OnspotBNK Review: Stay Away From OnspotB.Com

OnspotBNK is just one of many scam brokers on the internet. The company does not hold a license. A warning against OnspotBNK was also issued by one of the main regulatory bodies in Europe. 

The firm offers trading forex, stocks, commodities, indices, and cryptocurrencies. But all that is not enough, because if you are going to be robbed, every segment of the offer that should charm users is there to manipulate them into paying a deposit. 

You should not gamble with such companies because they are not only a risk for your funds, but also for your data which can be misused. If you are still debating whether to invest with this firm, read our OnspotBNK review to the end because it will take you a few minutes and save you a lot of time and money.

Dealing with dishonest brokers like those I’ve listed below falls under this as well as XCM Markets, Well FX and Crystal Trust.

OnspotBNK Safety and Regulation

OnspotBNK states on its website that the company is headquartered in the Netherlands and that it holds a license, but it is not a license issued by the Dutch financial regulator, the AutoriteitFinancielleMarkten (AMF). 

To be more precise, the company claims to be owned by ONS Financieel Advies, which seems to be a legitimate business operation, but there is no evidence that these two companies are connected in any way. 

What we did find was the warning issued by Spain’s regulatory body CNMV. It should be emphasized that the EU has a common regulatory framework, which means that the market rules are the same both in the Netherlands and in Spain. 

OnspotBNKTrading Software Overview

OnspotBNK says on its website that it offers two trading platforms. One of them is MetaTrader4. When we tried to access the platform, it turned out that the trader belongs to the investment training company C-Fidex which is based in the Marshall Islands. 

We do not know if OnspotBNK is related to C-Fidex, but there is a possibility that the companies are jointly carrying out the fraud.

The second platform they offer is a simple web trader, which is a standard among scammers. No matter what trading platforms it offers, OnspotBNK will definitely defraud you, so avoid them at all costs.

Deposit and Withdrawal Method

OnspotBNK says it accepts payments via credit and debit cards and through Jubiter. Jubiter is a dubious gateway for crypto transactions, which should be avoided. After attempting to deposit through Jubiter, the broker redirects you to Coindesk, which requires the purchase of cryptocurrencies to complete the deposit. 

This is part of the scam carried out by OnspotBNK as cryptocurrencies are the preferred deposit type of scam brokers. These transactions cannot be canceled, nor can it be proven that the payment is yours because the payments are anonymous. 

When it comes to cards, Visa and Mastercard allow renversement of payment up to 540 days from the moment of deposit. Although we still doubt that the fraudulent broker really accepts these methods, because there is a risk of not receiving the clients’ money when they realize that they have been scammed. 

OnspotBNKOffers Bonuses and Promotions

Though the company doesn’t mention bonuses and promotions anywhere on its website it wouldn’t come as a surprise that they do offer some. Bonuses used by scam brokers as a manipulation tactic. 

By offering bonuses, these illicit brokers can impose various conditions that make it impossible to withdraw your money. Bonuses usually given for initial deposits and referrals.

How Does the Fraud Perform?

OnspotBNK runs the scam very simply. We have already explained that the company is not regulated, that its trading platforms are risky, and that it is not known exactly where your money goes when you deposit. 

The unregulated nature of the company allows fraudsters to do what they want. They can shut down the site at any time even though they have customers who have invested a lot of money or they can refuse customer withdrawal requests. 

It is important to understand that we are not just talking about a broker who has bad trading conditions to offer, what we are dealing with here are criminals who will do their best to rip you off.

OnspotBNKSummary

OnspotBNK is the kind of scammer who will do anything to get their act done. Do not be naive and think that there is anything sincere in their performance on the website. The entire manipulative process that is conducted over the clients is carried out by a trained and well-coordinated team. 

You will beat OnspotBNK by bypassing them. If you are a victim of fraud by this or any other broker, don’t be shy to report it to your local regulatory body. Only in this way will a sufficient number of people be informed. We hope that we have informed you in time and that you will save your money.

FAQs About OnspotBNK Broker