VantageFX Crypto Broker Review 66

VantageFX is a fully regulated Australian brokerage which offers a wide range of Forex trading options. The company is owned and operated by Vantage Global Prime PTY Limited AFSL, with company registration #428901.

As one of the leading providers of Bitcoin trading down under, this regulated broker offers competitive spreads across 9 timeframes and with 3 chart types. The leverage is 1:1 and traders can enjoy 100% margin. With BTC trading, there is a 0-stop level, 1 contract size, and a minimum/maximum lot size of 1/40. There is 0 margin hedge and hedging is allowed. Traders also have the option of retaining pending orders until they have been cancelled.

VantageFX Cryptocurrency Trading

 

How to Register an Account with VantageFX?

It is relatively quick and easy to get started with cryptocurrency trading at VantageFX. The first order of business is to enter your first name, last name, country of residence, telephone number, email and account type. Several options are available in the latter category, including an individual account, joint account, company account, trust or Self-Managed Super Fund. The client portal at VantageFX simply requires you to enter your email and password to get started.

Everything at VantageFX takes place through the MT4 FX trading account. Clients will be required to fund their account to start trading BTC. This can be done in tandem with a wide range of currency pairs such as the EUR/USD, GBP/EUR, GBP/USD, USD/ZAR etc. There are also a wide range of indices (Dow Jones 30, DAX 30, CAC 40, FTSE 100 etc.), and commodities like gold, silver, platinum, copper, iron ore etc. On the MT4 trading platform (MetaTrader 4) traders have the option of going long (taking a bullish perspective) or going short (taking a bearish perspective) on cryptocurrency options.

Traditional options such as buy/hold do not necessarily apply on the VantageFX platform since you can trade markets based on trends. Rising or falling markets can yield profits for traders who forecast them accordingly. Bitcoin is an especially volatile market, and profits more than 300% have been generated in 2017 to date, far greater than equities markets or Forex markets.

All BTC trading at VantageFX is done via contracts for difference (CFDs). These are derivative trading instruments where the client does not take physical ownership of BTC. Rather, you speculate on the price movements of these financial instruments. By taking a position – short or long – you’re profiting off your forecast, and not the asset’s appreciation.

The volatility of BTC is assured owing to the lack of a central exchange (it is not governed by the Fed, the Bank of England, or the European Central Bank) and there are no blanket international regulations related to trading and investing in BTC. Therefore, it is bound to be an extremely volatile financial instrument which bodes well for trading purposes. At VantageFX, traders enjoy 100% margin and 1:1 leverage. This means that the money you are risking for BTC trading is largely what you have available in your trading account.

Deposit and Withdrawal Options

VantageFX offers several funding methods – all of which are safe and secure for cryptocurrency traders. These include Neteller, UnionPay, BPay, POLi, SWIFT, Skrill, Visa and MasterCard. Clients can contact customer support with any questions related to payments issues by clicking on the live chat button at the bottom of the screen. To deposit, simply register an account and use any of the aforementioned options available to you.

The range of currencies you can use include NZD, JPY, SGD, AUD, GBP, EUR and USD. However certain money transfer services will limit their currency options to specific currencies, such as AUD for POLi. A range of debit card payment options, credit card payment options, bank transfers, and international bank transfer options are available to all traders. These are SSL secure, firewall encrypted deposit options.

The Cryptocurrency Trading Platform

VantageFX makes it easy to trade BTC on a fully regulated platform. Since account opening is quick and easy, the MT4 or MT 5 trading platform offers the best possible way to buy and sell Bitcoin on the market. To get started with the demo trading account, simply complete your name, email, telephone number, and desired platform. Once you have submitted that information you will have 30 days to access the demo account. For unlimited access, VantageFX advises clients to open a live account. Clients will be required to download and install the MetaTrader 4 platform by using the MT4 login and MT4 password provided by VantageFX. MetaTrader 4 includes a download option for Windows and Mac, and MT4 mobile apps are available for Android, iPhone and iPad devices.

 

Bottom Line

From a cryptocurrency trading perspective, Australian-based VantageFX offers limited scope. Bitcoin is the premier digital currency, but we would ideally like to see Bitcoin Cash, Ethereum, Ethereum Classic, Ripple, DASH and Litecoin available too. The registration process is a little lengthier than other cryptocurrency brokers, and you will be required to download the platform before you get started. Otherwise, the actual trading is smooth and you have options to buy or sell Bitcoin at your leisure. 1:1 leverage, 100% margin, and a maximum lot size of 40 will suit traders at all levels.

Pros

  • Fully regulated in Australia
  • Security checks ensure that only the account holder can access the platform
  • Available for Windows, Mac, iPad, iPhone and Android
  • Demo account available

 

Cons

  • Traders need to download the platform to get started
  • Only Bitcoin is available for cryptocurrency trading purposes
  • Multiple steps (forms, verification, downloads) to get started
  • No TrustPilot reviews on VantageFX
VantageFX Overview
Regulation: ASIC
Assets offered: CFDs, Forex
Minimum Deposit: $100
Deposit Options