Vantage FX Review Australia & Test 2021
Is Vantage FX Safe Or Scam?
At Vantage FX Australia, traders are treated to a diverse selection of the best CFD trading instruments. You can take your pick from the biggest indexes, commodities, metals and forex currency pairs.
Our Vantage FX review found that there were over 300+ tradable assets on the platform to choose from. Such a large pool of options gives traders the freedom to try trading with financial markets they may have otherwise overlooked in the past. Check out the rest of our Vantage FX review to find out what account types they offer.
Our Vantage FX review Australia found that there is no new customer offer at the moment for new traders to claim. You may not be able to claim a new customer offer but getting your account set up with the broker is straightforward. All you need to do is follow a few easy steps.
Firstly, you’ll need to enter in your personal details, things like your name, surname, email address and telephone number. From there, you need to fill out details about your previous trading history and your current financial status. Nothing too invasive, just so that Vantage FX Australia can get an idea about what account might be best suited for you.
You’re almost done with the process but you’ll first need to select what kind of account you want to use, your account base currency (AUD in this case) and your preferred trading platform. In the last step, you need to send Vantage FX Australia a copy of your identification document to verify your account and a copy of your proof of residence (usually done with a utility bill or bank statement).
The next thing on our Vantage FX review agenda was to test out the overall functionality and usability of the platform itself. After playing around on the site for a couple of hours we were pleased with what we found. The site is easy to navigate and the information is easy to find. All you need to know about the site can be found in the drop-down menus at the top of the homepage.
The different sections of the site were not only easy to find but they loaded quickly too. You won’t be sitting around twiddling your thumbs waiting for a page to load or trade to go through. What tied the site together was undoubtedly the search bar function. If you couldn’t find what you were looking for with the easy tab menus, you can do so by typing in a few keywords into the search engine. Check out our City Index review to see how the two platforms compare.
Vantage FX Australia provides their new users with a choice between three different account options. You can change accounts if you already have one on the site though. Our Vantage FX review found that we could choose from the Standard, Raw and a Pro account.
The standard account, as the name suggests, is for your trader you do not consider themselves to be a pro. With the standard account, you will still have access to all the trading instruments on the platform but you will need to make a minimum deposit of $200. Your leverage is capped at 30:1 but you have zero commission fees. Instead, you’ll have tighter spreads to choose from that typically start from 1.4 pips.
The Raw ECN account is a little different to the standard account. The first noticeable difference that our Vantage FX review Australia found was that you will need to make a minimum deposit of $500 to open an account. You will have access to spreads from 0 pips but you’ll have to pay a $1 commission fee on a single fx lot and $2 dollars for a round turn. Apart from that, the two accounts are fairly similar in what they offer.
Finally, the pro account. The pro account is really only for traders who take online trading very seriously. You will have access to all of the trading instruments on the site but where the pro account differs greatly is with the amount of leverage you can use. The cap is 500:1 although Vantage FX Australia does advise caution with how much leverage you take on. In order to become a pro trader on the platform, you will need to provide proof that your annual gross income for the last two financial years has been over $250,000.
Fees – standard average spreads and commissions
The fees over at Vantage FX Australia will vary significantly depending on the account you have chosen. As we have just seen, if you opt for the standard account you won’t be subject to any commission but your spreads will start from 1.4 pips as opposed to 0. If you do trade with the standard account it’s important to remember that your spreads are going to vary depending on the currency pair you have decided to trade with.
As far as commission fees go for the Raw ECN account you’ll have to pay a $2 fee round turn fee per 1 lot. This is a fairly standard commission fee in relation to the other brokers in the industry so don’t feel hard done by this if you were wondering why you have to pay this amount. Check out our TradeStation review to reassure you that this is, in fact, an industry-standard fee.
Our Vantage FX review Australia found 4 different trading platforms for traders to make use of. These include Vantage FX’s very own platform and the industry-leading MetaTrader 4 and MetaTrader 5.
MetaTrader 4 is undoubtedly the most popular trading platform option on the site and for good reason. Traders will have access to phenomenal charting tools and analytics to help take their forex trading to the next level. MT4 truly shines with the flexibility that it provides to traders.
MetaTrader 5 is essentially all of the above with a few added features like the ability to hedge your positions and more diverse trading signals. You’ll also be able to trade more than just forex as you can speculate on the price movements of commodities and indices with CFDs on MetaTrader 5 as well.
The Vantage FX Australia platform is strictly accessible via the mobile app. The Vantage FX trading app gives you access to a number of different tools that you can use to your advantage when trading on FX Pairs, commodities, indices, share CFDs and more. You’ll be able to access the app via IOS and Android app stores respectively. Our Vantage FX ranking clearly reflects how we feel about the range of available trading platforms.
After checking out the deposits and withdrawals page over at Vantage FX Australia we found a fantastic range of different deposit methods available to use. These deposit methods include:
- credit/debit cards
- China Union Pay
- Bank transfers
- Domestic EFTs.
You won’t be subject to any deposit fees on these payment methods except for China Union Pay where you will be charged 1.3% to 2.5% of your deposit as a fee. Most of the payment methods will process your deposits instantly, other than BPay which may take up to 2-days to clear.
With that many payment methods available, traders using Vantage FX should not have any issues funding their accounts. By the looks of things, you will have access to the same amount of withdrawal options as well although your processing time will vary a little more. Check out the deposits and withdrawals page over at Vantage FX to see what some of the fine details are.
When conducting our Vantage FX review Australia we took the time to analyze the overall quality of their customer service. We started out by giving them a call. It didn’t take all that long for us to be connected with one of the support staff members and from there we had a pleasant experience speaking to them. The person on the other end of the line was friendly, patient and most of all, knowledgeable about the site. We had all our simple and complex questions answered in a timely fashion.
If you want to have some of your own questions and problems resolved by the support staff over at Vantage FX Australia you need only give them a call as we did. Or if you prefer something even faster but less personal, you can contact them via the live chat feature on the site. If you feel like your problem needs a little more room for explaining then you can send them an email. Although, responses to emails typically take significantly longer to be responded to than the previous contact methods. Customer support is available 24/5
Overall, our Vantage FX rating was positively impacted by our experience with the customer care team on the site. The response times were quick and the staff members professional. Check out our TradeDirect365 review to see what we thought of their customer service.
Our readers will be happy to know that Vantage FX Australia is fully licensed and regulated by the Australian Securities & Investments Commission. This means that the broker has jumped through and continues to jump through all the necessary hoops to be able to operate legally. If you’ve found yourself wondering “is Vantage FX safe to use?” This information goes a long way to helping you answer that question.
One thing that can help users to appreciate that there is no Vantage FX scam happening is the fact that all user funds are kept in a separate trust account. In the unlikely event that Vantage FX Australia becomes insolvent, users’ funds won’t be touched. Check out our TD Ameritrade review to see how another broker covers their traders.
That brings us to the end of our Vantage FX review Australia. You should now have a good idea about what you can find on the broker’s platform. If you are a forex trading fan or someone who enjoys speculating on price movements with CFDs then Vantage FX is going to do the right job for you. The only criticism we have was that there were no crypto trading options to speak of on the site
Check out our St George Directshares review or our Easy Markets review to see what else is out there in the world of online brokerage firms.