VantageFX.com

RahmanSL

Major
Messages
2,536
Changing a client's trade Leverage "with immediate effect" is and should be illegal. BUT, I have a sneaky suspicion that this "fact" is contained somewhere in their small printed "Terms & Conditions" stating that they have the right to do that at any one time and without prior notice either.

This is tantamount to making sure that when traders are in too much profits and have one too many opened losing positions, it's a sure thing to effect a possible margin call which will not only wiped out the profits but maybe even the account too. Nice set-up!
 

aicohn

Corporal
Messages
107
As I was in no positions at the time, I simply viewed this as "you made your business decision, now I will also". Nevertheless, this was precisely the issue with gain capital. They were lowering leverage over the weekend & doing it without any sort of warning or notice, provoking margin calls and forced selling as a result. They were fined by the NFA for that reprehensible behavior and forced to compensate the affected customers. While this episode resulted in no harm to me, I had to take very seriously what could have happened if they had simply decided to force a margin call & put me into a liquidation. IF that had been the case, I frankly wouldn't care what their agreement said, I'd take it to their regulator & to the courts to make me whole, using Gain Capital & the NFA action as precedent. I mean, would an account agreement saying "we reserve the right to steal from you any profits you might make." be enforceable? I simply won't do future business with such a broker under those conditions & encourage others not to either.

A quick efficient account opening with such a broker, or service with a smile from such a broker is like a smiling efficient executioner wielding a very sharp axe on your neck. Not very good. And you'd have to be some kind of idiot to knowingly sign up for such treatment. But if you're a losing forex trader, like 95% of retail forex traders, it probably doesn't matter much to you & if you're going to give your money away, you might as well give it to somebody who smiles a lot.
 
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RahmanSL

Major
Messages
2,536
"A quick efficient account opening with such a broker, or service with a smile from such a broker is like a smiling efficient executioner wielding a very sharp axe on your neck."

I believe the Chinese calls that a "Smiling Tiger"...meaning the snare (smile) before attacking and eating you.

"....I frankly wouldn't care what their agreement said, I'd take it to their regulator & to the courts to make me whole, using Gain Capital & the NFA action as precedent."

Is Vantage registered with, and so regulated by the NFA????

I sure hope Vantage Representative will come in here to clarify that "change Leverage with immediate effect" issue as that does not bodes well about the company's honesty and integrity.
 

aicohn

Corporal
Messages
107
No, vantage isn't regulated by the NFA, but they might take some guidance from the way other regulatory agencies in their business have acted.

Take a look at the most recent ratings. Looks like Vantage decided to help itself to the account of a trader who was ahead. They simply started closing positions while he was out of town. He says he had plenty of margin, which he may have had. That is, unless they pulled a number on him like they did on me by cutting leverage effective immediately & unable to contact him to manage the situation that threw him into a margin call & a forced sell-out.

Absolutely pathetic broker.
 

Nerdie

Corporal
Messages
86
Thankyou to FPA

I've just received an email from VantageFX. No idea how I got onto their mailing list with an old email address.

Thankyou to FPA. I read the reviews and the discussion. If I were looking for a broker I would be in a better position to make an informed decision now with my money.

:nerd:
 

Normbell

Private
Messages
14
I run the same EA on demo with Vanatge, Hotforex, Thinkforex, Pepperstone and GoMarkets and Vantage and GoMarkets produce the worst returns of the lot.

However I am looking for a UK based broker so I would be prepared to use them but this reducing leverage that keeps coming up on review sites has put me off.

Here are some live chats I had trying to clear a few questions up but it is still not clear to me their criteria for this.

"you: Can I use 500:1 leverage?

Tom: yes you can

you: i read on review sites u sometimes reduce leverage, when do you do that because I would like to keep the 500:1 leverage at all times

Tom: we would stay at 500:1 for as you want to but there will be a maximum number of lotts of up to 2 lotts traded at up to one time. unless however more money is deposited

Tom: could i take your contact information

you: not yet tom I am comparing you with other brokers

you: do you have a 24 hour support line in my internet connection fails and i need to close trades?

Tom: yes we do we have offices all over the world who would have access to your trades 24hours a day

you: I find there is a 2-3 second delay in execution compared to other platforms, which is the best server for me to use DC1 2 or 3?

Tom: we our currently running on 0.5 pips for 6 major currency crosses

you: yes I am using your demo

Tom: there should not be that delay, it automatically transfers between the three i would suggest trying all three, however if your are london based i would reccommend DC1

you: what are your charges for paying in £1000

Tom: 0 we do not charge on any deposits,withdrawal's, or trades. we are also running a 10% depsit scheme cash into your account when a new live account is opened

you: Thanks for your help Tom, have a good day.

Tom: No problem

-------------------------------------------------------------------------------

"You are now chatting with 'Tom'
you: Hi again Tom, we chatted earlier about reducing leverage

you: I have read a few reviews where a client had their levergae reduced and were unhappy about this

you: some had their profits kept and account closed

you: why do you do that?

Tom: that is not true atall, we are aware of that report and the client , he was trading illegally

Tom: we gave him warning and notice

you: ok, i do not use arbitage if thats what you mean

Tom: he continued totrade

you: all I do is use an EA

you: it is a grid trader

Tom: that is what he was doing

Tom: EA are fine

you: i do not try to profit from the difference in spread

you: ok

you: so you mentioned 2 lots maximum

Tom: no problem

you: could you go into more detail please

you: do you mean the total open trades must not go above 2 lots?

