Vantage FX Review 2020

Vantage FX has low forex trading fees and non-trading fees. The broker charges no inactivity fee. On the negative side, the financing rates/overnight fees and share CFD fees are relatively high.

How we ranked fees

We ranked Vantage FX's fee levels as low, average or high based on how they compare to those of all reviewed brokers.

To get things rolling, let's go over some lingo related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

• Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
• Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of Vantage FX for each asset class. For example, in the case of forex and stock index trading the most important fees are spreads, commissions and financing rates.

We also compared Vantage FX's fees with those of two similar brokers we selected, Pepperstone and IC Markets. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of Vantage FX alternatives.

To have a clear overview of Vantage FX, let's start with the trading fees.

Vantage FX trading fees

Vantage FX trading fees are low. There are different cost structures for different account types. We tested the Pro ECN with MetaTrader account, which charges a commission but offers tight spreads.

We know it's hard to compare trading fees for forex brokers. So how did we approach the problem of making their fees clear and comparable? We compare brokers by calculating all the fees of a typical trade for selected products.

We have chosen popular instruments in each asset class usually provided by forex brokers:

• Forex: EURUSD, GBPUSD, AUDUSD, EURCHF and EURGBP
• Stock index CFDs: SPX and EUSTX50
• Stock CFDs: Apple and Vodafone

A typical trade means buying a leveraged product, holding it for one week and then selling. For the volume, we chose a $20,000 position for forex and a $2,000 position for stock index and stock CFD transactions. The leverage we used was:

• 30:1 for forex
• 20:1 for stock index CFDs
• 5:1 for stock CFDs

These catch-all benchmark fees includes spreads, commissions and financing costs for all brokers. Let's see the verdict for Vantage FX fees.

Forex fees

Vantage FX forex fees are low, they compare favorably to the fees charged by its main competitors.

CFD fees

Vantage FX has generally low CFD trading fees although in some cases they exceed those of its main competitors.

Non-trading fees

Vantage FX has low non-trading fees. There is no account, inactivity, or deposit fee.

There is no fee for credit/debit card and electronic wallet withdrawals. One international bank withdrawal per month is also free of charge, while all subsequent withdrawals are charged 20 currency unit of your account ($20, €20, etc.).

The account opening at Vantage FX is super fast and fully digital. The brokerage delivers on its promise, you can open an account in less than 5 minutes.

Can you open an account?

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Vantage FX accepts customers from all over the world with some notable exceptions like the US.

What is the minimum deposit at Vantage FX?

The required Vantage FX minimum deposit is $200 for an STP account and $500 for a RAW ECN account.

Account types

If you want to explore the possibilities offered by Vantage FX, we recommend opening a demo account. There are 3 main types of trading accounts at Vantage FX (STP, Raw ECN, Pro ECN), which differ in their pricing structure and the spreads provided. The key differences are shown in the following table. 

Besides, you can open swap-free or Islamic STP and ECN accounts.  At swap-free accounts, an administrative fee is charged if you hold your leveraged position overnight instead of the overnight interests.

You can open corporate accounts as well. In this case, Vantage FX support team will contact you with the required forms.

How to open your account

Opening an account at Vantage FX is an easy and fast process, the client interface is super user friendly. Follow these simple steps to open an account in under 5 minutes: 
1. Click on the Live Account button
2. Enter your name, email address, and phone number
3. Provide additional personal data required and answer a few questions on your financial status and trading experience
4. Select a trading platform, account type, account base currency
5. Upload a copy of your photo ID/passport and proof of residence (utility bill or bank statement are accepted)

Vantage FX offers a great variety of deposit and withdrawal options, moving funds in and out is fast and easy. In most cases, there is no fee charged for money transfer. Nevertheless, if you use international bank withdrawal more than once in a month, a high withdrawal fee ($20, €20, etc.) is charged.

Account base currencies

At Vantage FX, you can choose from 9 base currencies. The available base currencies are: USD, EUR, AUD, SGD, CAD, GBP, NZD, HKD, JPY

Why does this matter? For two reasons. If you fund your trading account in the same currency as your bank account or you trade assets in the same currency as your trading account base currency, you don't have to pay a conversion fee.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank. These banks usually offer bank accounts in several currencies with favorable exchange rates as well as free or cheap international bank transfers. Opening a digital bank account only takes a few minutes on your phone.

Compare digital banks

Deposit fees and options

Vantage FX does not charge a deposit fee. Even though deposit is free of charge, there are some exceptions. When depositing funds via China Union Pay you will be charged 1.30%-2.50% of the transfer amount, deposits made via Neteller and Skrill are subject to their fee policy, and broker-to-broker transactions are subject to bank transfer fees.

Besides bank transfer and credit/debit cards, you can use the following electronic wallets:

• Skrill
• Neteller
• Union Pay
• Fasapay
• Bitwallet
• Cryptocurrency (Bitcoin, Tether)

A bank transfer can take several business days, while payment with a credit/debit card is instant.

