Problem VantageMarkets doesn't let me withdraw US$16.468.05.

[Atli R]

VantageMarkets doesn't let me withdraw US$16.468.05

I made a deposit of US$2,300, got a deposit bonus of $630. I placed two trades and made $16,468.05 of net profits. All my profits were removed by a "Cash Adjustment-PNL".

I submitted two withdrawal requests that were rejected. The reason given was that I engaged in high-risk activities.
If VantageMarkets doesn't want you to use a lot of leverage, why allow it in the first place ?

After chatting with customer support, I got the confirmation that I will never be able to get my profits back.


My VantageMarkets account number is 1187857.
If VantageMarkets send me my profits back, I'm willing to remove this post.

 

[Atli R]

I read that I must write a second post to enable the company invitation.

I forgot to mention that my account with VantageMarkets was at the Cayman Islands.

Since I'm considered as a high-risk trader, I'm willing to opt-out of the 50% deposit bonus, and stop taking high risks when trading with VantageMarkets. I apologize for not following the terms and conditions of this bonus program. However, clearing my profits remain illegal and I'm ready to file a lawsuit if I don't have it back.

 

[FxMaster]

VantageMarkets doesn't let me withdraw US$16.468.05
View attachment 76559
I made a deposit of US$2,300, got a deposit bonus of $630. I placed two trades and made $16,468.05 of net profits. All my profits were removed by a "Cash Adjustment-PNL".


View attachment 76561
I submitted two withdrawal requests that were rejected. The reason given was that I engaged in high-risk activities.
If VantageMarkets doesn't want you to use a lot of leverage, why allow it in the first place ?


View attachment 76558
After chatting with customer support, I got the confirmation that I will never be able to get my profits back.


My VantageMarkets account number is 1187857.
If VantageMarkets send me my profits back, I'm willing to remove this post.

Let's start with adding your story as a review https://www.forexpeacearmy.com/forex-reviews/6219/vantage-markets-review and then follow the below suggestions.

Note 1: The invitation button will be enabled when your first post reaches 4 days old.
Note: 2 You need to make a second post in this thread to enable the official invitation option.
Note 3: Make sure to share your account number (Only account number). Many time this help companies to find out you are genuine or not.
Note 4: Make sure to follow the suggestions correctly, when you do it correctly you will get the below message in your thread automatically.

 

[Atli R]

The OP has invited the company to this discussion on May 11, 2022 at 5:58 PM

 

[4evermaat]

I think there may be enough cases to initiate a trader's court case (scam vote) @FPA Forums Team

-> Blatant confiscation of traders profits.
-> Broker even admits that profits were removed for "suspicious activity"
-> profits only removed after the fact. The trades were legitimate at the time.
-> if the trades were negative, would the broker have "equally" allowed a do-over of the negative trades and let the trader start over with the pre-negative trade(s) account equity balance?

And the traders all had some proof of the illegitimate activity (on the broker's side). They just made regular trades, were profitable, and then their profits were uniformly cancelled.

 

[compu-forex]

4evermaat,

I don't think so. Vantage is a solid broker IMHO. I have used them without issues.

You should look at this trade a bit closer. Who enters a trade down to 100% margin - that can wipe out the account within an hour. Let's see a proper MT4 statement not a mobile screenshot - I bet the trade was made within the last hour of closing.

There is quite possibly another trade with another broker that is a sell(that's what I would do) and you will probably find that account has a negative balance of $15k. Kudos to Atli - IMHO hedged gap trading is a valid trading strategy but you will never get the brokers to agree that it is, and it doesn't make them a scam because they picked up on it.

On 27th April FB released first quarter result(presumably after hours), so any gap of more than $5 in price and you are smiling. No gap = loss of $600 for the cost of the hedged trade. Seems FB gaps $4 on a daily basis without news., so this would be a great trade.

 

[FxMaster]

I think there may be enough cases to initiate a trader's court case (scam vote) @FPA Forums Team

-> Blatant confiscation of traders profits.
-> Broker even admits that profits were removed for "suspicious activity"
-> profits only removed after the fact. The trades were legitimate at the time.
-> if the trades were negative, would the broker have "equally" allowed a do-over of the negative trades and let the trader start over with the pre-negative trade(s) account equity balance?

And the traders all had some proof of the illegitimate activity (on the broker's side). They just made regular trades, were profitable, and then their profits were uniformly cancelled.

I guess you have to tag @AsstModerator for this

 

[HeavenLeighRob]

Following to see how this one plays out

 

[4evermaat]

There is quite possibly another trade with another broker that is a sell(that's what I would do) and you will probably find that account has a negative balance of $15k. Kudos to Atli - IMHO hedged gap trading is a valid trading strategy but you will never get the brokers to agree that it is, and it doesn't make them a scam because they picked up on it.

1) there is no proof of this

2) even if it was true, what does this have to do with Vantage or any broker for that matter just deleting the trades (after they are cleared) and claiming they will not pay out? Why offer a price, complete the deal, and then renege later?

The idea is that a trader is free to trade how they want.

What ever happened to offering a price, complete the deal, and the deal is final. And a bonus would be a post trade report of what the ticks + LPs were doing a few seconds before/after trade and also a snapshot of the orderbook at the time.

If the trades all lost, would vantage also delete the losses and allow the client a do-over?

Now what vantage and other brokers can do is ask you to leave (discontinue the relationship) if they determine that it is not in their best interest to continue.


That is entirely within their rights. But to just say "I don't like how profitable you are.....[delete record] piss off" is more than a little scammy. If we are at a point where outright cancelling of a client's cleared trades is legitimized as a normal thing, then there is little hope for fx cfd community....especially offshore.

Me personally I just encourage people to trade with dealers/brokers with honest business model from day 1.....but hey......what do I know??

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@Atli R can you please attach a complete account statement generated from desktop mt4? Or alternatively you can check your email for the monthly statement + daily confirmation of trades done.

here is a tutorial of how to do this: https://www.forexpeacearmy.com/comm...ccount-trade-history-statements-part-1.63543/

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Here is a blunt follow up video which may explain VantageFx's behavior. (watch the youtube clip above first)

Tell me what you think @compu-forex

 

[Atli R]

You should look at this trade a bit closer. Who enters a trade down to 100% margin - that can wipe out the account within an hour. Let's see a proper MT4 statement not a mobile screenshot - I bet the trade was made within the last hour of closing.

There is quite possibly another trade with another broker that is a sell(that's what I would do) and you will probably find that account has a negative balance of $15k. Kudos to Atli - IMHO hedged gap trading is a valid trading strategy but you will never get the brokers to agree that it is, and it doesn't make them a scam because they picked up on it.

On 27th April FB released first quarter result(presumably after hours), so any gap of more than $5 in price and you are smiling. No gap = loss of $600 for the cost of the hedged trade. Seems FB gaps $4 on a daily basis without news., so this would be a great trade.

This strategy would only work if the two brokers offer negative balance protection, right ? Otherwise you can't make any profit if you have two exactly opposite positions.
VantageMarkets doesn't offer negative balance protection.
I was just really bullish on FB earnings.

@Atli R can you please attach a complete account statement generated from desktop mt4? Or alternatively you can check your email for the monthly statement + daily confirmation of trades done.

Here is the zipped HTML account statement :