VantageFX.co.uk Review

2.4 · 16 REVIEWS
Updated: Feb 6, 2019 ·  · Is this your company?

Vantage FX is a forex broker. VantageFX offers the MetaTrader 4, MT Mobile, and WebTrader forex trading top platforms. VantageFX.co.uk offers over 40 currency pairs, gold, silver, oil, indices, and binary options for your personal investment and trading options.

VantageFX.co.uk

ATTENTION

Regarding the BTN Lightning Incident

ATTENTION

BTN Lightning made some very unusual software that really could probe for price delays (unlike most other similar claims the FPA has seen).  Although the delays in nullifying trades were excessive, the UK FOS has clearly ruled in Vantage's favor and confirmed that BTN's software was designed to cheat the broker by this sort of probing.  The FPA is happy to report that Vantage assures us that their backend software has been improved.  The improvements should make this sort of abuse much harder to do and also make detecting it faster.  In the unlikely event of any similar occurrence, any abusive trades should be dealt with much more quickly.

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2.4 · 16 REVIEWS
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Traders Reviews

Vantage FX,
Sydney, Australia,
Apr 11, 2013,
Guest

COMPANY RESPONSE TO RECENT CLIENT CONCERNS ON ACCOUNTS AND EA TRADING

We at Vantage FX are aware of the grievances and aired concerns of our traders and have been in the process of addressing these accounts individually, also undertaking further investigations of external third parties.
On the 20th March, 2013, following a request from our liquidity providers a small number of traders had their accounts temporarily suspended pending investigations into suspicious trading and in particular, usage of internet and connectivity delays in order to take advantage of arbitrage on Trading Systems. The suspension was in accordance to our terms and conditions for Margin FX and was necessary so as not to potentially contravene with our Licences from regulatory bodies. Full terms and conditions can be accessed here: https://www.vantagefx.com/about-us/legal-documents/
A formal correspondence via email was sent out to individual traders informing them, that the investigation may take up to 90 days and their accounts would be held within this time. Fortunately, this was not the case. All accounts were unfrozen after only 7 days and all accounts have been freed with no limits on trading or withdrawal.
During the week suspension, the frozen accounts were reviewed and confirmed as having used an illegitimate automated trading robot, also referred to as an Expert Advisor (EA), executing trades with the following characteristics:
• Causing systematic manipulation or abuse of markets
• Interfering with the markets efficiency and integrity
• Exploiting mispricing
• Operating in Breach of our Terms & Conditions 14.1, 14.2, 23.1.1 and 23.1.4
The offending EA which had produced these illegitimate trades was BTN Lightning. BTN Lightning (http://www.btnlightning.com) promote themselves as a “news trading” EA, despite not actually working as so. BTN Lightning EAs target latency arbitrage. Latency arbitrage takes advantage of delays in the price feed and hence, an incorrect price. News trading EAs work upon the release of economic news reports focusing on short-term movements in the market as a whole, not mispriced feeds.

Such mispriced latencies occurred for Vantage FX during some minimal server down times. The server downtimes came at the peak of our client growth and trading activities greatly attributed to the sudden quadrupling growth in our Binary Options, online and mobile trading. We have addressed these server issues by expanding our existing Equinix servers redirecting client feeds to those servers closer to them.

We at Vantage FX do welcome all the types of methods, trading strategies and EAs that are not in breach of our terms and conditions, namely that of latency arbitrage trading.

All of the trades executed by this EA have been cancelled and the associated profit and loss have been adjusted accordingly. Some traders have mentioned that only profits were cancelled whilst losses were left alone – this is untrue. All trades executed by this automated trading robot were reversed. Manual trades were not and commissions collected by BTN cannot be reclaimed by us.

We are currently in the process of compiling research and evidence against BTN. We are aware that other brokers have also undertaken investigations and suspensions in light of BTN Lightning trades. Within their original promotions and reviews, BTN recommended Vantage FX as the preferred broker for use with their EA (without our knowledge). Vantage FX has attempted to locate BTN to make contact on behalf of affected clients.

