Onyxtraders – an unlicensed broker with a notorious reputation, is not for the faint-hearted. With a bonus policy that shackles your profits and no reliable trading software to speak of, it’s no wonder investors are wary of this business.
Beware: this Onyxtraders review will uncover the numerous issues that plague this broker, and why it’s best to steer clear of them. Oh, and did we mention that you need a promo code just to open an account? Read on for more details!
|Headquarters||St. Vincent and the Grenadines|
|Minimum Deposit||1500 USD|
|Platforms||MT5 & Web|
Security and Regulation at Onyxtraders
Although they claim to be regulated by the Mwali International Services Authority, we couldn’t find any evidence of this on their website. Plus, the authority itself is known for being unreliable. To add insult to injury, OnyxTraders is based in St. Vincent and the Grenadines, a popular terminus for scam brokers due to its lack of strict forex trading regulations. It’s no wonder that OnyxTraders is not licensed by any reputable authority.
If you’re looking for a trustworthy broker, it’s wise to choose one with a solid license from a strict regulatory body. Brokers licensed in the UK (by the FCA), the EU (preferably by CySEC), or Australia (by ASIC) are held to the highest standards and are required to operate fairly.
These regulatory bodies monitor brokers under their supervision very closely, making them the strictest in the world. Don’t take any chances with unlicensed brokers like OnyxTraders.
Trading Software Available at Onyxtraders
To register on OnyxTraders, we were required to enter a promo code. This is a tactic frequently used by scam brokers to handpick their clients. While authentic brokers make an effort to promote their services by offering demo accounts, deceitful brokers prefer to remain concealed for as long as possible.
In order to avoid falling victim to these fraudulent brokers, it is recommended that you choose brokers who offer the MetaTrader 4 or MetaTrader 5 platforms, or both. These are the most commonly used platforms in the trading industry.
These include charting and analysis packages, Expert Advisors that track and trade automatically, customizable signals, the ability to create custom scripts, and a Strategy Tester. By choosing a broker who offers MT4 or MT5, you can ensure that you have a reliable and efficient trading experience. So, be sure to make a wise choice when selecting your broker to avoid being scammed.
Account Types Offered
The scam broker in question presents its clients with five different trading accounts, namely:
This broker chose to set the minimum deposit at a staggering $1,500, a blatant indication of its intention to prey on unsuspecting victims.
To make matters worse, there is no mention of a demo account on offer, which is a standard practice among legitimate brokers. This broker seems to be a scam in light of the lack of diversity in account options and the high minimum deposit requirement. It is imperative to exercise caution and conduct thorough research before entrusting your funds to any broker.
Deposit and Withdrawal Options
There is a critical piece of information missing from the OnyxTraders website: the deposit methods that are accepted. Without creating an account, it is impossible to see this information. It’s important to remember that investing in an unreliable company can have dire consequences.
Unfortunately, many scammers require anonymous crypto deposits, making it difficult to retrieve your funds after you realize you’ve been scammed. For this reason, it’s wise to avoid depositing money in companies that are shady or otherwise untrustworthy.
How Do Offshore Brokers Execute the Scam?
Offshore brokers execute scams in a variety of ways. Yet, one of the most common ways is offering enticing promises of huge returns. These brokers often use high-pressure sales tactics to convince unsuspecting investors to hand over their money.
Once they have the funds, the brokers may make unauthorized trades or simply disappear with the money altogether. Some offshore brokers also use fake or misleading information to trick investors into thinking they are a legit business. It’s always wise to thoroughly research any broker before investing. Also, never give out personal or financial information without being absolutely sure of the legitimacy of the company.
Tip: Investing money can be risky, so it’s important to think twice before taking any chances. It’s essential to do your research, seek advice, and only invest what you can afford to lose.
The Best FX Brokers
If you’re looking for a reliable forex broker, there are several options to consider that prioritize safety. These brokers have built a reputation for security and offer a range of trading tools and resources. Take your time evaluating each one before making a decision. Let’s take a look at some of those brokers.
|FXTM Broker||Cyprus, UK, Mauritius||4.5||$10||Forextime.Com|
|OctaFX Broker||Cyprus, SVG||4.4||$100||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus||4.7||$100||FpMarkets.Com|
|XM Broker||Cyprus, Belize, Australia||4.7||$5||XM.Com|
|HFM HF Markets Broker||Cyprus, UK, South Africa, UAE, Kenya||4.3||$5||HFM.Com|
|FBS Broker||Cyprus, Belize, Marshall Islands||4.85||$100||FBS.Com|
OnyxTraders, an unlicensed forex broker based in St. Vincent and the Grenadines, is notorious for using various scam tactics to defraud unsuspecting investors. Although the company claims to be regulated by the Mwali International Services Authority, no evidence of this can be found on its website, and the authority itself is unreliable.
The broker requires a promo code for account registration, and the high minimum deposit of $1,500 is an indication of their intention to prey on unsuspecting victims. Keep in mind that legit brokers offer demo accounts and use MetaTrader 4 or MetaTrader 5 platforms, which are the most commonly used in the industry.
Is Onyxtraders a trustworthy broker?
This Onyxtraders is a relatively new broker and is considered to be a scam.
Is my money safe with Onyxtraders?
Onyxtraders is not regulated by any major financial authority, which could put your money at risk.
How long does it take to withdraw from Onyxtraders?
Onyxtraders does not specify the withdrawal processing time on its website, which can be a cause for concern.