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WikiFX Review: VonWay - If you don’t know now you know
Abstract：VonWay is an online forex broker offering a variety of financial instruments to its fellow clients all over the world. However, many of you still don’t know if this broker is reliable. Due to the recent complaints, we think it is a good time to make a comprehensive review of this broker so that you can have a clear understanding of this broker before you made a decision.
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
| Account Types | Minimum Deposit |
| Standard Account | $50 |
| Prime Account | $300 |
| Demo Account | $0 |
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.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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