Tom: well that would depend on your balance,

you: ok, so what balance can i keep 500:1 at?

you: you reduce it if it goes above what level?

Tom: that is £7,500 Gbp

Tom: we are required by the FSa

Tom: to ensure that all parameters on the clients account

you: and then you dop leverage to what at £7500?

Tom: are appropaite and take into account the risk involve, this is a key part of our policy, called "treating customers fairly"

Tom: 400:1

you: I see, and would you contact me by email to let me know you are going to reduce leverage when my account reached that level £7500?

Tom: yes, we would contact you by a method of your request, a notice would appear our end and i would contact directly as i would be your account manager

you: i understand what you said about reducing leverage to 400:1 if it reaches £7500, but what is the 2 lot rule?

you: do you mean the total open trades must not go above 2 lots?

you: right now my total open trades ar under .5 of a lot

Tom: we restrict the maximum amount of lots traded in relation to account balance not leverage

you: i just am trying to understand because I would hate to get a nasty surprise and find leverage lowered causing me to have to close out trades that would otherwise be fine with your 20% stop out level.

Tom: 2 lots would be based on your deposit of £1000

Tom: yes i understand and that is not the case

you: ok it's a bit more complicated than I had hoped for, I will have a think about it,have a good day."

--------------------------------------------------------------------------------

"You are now chatting with 'Damien'
you: How long has Vantage UK been running

Damien: 3 years

you: How many servers do you have?

Damien: Australia Singapore UK USA

Damien: we have 4 servers

you: For UK clients do orders go via singapore, Austrlia, usa? or direct from London to your liqidity providers?

Damien: sorry only 3 there is no server there. So it would be the closest to you USA or Singapore

Damien: in the UK

you: in account history comments when there is a note "[started/gap]" after a closed trade what does that mean?

you: this conversation has taken 20 minutes

you: I will have to assume you wont answer and will be happy for me to post this conversation on review sites

Damien: sory have been on call will transfer you sorry

Please wait while I transfer the chat to 'Michael'.

You are now chatting with 'Michael'

Michael: Thank you for visiting Vantage FX. Can I please begin by asking for your name and email address?

you: Can you tell me how long Vanyage UK has been running?

Michael: Since september 2010

you: How many servers do you have?

Michael: 3 servers

you: For UK clients do orders go via singapore, Austrlia, usa? or direct from London to your liqidity providers?

Michael: direct through liquidity providers

you: Do you/Vantage UK use the Metatrader virual Dealer plugin?

you: virtual

Michael: no

Michael: virtual dealer would be something a market maker would use

Michael: as we are not a market maker we are STP

you: in account history comments when there is a note "[started/gap]" after a closed trade what does that mean?

Michael: it could mean that since you placed the trade the market has moved from that price level at which you placed it

you: Compared to the other demos I am running on the same PC and same connection there is a delay in execution with Vantage, maybe it's because it goes via the singapor/Aus server.

you: 7:47am

Michael: I do not get a delay trading myself

Michael: it is possible you may have conflict of running multiple platforms at the same time

you: What is your connection to Gomarkets Aus?

Michael: Go markets was a partner company but now we are separate and in competition

you: no, I have tried running the platform on it's own and same delay compared to hotforex, thinkforex, pepperstone which are all immediate execution. Vantage and Go both have this delay, I assumed since you dont have a London server that was the cause

you: 7:59 am no response in last 10 minutes, Total conversation time of 55 minutes".
 

ToonyMoon

Recruit
Messages
5
They are regulated by ASIC and FSA. Someone was asking about withdrawals, i got mine next day but that was for a local withdrawal. dont know about international. I think the servers must have been updated since the above post as my trades on srv 1 are a couple of milli seconds
 

Shawn12

Recruit
Messages
1
One of the outstanding qualities of Vantage FX is their great customer support service with fast execution and quick spreads. I had tried other forex brokers in the past but the rate at which I have made money is amazing. Only been with them for three months and have accumulated $27000 in profit and it keeps getting better. This coupled with the fact that you get MetaTrader 4 is a definite plus in my opinion. I intend to continue dealing with them in the long run.
 

kamoro

Private, 1st Class
Messages
31
MetaTrader4

One of the outstanding qualities of Vantage FX is their great customer support service with fast execution and quick spreads. I had tried other forex brokers in the past but the rate at which I have made money is amazing. Only been with them for three months and have accumulated $27000 in profit and it keeps getting better. This coupled with the fact that you get MetaTrader 4 is a definite plus in my opinion. I intend to continue dealing with them in the long run.
I found that VantageFX.com is the only broker offering MT4 for Mac.
Is this correct? or are there other brokers offering this too
 

Jonster51

Private
Messages
12
Just Stay Away from Vantage FXS Xis what I recommend.

Weird how I cannot see the threads on Vantage from 2012 ?! Seems a lot of the old postings have been purged and not just mine.

Anyhow. I used to be a very big client of Vantage but they ended up raping me in the end. Bad computer services and massive slippage. Stay away if you still are in love with your money.

I just warning you.
John
 
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