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vantagefx scam??

Discussion in 'Scam Alerts' started by jetlooi, Oct 1, 2011.

  1. jetlooi

    jetlooi Recruit

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    Hi FPA,

    Please help me to reviews this unfairing treat to me by vantagefx.

    On 9/9/2011 i was trading with their MT4 so i found that the gold price is funny as in normal market is showing 1865.00 and their platform is showing 18.65 so i try to trade it and is accepted in 0.5 lot size, so i leave it for a while and monitor the price do up and down by 0.0x so i thought thier r running in that digit but suddenly it point up to normal digit as in 1864.87 and i get a shock and quickly execute the trade and get extra $88548.57 margin. After a while i was try to trade with that margin and it goes on for another 4 trade of and i was won 2 trade and loss 1 trade and the other one is floating, since it was friday so i let it floating and see what happen on monday but on the weekend the brooker was take out the trade of gold margin $88542.57 without any inform and make the account out of margin and all my left over was wipe out once monday market open even my floating trade is on nice profiting trade so what i'm concern is why brooker can do anything on the weekend and also on their platform?? Is the platform easily do amendment by them? If yes then how can we trust the platform again?
    I do have their daily comfirmation with the trade so please advise what should i do! Thanks!
     
  2. jetlooi

    jetlooi Recruit

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    Need Help!!

    Hi To all FPA members,

    I'm facing a problem with a broker that due to their system error on the gold price and i take the trade make my account surge $88k and i closed the trade and use the margin to trade other currency unfortunaly that weekend i was holding a floating trade with -$2k and they find out the problem and quickly remove that gold trade so my account is out of margin even then open position also been cancel on saturday night and make my account become negative $3k but actually the open position is in profit position since market open on monday then i fail to claim back all my lose but the account have negative balance, after almost 6 month now they ask me to fund back the negative amount or else they will reffered to 3rd party for the recovery of debt!
    Anyone have this kind of expirence or know well on forex dealing please advise me what should i do!!
    Thanks!

    Regards,
    Jet
     
  3. Pharaoh

    Pharaoh Colonel

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    If you broker tried to screw you because their gold price feed was off by a few cents an ounce, that would be a strong argument that you had been scammed.

    Instead, you saw a price that was completely impossible, acted on it, and then immediately placed another trade based on profits that came from an incredibly obvious pricing error. Did you really think any broker would allow profits from a 100 fold pricing error to be kept?

    Check the TOS. I'll bet you 3 pips that there's a specific clause to cover the broker in the event of a pricing error.
     
  4. jetlooi

    jetlooi Recruit

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    Hi Pharaoh,

    What is TOS?
    And would you advise me to paid them?
    Thanks for your reply!
     
  5. Pharaoh

    Pharaoh Colonel

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    TOS is short for Terms of Service. It might also be called something like Trading Terms & Conditions or Trading Agreement. When you open an account at almost any broker, at some point you'll have to check a box agreeing to the TOS.

    As for the negative 3K, that would be a very debatable issue. Normally, a negative balance is difficult to achieve since you would get a margin call before it happens. In this case, you placed the losing trade based on money that should not have been in your account. Possibly this nagative balance happened before they caught the gold pricing issue. Possibly they already saw the new trade was heading the wrong way for you and waited to cancel the gold profit while watching the new trade go deeper and deeper into loss. At this point, there's no way to be sure.

    Go to their website. Get screenshots of the TOS and any other rules they have. See what it says about negative balances. Depending on that, you may owe them the money under that agreement.

    Ethically, you were trading with money that you knew was due to an obvious error. You should not have been making trades risking money that wasn't ethically yours. If they erased that false profit as soon as they detected the error (and didn't wait to cost you more), then I would say that repaying them is the right thing to do.

    Legally, it could be very complicated. Just as it can be difficult to pursue a broker for ripping off a trader, it could be difficult for a broker to pursue a trader. Referring the case to a 3rd party sounds like they will sell the obligation to a debt collection agency.
     
  6. cedicarlos

    cedicarlos Recruit

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    although Vantage Fx insist to inform on its website that is registered by the NFA, the agency says it is not registered. See the text received by NFA.

    Re: Enfinium Pty Ltd - Vantagefx

    Dear Mr. Ferreria:

    Thank you for the recent correspondence you sent to NFA’s Compliance
    Department regarding the party referenced above. While NFA has developed
    a wide range of investor protection rules to safeguard the integrity of the futures
    and forex markets and monitors all NFA Members for compliance, it appears that
    the firm and individual in your inquiry are not members of NFA. Specifically,
    the firm and individual you are inquiring about have a principal place of business
    located outside of the United States. As such, NFA would have no jurisdictional
    basis for proceeding with an inquiry. However, NFA encourages you to visit
    the website provided in the link below which may assist you in identifying the
    appropriate regulatory agency.

    IOSCO - Membership Lists

    If you have any questions, please contact me at (312)781-1499.
     
  7. Pharaoh

    Pharaoh Colonel

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    Where did you see something about them being NFA registered? Can you post a link to the page where this info is?
     
  8. leifa

    leifa Private, 1st Class

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    Hello,
    I found this link.
    Do not know if it helps any.
    sincerely
    leif


    From the text of the site:
    https://www.vantagefx.com/about-us/who-is-vantage-fx/

    Registered Offices

    Vantage FX head office is located in Sydney Australia at Suite 405, 68 York St, Sydney NSW 2000.

    Vantage FX has an office in London to offer EU clients a local office experience with Vantage FX UK. Vantage FX UK is fully regulated by the FSA in the United Kingdom. Vantage FX UK local office is located in London United Kingdom at Dowgate Hill House, 14-16 Dowgate Hill, London, EC4R 2SU.
     
  9. Pharaoh

    Pharaoh Colonel

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    The only mention of the NFA I see on that page is at the bottom. It says:

    "Please be advised, the services and products offered by Enfinium Pty Ltd are not being offered within the United States and are not offered to US residents or citizens. Enfinium Pty Ltd is not registered with any US regulator including the National Futures Association ("NFA") and Commodity Futures Trading Commission ("CFTC")."
     
  10. Forextreme

    Forextreme Recruit

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    I found this review on Vantage FX from an experienced Forex Trader who has used many different brokers and has now been with Vantage FX for 3 months. An independent, un bias, Vantage Fx review » Army FX - Protecting us against forex scams

    I don't believe there is any Vantage FX Scam at all and that the people posting the kind of reviews and questions above are in fact attempting to blacken the name of Vantage FX.

    Make sure you look into brokers thoroughly before you decide whether to use them or not and don't just believe the first thing you read or hear about them.

    Thanks
    Forextreme
     

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