Vonway reviews will cover all the essential details about the broker platform. Learn if Vonway meets your trading goals and requirement.
Are you a practising broker or curious to start but need to know how? Choosing a broker is the first step! Broker reviews such as this one help you understand the platform in detail and whether or not it is your best trading partner.
Vonway is a global forex broker under the proprietary company Vonway Global Limited. Check out a quick overview of what the broker has to offer.
|TRADING INSTRUMENTS||Forex, indices, commodities, crypto and stock|
|ACCOUNT CURRENCY||EUR, USD, AUD, CAD, CHF, GBP,
HKD, SGD, JPY, and NZD
|MAXIMUM LEVERAGE||1: 2000|
|DEPOSIT OPTIONS||FBX online banking, Visa, Mastercard, Echelon Pay, Waloo Pay, and Paytrust|
|COMMISSION||Standard account $0 and raw spreads account $7 per 100k USD|
|CONTESTS AND BONUSES||Yes|
What is Vonvay?
Vonway is a US-based forex broker under the parent company VonWay Global Limited. It provides leverage up to 1:2000 pips and high execution speed. But the leverage is too high for secure trading.
You can choose from various trading instruments, including crypto, indices, stock, etc. It has an easy user interface suitable for both beginner and pro-level traders.
Vonway supports the MT4 platform, which provides advanced tools, technical indicators, and automation. You can use these assets to your benefit and improve your trading game.
Despite the advanced features, Vonway has a mixed customer review.
The regulation of Vonway is unclear, which makes it a less reliable broker. You might want to explore Loyal Primus, a regulated and trusted broker, for a safer option. Let’s look at the Vonway Forex to know if it can be your potential trading partner.
Key Features Offered by Vonway
Introducing Broker Program
If you’re good at advising about trading and teaching others, or if you own licenses related to trading, Vonway has a unique program for you.
If you already have at least ten people who trust your advice, you can become a broker with Vonway. This means you can help even more people with your expertise in trading.
But this program is a losing game if you are a novice trader. You can divide your commissions and profits with your personal IB.
Vonway also gives away free stuff! They have various personal items like t-shirts, hoodies, bags, headphones, and bottles. You don’t have to buy them.
You can get these fantastic items for free, but you have to sign up with Vonway to get them. It could be a trick to lure more customers into registering with Vonway. So, be thorough with the broker before opting for it.
75% Deposit Bonus
You can opt for Vonway’s deposit bonus program with a minimum deposit of $20 and increase your trading profits.
Market Analysis Tools
Vonway offers market analysis tools like an economic calendar and trading calculator to make your trading experience smoother. But per customer reviews, the tools aren’t as efficient as the website claims.
What Makes Vonway a Good Broker?
Vonway provides leverage of 1:2000, which can help you improve your trading position and potentially earn more profit. But be aware, as high leverage means equally higher- risks.
- MT4 WebTrader: Vonway supports the MT4 platform on Windows, iOS, and Android. MT4 Web Trader offers fast order execution, raw spreads, and micro lot trading starting from 0.01 lot. You can experience no dealing desk intervention and trade from anywhere in the world.
- MT IOS: Find advanced features like one-click trading, customized layouts, charts, and analysis tools. MT IOS allows you to trade flexibility without compromising the speed or quality. You can access 30+ technical indicators and three chart types, including candle sticks, bars, and lines.
- MT Android: Experience tight spreads and fast execution from anywhere globally. MT android allows advanced use of technical indicators, one-click trading, and easy accessibility. The application is easy to use and suitable for experienced and novice traders.
If you want to start trading on a different platform, such as MT5, opt for Grand Capital; it can provide you with the best MT5 trading experience.
Fees and Commissions
To create a Vonway account, you must make a minimum deposit of $50. It charges 0 commission on a standard account. But for a raw spreads account, you must pay a minimum commission price of $7.
Deposits and Withdrawals
Vonway provides easy deposition and withdrawal with more than 15 flexible funding options. You can deposit without paying any commission and in the currency base of your choice.
For withdrawal, you can only use the base currency of your trading account. Conway offers various transaction options, including Visa and Debit cards, FBX online banking, Echelon Pay, Waloo Pay, and Paytrust.
