Problem Vantagefx Account Suspended - Profit and DEPOSIT FREEZED for 90 DAYS

[musketeer]

Ever wondered what "The Regulation" means?
Like "Nothing"...
These are just criminals - both Vantage and Go Markets and I really hope that am wrong about "Regulation"s meaning...
Anyone interested in lawsuit? The stolen money from me will be not enough to cover it. And am pretty sure they will get most-expensive lawyers around - they may at least with these hundreds of thousands stolen in " only 7 days".

 

[musketeer]

and they continue to blatantly lie https://www.vantagefx.co.uk/about-us/why-vantage-fx-uk

 

[Pharaoh]

Get those complaints in to the FOS (UK or AUS as appropriate) as quickly as possible.

If one or two people complain, nothing may happen for a long time. If everyone who complained at the FPA goes through the steps and submits evidence, that will greatly improve the odds of some sort of regulatory action.

 

[bodgybrothers]

A Class action against the regulator will work and is possible. taking action direct to Vantage will not be very productive. The outcome we want is to have their license removed and the executives put through a government funded fraud investigation.

The best possible way for this to happen is by submitting information and complaints to the FOS. Pharaoh is telling you this because it is the only means to make something happen. Governments hate being labeled as corrupt or allowing fraud, and they will react with enough complaints and evidence. Governments need time, but they are faster and more effective than any court action we could take.

 

[Vantage FX]

Dear FPA forum members,

Thank you for your replies.

Chitak, it is very possible that you believe you are not using latency arbitrage trading EA. Many EAs do advertise and promote themselves as news trading EAs despite not working as so. For chitak and other forum members who have concerns to their EA trading, please feel free to post your complete statement here on Forex Peace Army or email us at trading@vantagefx.com and we can follow it through with you. We’re happy to go through the investigated trades, showing you how the difference between an account using a latency arbitrage EA is determined versus an ordinary strategy.

Our investigative team has thoroughly gone over each effected account. However, in the unlikely case, if it is found that you have not have used BTN or an Latency Arb EA, we will be more than happy to reverse the cancelled trades and allow you to continue trading as you are. Additionally, we will also sign off on a guarantee that your EA is approved.

Unfortunately for us, these trades were not detected until much later and only confirmed after an exhaustive investigation. BTN and other such latency arbitrage EAs are designed to be ‘under the radar’ making them difficult to detect. Despite being several months after, we are in our actual legal rights to reverse invalid trades by Australian laws and also by the Terms & Conditions traders had agreed to.

It is important that traders understand that these trades were not legitimate trades. Traders who were previously pleased by what looked to be profitable activity, are now are disappointed that the EA has been identified and the trading activity corrected. This disappointment is to be expected, but it must be understood that profits cannot be generated from activity which is in breach of broker Terms & Conditions. The extended time period does not change the fact that the trades were in full breach of our Terms & Conditions.

We do understand the frustration traders may have experienced as it has come to our attention that many traders have paid BTN for use of the EA. We encourage you to contact BTN and request them to return your funds. BTN has sold its EA with full knowledge that their EA’s activity had been and will be banned by numerous brokers for breach of Terms & Conditions.

We would also like to ensure traders that all trade amendments relating to any downtime, pricing issues, etc., are rectified by trade support within a 24-48 hour timeframe. This relates to legitimate trades, not those attempting to deceive the system and ‘fly under the radar’.

To bodgybrothers, we have already contacted you directly via emails regarding your concerns. We've been waiting on your reply or calls. Thank you.

Once again, we address in agreement and support with many other brokers – there are no restrictions on EAs as long as they are within the agreed upon Terms & Conditions and not contravening any laws.

To any forum members, please contact us directly if you have specific questions about your account or trading. Please contact us at trading@vantagefx.com or +61 1300 945 517. It is much easier to contact us directly via phone and email, rather than here on the forum.

 

[victoryforex]

Dear FPA forum members,

Thank you for your replies.

Chitak, it is very possible that you believe you are not using latency arbitrage trading EA. Many EAs do advertise and promote themselves as news trading EAs despite not working as so. For chitak and other forum members who have concerns to their EA trading, please feel free to post your complete statement here on Forex Peace Army or email us at trading@vantagefx.com and we can follow it through with you. We’re happy to go through the investigated trades, showing you how the difference between an account using a latency arbitrage EA is determined versus an ordinary strategy.

Our investigative team has thoroughly gone over each effected account. However, in the unlikely case, if it is found that you have not have used BTN or an Latency Arb EA, we will be more than happy to reverse the cancelled trades and allow you to continue trading as you are. Additionally, we will also sign off on a guarantee that your EA is approved.

Unfortunately for us, these trades were not detected until much later and only confirmed after an exhaustive investigation. BTN and other such latency arbitrage EAs are designed to be ‘under the radar’ making them difficult to detect. Despite being several months after, we are in our actual legal rights to reverse invalid trades by Australian laws and also by the Terms & Conditions traders had agreed to.

It is important that traders understand that these trades were not legitimate trades. Traders who were previously pleased by what looked to be profitable activity, are now are disappointed that the EA has been identified and the trading activity corrected. This disappointment is to be expected, but it must be understood that profits cannot be generated from activity which is in breach of broker Terms & Conditions. The extended time period does not change the fact that the trades were in full breach of our Terms & Conditions.

