Vantagefx Account Suspended - Profit and DEPOSIT FREEZED for 90 DAYS

Elio Matacena

Recruit
Messages
22
Hi Guys,

be far away from this SCAM broker! Here you are the whole story:

I have opened this account on 2012/12/27 and I have funded it with EUR 1,050.00 (one thousand and fifty).

I was trading with two scalpers and was gaining some money. I received the daily and monthly report and everything was going beautifully. On 2013-03-20 I

received an email with subject: "Suspension of your account", that contained this text:

Dear (my name),

We are writing to you to inform you of the action Vantage FX has today taken in respect of your account 102789.

Following a request from our liquidity provider, Vantage FX have today suspended your account pending further investigation into suspicious trading and in

particular usage of internet and connectivity delays in order to take advantage of arbitrage on the Trading Systems. The suspension is in accordance with

Clause 20.5, of Vantage FX’s terms and conditions duly accepted by you prior to opening your account. Please click here to view full terms and conditions.

Until completion of the investigation, no further trades on your account will be allowed and no further withdrawals can be made. It is envisaged the

investigation will be completed within 90 days. Once completed we will write to you further outlining the results of our investigation.

If you have any current open positions on your account and wish to trade, please contact us on +44 207 332 4954.

If in the meantime you have any other queries please do not hesitate to contact us.

Kind regards,
Trade Support
(with no one signing it, of course!)


On the 21st I replied with this email:

Dear Mrs. / Mr.,

good evening. You wrote me, among others that will argue later, “Following a request from our liquidity provider, Vantage FX have today suspended your

account”: as the only owner of my account, with my funds segregated on a major bank, I ask you To show me the “request from your liquidity provider” (scanned

in PDF). Second, I want to know exactly where my funds are in this moment (Bank, name and number of the account).

Sure you will answer me ASAP, for avoiding to increase the relevant money damage you already have done to me, I wish you a nice evening.

Best regards,
(I signed it with my name and surname).


I received no news and I forwarded my email on the 22nd with this text:

Dear Trade Support,

good evening. I have sent you an email more than 24 hours ago and I still miss your answer; maybe you didn’t receive it, so I resend it.

Best regards,
(name and surname and attached the previous e-mail).


Instead of sending me what I had requested, I received today (2013-06-23) this email:

Dear (name),

Further to our email of 20th March 2012, we have now been able to conclude our investigations.

Your account xxxxxxx has now been reviewed and it has been confirmed as using an automated trading robot which had the below characteristics:
• Causing systematic manipulation or abuse of markets
• Interfering with the markets efficiency and integrity
• Exploiting mispricing
• Operating in Breach of our Client Agreement 20.5
As a result, all of the trades executed by this automated trading robot will be cancelled and the associated profit and loss will be adjusted. The net

adjustment to your account is calculated below. At your written request we can provide you with a transaction record for every trade calculated in this

adjustment.

Cash Adjustment – P&L = 1984.5
The adjustment listed above is denominated in the base currency of your trading account.
Your current account balance is now available for withdrawal once more.

We understand that many clients have downloaded an EA /Trading System or alternatively given their Login and Password to a third party, who is carrying out

trading on clients behalf. The strategy of these systems may not be clear to clients and we appreciate that you may not have been aware of the nature of these

systems when you allowed them to trade on your account. Please refer to your provider.

If you would like to continue trading, we request that you remove the BTN Lightning (or an associated trading systems) from your account and reply to this

email requesting for your account to be enabled for trading (please only request your account to be re-activated for trading once the current trading systems

have been removed). Alternatively please contact your account manager.

Kind regards,
Trade Support
---

Now, I want to open a compliant with the the Financial Services Authority.

So, I suggest you, to skip or abort any relationship you have with this broker.

