WikiFX Review: VonWay - If you don’t know now you know

About VonWay

VonWay, also named VonWay Global Limited, is an online forex broker possessing the experience of more than 5 years. The physical address of this broker is Suite 305, Griffith Corporate Centre, POBox 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines. Therefore, we can see that this broker is SVG-rooted. Saint Vincent and the Grenadines is an attractive place for financial companies to operate through an offshore company. there is no sharp regulation or overseeing of the company operation implemented. The SVG broker can run its activity and accept forex payments through credit cards but is not overseen.

Account Types & Minimum Deposit

Trading Platform

This broker uses MT4 as its main trading platform.

Leverage

Vonway Forex provides a leverage of up to 1:500 – this is not surprising for an unlicensed broker – leverage has been capped over concerns of retail traders losing too much of their investment in most of the world. 1:500 leverage is considered high. We dont advise the newbies to give it a try.

Spreads & Commissions

In terms of spreads and commissions, VonWay does not make this part clear, even the spread on the major EUR/USD pair. Unregulated brokers always like to hide their actual trading fees to scam more traders.

Deposit & Withdrawal

Vonway Forex supports deposits via credit cards and wire transfers – please keep in mind that the latter are not eligible for refunds, and that applies to all transactions using them, not only ones with Vonway Forex.

Regulation: Is VonWay legit？

According to the WikiFX database, VonWay is not regulated. The official regulatory status for the NFA with license number 0507197 is Unauthorized. We cannot count VonWay as a licensed broker. WikiFX has given this broker a fairly low score of 1.94/10.

Complaint

On WikiFX, the Exposure consists of feedback from traders. A bad track record of brokers can be checked via Exposure. WikiFXs Exposure function helps you get feedback from other traders and remind you of the risks before it starts.

Below is the complaint against this broker received from a trader.

A trader from Philippines told WikiFX that this broker is a scam. He tried to withdraw from his account, but end up with failure. The customer service of this broker is not helpful at all. He eventually lost contact with VonWay.

Conclusion

WikiFX advises you to keep cautious with the broker that you choose. VonWay is not the broker that you can easily trust. It is an unregulated broker with a low WikiFX score. If you want to know more information about the reliability of certain brokers, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX APP to find the most trusted broker for yourself.