Established in 2009, Vantage FX f.k.a MXT Global, the Australian based company is authorized by the AFSL, ASIC and FCA, Vantage FX offers a scope of exchanging administrations, empowering customers access to the Forex market which in turn make it a big player in the FX Trading Market
How to Open an Account?
You will first need to fill out a questionnaire, which can assess your financial knowledge and trading level.
After that fill out the basic information available on their website.
For verification purposes you may need to provide your valid identification card for future transactions and statements.
Finally, just deposit the required minimum amount of 200$ and you are set
Vantage FX, is approved and directed by the Cayman Islands Monetary Authority (CIMA), Securities Investment Business Law. All customer reserves stay isolated and are kept with the National Australia Bank (NAB). They conducts normal reviews and have proficient repayment protection that covers its workers, agents, and other approved delegates. this broker offers a satisfactory degree of guideline and security however still a long way behind other more renowned brokers. They also publish and repost all of their legal documents on their website to determine the security and ethnicity of their firm
Expense & Charges
The costs of Vantage FX are pretty low, with respect to your account type the charges on offer are relatively considered bare minimum and affordable for any new customer to enter the Forex Trading Market. The three types of accounts on offer are:
Account with Vantage FX requires a minimum deposit of 200$, and there are no “hidden charges” when either depositing or withdrawal amount. The standard commission fees like all other traders vary depending on the current market scale ratio and/or the profit-loss as per the investment
The standards MT4 and MT5 trading platforms are provided which include a desktop web-based application and a mobile based application as well. Apart from these they have developed some innovative plugins which help it in turning it into a more user friendly trading platform, catering to what the user wants more in a trading platform by making the functionality easier for the “Average Joe”. One of the more famous ones being the Smart Trader which offers an array of charts and graphs which may sound complexed but is rather a privilege as they are simple to understand and can help with future trades and investments
Another aspect that is social exchanging didn't go unseen as well and thus they offer the mainstream ZuluTrade just as MyFXBook Autotrade as an alternative to merchants who would like to learn and invest more into retail exchanging.
Vantage FX has a distinct level of research available but that is mostly provided through third-parties, their lack of a research team leads to this problem of unique blend content catered for their customers specifically. Due to this limitation the research tools also provided are third-party based mainly from Trading Central which can be accessed and acquired with a different deposit altogether which turns into a negative aspect for the firm, especially for new upcomers who want to enter the Forex Trade Market as they will be restricted and only injecting more deposit will they be able to access complete content.
They do provide video based research and education tools present at their Video Stream Channels such as Youtube, partnered with Trading Central, this may work out as a good alternative to get some insights and learn about trends or do’s and don’ts but again the lack of personal information or education material while the best forex brokers to tend to cater this efficiently, the lack of effort from the brokerage can hamper some of it’s newer users to move elsewhere
Vantage FX offers a variety of mediums for communication such as in-house phones for conversation with the agents, Email contact where people can get written details of any queries they face or need resolving any complaint that they face, while also offering live chat support 24/5 which is duly available in different languages which makes it easier for people of different parts of the world to communicate with live caller agents and express themselves accordingly.
As the live chat option gets instant replies except for peak ours, communicating through phones and emails may not get the quick response that you may except as calls are mostly answered a bit delayed and emails as they may pile up in abundance everyday are not answered instantly and you may have to wait about a day to get feedback.
Also in terms of their trading platform being the normalized MT4 and MT5 platforms they cannot offer efficient security measures as the software itself lacks some basic security aspects such as dual-authentication while logging in which can prove to be a risk