Stay tuned with some update.
 

redheadjosh

Recruit
Messages
4
I closed my account with vantage because i had a feeling they would. So the balance was $0. Yesterday they withdraw all my profits since september. about $2200. Now Go said they are also doing this. i only have $3000 left in my account but they are taking out about $4000. Asic said there is nothing i can do. but if i want to fill out a report
 

redheadjosh

Recruit
Messages
4
Go markets and Vantage just withdraw all my profits Go have taken out $4542.91. and with Vantage $3317.34 thats a total of $7860.25
 

Pharaoh

Colonel
Messages
19,994
Check your accounts carefully. If you are with VantageFx UK, you need to be talking to the FOS and FSA. If you are with Vantage Fx AU, then you need to talk to ASIC.
 

musketeer

Private
Messages
20
FSA acts only via FOS... Complaint form is sent, will see what they could help (I am very doubt about that already).

And btw, Jay from Vantage FX UK called me from +442073324953 and Bertie Biro from GoMarkets AUS called me from +442073326460 - what a coincidence, right? :)
Both VantageFX UK and Gomarkets removed huge sums without any details and proofs of their statements. Both account balances are negative right now!

Do they (ASIC) really will not help?
What is the purpose of the regulations???

Both in so-called "highly regulated".... pfff
 

powertech83

Recruit
Messages
1
I am a victim of GoMarkets AU and VantageFX AU too. I got the very same e-mail with the same exact contents as above. I have replied their e-mail defending my case, but they didn't budge, and today suddenly they took the profits from my account just like that. They took more than USD 10k combined.
I am quite shocked that such a "regulated" broker would do something like this. I opened my account in the mid year of 2012 and has been trading with the same strategy since. Do they allowed to cancel the trades that are happened months before? I am talking more than 6 months ago here. If these are not regulated brokers then I would not be surprised if something like this happened.
Really, I think If ASIC/FSA wouldn't help, that would seriously deter people to join forex brokers in their countries, since regulated means nothing if that's the case. I seriously think they should not let a few scam brokers affect the entire forex brokers registered there.
 

victoryforex

Private
Messages
13
This is a reply for everyone:
They have sent the statement where you can see the adjustment at the end of it they say that if you don't accept you've to send than an email in 24h ....
DO IT!
 

Pharaoh

Colonel
Messages
19,994
This is a reply for everyone:
They have sent the statement where you can see the adjustment at the end of it they say that if you don't accept you've to send than an email in 24h ....
DO IT!

Excellent advice!

And, get those FOS and ASIC complaints in as quickly as possible.
 

bodgybrothers

Recruit
Messages
8
Excellent advice!

And, get those FOS and ASIC complaints in as quickly as possible.

And keep annoying the Ombudsman. the Australian ASIC will respond, but will push it to the ACCC after the ombudsman has had a chance to be mediator. I was wondering why people are being given speeding tickets from enfinium for bot trading when they own this trader copy site https://www.fxcopy.com/

I have also informed channel 7, 9 and 10 of this great current affair story which is showing up in this thread. I can see the headlines now "Government Regulated Ponzi Scheme".

On a serious note, I asked Enfinium to comment on my video of their trading software behavior. Still no comment. Might have to go to their office to find someone prepared to speak.

Maybe become friends with an enfinium director might help
Antony Goddard - Australia profiles | LinkedIn
Jason Holdsworth - Australia | LinkedIn
 

Pharaoh

Colonel
Messages
19,994
Do they (ASIC) really will not help?
What is the purpose of the regulations???

Both in so-called "highly regulated".... pfff

Everyone with this problem needs to file a formal complaint with the regulators and include as much information as possible. If you don't do this, you are effectively endorsing what happened to you.

Think of it this way. Frank the overworked regulatory inspector has the following on his desk:

20 detailed complaints about Company A. 10 more complaints about Company A with partial details.
3 complaints with some details about Company B.
1 detailed complaint and one phone message about Company C.
1 complaint that just says "COMPANY D IS A SCAM!!!! THEY TOOK ALL MY MONEY!!!"
No complaints against Company E. The 500 people they ripped off couldn't be bothered to file formal complaints, but instead all went online to say that the regulator Frank works for never does anything.

Frank has to fill out a detailed report with a lot of evidence before he can pass that report to his superiors for action. If he fills out a report without enough information, nothing will happen and he's just wasting time.

If you were Frank, which company would you start investigating first?
 
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