VantageFX.com

Chrisbenjy

Recruit
Messages
5
Withdrawals

I have read all the reviews about this broker, but nobody has mentioned the ease of withdrawals and the speed.

How is your experience withdrawing with this broker?

Chris
 

RahmanSL

Major
Messages
2,536
Yes, I too have been wondering about their withdrawal speed.

Apart from a guy from Indonesia complaining that this broker does not accept clients from his country, I read only good to very good reviews on this broker.

Any well known/long time FPA members here have experiences with this broker??
 

fxmon33

Recruit
Messages
2
Unfortunately, I can not attest to their withdraw speed, but their deposit speed and method is horrible.

They have you send a scanned copy of your credit card, then after about a day they email you a link to their deposit page. You then enter all of the information of the card, that you just sent them a scanned copy of, then submit it.

After that you have to wait for them to transfer your deposit to your trading account manually which can take another day or 2. You are also charged 3% while all of this is taking place.

BTW, they only take paypal form Australian citizens.

The only fast thing they do is widen their spreads just enough to take out your stops, or give you a margin call.

Their margin policy is not on their website but it is 80% call 50% stop. But, deeply im bedded in all of their legal junk, they pretty much say they can call it any time, charge you for a negative balance and apply interest.

They also have many other unsatisfactory terms, which I should have read better, but that is the cost of doing business.

The only good thing I can say about them is that they are excellent at marketing.
 

hyperbolic

Private, 1st Class
Messages
38
I've been with this broker 3 weeks now. Establishing the account was a bit awkward, but the customer rep assigned to me was very diligent and helpful. More important to me is that my trades have been profitable and consistent with back-testing. I have/had accounts with several highly rated brokers, and there is definitely a difference in how well my EAs perform, even if the spreads, etc look the same on paper. I haven't tested withdrawal speed; I may update when I do.
 

Nod

Recruit
Messages
3
UnAmerican?

I thought this looked to be a decent broker. But after doing preliminary stuff to get a live account started, I received an email from Vantage this week that said they no longer are accepting accounts from the U.S. Sorry I wasted so much time on preliminaries. Oh, well!!
 

RahmanSL

Major
Messages
2,536
fxmon33.

Thank you for posting your honest opinion on Vantage here, and yes, I do agree that their people are good at marketing as we can expect telephone calls and follow-up telephone calls from them reminding you to send them certified true copy of your legal documents.

I didn't make it past the "certified true copy" part as it is too much of a hassle for me, plus other trading conditions (like swap free & max leverage) are not in my "must have" list.
 

aicohn

Corporal
Messages
107
Left after 3 months

I traded profitably there for a few months, but then they suddenly announced they were cutting my leverage effective immediately. I suspect the two events may have been linked & that's their way of getting rid of successful traders. If I were losing, they'd be happy to let me continue at 200:1, or maybe offer me 400:1 to hasten my fall! In any case, I need what I need leverage-wise & left immediately. The whole thing left a sour taste in my mouth. I left with the impression they were running a slightly more sophisticated version of the leverage-cutting, asymmetric slippage games Gain Capital got nailed on by the NFA. A bucket shop on a slightly longer leash. Get too much ahead & they shove you out the door, or change the rules to even the score if you aren't smart enough to realize what they're doing & run through the door after the shove.

Withdrawals are very fast. That ain't the problem. The problem is a phone call out of the blue saying "we're cutting your leverage effective immediately". And as problems go that's a whopper. Essentially it's an unstable environment and I'm not talking about the trading platform or anything technical, but rather the human administration. Can't count on anything or any agreement.
 
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MMR

Recruit
Messages
1
Account openeing VantageFX.co.uk

I have opened an account in London....it is slow but I have been told that they have improved the account opening by upgrading their FSA permissions. Seem a pretty decent bunch in the UK and are happy to help if you call or live chat with them:).
 

aicohn

Corporal
Messages
107
I have opened an account in London....it is slow but I have been told that they have improved the account opening by upgrading their FSA permissions. Seem a pretty decent bunch in the UK and are happy to help if you call or live chat with them.
Reply With Quote

The sorts of problems I encountered would only become apparent after you'd been with them for some time & profitable. That eliminates 95% of forex accounts. If you're losing, they'll be quite happy to take your money, will do so with a smile & be very courteous about it, I'm sure.

If they had implemented leverage reductions "effective immediately" & I'd been in any positions at the time, I'd not just be removing my money, but talking with both ASIC & an attorney (I guess they call it a "solicitor" down there). That is precisely the sort of thing Gain Capital (aka Forex.com) got nailed on by the NFA. They might also have something buried in MT4 like Gain to always work slippage to their advantage. We'll never know.

I would be very wary of this one. If it walks like a bucket shop & quacks like a bucket shop, even with a smile, it's still a bucket shop with a smile.
 
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