BTN has now locked out some traders’ accounts and removed all contact details off their website. According to many websites and forums, many users are knowingly trading with BTN despite its suspicious practices - with some even encouraging secrecy and sharing of the EA. This is knowingly trading against the terms and conditions traders have agreed to not only with us but with nearly all brokers. BTN have told some of our clients that they will be refunded the commissions from BTN but have yet to see anything. This also goes as a fair warning to traders to be wary of handing over their trading account details to any sort of system that appears ‘too-good-to-be-true’.

We apologise for the delay it took in identifying the offending system and only took action once we were positively sure of the issue at hand. If any traders have any further concerns, contact us directly. We are more than happy to provide any trader with their transaction record, along with audit numbers, for every trade calculated in this adjustment. You may request this record or ask any questions related to your account by emailing us at support@vantagefx.com.
 
Peter,
China, China,
Dec 26, 2012,
Guest

The online chat is not working. The MT4 platform got freeze over an hour. I will keep you all update about their response.
 
osarun,
Tokyo, Japan,
May 13, 2013,
Guest

I am a user with UK (but did not fund yet), have a simple question to AU.

Can you show all in FPA the technical evidences to establish your orthodoxy (the EA was designed to exploit delays in the price feed)? The technical evidences mean the verification outcome of source code and logic of the EA.

Of course, I know you have exact technical sources to reveal the EA is SCAM, because one of famous brokers in the world never cancels customer’s trades without righteous evidences.

I think showing evidences to us must be easy for you.
 
Elio,
Rome, Italy,
Mar 26, 2013,
Guest

Hi Guys,

be far away from this SCAM broker! Here you are the whole story:

I have opened this account on 2012/12/27 and I have funded it with EUR 1,050.00 (one thousand and fifty).

I was trading with two scalpers and was gaining some money. I received the daily and monthly report and everything was going beautifully. On 2013-03-20 I

received an email with subject: "Suspension of your account", that contained this text:

Dear (my name),

We are writing to you to inform you of the action Vantage FX has today taken in respect of your account 102789.

Following a request from our liquidity provider, Vantage FX have today suspended your account pending further investigation into suspicious trading and in

particular usage of internet and connectivity delays in order to take advantage of arbitrage on the Trading Systems. The suspension is in accordance with

Clause 20.5, of Vantage FX’s terms and conditions duly accepted by you prior to opening your account. Please click here to view full terms and conditions.

Until completion of the investigation, no further trades on your account will be allowed and no further withdrawals can be made. It is envisaged the

investigation will be completed within 90 days. Once completed we will write to you further outlining the results of our investigation.

If you have any current open positions on your account and wish to trade, please contact us on +44 207 332 4954.

If in the meantime you have any other queries please do not hesitate to contact us.

Kind regards,
Trade Support
(with no one signing it, of course!)


On the 21st I replied with this email:

Dear Mrs. / Mr.,

good evening. You wrote me, among others that will argue later, “Following a request from our liquidity provider, Vantage FX have today suspended your

account”: as the only owner of my account, with my funds segregated on a major bank, I ask you To show me the “request from your liquidity provider” (scanned

in PDF). Second, I want to know exactly where my funds are in this moment (Bank, name and number of the account).

Sure you will answer me ASAP, for avoiding to increase the relevant money damage you already have done to me, I wish you a nice evening.

Best regards,
(I signed it with my name and surname).


I received no news and I forwarded my email on the 22nd with this text:

Dear Trade Support,

good evening. I have sent you an email more than 24 hours ago and I still miss your answer; maybe you didn’t receive it, so I resend it.

Best regards,
(name and surname and attached the previous e-mail).


Instead of sending me what I had requested, I received today (2013-06-23) this email:

Dear (name),

Further to our email of 20th March 2012, we have now been able to conclude our investigations.

