Vantage Broker Review

VFSC Regulation: Although Vantage holds an FSCA licence, Ugandans are onboarded through the VFSC, meaning they will not benefit from local regulation and their money will not be segregated at Ugandan banks.  However, Vantage has a good reputation, and unlike Vantage’s ASIC and FCA-regulated entities, which have a leverage limit of 30:1, traders that are onboarded through the VFSC entity can access leverage of up to 500:1. 

Safety features: Under the VFSC, Ugandan traders are not granted negative balance protection, which in combination with leverage of 500:1, could mean that traders end up owing the broker money. However, their funds are segregated from company funds, and Vantage is a member of the Financial Commission, an international organisation operating within the Forex market to aid the resolution of disputes between brokers and traders. Vantage also conducts regular audits and has professional indemnity insurance that covers its employees, representatives, and other authorised representatives, but it does not participate in a compensation scheme.

The account-opening and verification process at Vantage is seamless, fully digital and accounts are ready within 24 hours, which is about the industry average. 

All Ugandan residents are eligible to open an account at Vantage, as long as they meet the following minimum deposit requirements:

• Standard Account: 200 USD
• Raw ECN Account: 500 USD
• Pro ECN Account: 20,000 USD

Vantage offers corporate and individual accounts. For the purposes of this review, we will outline the process for opening an individual account:

1. From the Vantage homepage, you will have to click on the ‘Live Account’ tab where you will be directed to register an account with a name, email address, telephone number, and country of residence.
2. Vantage’s registration form requires traders to fill in their personal details, including physical address, date of birth, and ID number. 
3. Next, traders are required to fill in their financial details, employment status, and trading knowledge.
4. Traders will then have to choose their preferred trading platform (MT4 or MT5), choose their account type, and account currency.
5. Verification usually takes less than 24 hours and Vantage will need:
   • Proof of Identification – Vantage accepts all government-issued identification documents such as Passport, national ID card, driving license, or other government-issued ID. 
   • Proof of Address – Proof of residence/address document must be issued in the name of the account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 

Overall, Vantage’s account-opening process is fully digital and hassle-free and accounts are ready for trading within 24 hours.

Vantage’s range of financial instruments for CFD trading includes Forex, share CFDs, commodities (energies, metals, and softs), indices, EFTs, bonds and cryptocurrencies.

Vantage’s trading fees are generally lower than other brokers. The Standard Account’s trading costs are included in the spread, while the Raw Spread and Pro accounts offer tighter spreads in exchange for a commission per lot. The minimum deposit on the Standard and Raw accounts is 50 USD, making them accessible to beginner traders, but traders will have to pay a hefty 10,000 USD to open a Pro Account. 

The Standard Account has trading fees included in the spread, which start at 1.0 pip (EUR/USD), which is around the industry average. Trading costs improve significantly on its Raw ECN and Pro ECN Accounts, which have spreads that start at 0 pips (EUR/USD) and commissions of 6 USD and 3 USD, respectively. 

We opened and tested several of Vantage’s accounts:

Standard Account

Vantage’s commission-free Standard Account caters to beginner traders, with a minimum deposit requirement of 50 USD. Spreads start at 1.0 pips on the EUR/USD, and there are no commission fees for Forex trading. These trading costs are what you would expect on a commission-free entry-level account.

Raw Account

Like the Standard account, the minimum deposit is 50 USD, and spreads start at 0.0 pips (EUR/USD) in exchange for a commission of 6 USD (round turn). These trading fees are considered low for the industry for such a reasonable minimum deposit. 

Pro Account

To access a Pro Account, traders must make a minimum deposit of 10 000 USD, putting it out of the reach of most traders. Spreads start at 0.0 pips (EUR/USD), and a commission of 1.5 USD per lot per side is charged. Trading fees on this account are some of the lowest in the industry. 

As a well-regulated broker, Vantage ensures that all Anti-Money Laundering rules and regulations are followed.

Vantage offers a range of deposit and withdrawal methods, including bank wire transfers, local bank transfers, credit/debit cards, Skrill, Neteller and International EFT.

Deposits for all payment methods are free, although clients may have to absorb fees charged by their various banking institutions. Clients can withdraw funds online by logging into the secure Vantage client portal and selecting the withdraw tab from the menu. Please see the following list of payment methods for further details:

Accepted Deposit Currencies: Vantage has a limited range of base currencies compared to other brokers but allows you to deposit some of the most popular currencies, including EUR, AUD, USD, GBP, CAD, SGD, NZD, HKD and JPY. Because we were depositing funds from a EUR-based bank account into a EUR trading account, we weren’t charged any currency conversion fees. 

Funding Methods: Vantage offers a good range of payment methods and does not charge fees for deposits or withdrawals, but be aware that some payment providers will apply additional charges.

Vantage’s mobile support is superior compared to other similar brokers. All the trading platforms supported by Vantage are also available as mobile and tablet downloads – allowing traders to keep track of their open positions while on the move.

Vantage App

Vantage’s in-house app features a clean, modern look and is user-friendly – and we really enjoyed using it. Setting up an account is easy, and if you need assistance, a tutorial is available to help. The app is available for both Android and iOS.

Vantage App features: The Vantage app has an excellent interface, and it’s easy to place orders, and set stop-losses and take-profits. It also has a range of technical charting tools and indicators. Traders can transfer, withdraw, and deposit funds and it has an integrated economic calendar. Traders can also access Vantage’s educational materials and news based on their favourite instruments. Another nice feature is FXTv by Trading Central, which updates you with daily market commentary.

