VantageFX is a well-established and oft-awarded Australian FX/CFD broker, that used to feature binary options in addition to its “more traditional” trading products, some time ago.
With the binary option part of the deal now gone, the brokerage has taken on an entirely different, much more serious appearance, and indeed, its reputation has taken a turn for the better as well.
That is not to say however that this reputation is currently spotless…There are quite a few negative reviews posted by users at various review portals, mainly decrying the usual issues: problems with withdrawals and alleged price-manipulation, with the goal of abusively triggering stop losses.
Obviously, there’s very little solid proof delivered with any of these complaints, but their mere existence is enough to raise a red flag with some.
In addition to those issues, the broker was apparently involved in a couple of less-than-savory incidents in the past, none of which carry much significance for the rank-and-file user though.
One such incident saw the broker deny payment to one of its IBs. After the latter complained about it online, the broker allegedly offered to make the payment if he removed the said complaint – thus effectively holding his money hostage.
Another problem pointed out by various reviewers was about a well-known scammer working as a VantageFX IB for quite some time.
The bottom line reputation-wise is that – everything accounted for, and despite the above detailed issues – the user-feedback VantageFX has managed to rack up over the years is overwhelmingly positive. There are scores more people who appreciate the services of the broker (and we know that content clients are much less likely to leave any kind of feedback) than complainers.
Trader monies are for instance kept in segregated accounts with the National Australia Bank, and the operation is a member of the KPMG – a global network of auditing firms – meaning that to ensure continued regulatory compliance, it undergoes regular 3rd party audits.
The VantageFX website claims that the broker deals with an impressive list of liquidity providers, including Goldman Sachs, Bank of America and RBS – among others.
Why would you – the rank and file trader – want to trade with this broker though? Trading conditions always come first as far as value is concerned, and VantageFX have quite a solid thing going in this regard.
On some of their (ECN) account types, their spreads start from 0 pips (such accounts do charge a commission though).
In addition to that, the site delivers a few other reasons why one should trade there, in a special section.
Transparency and strong regulation are both on that list, together with the generous, 1:500 leverage that’s also offered. The broker is an award-winning one – as mentioned in the beginning of this review – and it features a superb range of trading platforms.
Its execution speeds are said to be superb as well as is its market coverage (it includes several cryptocurrencies in addition to the regular lineup of tradable assets).
Opening an account is supposedly easy as well though that probably only goes for Demo accounts, since for real money ones, there are quite a few questions asked and documents required.
The handiest way to contact the support staff at VantageFX is through the Live Chat feature, which can be launched from anywhere on their site.
Dropping an email to [email protected] is also always an option.
In addition to all the above, regional phone numbers are provided in the Contact section of the site, for China, Canada, UK and for international clients.
Perhaps the one thing that truly makes VantageFX stand out from other online FX/CFD brokerages, is the fact that it offers an impressive number of trading promotions.
European regulators have long frowned at various bonuses being offered to traders, but at VantageFX, the practice is alive and well.
Traders are greeted with a 50% Welcome Bonus. To get the extra money, all traders need to do is to claim it after their first deposit.
To be eligible for the bonus, traders need to be Standard or Islamic account holders and they need to deposit at least $500.
The maximum on the bonus amount is $250.
Other promotional packages include email-delivered trading signals, a free VPS service (pretty much a must with MT4’s EAs), SmartTrader tools, FX rebates and extra MT4 indicators.
An 8.88% cash bonus deal is also part of the setup, so it is indeed safe to say that the broker is rather generous in this regard.
VantageFX Trading Platforms
Some 15 different platform options are available at VantageFX, but it is safe to say that the focus is on MT4 and MT5.
The two MetaTrader platforms are available in scores of versions, covering PCs, Macs, various mobile devices and browsers (in the Web Trader versions).
The MAM/PAMM platform is for those juggling multiple trading accounts for clients or for themselves, while MyFXBook AutoTrade is all about social trading.
In this regard, ZuluTrade might be an even better choice, since it provides traders access to one of the most popular social trading platforms.
VantageFX Account Types
The Standard STP account is the cheapest and most accessible account option at the brokerage. Requiring a minimum balance of just $200, the STP account offers STP execution and spreads starting from 1.4 pips.
The maximum allowed leverage on all account types is 1:500.
The Raw ECN account is said to be the most popular at the site. The execution on this one is obviously of the ECN kind and the minimum required balance is $500. The spreads start from 0 pips, but there is a $3/lot/side commission charged.
The Pro ECN Account is the VIP account type at VantageFX. The minimum required balance for this one is $20,000 and the spreads start from 0 pips.
The commission on this account-type is $2/lot/side.
Demo and Sharia-compliant Islamic trading accounts are available too, in addition to the above detailed ones.
VantageFX’s reputation may not be spotless but it is certainly good enough to warrant interest on the part of any trader: beginner and professional.
The site offers great trading platforms, trading conditions, execution and market coverage.Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.