Vonway Forex Review: VonwayForex.com a Subtle Scam

Vonway Forex Review, Vonway Forex Company
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Vonway Forex Review
  • Fund Safety
  • Regulation
  • Trading Activity
  • Client Feedback
1

Summary

Vonway Forex is a scam website that does nothing to build investor’s trust. The company is operating anonymously and will exit the market one day, leaving with your investment. Only invest in the best forex trading brokers in the market to enjoy reliable seamless trading.

Vonway Forex is a forex broker that describes itself as the best-loved broker in Hong Kong. They provide trading services to both retail and institutional clients. Further, they promise to provide industry-standard services. This includes tight spreads, fast executions, and 24-hour customer support.

These features are desirable to traders. However, there are features of this company that raise concerns. The developers want people to trust them. But they operate without transparency. This is common with companies only looking to make money from eager investors.

Vonway Forex Review, Vonway Forex Company

Many companies will promise you the best services. However, only a few can deliver on their promises. That is why you need to do enough research before investing in a company. In the case of Vonway Forex, you cannot trust this company. This review will look at the different aspects of the company to show you why it is untrustworthy.

In the meantime, there are legitimate forex brokers that you can trust. Such companies have been in the market longer and operate with full transparency. They will give you the best environment to safeguard and grow your investment.

 

Vonway Forex Review

Vonway Forex provides users with an MT4 trading platform. This is the world’s most popular trading platform. Therefore, it is refreshing to see the company support the platform. The platform is easily customizable and very robust. Additionally, it offers one-click trading.

Further, the company promises to offer world-class customer support. However, this may not be the case. The website does not provide us with any contact details. The only way to reach the company is by filling out a contact form. This is not a reliable mode of contact. Companies can go days without responding to customer queries. Moreover, the website does not tell us how long it takes customer support to respond.

In any case, Vonway Forex gives traders access to 54 different assets. This includes currency pairs, indices, metals, and commodities. Users can trade these assets at any time of the day or night. However, this is not unique to Vonway Forex. This is an industry-standard across many platforms.

Further, the company does not cater to novice traders. There are no training materials on the website. The company expects such traders to jump into trading without having a clue what they are doing.

Account Types

There are three main account types on Vonway Forex. These include Demo, Standard, and Prime. These accounts vary depending on how much money you invest. Fortunately, the company provides users with a demo account.

The demo account requires no deposit from users. It allows users to experience trading conditions without necessarily investing their money. This account type provides users with an MT4 trading platform and normal market executions.

The other two account types require users to make a deposit. The Standard account requires a minimum deposit of $50. This account gives uses spreads floating from 1.3 points. Additionally, users can trade 36 currency pairs, Metals, CFD, and Cryptocurrencies. They do this on the MetaTrader 4 platform.

The Prime account requires a minimum deposit of $300. This account gives traders spreads floating from 0 points. Additionally, it allows them to trade 36 currency pairs, Metals, CFD, and Cryptocurrencies.

There are several payment options that Vonway Forex supports. These include PayTrust, Visa, and Skrill. Deposit and withdrawal processing happens within one working day. However, the minimum withdrawal is $25. Additionally, the company does not charge any commissions on deposits or withdrawals.

Vonway Forex Features

There are a few features that Vonway Forex promises to its clients. They promise to give clients tight spreads to lower the cost of trading. However, the larger the account, the tighter the spreads. VIP accounts enjoy spreads of 0.0.

Vonway Forex Scam Review, Vonway Forex Features

The company also promises lightning-fast executions. This ensures that traders do not miss out on any trades. They promise to deliver the best experience every day. This is critical for the success of traders.

Further, the company promises to take zero commissions. This allows all traders to enjoy low-cost trading. This is suitable for any trader. Additionally, they promise hassle-free withdrawals. They assure clients that they will have easy access to their money.

Founders and Physical Location

It is very crucial to know the people behind a company that you are investing in. That is one way to ensure that you will not lose your money to scammers. Vonway Forex fails in this aspect. The website does not introduce us to any of the team members.

Founders of legitimate companies do not see the need to conceal their identities. It is impossible to understand why these founders choose to operate anonymously. It only hurts the reputation of the company. Introducing the founders to the public helps to foster trust.

Luckily, the company provides a physical address of their offices. They provide their address as Suite 305, Griffith Corporate Centre, P.O.Box 1510, Beachmont, Kingstown, St. Vincent, and the Grenadines.

However, it is hard to rust this address. This is because St. Vincent and the Grenadines have very lax laws. Anyone can register a company in this jurisdiction without stepping a foot in the country. That is why this jurisdiction is very popular among fraudulent companies.

Vonway Forex Regulation and Fund Safety 

Vonway Forex claims to be a registered company in Saint Vincent and Grenadines. They claim to be a regulated company. However, there is no evidence of this. There is no relevant regulatory body overseeing this forex broker.

This means that the company can do anything they want. The founders can take off with people’s money any day. Regulatory bodies ensure that companies do not run scamming operations. Additionally, they ensure that clients remain protected from the company’s financial status. It is a bad idea to invest in an unregulated body.

Such a company cannot assure you of your fund’s safety. You risk losing your money in many different ways. Moreover, the company does not provide any evidence of system protection. As far as we can tell, the website does not have SSL certification. This means that hackers can easily access clients’ funds.

Domain Insight

Looking at the domain details also reveals some worrying facts. The official domain for this company is vonwayforex.com. Whois records reveal the registration date of the website as of 19th of June, 2020. The expiry date stands at the 19th of June 2021.

The company only has a one-year registration. This is a common characteristic of fraudulent forex brokers. It shows that the company has no intention to stick around for long. Moreover, the company has not been around for long. It is better to wait them out before you invest.

Final Verdict

This is not a trustworthy company. There are too many red flags involved. For starters, the founders of this company are unknown. There are many risks involved in investing in mysterious people on the Internet.

Additionally, there is no evidence that this is a regulated company. They are free to do what they like. They can easily take off with investors’ money. Moreover, the company cannot assure you of your funds’ safety.

Stay away from this company. You are better off investing with better-established companies. Only use the best forex brokers in the market. They will provide you with the safest investment environment. Moreover, such companies operate in full transparency.

 

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