Vantage Markets is one of the leading online brokers based in Australia, they offer a range of trading services, enabling clients to access the international Forex market. This Vantage Markets review will help you to learn more about the broker. Benefiting from award-winning customer care and with a commitment to delivering fast transactions, Vantage Markets is a significant player in the online broker arena.
Company Details
Vantage Markets (Formerly Vantage FX) is the representative of Vantage Global Prime Pty Ltd. The company was set up in 2009 under the name of MXT Global, before being rebranded in 2015.
Registered in Australia, the site was designed primarily for an Australian audience. The brand has since grown, however, and now boasts a global user base.
This is reflected in the firm being regulated in Australia via ASIC, but also by the FCA in the United Kingdom, as well as with CIMA in the Cayman Islands.
Vantage Markets Trading Platforms
The site uses mainly Metatrader software, giving users access to MT4 and MT5 as well as Markettrader, Webtrader (which doesn’t require a download), Apps for mobile trading, MAM/PAMM, Zulu trading, and MyFXBook Autotrade.
The mobile app is available across platforms.
There is an emphasis on robot trading, where trades are made automatically within predetermined parameters.
The new MT5 platform enables many of the popular automated trading tools and add-ons made possible by the Metatrader community.
Trading can be accessed either wholly online or through the 24/7/365 support team. They can be contacted by phone, email, or live chat.
Overall the site is fast and fairly intuitive to use. Drop-down tabs give easy access to the various features and markets available.
Assets And Markets
Traders on Vantage Markets are able to access: Forex (38 currency pairs are available); 24 different types of CFDs (trades that don’t involve currency); cryptocurrency trading (as part of CFD); indices trading; and commodities trading.
Spreads And Commission
Generally, vantamarkets.com is in line with most of the other key players in the online trading industry when it comes to spreads and commission rates. The Standard STP account does not attract a commission, but spreads are noticeably larger than those found in the Raw ECN account (commission-based). For the Standard STP account, an indicative spread of 1.4 (EUR/USD) is quoted. For the Raw account, the average spread is quoted as just 0.1 pips, but the commission is payable. Demo and Islamic accounts are also available.
Leverage
For Vantage Markets, leverage ratios start at 100:1, rising to a maximum of 500:1. Access to the higher levels of leverage is limited, with only some clients and accounts being eligible. Clients who wish to access higher levels of leverage need to apply directly to Vantage. Ratios are broadly in line with what others are offering in the industry, but traders who prefer a higher risk approach may find the 100:1 restriction constricting on occasion.
Mobile Apps
The site gives users access to the official Metatrader apps which are available in formats suitable for both Apple and Android devices. The apps allow traders to place Forex trades and to see real-time prices in the same way as they can on a laptop or desktop computer. Traders are able to edit pending orders through the app, which is synced with a trader’s other platforms to ensure seamless activity.
Deposit And Withdrawal Payment Options
Traders can deposit funds using: Mastercard; Visa; Swift; BPay; Skrill; Poli; or Neteller. Funds deposited via a credit or debit card will normally be visible in the account and ready for use within sixty seconds. Bank wire transfers or BPay deposits will normally reach the account the day after they are deposited.
Withdrawals can be made either manually or online. Withdrawals are processed daily. In most cases, if the withdrawal request is received before 1200 AEST, the withdrawal will take place the same working day. For requests received after this time, or if the volume of requests is particularly high, the withdrawal will be processed the next working day.
For Australian clients, the funds should normally be in their bank accounts by the next working day. Overseas clients may have to wait several days for the money to reach their accounts.
Demo Account
A full operation demo (practice) account option is available for Forex trading.
Bonus Promotions offered by Vantage Markets
Vantage Markets offers free education that covers the following topics: Learn Forex; webinars; MT4 manuals; MT5 manuals; MT4 videos; MT4 smart trader videos. In addition, traders can benefit from: the site’s Forex signals via email feature; tips to boost the trading account; trading signals; expert advisors; free Forex VPS; economic calendar; 50% welcome bonus; MT4 indicators; Forex sentiment indicators.
Regulation And Licensing
The company had a licence from ASIC, Australia’s regulatory agency for securities and investments. But they have since allowed that license to lapse and are now regulated in the Cayman Islands.
Account Types
Besides being able to select between a dummy (practice) and a live account, traders may open an individual standard or Raw ECN account. Other account options include joint accounts, company trading accounts, and Trust trading accounts (either as individuals or as a partnership).
In addition, there are also Islamic accounts (with no carryover) and Professional accounts, with increased leverage, but less regulatory protection.
Benefits
This site does have award-winning customer care, as well as an attractive set of promotions. It is particularly appealing to newer traders or those wishing to keep their levels of risk and investment at the lower end of the spectrum.
Drawbacks
Vantage Markets doesn’t offer much-added value for experienced traders or those wishing to adopt a higher risk strategy: experienced traders may find the upper limit of 1:100 leverage for most customers a burden.
Vantage Markets Trading Hours
The site is open 24/7, with trading available when the relevant markets are open.
Contact Details
The support team can be contacted: by phone (1300 945 517); by email: [email protected]; or by live chat.
Safety and Security
The company operates a trader compensation scheme and has indemnity insurance. Clients’ funds are held in the National Australia Bank, in segregated accounts.
Is Vantage Markets A Good Choice For Day Trading?
This is a reasonable platform for beginner traders or those who wish to trade relatively small amounts of money. Its additional partners (ZuluTrade and ChartIQ) also provide added variety and value to traders. The RAW ECN account has an attractive rate of commission which can mean that it is more profitable to operate than the standard offering. Other than these features, there is little to distinguish it from many of the other trading sites which are available online. More experienced traders may prefer to opt for a site that favors larger trades and a greater element of risk.
Accepted Countries
Vantage Markets accepts traders from Australia, Thailand, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, and Luxembourg, Qatar, and most other countries.
Traders can not use Vantage Markets from the United States, and Canada.
Alternatives to Vantage Markets
If you are looking for alternatives to Vantage Markets we have compiled a list of the top 5 brokers that are similar to Vantage Markets below. This list of brokers like Vantage Markets is in order of similarity and only includes companies that accept traders from your location.
- FXTM – FXTM is a leading forex and CFD broker. Offering a huge range of markets and 6 account types, they cater to all levels of trader.
- AvaTrade – Leading forex and CFD broker regulated in Ireland, Australia, Canada, and South Africa. Avatrade is particularly strong in integration, including MT4
- RoboForex – RoboForex is a multi-asset online broker offering powerful trading aides.
- FP Markets – FP Markets is a multi-asset broker offering a choice of trading platforms.
- IC Markets – Trade Forex on 0.0 pip spreads with the world’s leading True ECN forex broker – IC Markets.
Editorial Staff at Chweya is a team of financial experts led by Vincent Nyagaka, with over 9 years of experience in finance, commerce, forex, crypto, and marketing. Started in 2014, Chweya is now among the largest free financial resource sites in the industry and is often referred to as Wikipedia for business.