What Account Types Does Vonway Offer?
Vonway offers two basic account types: Standard and Raw Spreads Accounts. Let’s understand the basics of each account.
The Vonway standard account offers exceptional speed of order execution. Use the benefit of a competitive spread starting at 0.6 pip. Experience high leverage and deep liquidity in your trading. The standard account is a better choice as it requires 0 commission. Check out Globex360 to explore the standard pro account option.
Raw Spreads Account
A raw spreads account is the perfect option to access the lowest possible spreads. But for this account type, you are liable to pay a commission of $7 per lot of trading. It is a better option for expert traders and scalpers.
You can start Vonway’s demo account with a zero minimum deposit. It provides a demo account with raw spreads, thus making it a suitable choice for novice traders.
How to Open a Vonway Trading Account?
Opening a Vonway trading account is pretty easy with Vonway’s user-friendly website. To open a Vonway account, follow:
Step 1: Create
Create a Vonway trading account. Go to the platform’s official website, click the start trading button, and you’ll be directed to the registration page.
Step 2: Verify
Enter your details and submit relevant documents. Verify your account through your email ID.
Step 3: Download
Now that your account is created download the Vonway trading software, which is supported on Android, windows, and iOS.
Step 4: Deposit
After creating an active trading account, the next step is to make the minimum deposit to complete the process and start trading.
Step 5: Withdraw
Start trading and withdraw the profits you have earned. You can withdraw your money using any of the authorized payment options. You can use FBX online banking, Visa, Mastercard, Echelon Pay, Waloo Pay, and Paytrust.
Pros and Cons of Vonway
|MT4 Platform is available||Regulation is unclear|
|Both live and demo accounts are offered||Requires commission on raw spreads account|
|Exceptional leverage options up to 1:2000|
|24/7 customer support through live chat and email|
|Raw Spreads Account|
|75% deposit bonus|
|Anti-money laundering policy|
|Easy user interface and detailed information on the website|
|No deposit and withdrawal commission|
|Negative Balance Protection|
Is Vonway Regulated?
Vonway claims to be a regulated platform under ASIC. It holds an Australian Financial Services Licence issued by the Australian Securities and Investments Commission (ASIC), AFSL no. 001303844. However, the regulatory status of Vonway was unclear, as claimed by various sources.
We have found that Vonway has applied for deregistration from ASIC. So, the broker might be unregulated for two months after the notice was published, dated 13 October 2023.
If you’re exploring alternatives, consider Vault Markets, a top-tier regulated broker with good customer reviews and an excellent user interface.
Is Vonway Secure?
Vonway offers several features that can help you protect your trade funds. However, due to uncertain regulatory status, it can not be considered a secure broker platform. The broker claims to offer the following features to ensure customer security
Vonway requires you to verify your account by submitting your personal ID and address proof. You can not access your account without verification, which makes it highly secure.
With Vonway’s secure withdrawal rules, only you can access your account. To withdraw an amount, you have to verify your registered email ID.
Vonway provides extra protection with 24/7 technical monitoring conducted by highly skilled professionals. This minimizes any damage or loss of data and technical issues.
Segregation of Funds
The profits and commissions gained by the traders are directly added to the personal bank account, which is not accessible to the broker. This fund segregation ensures extra protection for your funds. RCG Markets also provides resources for fund segregation.
Negative Balance Protection
Trading is highly volatile, which means gains and losses are unpredictable. Negative balance protection doesn’t support payment when the account balance is low.
Although the claims indicate the broker to be highly reliable, don’t take everything you read on the website as the universal truth. The issues with Vonway’s regulation are a significant concern, which means these claims could also be false.
The customer support provided by Vonway is available 24/7, allowing you to clear your queries any time you want. The provisions for customer support by Vonway include:
- 24/7 live chat
- Email support, reach out to Vonway with your queries at [email protected]
- Connect on call: 852 3615 1075
- You can also visit the broker office at KL Trillion, No 338, Jalan Tun Razak, 50400, Kuala Lumpur, Malaysia.
