Credibility of VEONCO

By Kelvin, from Malaysia, June 29, 2020 at 09:55 AM

I have invested in VEONCO for few months and there is no problem on executing trades, withdrawals and etc. However, I am still worry about the the safety of my funds invested in veonco. Please help to verify whether VEONCO is a scam.

Answer: Hi Kelvin,

The biggest red flag for us and for the clients of the VEONCO should be the fact that the broker does not disclose the company behind the brand’s name. It also does not provide any regulatory information as well as its location or contact number. The regulated brokers always keep this information transparent as they have nothing to hide. VEONCO is probably hiding its unregulated status.

We have also found that supposedly VEONCO is registered with the Companies House. However, this type of registration doesn’t mean the authorization of the Financial Conduct Authority. Companies House is the United Kingdom’s registrar of companies, it is not the regulator that approves licenses for the brokers in the UK. Of course, there is no mention of VEONCO in the actual register of the UK’s FCA. 

We would recommend to stay away from this company and reconsider using a well-regulated broker.

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