VantagEmining.Online review – 5 things you should know about vantagemining.online

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Beware! VantagEmining.Online is an offshore broker! Your investment may be at risk.

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VantagEmining.Online or Vantage FX, is a broker which, upon first laying eyes on it, is nothing more than a shady and suspicious entity. Its structure and interface did not impress us at all, and there was not one moment when we thought “This could be something”. No, instead we knew exactly with what kind of a company we were dealing with as soon as we entered the website. In fact, from our preliminary overview, it seems that VantagEmining.Online’s website is very limited in both content and its structure. In any case, do not invest in this broker before reading the following review.

The account creation process was by far one of the easiest and fastest one we have completed so far. It required from us only three credentials, and in just a matter of seconds, we entered a user area. And oh boy what a user area it was. Outdated and rundown are both understatements. It is as if it were designed by someone without any prior knowledge of how these things should look like.

However, the biggest issue we came across is the undignified lack of a trading software. We will explore this later in the review, but for now, all our readers need to know is that VantagEmining.Online does not offer FX and CFD trading. There are no applicable trading instruments, no spreads, and no leverages.

The website is available exclusively in English.

VANTAGEMINING.ONLINE REGULATION AND SAFETY OF FUNDS

After some time spent searching for useful info, we came to the realization that VantagEmining.Online is as anonymous as they get! There is no address indicated anywhere, nor is there a mention of a regulation.

We would have been surprised if there ever was any regulatory claim, and we would have immediately renounced it!

Just by judging the website, we can confirm that this broker is fully UNREGULATED, but when put together with the anonymity of it, we can confirm this verdict yet again.

Furthermore, there seem to be no legal documents of any kind, which has always been the pinnacle of scammer brokers. Without legal documents, illicit brokers have the power to do with their users as they please.

To deposit in an unlicensed broker is the equivalent of throwing your money away for no reason. We always say that the first thing to do when dealing with any broker is to check for a license; this should be your priority! Usually, we would go for either an FCA or CySEC regulated brokers or other respected overseers. These regulators all employ harsh rules and impose very severe penalties on those brokerages that do not abide by the scrupulous rules. Furthermore, some agencies, like the FCA and CySEC, include reimbursement schemes to all users of brokers under their wings. These compensation funds schemes, as they are called, are put into action once broker cannot pay their clients back to bankruptcy. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.

VANTAGEMINING.ONLINE TRADING SOFTWARE

As we mentioned, the company does not possess a trading terminal. Instead, it offers these investment packages, which are the bulk of the unregulate company, a sign that users are dealing with a scammer broker. Not once have we been in the presence of a legit broker offering investment plans.

These schemes offer a certain profit percentage on each deposited sum. Here, the user is requested to deposit $10 000 and expects to receive a 100% daily return. This is a complete lie!

However, there is no incentive for the broker, or so it seems. The truth is that users will invest and not get their money back!

VANTAGEMINING.ONLINE DEPOSIT/WITHDRAW METHODS AND FEES

Users can only deposit through one of three crypto wallets: Bitcoin, Ethereum, and Litecoin. The minimum is $50. However, the minimum sum required to activate a package is $1100. Obviously, we connect the dots and find an issue with the minimum deposits. What can users do with just $50?

The minimum withdrawal amount is $10, and the payment methods for taking out money are WesternUnion (fixed charge of $150 + 10%), PayPal (fixes commission of $200 + 10% ), and a BTC wallet (fixed fee of $50 + 10% charge). All withdrawals should be handled within 24 hours. However, these fees are just unnacceptable. Users will have to withdraw much higher amounts than the minimum in order to get some money after all the fees are applied.

However, VantagEmining.Online is unregulated, and thus users should not be deposited in it let alone withdrawing! Do not waste your time here!

How does the scam work?

The straightforward way into an investment scam is through the thousands of online ads that flood our browsers and social media sites. These are those familiar ads that promise impossible returns and luxurious lifestyles as a result of investing.

Succumbing to such ads will lead to either the scammer investment site, or to an intermediary source with close ties to this and other fraudulent websites.

In either case, the user will be asked to provide a phone number and probably an email address. The purpose of these is for the reps of the scam to be able to contact the client and push for initial investments. This is the first wave of the fraud, and is usually done by the rookie team.

The second wave is the pros, sometimes those behind the whole scam. These are charming and cunning individuals, whose communication skills can potentially result in the users to invest a second, or third, or even fourth time.

Basically, the scam continuous until the client realizes that she is being scammed. At that moment, when she wishes to withdraw or has questions for the scammer, it is already too late.

The culprits will easily ignore all requests or stall them. There are times when unlicensed brokers even terminate entire accounts, and on rare occasions entire websites are closed!

What to do if scammed?

The safest way to get your money back is to file for a chargeback using your credit or debit card provider. MasterCard and VISA have a chargeback period of 540 days. However, this only applies if you have deposited through a card.

Wire transfers are more difficult to reimburse, although some banks may have a specific plan for such times, so we advise users to directly contact their banks and ask them for help. What’s crucial is for users to change their bank account user names and passwords as soon as possible.

As for any funds invested through a cryptocurrency wallet, be sure that they are lost! Crypto transfers are untraceable!

And finally: never trust recovery agents or agencies. These are fraudsters who will ask for money in return for nothing. Do not trust these!

Rich Snippet Data

Reviewer

TheForexReview

Review Date

2021-05-14

Reviewed Broker

VantagEmining.Online

Broker Rating

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