You can only deposit money from accounts that are in your name.

Vantage FX withdrawal fees and options

Vantage FX has no withdrawal fees for credit/debit cards and electronic wallets. The first international bank withdrawal each month is free of charge, all other withdrawals within the month carry a 20 currency unit fee ($20, €20, etc.). 

How long does it take to withdraw money from Vantage FX? We tested the debit card withdrawal and it took 1 business day.

You can only withdraw money to accounts in your name.

How do you withdraw money from Vantage FX?

• Log into the client portal
• Click on Withdraw Funds
• Select from the dropdown menu how you funded your trading account
• Enter the requested data (such as name, bank address and account number)
• Enter the amount of withdrawal
• Upload a copy of your bank statement (not older than 3 months)
• Click Submit

Compare to other brokers

Vantage FX's web trading platform is provided by MetaTrader. It is highly customizable, available in many languages, and has a clear fee report. On the other hand, the platform lacks two-step login or price alerts and its design is outdated.

Vantage FX doesn't have its own self-developed trading platform. It provides MetaTrader4 and MetaTrader5 third-party trading platforms. We reviewed MetaTrader4.

MetaTrader4 is available in an exceptionally large number of languages.

Look and feel

The Vantage FX web trading platform has great customizability. You can easily change the size and position of tabs.

However, the platform feels outdated and some features are hard to find. For example, it took us a while to figure out how to add an asset to our watchlist.

Login and security

Vantage FX provides only a one-step login. Two-step authentication would be more secure. 

Search functions

The platform's search functions are OK. Assets are grouped into categories, but we missed the usual search box where you can enter asset names or other keywords manually.

Placing orders

You can use all the basic order types. However, you won't find more sophisticated order types such as 'one cancels the other'. The following order types are available:

• Market
• Limit
• Stop

To get a better understanding of these terms, read this overview of order types.

There are also order time limits you can use:

• Good 'til canceled (GTC)
• Good 'til time (GTT)

Alerts and notifications

You can't set alerts and notifications on the Vantage FX web trading platform. 

Portfolio and fee reports

Vantage FX has clear portfolio and fee reports. You can easily find your profit-loss balance and the commissions you paid under the 'History' tab.

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Vantage FX has a terrific, well-designed mobile trading platform that offers great functionalities and it is visually appealing. It, however, lacks a face ID login which could make it even more user friendly.

Vantage FX provides both its own mobile trading platform and MT4/MT5 third party mobile trading platforms. In this review, we tested Vantage FX's own mobile trading platform, which has great visual design and offers a wide variety of functionalities. 

The platform is available for both iOS and Android and we tested it on both.

Under settings, you can select one of the following languages: English, French, Chinese, and Thai.  Stock index-related analyses, a newsletter, and FX TV are also available under the Signals menu item. 

Look and feel

We really liked the Vantage FX mobile trading platform because it is user-friendly, uncomplicated, and designed with convenience in mind.

Login and security

In contrast to the web or desktop trading platform, Vantage FX provides a two-step login for the mobile trading platform, which makes us feel more confident to use it. 

You can't use fingerprint or Face ID authentication. Offering these features would make the login process more convenient.

Search functions

The search functions are good. You can search by navigating the category folders.

Placing orders

You can use the same order types as on Vantage FX's web trading platform. 

Alerts and notifications

Alerts and notifications are not available on the Vantage FX mobile platform.

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74-89% of retail CFD accounts lose money

In design and functionality, Vantage FX's MetaTrader4 desktop platform is almost the same as the web trading platform. One major difference is that you can set price alerts on the desktop trading platform.

Vantage FX offers MetaTrader4 and MetaTrader5 as desktop trading platforms. We reviewed MetaTrader4 (MT4).

It has the same design, it is available in the same languages, offers the same order types, has the same search functions, and offers the same portfolio and fee reports as the web trading platform.

The major difference is that you can set alerts and notifications on the desktop trading platform, in the form of mobile push and email notifications. To set email or mobile notifications, you must add your email address and mobile MetaQuotes ID (you can find it in the settings of the MT4 app). You can add them under 'Options' in the 'Tools' menu.

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74-89% of retail CFD accounts lose money

At Vantage FX you can only trade with forex and CFDs (commodities, stock indices, share CFDs, cryptos). However, many popular asset classes, like real stocks or ETFs, are missing.

Vantage FX is primarily a forex broker with some CFD and cryptocurrency instruments. To learn more about CFDs read our CFD trading tips.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Vantage FX has an average forex selection but the stock CFD lineup exceeds its main competitors. Stock CFDs typically include the largest companies listed on the UK, US, Australian, and Hong Kong markets. Among cryptos, you can trade Bitcoin, Bitcoin cash, Ethereum, Litecoin, Ripple, and Dashcoin against USD.

Some stock CFDs are only available on the MetaTrader5 platform. 

We really liked that you can change the default leverage size of the products when trading. This is a great feature.