MetaTrader 4 and MetaTrader 5

MT4 and MT5 are available for both Android and iOS through Vantage. Although there is slightly limited functionality compared to the desktop versions of the platforms, with reduced timeframes and fewer charting options, traders will still have access to analytics with technical indicators, graphical objects, and a full set of trading orders.

Vantage offers a great range of trading platforms, including MT4, MT5, and its ProTrader platform powered by TradingView. 

ProTrader

When using ProTrader, which is powered by TradingView, clients have access to over 50 technical drawing tools, hundreds of the most popular indicators, and a comprehensive suite of tools for in-depth market analysis. 

ProTrader also provides built-in market news headlines for over 400 forex pairs, indices, commodities, share CFDs, and more, so traders can stay up-to-date on upcoming economic and risk events.

MT4 

The MetaTrader 4 Platform (MT4) is the world’s most popular online Forex trading terminal. It has a straightforward interface and is considered easy-to-use for novice and experienced traders. It is also widely recognised for its fast execution speeds, range of charting tools, algorithmic trading, and customisability. However, only basic orders are available, such as Market, Limit, Stop, and Trailing Stop.

MT5 

MT5 is the newer version of MT4 and is also available at Vantage. We recommend using MT5 if you want a more powerful and faster trading platform for back-testing functionality for automated trading. Additionally, traders prefer MT5 for its depth of market display, additional technical indicators, and analytical tools.

Vantage offers several useful trading tools, including Mt4/MT5 smart Trader Tools, Forex VPS services, sentiment indicators, and Pro Trader tools.

MT4/MT5 Smart Trader Tools

The MT4/MT5 Smart Trader Tools consist of three additional MetaTrader plugins, Alarm Manager, Correlation Matrix and Correlation Trader and Excel RTD Link. These tools dramatically improve the trading environment with sophisticated alarms, messaging systems, and correlation tracking.

Forex VPS

VPS services ensure that trades are never disrupted by technological or connectivity issues and are available for customers that deposit at least 1 000 USD and trade a minimum monthly notional value of 1 million USD on closed trades.

Sentiment Indicators

Vantage’s sentiment page displays the overall long and short positions of Vantage’s clients. The sentiment ratio of long to short positions is a percentage and displayed as a sliding scale where orange represents clients’ shorts, and teal represents their longs. Sentiment indicators are available for Forex, commodities, and indices. 

Pro Trader Tools

Pro Trader Tools are available for all customers with a trading account fund of at least 200 USD. Pro Trader tools include Market Buzz, Featured Ideas, Economic Calendar and Analyst Views to provide trading ideas, insights into what is currently moving the markets, and actionable technical trade setups and real-time news events.

Vantage offers an excellent and varied social trading experience compared to other brokers and were pleasantly surprised by the fact that they offer two copy trading platforms and their own social trading platform.

Vantage Social Trading

Vantage Social Trading allows traders to generate income by letting others copy their trades. To join, users must create a Social trading account, then set their profile as public. As others start copying their trades and a user attracts more followers, they will earn higher commissions (up to 3,5 %). Please note that this feature only is available on the Vantage Mobile App.

ZuluTrade

Through the ZuluTrade social trading platform, Vantage clients can gain exclusive access to a vast pool of professional traders and trading systems. It lets users locate successful traders and follow their trades, which are translated into real trades in their accounts. Note that traders will have to contact Zulutrade directly about possible platform costs.

MyFXBook Autotrade

As one of the most popular copy trading platforms on the market, MyFXBook Autotrade is a service where you can copy trades from top successful FOREX trading systems. It allows you to copy the trades of any system you select directly into your Vantage MetaTrader 4 account. 

DupliTrade

Vantage clients can diversify their portfolio by duplicating the trades of proprietary traders. When traders connect to DupliTrade, they gain access to a portfolio of hand-picked proprietary traders. Then, you simply choose the traders you want to copy based on their performance, strategy, and trading style, and their trades will be duplicated on your Vantage FX MT4 or MT5 account. Note that traders have to have a minimum account balance of 2000 USD to access Duplitrade.

Vantage Academy: A section dedicated to news articles and guides, including analysis​ and frequent financial updates.

Guide: The Basics of Forex Trading – A beginner’s guide for those interested in starting with Forex. The guide answers all the basic questions like “What”, “Why”, and Where” in a short and understandable way. Once done, you can move on to other guides to learn more.

Live webinars: Vantage offers weekly free webinars to help customers stay updated with the latest market events and sharpen their trading skills. If you missed out on any earlier webinars, they are available on Vantage’s Youtube channel.

Demo Account: Vantage allows customers to start trading on a free demo account. That way, they can familiarise themselves with the platform and learn how the market works without taking any real risks. Therefore, a demo account suits beginners and traders who want to experiment with new asset classes. Virtual funding is 100 000 USD and expires after 30 days. However, if you open a live trading account, you can open an unlimited demo account that does not expire. 

Pro Trader Video Tutorials: Customers who open a live account with 1 000 USD or more get exclusive access to 130+ Advanced Forex and Stock trading tutorials. 

Vantage offers support via telephone, email, messenger services, and live chat 24/7. When contacting Vantage via their live chat, the waiting time was around 10 minutes, which is longer than average for a first response, but we received polite and correct answers to the questions asked.

Vantage offers phone support in six languages, including English, Spanish, Romanian, Lithuanian, French and Italian.

You can also find answers to your questions in their extensive FAQ Section.