Did Vantage FX, an Australian broker, take a detour to France?Vantage FX is a Forex broker in Australia. However, we assume that it also operates in France. Do you have an opinion on VantageFX? Today, in this article, we will give you our opinion on this Australian broker vantage fx! Our Financial Fraud Lawyers network will help you against possible scams from malicious brokers.
Who is Vantage FX?
Vantage is a global multi-asset broker offering clients access to CFD trading services on Forex, commodities, indices and shares.
With over 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 employees in more than 30 global offices.
Vantage is more than a broker. It provides a trusted business ecosystem that enables clients to achieve their own success in a faster and easier way.
The trading platform has different funding methods:
(Source: https://www.vantagefx.com/)
The trading platform has different platforms such as Vantage app, Metatrader 4, Metatrader 5, ProTrader, Webtrader and other meta-quotes apps on iOS and Android.
(Source: https://www.vantagefx.com/)
Vantage FX is authorised and regulated by the Cayman Islands Monetary Authority (CIMA), by the VFSC (iCount Building, Kumul Highway, Port Vila, Vanuatu) and also by the Australian Securities and Investments Commission (ASIC). However, Vantage FX is not regulated in Europe by the Cyprus Securities and Exchange Commission (CySEC) for example. Also, the Vantage FX trading platform is not registered with the AMF or ACPR.
However, we notice various negative reviews of TrustPilot. We will show them to you in the rest of this article.
Vantage FX does not seem to be an excellent broker as it has been sanctioned in Canada recently.
Canada’s sanction on broker Vantage FX
An Ontario Securities Commission (OSC) panel approved a settlement agreement with Vantage Global Prime Pty Ltd (VGP) and Vantage International Group Ltd (VIG) for misuse of contracts for difference (CFDs) against Ontario investors.
The settlement agreement was reached following allegations that the two companies were in apparent breach of Ontario securities laws, engaged in unregistered CFD trading, and allegedly issued and distributed these products to Ontario investors without a prospectus. CFD issuers such as VGP and VIG must comply with the registration and prospectus requirements of the Securities Act (Ontario) or rely on exemptions from those requirements.
Foreign market participants, including online trading platforms, must identify themselves and comply with local securities laws. VGP and VIG are foreign companies operating online trading platforms that are not registered as “Vantage FX” and allow Ontario residents to trade CFDs. In response to its licensor’s Australian Securities and Investment Commission opinion on the legality of its overseas issuance, VGP has ceased operations in Ontario, but offered Ontario investors the option to transfer to its Caymanian subsidiary VIG. Ontario investors who have not closed their accounts continue to trade CFDs on VIG’s online trading platform “Vantage FX”.
“Regardless of their home base, offshore platforms offering services to Ontarians are subject to Ontario’s securities laws,” said Jeff Kehoe, Enforcement Director at the OSC. “We will take corrective action against companies that attempt to ‘jurisdiction shop’ and fail to comply with our laws. These companies cannot avoid their regulatory obligations by relocating their operations.
As part of the settlement agreement, VGP and VIG agreed to pay an administrative penalty of CAD 600,000 and to disgorge USD 3 million. The companies also agreed to pay an additional CAD 10,000 to cover the costs of the OSC’s investigation.
In addition, both companies have implemented extensive internal controls and procedures to prevent Ontario residents from opening accounts.
Your reviews of Vantage FX
In order to better understand the Vantage FX broker, we have selected various reviews written in French on the TrustPilot website.
We have selected various Vantage FX reviews that show you the other side of the coin of the broker’s trading platform. We couldn’t select everything however you can see them on Trustpilot.
In conclusion, Vantage FX is a broker whose trading platform is based in Australia. It is regulated in several countries except for France. Therefore, we invite you to be vigilant and always check the regulations on the AMF or ACPR.
Financial Litigation Lawyers network is at your disposal if you feel or have evidence that you have lost your investment on a trading platform in a suspicious manner. Mikov & Attorneys specializes in defending the interests of traders on regulated markets such as Forex.