Changing the leverage is a very useful feature when you want to lower the risk of your trade. For example, instead of trading with 5:1 leverage, only trade with 2:1 leverage in case of stock CFDs. Be careful with forex and CFD trading, as the preset leverage levels are high.

Social trading, algo trading and strategies

Vantage FX has partnered up with multiple social trading platforms, through which you can access copy trading features including ZuluTrade, Myfxbook, MetaTrader Signals and DupliTrade.

The Vantage FX client portal is very easy to use, well structured and features a set of convenient research tools. There are ample trading ideas, and newsflows. However, the charting tools can be improved and most research tools are available only to clients with a $1,000+ account balance.

Vantage FX's research tools are available in different places:

• Client Portal, under Pro Trader Tools. These are available only to customers with a minimum of $1,000 in their account.
• MetaTrader trading platform

Trading ideas

Vantage FX provides many trading ideas. The trading ideas, branded Analyst Views, are categorized by asset classes and broken down into subcategories. Check out the Featured Ideas section for additional tips and charts on major currency pairs and individual stocks. The technical analysis, located under Market Widgets, covers all asset types offered by Vantage FX.  

Fundamental data

A limited set of macroeconomic fundamental data is available under the Economic Calendar. 

Charting

Vantage FX has OK charting tools. You can use 31 technical indicators and other editing tools, such as trendlines and Fibonacci retracement.

On the negative side, the design is outdated and some features are hard to use. For example, we had difficulty figuring out how to remove an indicator from the chart.

News feed

The news feed, called Market Buzz, is a visually appealing interface that offers news analytics and sentiment indicators. Individual news stories, provided by third-party news sites such as ForexLive or tickerreport.com, open on a new page, which is rather cumbersome. The newsfeed is also cluttered with Twitter messages. 

Compare research pros and cons

Vantage FX offers several customer service channels and we found the live chat to be the fastest and most relevant. Emails are typically answered in a bit more than 24 hours, but the answers are not always complete or on the subject. Lastly, we missed the 24/7 support.

You can contact Vantage FX via:

• live chat
• telephone
• email

The live chat at Vantage FX is usually fast, except during peak business hours when queries tend to queue up. The relevance of the answers was OK although some questions were not properly addressed.

The phone support at Vantage FX was average-speed, at certain times it took several minutes to reach a customer service representative. Nevertheless, we received relevant answers and the customer service representatives were very nice and helpful.

Customer emails are typically answered within a little more than a business day and this was where we missed relevant answers the most. Some questions were left unanswered, in other cases the response was irrelevant.

We also missed the 24/7 availability. You can contact them from Monday to Friday, between 9 am and 5 pm.

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74-89% of retail CFD accounts lose money

In addition to an unlimited demo account, Vantage FX offers great video tutorials on various assets and trading platforms. The only thing we missed are the webinars.

You can find Vantage FX education tools on their website, under 'Clients' menu. At Vantage FX you can learn in the following ways:

• Demo account
• Platform tutorial videos
• General educational videos

The unlimited MetaTrader4 or MetaTrader5 demo account is a great way to get up to speed with trading and become familiar with the trading platforms. 

Vantage FX clients have access to a wealth of video tutorials on basic trading concepts for various assets and more advanced technical and market analysis. If you choose to skip opening a demo account, trading platform tutorials are also available here. We loved the rich selection of lessons. 

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Vantage FX, which is regulated by the Cayman Islands Monetary Authority, offers negative balance protection to its clients. However, it does not provide investor protection, it is not a listed brokerage and it does not have a parent bank.

Is Vantage FX regulated?

Yes, it is regulated by the Cayman Islands Monetary Authority (CIMA) for international clients and by the Australian Securities and Investments Commission (ASIC) for Australian clients. 

Is Vantage FX safe?

When assessing the safety of a brokerage, we highly advise that you check two facts:

• how you are protected if something goes wrong
• what the background of the broker is

How you are protected

Seeing how Vantage FX is regulated by the Cayman Islands and the Australian authorities, its clients do not enjoy any kind of legally binding investor protection.

Vantage FX provides negative balance protection. If the balance on your account goes into negative, you will be protected.

Background

Australia-based Vantage FX was established in 2009. The longer track record a broker has, the more proof we have that it has successfully survived previous financial crises.

As a negative, the brokerage is not listed on a stock exchange, it does not disclose financial information and it is difficult to ascertain its ownership background.  

Find your safe broker

Vantage FX is a forex and CFD broker, regulated by the top-tier ASIC.

It offers low forex and non-trading fees. The account opening and the deposit/withdrawal processes are seamless and most of them are free of charge.

On the other hand, the product offering at Vantage FX is limited to forex, CFDs, and cryptos. Their customer service could use some improvement. Lastly, there is no investor protection for Vantage FX clients.

Feel free to give Vantage FX a try, as you will have an account within a day and there is no inactivity fee.

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74-89% of retail CFD accounts lose money