Beware! VonWayForex.com is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
VonWayForex.com takes a much simpler approach to the forex experience by giving the user a website that feels like one of those art-style sites that sell handcrafted jewelry. Personally, we think that this thematic choice is not the best choice for a forex broker. Usually, the FX industry is incredibly professional and oriented towards a much more humorless aesthetic. VonWayForex.com risks that no one will take it seriously, although we think that it does not care. At first, we were actually pleased with the vision and the overall feel of VonWayForex.com, yet there are certain things that changed our minds, much to our disappointment. Be sure to read the following review before you do anything that you may later regret.
The account opening section is big and detailed, a definite surprise from a broker that we label suspicious. We were able to open a live account which nevertheless required us to verify our identity. We never proceed from here on out because we do not provide our details to brokers who we find shady. Usually, ID documents may be used against you in case the broker turns out to be unregulated.
We continued with opening a fully functioning live account even without deposits. Anyway, we were able to read a EUR/USD spread of 0.5 pips, an excellent value indeed. During the creation of an account, we were able to choose a leverage of up to 1:500. The tradeable assets at use here are forex currency pairs, cryptocurrencies, shares, indices, and commodities.
The broker is available in English.
VONWAYFOREX.COM REGULATION AND SAFETY OF FUNDS
VonWayForex.com is surprisingly open about its offshore location. The broker seems to be proud of its Saint Vincent and the Grenadines registration. There is nothing to be cocky about here. This location is offshore for a reason. It has never had an FX regulator, and even if there has been recent development to change that, as of now all forex brokers located there are unlicenced, except for those that are licensed by other regulators. The broker is not regulated there, even if located in the Caribbean nation.
Unfortunatelly,VonWayForex.com offers no other regulatory info. Thus, we are left with no alternative but to deem this broker UNLICENSED and a riks to all traders.
Be certain that investments in unregulated brokers are almost always lost, never to be seen by the user. Always check for a license before continuing to the next step. Ideally, the FCA or CySEC regulated brokers are the most trustworthy. Under these agencies, brokers are scrutinized every month and are required to follow some of the most rigorous rules in the industry. These include, but are not limited to, segregated bank accounts for all users. Both the FCA and CySEC offer to all their brokers, who in turn cover their clientele, compensation funds: CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
VONWAYFOREX.COM TRADING SOFTWARE
Everything thus far has been a step in the right direction for this broker, except for the most crucial thing- its lack of a license. The inclusion of a fully functioning MT4 is another positive aspect of this broker, that keeps pushing for excellence but is pulled by its unregulated status.
Needless to say, the MT4 is by far the best trading software in the FX industry, and its inclusion is always a welcome sight. Its abundance in features is unmatched, its user-friendly approach is unparalleled, its capacity for trader’s growth cannot be met. It’s completely obvious why this platform has yet to meet its maker.
VONWAYFOREX.COM DEPOSIT/WITHDRAW METHODS AND FEES
As per the payment area in the client portal, the means of depositing are credit cards, and bank transfer. The minimum deposit is $20.
The withdrawal methods are the same as the ones used for funding an account. Requests are processed within 5 working days. The fees attached to withdrawals are those issued by the payment providers themselves. The broker claims not to be charging anything.
Overall VonWayForex.com offers a very clean and surprisingly attractive trading experience. Everything we have discussed so far has been in a positive light for VonWayForex.com, but for the lack of a regulation. This is by far its biggest blunder and the only thing stopping us from recommending the broker. There is potential here for a modest yet effective brokerage. Until it gets its license, if ever, we advise users not to deposit!
How does the scam work?
The most popular scam that we will cover today is used by 95% of all illegal brokerages, and other fraudsters. It revolves around soliciting users into depositing, with some room for improvisation. Most users who fall for these sooner or later realize it.
Such scams work the following way: Users find certain ads online intriguing and click on them. The theme of these ads revolves around the perfect care-free life, living of investments and trades. Very alluring stuff indeed. Those that succumb to the temptation of this illusory lifestyle are redirected to a website, either the broker’s or an intermediary one (called robo-site), where they will be asked to give away their basic contact details. Through these, the scammers will start calling or sending emails to any potential investors. Conversations between users and fraudsters are usually dominated by the scammer whose only job is to initiate the first deposit.
Depositing for the first time will bring around the expert scammer, or the so-called account managers, whose sole purpose is to drain you out of all your money. They will relentlessly call, demand, and notify you of opportunities until users deposit further or realize they are being scammed.
Withdrawing from this position is almost impossible. The broker will throw at you everything it has got, its only purpose being to deny your request. Some of the most popular approaches are stalling, denying a request, closing an account, blocking an account, or shutting down the entire website.
What to do if scammed?
A chargeback is the first step towards recovery. Filing for a chargeback is easiest with you credit or debit card provider. What’s more, is that MasterCard and VISA have extended their chargeback period to 540 days.
Investments lost to the scam initially made through a bank transfer should stimulate users to change their bank password and account users’ names ASAP. The next step is to contact their bank and ask them for further instructions.
Avoid crypto deposits at all costs! These are most of the time untraceable and there is no way to get your money back.
On a final note, do not trust any of the recovery agents. In exchange for a fee, these agents will promise to refund all your lost investments. However, once you pay them they will disappear, which leaves the user an even bigger loss.
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