Vonway Forex review – Is vonwayforex.com scam or good forex broker? from buzai232's blog

Vonway Forex review – Is vonwayforex.com scam or good forex broker?

Vonway Forex is a broker that desperately tries to appear legitimate – and it would work, had we not seen hundreds like it before. Offshore brokers that have no regulation probably make up the majority of companies that deal with CFDs. This is why, before investing with Vonway Forex or anyone else, you should as yourself the following question:To get more news about vonway review, you can visit wikifx.com official website.

Is Vonway Forex a legitimate broker?
Very much not so – the broker is not licensed to be dealing with CFDs by anyone. They are also registered in one of the shadiest jurisdictions on the planet – St. Vincent and the Grenadines. Here is the broker stating that, so you don’t have to take our word for it:
What makes St. Vincent such a bad place for a broker to be originating from is the fact that the island nation’s government has published a statement outlining that it straight up refuses to regulate the Forex market in the country. This has made it into a real haven for scammers of all kinds that have taken residence there.

Compare this lack of regulation to the UK – Britain has created a special government body with the task of overseeing the markets. This body is the FCA, and it has set a whole host of comprehensive rules in place that prevent abuse from taking place – like brokers having to have over 730 000 euro in liquid capital, participate in guarantee funds and reporting back on a daily basis on open and closed trades.

There are more regulations, of course, but the point we are trying to make is that they ensure that brokers do not go under after a bad turn of the markets or two, taking their clients’ fund with them. They also prohibit scammers from exploiting the markets and the traders on them for profits. This is why you should always stick to legitimate brokers and avoid ones like Vonway Forex.
It is incredibly suspicious for the broker to have that as the entirety of their withdrawal fees section in their Terms. We cannot help but think that this means that Vonway Forex knows its fees are unacceptable and wants to get away with charging them by simply not letting its clients know what they are beforehand. It is also concerning that the broker issues bonuses:

This practice has actually been outlawed in most of the world due to the fact that brokers use bonuses bound with some extra conditions to prevent withdrawals – for example, they will state that an account credited with a bonus must execute a certain volume before they withdraw – that is almost always an impossible amount.

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. Of course, as Vonway Forex is not subject to regulation, it can offer high leverage with no regards of its clients’ funds.