How do you know if you can trust an online broker? Do you know what red flag to look out for before taking the plunge and signing up to the platform? It is important to know your funds are safe and you are trading on a platform you can trust because even someone who has been trading for twenty years can fall victim to a scam. A key element of what we do at Wealth Recovery Solicitors is keep our ears to the ground about companies like Vantage FX, helping those who have fallen victim to a scam reclaim their money.
Who is Vantage FX?
Vantage FX has over 10 years of experience in offering trading services, including Forex, Indices, Share CFDs (Contract for Differences), to name a few. It falls under the company Vantage Global Limited, is regulated by Vanuatu Financial Services Commission (VFSC), and can be found under the registration number 700271. They are not regulated by the Financial Conduct Authority, which means Vantage FX is not authorised to trade within the United Kingdom.
They work with trading platforms such as MetaTrader 4 and MetaTrader 5, as well as the Vantage app. They claim to offer low costs with 0% deposit fees and require $200 as a minimum deposit.
Is Vantage FX a scam company?
A quick look at their Trustpilot page shows that the company is known for losing customers’ money. There are also claims of unethical behaviour from their admin staff and accounts of people ceasing trading on their platforms due to concerns of suspicious activity. The company is known to pay for negative reviews to be removed on the site Forex Peace Army, which has aroused suspicions that the positive reviews being placed on their site are in fact fake.
Vantage FX is also regulated by the Australian Securities and Investments Commission while its associated companies are regulated in the Cayman Islands and Vanuatu – both of which are places that are suspicious, as the financial regulations in these locations are not clear-cut and, as a result, put customers at risk of losing their money.
With all this murky behaviour, despite Vantage FX attempting to appear as a genuine company, the truth is that they are a scam broker – simply put, your money is not safe with them.
You do not have to be embarrassed if you have fallen victim to an online trading scam. They are more sophisticated than you may realise. This is why we can help. Our experts use their knowledge and the latest technology available to investigate the brokers you suspect have taken your money and work to recover the funds for you.
We are a boutique law firm that specialise in tracing your lost money as well as delivering court injunctions and applications to the ombudsman. To discover how we can help, please call us on 0203 695 9239 and book your free consultation today.