Veonco – Is This Broker Safe?

| Publish date: 04/03/2020 (Last updated: April 06, 2020 01:52 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

Veonco - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Deposit
X

updated 2020

Veonco offers its customers the following trading accounts:

  • Classic: To start a Classic account, you first need to deposit at least $100.
  • Standard: To begin trading on a Standard account, the minimum deposit requirement is $3,000.
  • Premium: For the Premium account, you first are required to deposit at least $10,000.
  • Tailored: For this account type, you need to make a minimum deposit of at least $100,000.

While details of the trading conditions are missing, we were able to log into Veonco’s MT5 platform and found out that the broker was offering a leverage of 1:200, with a spread of 3 pips.

Try these regulated brokers if you want to start trading cryptocurrencies

Plus500 Review - Regulated broker
Europe's #1 CFD Trading Platform

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

Website URL: http://veonco.com/

Founded: 2019

Regulations: No Regulatory Oversight

Languages: English

Deposit Methods: Bank Transfer, MasterCard, Visa

Minimum Deposit: $100

Free Demo Account: Yes

Number of Assets: N/A

Types of Assets: Foreign currencies, Contracts for Difference on Stocks, Commodities, Cryptocurrencies, Precious Metals, Indices.

Trading Accounts and Conditions

Veonco offers its customers the following trading accounts:

  • Classic: To start a Classic account, you first need to deposit at least $100.
  • Standard: To begin trading on a Standard account, the minimum deposit requirement is $3,000.
  • Premium: For the Premium account, you first are required to deposit at least $10,000.
  • Tailored: For this account type, you need to make a minimum deposit of at least $100,000.

While details of the trading conditions are missing, we were able to log into Veonco’s MT5 platform and found out that the broker was offering a leverage of 1:200, with a spread of 3 pips.

Veonco – Advantages

Here are the advantages your gain by trading with Veonco:

  • Support for MetaTrader 5 Platform Offered

The MetaTrader 5 platform is the latest of the hugely popular MetaTrader trading software series. It offers the same features as the MT4 platform – a wide range of charting options, tons of market indicators, automated trading bots. What makes it different from the MT4 platform are the added features, such as a certification from multiple stock exchanges as well as the offer of a centralized market trading platform. Time frames on the MT5 are also better than those featured in the MT4 platform.

  • Range of Trading Instruments

Another plus is that Veonco offers quite a decent range of trading instruments. You have an array of foreign currency pairs, as well as Contracts for Difference (CFDs) on various asset classes such as indices, stocks, commodities, precious metals, and even cryptocurrencies.

  • Decent Leverage Ratios

Veonco also gives its customers a decent leverage ratio of 1:200. While not among the highest in the industry, this kind of a ratio allows traders to adopt a more varied trading strategy.

However, we also need to add a word of caution here. High leverages also spell high risk, so such offers need to be treated with care. In fact, because of the serious risk involved in trading with such high ratios, many financial regulators have put a limitation on how much of a leverage ratio a broker can offer.

Veonco – Disadvantages

While the advantages may sound attractive, the disadvantages are so serious that we would advise our readers to first assess them before you invest with Veonco.

  • Anonymous Broker, Unregulated

There is very little corporate information this broker has offered. The only thing we know is the company name, which is Veonco Group Ltd. Besides the name, there is nothing on this broker’s website – no contact details, no physical address, and no information about its regulation status.

So, basically, there is no way you can contact this broker if you have a problem or a question. Another reason why having details about a broker’s corporate background is important is because you can find out about the reputation of the company controlling the brokerage.

This is important because it will let you know how trustworthy your broker actually is.

It is also wise to remember that if a broker is anonymous it also means that that broker is offering its financial services outside the bounds of the law, which means that the entity is not regulated by any financial authority.

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

  • Unattractive Spreads

As we said earlier, there is no information on Veonco’s website about the spreads offered. However, when we checked the demo account, we found that the EURUSD currency pair had a spread of 3pips.

This spread offered by this broker – at least in the demo account – is more than 2 times higher than the market average. Most legitimate brokers offer a spread that ranges between 1 pip to 1.5 pips. A spread of 3 pips is seriously unfavorable for traders, so we would say that this is another black mark against Veonco.

  • Key Details Missing

While Veonco offers its clients a decent range of account types with a low initial minimum deposit requirement, there are too many gaps in the information provided.

We already talked about how there was no information on the spreads – until we logged into the demo account to check for ourselves. Over and above that, we also don’t have details about leverage ratios and spreads for the various account types.

So, if a trader were to choose anything but the basic account, they would be signing up blindly without knowing what the trading conditions are.

  • No Information on Withdrawal and Other Fees

This broker seems to have provided no information on almost all key aspects. There’s little information on the company itself and their trading conditions. And now, we don’t even have any information on the charges that you may have to pay for withdrawals and other transactions.

However, we need to warn you that just because there is no information on the fees doesn’t mean there aren’t any. So, don’t be surprised if you find surprise charges on your account, or when you attempt to withdraw your funds from your account on this broker’s platform.

Conclusion 

Veonco seems to have gone out of its way to hide as much information about itself and its operations as possible. We don’t have any clue about its corporate reputation, we don’t have information about the trading conditions on each of its account types, withdrawal conditions and so on. These are all basic pieces of information that a trader needs to know, so if these fundamentals are missing, it means that the broker is not to be trusted.

We would recommend that you avoid Veonco completely. You money is not safe with this broker.

Veonco

2.5

User Experience

3.4/10

Payment Options

2.3/10

Security

2.2/10

Support

2.4/10

Reputation

2.3/10

Pros

  • Support for MetaTrader 5 Platform Offered
  • Range of Trading Instruments
  • Decent Leverage Ratios

Cons

  • Anonymous, Unregulated Broker
  • Unattractive Spreads
  • Key Details Missing
  • No Information on Withdrawal and Other Fees

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.

AvaTrade
$100
Minimum Deposit

The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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