Vonway Educational Resources
Vonway provides study materials in the form of glossaries. You can use the glossary to improve your knowledge or understand the trading basics. The glossary is pretty detailed and covers the most fundamental trading terms.
Read Also- Bitcoiva Review
Vonway an Unreliable Entity: Source
- WikiFX is a trusted Chinese broker review website that provides updated and accurate information. As per its review, Vonway is not a reliable broker platform because the regulation is unclear and is probably unregulated.
- Brokers’ view: The broker’s view review shows Vonway is unregulated and dangerous. It has listed Vonway as a scam due to its unclear regulatory status.
- Pip Penguin: Pip Penguin is a trading education, market news, and broker review platform. It has rated Vonway 3.8 out of 10 because of customer trust issues and nonspecific regulation.
- ForexBrokerz: Forexbrokerz has rated Vonway 1 out of 5 stars due to issues with its legitimacy.
Overall, all the reviews conclude that Vonway is not a reliable and authentic platform. Despite having various features, trading tools, platforms, and programs, its regulatory status is questionable.
Is Vonway Better Than IG?
|Spread||Starting from 0.0 pip||0.6 pip|
|Fees and Commission||Min deposit of $50, commission only on raw spreads account||$450|
|Regulation||ASIC (But unclear)||FCA, BaFin, CySec, FINMA, DFSA, FSCA, MAS, JFSA, ASIC, NFA, BMA|
|Broker Type||No Dealing Desk Broker||CFD|
|Account Type||It offers three types of accounts: Standard, Raw Spreads and Demo Accounts||Standard account starting at $6|
|Trading Platform||MT4 and MT4 Web Trader||MT4|
|Trading Assets||Indices, Commodities, cryptocurrency and stock||Currencies, assets of stock and commodity markets, cryptocurrencies|
|Customer Support||24/7 customer support||24/7|
|Review||Vonway has a dicey regulatory status. Therefore all the reviews are negative, claiming it to be unreliable.||IG has a decent review with a 6.1 out of 10 rating on Traders Union|
Vonvay has better leverage, competitive spreads, and a wide range of account types and platforms. But IG’s multiple regulators make it a more secure and reliable platform. You can choose whatever fits your trading needs but be careful. Try not to trade with large chunks of assets. If you wish to further explore IG’s features, visit Modmount.
Vonway has good spreads, leverage, additional perks, and a user-friendly website. However, it has applied for deregistration with ASIC and will be an unregulated broker. Trading with an unregulated broker can be risky and lead to losses. So, avoid using Vonway as your trading partner until it is regulated again. But if you do choose to trade with Vonway, proceed with caution. Happy Trading!
What trading instruments can I trade with VonWay?
You can trade various instruments with Vonway, including Forex, indices, commodities, cryptocurrencies, and stocks.
What trading platforms does VonWay support?
Vonway supports the MT4 platform on Windows, iOS, and Android, providing fast order execution, technical indicators, and automation tools.
What are the account types offered by VonWay?
Vonway offers two types of accounts: Standard Account with competitive spreads and Raw Spreads an, Account with the lowest possible spreads but requires a commission.
What is the minimum deposit required to open an account with VonWay?
To open an account with Vonway, you need a minimum deposit of $50.
What account types does Vonway offer?
Vonway offers Standard and Raw Spreads Accounts and a Demo Account that you can use without any deposit.
What are the fees and commissions for trading with Vonway?
Vonway charges no commission on Standard Accounts, but for Raw Spreads Accounts, there’s a commission of $7 per lot of trading.
How do I open a live trading account with Vonway?
To open a live trading account with Vonway, go to their official website, complete the registration, verify your account, download the trading software, make a minimum deposit of $50, and start trading.
What are Vonway’s trading conditions?
Conway aims to offer the lowest spreads with high execution speed. Moreover, Vonway provides a wide range of trading assets and security on the trade funds.
Is Vonway Reliable?
Vonway provides account verification and strict withdrawal rules to ensure security. However, please note that its regulatory status was unclear at the time of this information, as it had applied for deregistration from ASIC.
What is the Vonway Deposit Bonus?
Vonway offers a 75% deposit bonus program. You can increase your trading profits by participating in this bonus program with a minimum deposit of $20.