VonWayForex.com Review - 5 Facts About VonWay Forex

VonWayForex.com simplifies the forex experience by presenting the visitor with a website that resembles one of those art-style sites that offer handmade jewelry. We believe that this theme is not appropriate for a trading broker. Typically, the visual effects business is quite professional and focused on a much more humorless look. VonWayForex.com faces the danger that no one will take it seriously, however, we believe it is unconcerned. We were first thrilled with the idea and general vibe of VonWayForex.com, however, some factors altered our opinions, much to our dismay. Before you do something that you could later regret, read the following review.

The account opening portion is extensive and informative, which is a pleasant surprise from a broker we consider questionable. We were allowed to establish a live account, but we had to authenticate our identification first. We never go further from here since we don't provide our information to brokers we suspect as being sketchy. In most cases, ID papers may be used against you if the broker turns out to be unregulated.

Even without deposits, we proceeded to establish a completely functional live account. In any case, we were able to read a EUR/USD spread of 0.5 pips, which is an outstanding value. We were permitted to choose a leverage of up to 1:500 while creating an account. Forex currency pairings, cryptocurrencies, stocks, indices, and commodities are all examples of tradeable assets.

The broker may be reached in English.

VONWAYFOREX.COM REGULATION AND FUNDS SAFETY

VonWayForex.com is unusually forthcoming about its offshore location. The broker seemed to be pleased with its registration in Saint Vincent and the Grenadines. There's nothing to be arrogant about here. There is a reason why this site is located offshore. It has never had an FX regulator, and despite recent developments to alter that, all forex brokers based there are now unlicensed, except those regulated by other authorities. Even though the broker is situated in a Caribbean country, it is not regulated there.

Regrettably, VonWayForex.com does not provide any more regulatory information. As a result, we have no choice but to declare this broker UNLICENSED and a danger to all traders.

Investing with unlicensed brokers nearly invariably results in a loss, which the user never sees. Before proceeding to the following stage, always check for a license. The most trustworthy brokers are those who are regulated by the FCA or CySEC. Brokers are evaluated by these authorities every month and are obliged to follow some of the most stringent standards in the business. These include, but are not limited to, user-specific bank accounts. Both the FCA and CySEC provide compensation funds to all of its brokers, who in turn protect their clients: CySEC guarantees up to €20 000 per individual, while the FCA guarantees up to £85 000.

TRADING SOFTWARE VONWAYFOREX.COM

Everything this broker has done so far has been a step in the right direction, except for the most important thing: its absence of a license. The presence of a fully functional MT4 is another plus for this broker, which strives for perfection but is hampered by its unregulated position.

Needless to say, MT4 is by far the top trading software in the FX sector, and its presence is always appreciated. Its feature set is unrivaled, its user-friendly approach is unrivaled, and its potential for further expansion is unrivaled. It's easy to see why this platform has yet to meet its maker.

DEPOSIT/WITHDRAW METHODS AND FEES AT VONWAYFOREX.COM

Credit cards and bank transfers are accepted for deposits, according to the payment section of the customer site. The required minimum deposit is $20.

The withdrawal procedures are identical to those used to fund an account. Requests are handled within 5 business days. The withdrawal costs are those imposed by the payment providers themselves. The broker states that he does not charge any fees.

Overall, VonWayForex.com provides a very clean and unexpectedly appealing trading environment. Everything we've spoken about thus far has been great for VonWayForex.com, except for the absence of regulation. This is by far its most serious misstep, and it is the sole reason we cannot recommend the broker. There is potential for a small yet successful brokerage here. We encourage consumers not to deposit until it has its license, if at all!

How does the ruse operate？

The most common scam that we will discuss today is employed by 95% of all unlicensed brokers and other crooks. It concentrates upon persuading customers to deposit money, with considerable leeway for creativity. Most consumers who fell for them eventually recognize it.

Such frauds function as follows: users find specific adverts on the internet appealing and click on them. The topic of these advertisements is the ideal carefree existence based on investments and trading. That is some enticing material. Those who succumb to the lure of this false lifestyle are referred to a website, either the broker's or an intermediary's (called a Robo-site), where they are requested for their basic contact information. Scammers will use this to start phoning or sending emails to prospective investors. Conversations between users and fraudsters are often dominated by the scammer, whose only purpose is to initiate the first payment.

When you make your initial deposit, you will be approached by a skilled fraudster, or so-called account managers, whose single objective is to drain you of all your money. They will contact, demand, and alert you of changes incessantly until consumers deposit more money or realize they are being conned.

It is almost hard to leave this situation. The broker will hurl all it has at you with the sole intention of denying your request. Stalling, refusing a request, canceling an account, banning an account, or shutting down the whole website are some of the most common tactics.

What should you do if you've been duped？

A chargeback is an initial stage in the recovery process. The simplest way to file a chargeback is via your credit or debit card issuer. Furthermore, MasterCard and VISA have increased their chargeback term to 540 days.

Investments lost to the fraud that was first made through bank transfer should prompt consumers to change their bank passwords and account users' identities as soon as possible. The next step is to call their bank and request more instructions.

At all costs, avoid crypto deposits! Most of the time, they are untraceable, and there is no way to get your money back.

Finally, do not put your confidence in any of the recovery agencies. These agents will claim to repay all of your lost investments in exchange for a charge. However, after you pay them, they will vanish, leaving the user with an even greater loss.