Vantage FX

Vantage Forex Trading Broker Review | Superchoice Forex

May 2020

Unboxing

In the box

Cost of the box

Opening account speed

Minimum deposit

Leverage

Deposit & Withdrawal
Customer support
Education
Research
Speed of execution
Product portfolio

Spreads

Commissions

Hidden fees

Total Score: 9 / 12

Vantage FX Broker Review Summary

Hi Traders. Welcome to our Vantage FX Broker review! As with all our reviews, we will be examining Vantage FX from all angles, looking at their key selling points and testing how well they live up to them!

Before we get into all that though, let’s get to know a bit about Vantage FX first. My first impression of these guys was that they were regulated in the Cayman Islands… when I think of the Caymans, regulation isn’t the first thing that comes to mind!

Vantage actually operate across a number of jurisdictions and are regulated by the ASIC (Australia), FCA (United Kingdom), and CIMA (Cayman Islands). Looks like these guys are taking over the British Empire!

Vantage FX was established in 2009, so have a track record behind them, however, they didn’t get their ASF license until 2012. Their key selling points are their offer of over 180 tradable instruments, 24/5 customer support and low trading costs/spreads. They seem to be a broker without the glitz and glam of the big boys, so I’m expecting some serious trading conditions.

So, without further ado, lets dive into our full Vantage FX Broker Review!

Unboxing – Opening an account with Vantage FX

Opening an account with Vantage is quite easy, as with most brokers they make the onboarding process as seamless as possible. It is noted that their minimum Vantage have no opening deposit but do have a minimum deposit of $200 for a standard account and $500 on their ECN account, which is below par with so many brokers having no minimum deposit. Vantage will leverage your account up to 500:1, giving you a nice bang for your buck; from that $200 minimum deposit you can trade $100,000 worth of positions. When you open an account Vantage sends you an email confirming your account login details and they will email you again once your verification is complete. Overall, this process is quite quick, and I was able to start trading within 4 hours on the same day.

Score = 2/3

So far so good for Vantage FX, passing the first checkpoint of our broker review with 2 of 3 points for quick opening, leverage above 100:1 but losing a point for their minimum deposit. Let’s see how they fare as we get down to the nitty gritty of what they offer, and the costs of trading with them.

Opening a Forex Trading Account with Vantage FX

What’s in the box? Vantage FX Broker Review

So what is it that Vantage FX offer their clients? Well for starters let’s look at their selling points, starting with their customer service. Vantage FX advertises 24/5 live chat support, so we put this to the test! I messaged the live chat at 1:14pm Thursady (UTC+10) and received a response at 2:39pm, over an hour later, pretty slow! However, I did receive email confirmation that they had received my message instantaneously. For a live chat running 24 hours that is quite slow, come on Vantage! When I did receive a reply, Vantage were very quick to follow up any other questions from there and were very knowledgeable, so credit where it is due.

Another key selling point of Vantage FX is their offer of over 180 tradable products. Their range of products is a small but solid offering, with FX, commodities, indices and index’s, typically available with brokers, and also equity CFDs; in not just the US market but also the HK, AU and UK & EU markets. Typically to trade the full suite of products such as equity CFDs, traders have to use MT5 with brokers such as Pepperstone or IC Markets. With Vantage FX I was able to trade CFDs from the MT4 platform as well, nicely done! Not all the share CFDs are available on MT4, such as AU, UK and EU shares, but US and HK share CFDs are available on MT4. I definitely like that about Vantage.

Another aspect of Vantage FX that I like is that they offer a nice range of deposit and withdrawal methods and don’t charge fees for them. They also have a healthy offering of base currencies for their trading accounts. These include popular methods such as Paypal, Poli, Skrill and credit card, across AUD, USD, GBP, EUR, SGD, JPY, NZD and CAD.

On the other hand, something that I dislike with Vantage FX is their educational offerings. Whilst they have some educational content, it’s not easily located on their website, and the educational content once found is a tad basic. I like that they touch on trading psychology though, as every successful trader knows how integral that is to success. On the educational pages they do encourage new traders to practice doing their own analysis on a demo account rather than just trying to push a live account which I liked, as it gave me the impression Vantage FX care about their traders’ results and building a relationship with their clients.

Vantage FX MT4 advanced tools are quite neat, such as an Excel RTD link, which I haven’t seen anywhere else before. Some other tools include alert managers which are quite handy for me, a correlation matrix that simplifies overviewing the markets, a sentiment indicator and a session map. I think that these tools prove quite useful, and I certainly benefitted from using them, particularly the sentiment indicator and the session map.

