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Vantage FX Kicking Us Out

  • #1
  • First Post: May 20, 2019 8:02am May 20, 2019 8:02am
So I just got an email from Vantage informing me that due to recent regulatory changes they are no longer providing services to people outside of Australia. We have the option of migrating to their Cayman Island operation or closing the account. Unreal. It is going to come to a point where these asshat regulators eventually regulate retail trades out of existence. For our own protection of course
Emotion - it steals your money.
  • #2
  • May 20, 2019 9:45pm May 20, 2019 9:45pm
Is it wise to move to cayman islands???
Extreme gut feeling trader
  • #3
  • Edited 9:37am May 21, 2019 7:26am | Edited 9:37am
Quoting montygoldy
Is it wise to move to cayman islands???
Good question. It is still Vantage, whom I trust, is I believe that is the route I will be taking. It just seems that regulators are making it more difficult to trade.
Emotion - it steals your money.
  • #4
  • May 21, 2019 7:58am May 21, 2019 7:58am
The question you have to ask yourself is:

does a company you can trust up to now and which does a fair and decent job starts to scam you just because of a change of regulation?

Everyone has to make a decision on his/her own here. But the focus on the regulation alone is ridiculous sometimes. There are more than enough cases of catastrophic fraud and scam under common regulated entities where nothing happened. It is the broker you are trading with, not the regulation.
  • #5
  • May 21, 2019 10:56am May 21, 2019 10:56am
Quoting Drolph
The question you have to ask yourself is: does a company you can trust up to now and which does a fair and decent job starts to scam you just because of a change of regulation? Everyone has to make a decision on his/her own here. But the focus on the regulation alone is ridiculous sometimes. There are more than enough cases of catastrophic fraud and scam under common regulated entities where nothing happened. It is the broker you are trading with, not the regulation.
Well you can always get your feet wet with the new CME regulated Micro Futures.

https://www.cmegroup.com/education/f...x-futures.html
every Saint has a past. Every Sinner has a Future
  • #6
  • May 21, 2019 11:03am May 21, 2019 11:03am
Quoting turnip15
{quote} Well you can always get your feet wet with the new CME regulated Micro Futures. https://www.cmegroup.com/education/f...x-futures.html
I have less than zero knowledge or understanding of how to trade those.
Emotion - it steals your money.
  • #7
  • May 21, 2019 1:46pm May 21, 2019 1:46pm
Quoting montygoldy
Is it wise to move to cayman islands???
Usually the answer is no.
If you want in on my experimental EA, PM me.
  • #8
  • May 22, 2019 3:40am May 22, 2019 3:40am
ESMA is coming to AU
  • #9
  • May 22, 2019 2:12pm May 22, 2019 2:12pm
esma won't be coming to AU

Ozzies are far too smart to make the same rookie mistake esma did
  • #10
  • May 22, 2019 2:25pm May 22, 2019 2:25pm
Really hope so)
  • #11
  • May 28, 2019 12:24pm May 28, 2019 12:24pm
I don’t know, it was the Australian parliament that passed these regulatory changes recently. Apparently they will be fully implemented by the end of June this year.
  • #12
  • May 28, 2019 5:41pm May 28, 2019 5:41pm
Quoting TheSpoof
So I just got an email from Vantage informing me that due to recent regulatory changes they are no longer providing services to people outside of Australia. We have the option of migrating to their Cayman Island operation or closing the account. Unreal. It is going to come to a point where these asshat regulators eventually regulate retail trades out of existence. For our own protection of course
Hey bro
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  • #13
  • May 31, 2019 2:34am May 31, 2019 2:34am
So you can just change your broker. Withdraw all your money and choose another one!
  • #14
  • Jun 12, 2019 9:27am Jun 12, 2019 9:27am
Interesting story about Vantage FX, but I think, there are other reasons to move their foreign clients than new regulations.

Top addressed priority is safety for clients' funds:
https://www.financemagnates.com/fore...ent-insurance/

And country addressed seems to be China:
https://www.financemagnates.com/fore...lobal-brokers/

Another target may be limiting leverage - but we'll see.

Good luck
josch
trading is war - life is simple
  • #15
  • Jun 18, 2019 9:24am Jun 18, 2019 9:24am
Does anyone find Vantage Mt4 very laggy? I use fxpig and STG markets and they are very snappy and clean so I find it hard to believe its my comp.
  • #16
  • Jun 18, 2019 12:19pm Jun 18, 2019 12:19pm
if you want to trade with an ASIC regulated broker, then you have to either be an Australian citizen or open a company in Australia and trade through it
Don't Worry Be Happy
  • #17
  • Last Post: Jun 18, 2019 12:21pm Jun 18, 2019 12:21pm
Quoting montygoldy
Is it wise to move to cayman islands???
i wouldn't trust such brokers
Don't Worry Be Happy
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