lose money and she is totally ok with these conditions : the leverage (1:20 for stocks) , the 50% stop out level etc.

Does the company consider that her clients should use more money for opening a position? She could reduce the leverage to 1:10 or 1:5 or 1:2 or whatever.
Does the company consider that a specific client has a very risky style ? She could just disable his trading and inform him to withdraw his balance.
Looting the client's accounts after they make some profit with a trade that is opened for a whole hour is just insane!

If TESLA during this hour or in the next day had dropped further and my funds had been next to zero, Vantage would have returned this failed trade's funds back to me or to any other client in the same state ? Of course no, we all know that!

So having two two measures and double standards, looting accounts after profitable trades is obviously a SCAM Alert and I thank you everyone in advance for helping me pointing this out in order to protect more traders from falling in this trap.






Account Statement Daily Confirmation.jpg
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Comcom

Private
Messages
12
Ok, I traded the same trade (other broker) on $TSLA and I opened it on April 20 before earnings report .
Earnings report was announced the same day (April 20) but after the US close.
Tesla was up 11% next day so i closed my trade.. I was up on my acc 30% on leverage 1:5.

If Vantage FX gave u 1:20 leverage on stocks they should just pay you and STFU because it was legitimate trade... All traders around the world trade earnings reports because there is volatility...
 

BlackViper

Private
Messages
30
Vantage is getting worse and worse. It seems that they have turned to a scam broker now.

This is a clear abuse by them, not by you.
From your proofs it is more than obvious that you had your position opened for almost 60 mimutes!

They cannot claim that you made fast open+close with a position opened for so long. It is just insane!
Refusing to pay you would mean that nobody should trade with this company again and FPA has to take this report very seriously and turn this broker's score to next to 0.

Because in the same fashion tomorrow they will claim that a profitable position opened for 2 hours is void as well as very "risky" while the countless clients who lose funds in a few seconds or a couple of minutes due to high leverage are completely ok!

This is a screaming case of scam.
 

4evermaat

2nd Lieutenant
Messages
2,321
Well done on the evidence front. I see someone has been reading the blog posts

You have already written a review, which is now live: https://www.forexpeacearmy.com/fore...earch&utm_term=VantageMarkets.com&per-page=50

The next step is to invite the company to this thread. Follow this tutorial:



Vantage is getting worse and worse. It seems that they have turned to a scam broker now.
Ok, I traded the same trade (other broker) on $TSLA and I opened it on April 20 before earnings report .
You need to open up a separate scam alert thread and attach your evidence.

fpa-new-screenshot-create-new-thread-button-png.48651


Even if you have written a review, you need to have a separate forum post (scam alert) with evidence of your claims to make your case stronger.
 
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