S

Spanish CNMV warns against offshore broker VT Markets of Vantage Group

Vantage Group of companies and brand
Spread financial intelligence

Update: we were contacted by VT Markets and informed that the brands VantageFXoptions and TradeOnlineProfit would not be part of the group. It was not explained to us why these brands are using Vantage Group logos, addresses, and credentials. We have asked and are waiting for the answer. An update will be provided as soon as possible.

The Spanish regulator CNMV issued a warning against VT Markets (www.vtmarkets.com), a broker operating without authorization. The broker’s Client Agreement states Vantage International Group Limited, registered in the Cayman Islands, as the operator. This offshore entity is part of the Vantage Group and holds a Caymen Islands Monetary Authority (CIMA) license. The Vantage Group operates other broker brands such as VantageFX, and is evidently related to VantageFXoptions or TradeOnlineProfit via different entities and/or credentials. As a payment processor, we found everpay for bank transfers, for example.

For SWIFT transfers, VT Markets works with the Commonwealth Bank of Australia and Australian entity VIG Prime Pty Ltd. In addition, Neteller, Skrill, or Fasapay are also integrated. Cryptos can be deposited via the Trustworthypay gateway. In our review, we could have made high deposits without proper completion of the onboarding process (KYC/AML). This is quite common with offshore brokers but not allowed in the EU.

Vantage Group operates various brands and domains through at least the four legal entities listed below:

EntityJurisdictionRegulator
Vantage International Group LimitedCayman IslandsCayman Islands Monetary Authority (CIMA)
Vantage Global LimitedVanuatuVanuatu Financial Services Commission (VFSC)
Vantage Global Prime Pty LtdAustraliaAustralian Securities and Investments Commission (ASIC)
Vantage Global Prime LLPUnited KingdomFinancial Conduct Authority (FCA)

The partners of the UK Entity are David Shayer and TTMM Ltd, which controls the company, and where the Chinese Xueniu Zhang, born in January 1955, is registered as director and controlling person. David Shayer is also the FCA-approved compliance officer.

However, neither the offshore CIMA nor the Australian ASIC license entitles Vantage International Group to offer its financial services in the EU. The broker is acting illegally, the CNMV says. Whether VT Markets is also a scam or not, we cannot answer with certainty. However, in case of doubt, investors should assume that an illegally operating broker is a scam. The money will almost certainly be gone.

There is no investor protection whatsoever when trading with an offshore entity, and lawsuits in the Cayman Islands or Vanuatu are pointless. Stay far away from VT Markets and the other brands of this illegally operating offshore broker.

If you have any information about Dsdaq and/or its operators please share it with our research team. You can use our whistleblower system for this purpose.

Leave a Reply

Your email address will not be published.