Vantage FX also advertise fast execution, which I found to be true. I experienced low latency. For you tech heads, Vantage FX boasts 100GB/s bandwidth (Not sure what that means), but the result is I experienced instant execution.

The area they lose a point at is their market research/analysis. Vantage FX have an email signal service, however they clearly lack in this area when compared to broker powerhouses such as FP Markets or ICM.

Score = 5/6

In my opinion, Vantage FX has some nice aspects, such as their execution speeds, which is a selling point for them, an easily accessed range of tradable products from different markets, living up to that selling point, and some handy trader tools. Vantage FX could improve their educational offering depth and their customer support response times, as it is one of their selling points, however all in all they have done a good job in this section. Their lack of market analysis loses me here, being a weak spot for their offerings.

Cost of the box – Vantage FX Fees, Spreads and Commission

So the question on everyone’s mind is how much will it cost me to trade with the broker? Well Vantage FX boasts low trading costs, so we checked out their trading costs and conditions. What did we find out?

First let’s look at their commissions. To me, the industry standard commission is $3.50 a side per lot, offered by Pepperstone, IC Markets and various other big brokers. Vantage FX undercuts this standard, with commissions of $3 per side/per lot. $0.50 doesn’t seem like a huge difference, but at $1 difference per round trip on each lot traded, the difference ads up across a series of trades. Vantage have lived up to their promise of low costs here.

So how about their spreads? Vantage advertise spreads from 0.0, however I did not see a live spread of 0.0 at all while testing, so they didn’t satisfy me there. The lowest spread I saw was a EURUSD 0.1, which is low, and across the majors I was monitoring I didn’t see a spread above 0.6 (AUDUSD), so it’s quite safe to say these guys are competitive on their spreads! Doing well so far Vantage!

In terms of non trading costs, Vantage has none! No inactivity fees, no deposit or withdrawal fees and no account fees. In my opinion, no broker should charge these fees, so it is good to know Vantage FX doesn’t. That said, some deposit and withdrawal methods do incur charges that are charged by the bank or payment service.

Score: 2/3

Vantage FX surprised me here, I was surprised with the consistency of the low spreads they had, despite not having that 0.0 spread live. They live up to their selling point of low costs, and have quality trading conditions. They lost a point for not having a live spread of 0.0 while I was monitoring them.

My experience trading forex with Vantage FX

My overall impression of Vantage FX is that they are a forex broker oriented for trading, as they don’t have the glitz and glamour that industry leading brokers offer. Vantage FX do deliver on their promises though, with a good range of tradable instruments at highly competitive pricing. I feel that the low commissions they charge is in part due to the lack of glamorous infrastructure that bigger brokers offer, and in a way you get what you pay for.

Total Score = 10/12

Leverage

In terms of trading, leverage is borrowed capital that allows you to increase your potential profits or losses. In Forex a common leverage amount offered is 100:1, meaning that for every $1 you have you can control $100 in equity.

Margin

Margin is the collateral you must keep in your account to maintain a leveraged position.

Open A Forex Trading Account

Opening a trading account with an Australian Forex Broker is an easy process that can typically be completed within a matter of minutes. To open an account with a forex broker there are three main steps:

  1. Fill out personal information
  2. Verify account with documents
  3. Client Qualification questionnaire

To open an account, you will need to provide your full name, nationality, email and phone number. Once you’ve completed these and set up a password you will typically be asked to choose the type of account and the trading platform, as well as your base currency. You will also be asked for your country of tax residence and tax details (TFN for Australians). Typically, providing specific tax information such as TFN is not compulsory. Brokers will also ask if you are a politically exposed person. The final personal information you must provide is your contact information, including your full address and how you would prefer to be contacted

The next section is financial information. Here you must provide your employment status information, annual income bracket and liquid net worth. Once you are through this section, the broker will ask your about your trading experience (Years) on securities, options, commodities, futures, CFD’s and OTC Forex Exchange, and if you understand the risk of margined transactions.

The client questionnaire assesses whether your knowledge of CFD’s is suitable for opening an account.

Margin Call

A margin call is a demand from the broker for the client to deposit funds to meet margin requirements for open/closed positions.

Short Position

A short sell is a position where the trader anticipates the price of an instrument to decrease, and sells a borrowed asset to buy it back in the future.

Long Position

A long position is a buy position, where the trader anticipates the price of an instrument to increase.

Test2

This is a test, all systems go!

Indicator

An indicator is something that assists traders finding where to enter and exit trades. An indicator could be calculated like a moving average or RSI or a drawn support/resistance level.