OneFXGroup Review: One Unregulated FX Scam You Should Be Aware Of
Finding a reliable brokerage these days appears far from easy. Even locating a reliable source of information can be difficult, which is why in-depth research is required before committing. In this OneFXGroup review, we present an unreliable brokerage firm that operates without a license.
We wish that is the only thing that’s wrong with this brokerage firm, however, as we researched further, we started noticing a web of lies used to lure investors into depositing. Fake address, fake regulation, fake name, and mostly everything about OneFXGroup is a lie.
Keep reading to learn more and don’t forget to read our TheTradingChannel evaluation about a trading academy you should reconsider using.
Even at first glance, this business seems like a scam. After searching for their contact details, we did notice a UK number. However, there is no mention of this broker in the FCA’s register, or in any other register for that matter.
As we delved further, our fears became a reality and we confirmed that this broker is operating without a license. OneFXGroup broker is blacklisted in Canada but unfortunately, that wasn’t enough to stop their fraudulent practices. Be aware of the OneFXGroup scam.
Although the broker claims to have been established in 2020, the domain info on WHOIS says differently. The company was established in September 2023 and the owner is TUCOWS, INC. Keep reading our OneFXGroup review to learn more about why to avoid brokers like this.
|50 N Wall Quay, Dublin 1, Ireland
|Financial Authorities Warnings
|If Active on Social Media:
|Canada, Australia, United Kingdom, Switzerland, Singapore;
We suspected from the start that this broker has no license, especially not one from reputable authorities such as the FCA, ASIC, or IIROC. In fact, OneFXGroup is blacklisted in Canada by both the CSA and IOSCO.
The initial alert was published by the Manitoba Securities Commission:
Right after, the BC Securities Commission alerted the public as well:
Don’t get us wrong. Sometimes unregulated brokers can be even better than regulated ones, however, the key is in the safety licensed brokers provide. And when there are so many alerts, that can only serve as an indicator something is wrong.
The company offers a range of sophisticated financial instruments, including Contracts for Difference (or “CFDs”). In addition to trading, the company offers some educational material such as videos, blogs, tutorials, and charts.
The OneFXGroup trading platform is the well-known and popular MT5, which is a benefit in today’s age. Most unregulated brokers offer suspicious platforms that are designed only to take your funds and make it seem like you’re profiting.
There are various account types to choose from and each brings new benefits. With the starter plan Explorer, the leverage is 1:100 and you are entitled to a 30% welcome bonus with a minimum $1,000 deposit. The only tool received is a professional chart and of course access to MT5, which is common for all plans.
The Basic plan offers everything of the above in addition to daily market updates, weekly market reviews, financial research, and a private session with their analyst. The bonus is up to 50% for the same minimum deposit.
The Silver plan is the recommended one and it offers an increase in leverage of 1:200 and a 75% welcome bonus. Instead of one private session, you get monthly private sessions with an analyst, 20% spread, 10% swap, and news alerts.
Leverage of 1:300, up to 100% welcome bonus, smart money management plan, and weekly private sessions are all added with the Gold plan. Last but not least, leverage of 1:400, 50% spread, 40% swap, portfolio management, long-term financial plan, weekly sessions, up to 5 protected trades, and up to 150% welcome bonus is available with the Platinum plan.
Only 8 of the total 41 reviews are unfavorable on Sitejabber regarding OneFXGroup. According to the majority, this firm is a great choice. But don’t let sweet comments lure you into investing your money. Reviews can be fabricated and while it will seem like the feedback is good, it’s a lie just like everything else with this company.
The bad comments didn’t affect the firm’s 4-star rating at all. Most of the comments focus on withdrawal issues, as we suspected. One trader made $200,000 in profits and when he requested a withdrawal, it was delayed and the trader still didn’t get his money back.
OneFXGroup Reddit traders seem to think the broker is a solid platform and the withdrawals are fast and correct. There are many mixed feelings among traders and while some experienced a fast withdrawal process, some didn’t get their money at all.
With unregulated brokers, you risk more than just a couple of bucks. Sure, if you only make the initial and get scammed, you can consider yourself lucky. But brokers like this are known to take more than that and by the time you realize it, it’s too late.
Deposits and Withdrawal Methods
Deposits can be made through a bank transfer, credit/debit cards, and e-payments such as Skrill, Neteller, PaySafeCard, and Comodo. The client can only withdraw money using the same bank account, credit/debit card, or payment system account that was used to deposit the money in the same currency, per generally accepted AML norms and regulations.
The withdrawal process will be completed within 5 business days for all payment methods. In addition, you should be informed that there can be additional costs and limitations when you deposit or withdraw money for trading.
Can I Make Money While Trading Online?
OneFXGroup may seem like a good choice, especially if you base your decision on reviews, however, deeper investigation will uncover the truth. They are unregulated and lack transparency, and several authorities issued an alert, blacklisting them in Canada.
Use prop firms as an example. They don’t require regulation but there are still other factors to consider. Research is crucial if you wish to succeed and prevent partnering up with firms like Forex4Noobs.
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What is OneFXGroup?
OneFXGroup is a brokerage company located in Dublin, Ireland.
Is OneFXGroup a Regulated Broker?
The broker is unregulated and blacklisted in Canada. Several authorities published a warning, including the Manitoba Securities Commission, the BC Securities Commission, CSA, and IOSCO.
Can I Trust OneFXGroup With My Money?
Trusting this broker with your money is the same as trusting a cat to babysit. Both would lead to a huge loss, which is something you want to avoid as a trader.