We do understand the frustration traders may have experienced as it has come to our attention that many traders have paid BTN for use of the EA. We encourage you to contact BTN and request them to return your funds. BTN has sold its EA with full knowledge that their EA’s activity had been and will be banned by numerous brokers for breach of Terms & Conditions.

We would also like to ensure traders that all trade amendments relating to any downtime, pricing issues, etc., are rectified by trade support within a 24-48 hour timeframe. This relates to legitimate trades, not those attempting to deceive the system and ‘fly under the radar’.

To bodgybrothers, we have already contacted you directly via emails regarding your concerns. We've been waiting on your reply or calls. Thank you.

Once again, we address in agreement and support with many other brokers – there are no restrictions on EAs as long as they are within the agreed upon Terms & Conditions and not contravening any laws.

To any forum members, please contact us directly if you have specific questions about your account or trading. Please contact us at trading@vantagefx.com or +61 1300 945 517. It is much easier to contact us directly via phone and email, rather than here on the forum.

Having said that you have not already showed me "the difference between an account using a latency arbitrage EA is determined versus an ordinary strategy", because the unique proof you sent to me is a excel file who has no one relevance to me, you have reversed the trades after some months as Australian law, but here we are talking of vantageuk, in uk the law says you've 24h to reverse trade even if it's arbitrage or anything you can invent with the words, what about this? Is this legal the same?

 

[musketeer]

Dear VantageFX Representative,
Thank you for your (so-called) reply!
At least it shows how do you deal with all of that. Excuse my tone but you should just kidding. You just share with us your *thoughts* and do not provide any evidence exactly as you did it when stole my money.

re:"Following a request from our liquidity provider"
- let we try something: show us the LP's rectified/canceled trades and their distribution to clients or just tell us "We are pure Market maker broker and we have no LP's"

re:"showing you how the difference between an account using a latency arbitrage EA is determined versus an ordinary strategy"
- show me please, but be more creative than just comparing trade's volumes

re:"Our investigative team has thoroughly gone over each effected account."
- how thoroughly? suspending non-active accounts show only one indication - IP based treatment, which is ridiculous

or just in short: show something more than your thoughts and excuses to just steal people's money

Thank you!

 

[musketeer]

Get those complaints in to the FOS (UK or AUS as appropriate) as quickly as possible.

If one or two people complain, nothing may happen for a long time. If everyone who complained at the FPA goes through the steps and submits evidence, that will greatly improve the odds of some sort of regulatory action.

I did it - in FOS UK against VantageFX UK notwithstanding their claims that "The FSA has been informed of the current position and they have acknowledged our actions." and in FOS Australia against GoMarkets Aus

A Class action against the regulator will work and is possible. taking action direct to Vantage will not be very productive. The outcome we want is to have their license removed and the executives put through a government funded fraud investigation.

The best possible way for this to happen is by submitting information and complaints to the FOS. Pharaoh is telling you this because it is the only means to make something happen. Governments hate being labeled as corrupt or allowing fraud, and they will react with enough complaints and evidence. Governments need time, but they are faster and more effective than any court action we could take.

Well, we will see and I hope it will not take such time like the crownforex and FINMA (almost 4 years and still counting).

Anyway count me in a class action against Vantage, Gomarkets and both FOS.

 

[Vantage FX]

Dear forum members,

Again, if you need clarification on your statements / full exported breakdown of trade reconciliation (Excel sheets), call our support team or email trading@vantagefx.com. We will be happy to go through the explanations and proofs on a case by case basis.

There is no rule of 24 hours limitation in the UK either. This is generally a rule only in the United States and not common to any other trading zones.

We will not be showcasing our internal communications between our Liquidity Providers and ourselves on a public forum. We have over 10,000 happy traders with us who have been unaffected and not involved with these arbitrage EAs. This issue has affected a very small number of traders, all of whom we've encouraged to contact BTN Lightening and their EA providers directly.

If traders are still concerned, we look to hearing from you with concerns directly by contacting us on +61 1300 945 517 or emailing trading@vantagefx.com. Our offices are open 24/5.

 

[Pierre3]

THIS is the reply of FOS


Our Ref: .ISS10776461/PC187713

Dear Mr Binelli

Thank you for your email sent on 8 April 2013 regarding a complaint you have escalated to the Financial Ombudsman Service (FOS) in respect of VantageFX.

I would like to confirm as at the 1st of April 2013 the Financial Services Authority (FSA) ceased to exist and was replaced by two different organisations responsible for different aspects of regulation. Your query is being responded to by the Financial Conduct Authority (FCA). To find out more about the differences please visit our website:

Home

I can confirm that you have taken the correct steps in referring the matter to FOS if the firm have been unable to resolve the dispute. Turning to how we have used your information I can confirm that this has been forwarded to the team within the FCA responsible for the supervision of the firm and they will determine if any regulatory action needs to be taken. Please bear in mind that we are bound by certain confidentiality restrictions within the Financial Services & Markets Act (FSMA) that prohibit us from disclosing if we are investigating your concerns or not. If we do take action then a notice will be issued via our website and I have attached a link to this for your records:

Outcomes and Notices

I trust this information is of use.

Yours sincerely



Peter Jones
Customer Contact Centre
Financial Conduct Authority
Consumer Helpline: 0800 111 6768
Consumers