Warned by 6 Regulators! Vantage Faces Widespread Client Criticism Over Withdrawal Issues

Recently, BrokersView has learned that online forex and CFD broker Vantage was subjected to a new warning. In May 2024, the Malta Financial Services Authority (MFSA) issued a warning stating that Vantage Markets (Vantage FX) is not authorized to provide financial services in Malta and is classified as an unlicensed entity.

On the other hand, at the end of January this year, a trader submitted a complaint that Vantage was withholding his deposits and not allowing him to withdraw his profits.

Client: “Vantage is retaining my funds”

The customer reported that he deposited €1,000 with Vantage, and he made a profit of €1,100 after conducting trades. However, when he was ready to withdraw his funds he was prompted to say that he was currently unable to submit a withdrawal. He immediately contacted support and was told that his account was under investigation and he could not withdraw his funds until the investigation was completed.

The client believes that Vantage does not want profitable traders and that everything was fine when he suffered trading losses. There have been other clients who condemned this problem.

Vantage warned by multiple financial regulators

Although Vantage is regulated by the UK FCA, ASIC, VFSC, and CIMA, warnings issued to the broker by financial regulators in several other jurisdictions indicate that it is not authorized to provide financial services in those regions.

Vantage has been warned by the Securities Commission Malaysia (SC), CONSOB, CNMV, HK SFC, MFSA, and Danish FSA. This is a huge red flag.

Traders’ Feedback: withdrawal issues, misleading investment advice, and poor customer service

Recently, Vantage has been criticized by clients for a variety of issues, mainly revolving around difficulties with withdrawals and profit cancellations.

Other issues that have been reported include unprofessional and misleading investment advice leading to client losses, poor customer service or even inability to reach support staff, technical problems with its trading app, and failure to send margin calls to clients.

Bottomline

Vantage has received 6 regulatory warnings that have raised alarm bells for investors, with bad customer reviews and customer complaints over various issues hinting at potential risks. BrokersView recommends exercising extreme caution when dealing with this broker, and you can submit a complaint here if you encounter any problems.