Warning! AvantGardeFX is an offshore company! Your deposit may be at risk.
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AvantGardeFX is an offshore broker based in Vanuatu that is currently quite lackluster in some crucial aspects. Read the review to find out more.
AvantGardeFX, and more specifically Liquidity FX Broker LTD is regulated by the Vanuatu Financial Services Commission (VFSC). However, readers should be aware that Vanuatu is one such destination where many shady brokerage firms register for the reason that the VFSC is not an organization as severe as the FCA or CySEC, but a looser regulator. Nevertheless, since 2017 the commission has raised its minimum capital requirement for forex brokers to $50000, meaning that any would-be broker with a capital below that will not be licensed.
There are some bits and pieces of the broker that are downright broken, like the Risk Disclosure document, or some of the sub-pages which are contain the same content but are under different sub-titles. These and other such nuisances staple this as an offshore broker, where some things get overlooked. Readers who wish to invest in AvantGardeFX should tread carefully, for these types of issues may carry over to more important aspects of the broker, like the processing of payments.
We opened a demo account where our leverage was limited to 1:100, however the Account page claims that the leverage is capped at 1:400 for all account types. The EUR/USD spread was unavailable for a reason we shall explain in the following sub section of the review. The assets used for trading are said to be Forex Pairs, Commodities, Spot Metals, and Indices.
Languages are varied: English, Chinese, Japanese, Russian, Spanish, Arabic, Portuguese, German. These are the languages made available to chose when registering.
However, the website can be translated only to English, Russian, Spanish, and Chinese.
Here we arrive at one of the biggest issues we have with AvantGardeFX. The trading platform, even with a demo account, was not possible to open, because for some reason the MT4 offered here, once we opened it on a browser, was not under the name of the broker or the parent company.
This PureMarket has nothing to do with the broker. Furthermore, there is no way to access a trading platform from the client dashboard, presumably because we had not opened a live account. We are not sure. But one thing is for certain- for a regulated broker not to be able to produce a trading platform is completely unacceptable.
AVANTGARDEFX MINIMUM DEPOSIT
Unfortunately, the broker keeps most of the payment information behind closed doors, meaning that the only way to check the real payment options is for one to verify his or her account. This is not, per say, a bad thing, but it would have been informative for non-registered users to have access to this information as it is crucial. And furthermore, seeing that the broker has thus far been rather shady, we are not 100% certain that the details on the website are accurate
Nevertheless, the website claims that the minimum deposit is $200 for the Standard Account. The alleged payment methods are quite varied: Wire Transfer (20€ + 1.5% fee), EtanaCustody (min. $5000, $20 fee), GT Bank, Neteller/Skrill (3.9% fee), bitcoin, ethereum, ripple, Vload (4% charge), and FasaPay (0.5% charge).
It also reveals that the base currencies are the EUR and USD.
Any other type of depositing information is not within our grasp. Personally, we find this quite suspicious. Readers tread carefully!
AVANTGARDEFX WITHDRAWAL TIME AND FEES
The only info we can give you concerning withdrawals is the payment methods and fees. The oayment methods are the same; what differs are the commissions: Wire Transfer (30€ + 2% fee), EtanaCustody ($25 fee), GT Bank (1% in USD/1$ in NGN), Neteller (2%), Skrill (1% fee), bitcoin (0.005 BTC), ethereum (0.02 ETH), ripple (5 XRP), and FasaPay (0.5% charge). Vload withdrawals are not available.
Again, this information is taken from the website, and seeing the broker’s sloppiness, we are not able to trust it 100% with this info.
Even with a regulation, at its current state, we cannot recommend AvantGardeFX. There are too many issues plaguing it. We are surprised that it even was able to attain and hold on to a licence- at times it behaves exactly as most scammer brokers do!