Your account xxxxxxx has now been reviewed and it has been confirmed as using an automated trading robot which had the below characteristics:
• Causing systematic manipulation or abuse of markets
• Interfering with the markets efficiency and integrity
• Exploiting mispricing
• Operating in Breach of our Client Agreement 20.5
As a result, all of the trades executed by this automated trading robot will be cancelled and the associated profit and loss will be adjusted. The net

adjustment to your account is calculated below. At your written request we can provide you with a transaction record for every trade calculated in this

adjustment.

Cash Adjustment – P&L = 1984.5
The adjustment listed above is denominated in the base currency of your trading account.
Your current account balance is now available for withdrawal once more.

We understand that many clients have downloaded an EA /Trading System or alternatively given their Login and Password to a third party, who is carrying out

trading on clients behalf. The strategy of these systems may not be clear to clients and we appreciate that you may not have been aware of the nature of these

systems when you allowed them to trade on your account. Please refer to your provider.

If you would like to continue trading, we request that you remove the BTN Lightning (or an associated trading systems) from your account and reply to this

email requesting for your account to be enabled for trading (please only request your account to be re-activated for trading once the current trading systems

have been removed). Alternatively please contact your account manager.

Kind regards,
Trade Support
---

Now, I want to open a compliant with the the Financial Services Authority.

So, I suggest you, to skip or abort any relationship you have with this broker.

Stay tuned with some update.
 
Andreas Wilden,
Tönisvorst, Germany,
Mar 26, 2013,
Guest

SCAM
They cancelled all my profits. I made scalping trades during big movements. But not really scalping, i held positions ofter more than 5 minutes
 
Thomas A,
Munich, Germany,
Apr 19, 2013,
Guest

This statement from the company is just a lie:
________
All of the trades executed by this EA have been cancelled and the associated profit and loss have been adjusted accordingly. Some traders have mentioned that only profits were cancelled whilst losses were left alone – this is untrue. All trades executed by this automated trading robot were reversed. Manual trades were not and commissions collected by BTN cannot be reclaimed by us.
________

I don't trade manual on my account, but after canceling my trades there is less than my initial fund in my account and I didn't withdraw so far. I can prove this with the statements of my account.
 
cibex,
Czech Republic,
Sep 13, 2011,
Guest

I wanted to contact them after 7 times in 24 hours and the result is always the same :
-Please wait for a site operator to respond.

-All operators are currently assisting others. Thanks for your patience. An operator will be with you shortly.

Is this normal???
 
Pierpaolo Palazzo,
Foggia, Italy,
Mar 20, 2013,
Guest

The problems started when i begun to withdraw some money.
They blocked my account saying that i exploited their delays to have successful tradings.
Their investigation will last even 90 days.
From my log, out of 396 tradings:
1) 83 contracts lasted 10 minutes or more and their profit was EUR 3,452.44
2) 313 contracts lasted 9 minutes and 59 seconds or less and their profit was EUR 202.54
So, they feel free to sequester my money
 
Jake,
Auckland, New Zealand,
Mar 27, 2013,
Guest

I left Vantage last year and closed my account after I discovered Vantage was deliberately delaying the execution of my trades by as much as 10-seconds.

I withdrew my money with no problem and moved on and didn't think anything more of the matter. Then just yesterday I received a statement for my old account showing a profit/loss adjustment of negative $500. I am now receiving demands that I owe Vantage money, despite receiving no other information or proof from this broker.

As far as I'm concerned I closed my account last year and withdrew the funds that were rightfully mine.

I don't know what's going on with Vantage and their sister company GoMarkets as they appear to be freezing all their clients accounts. I'm glad I got out while I did. My advice to everyone who has an account with Vantage is GET YOUR MONEY OUT NOW AND LEAVE THIS SCAM BROKER.
 
Igor,
Arhangelsk, Russian Federation,
Mar 27, 2013,
Guest

This is a bad broker.
Traded with him 6 months and was satisfied.
However, on 20 March received a notice that my account is frozen.
I can not get my money.
26th I wrote off all the profits.
Nice and easy!
Beware of this broker.
He'll be disappointed!