Onyxtraders Review: Reasons Why This Broker Is Bogus
Onyxtraders is allegedly a Switzerland-based broker providing its clients with unprecedented access and data to empower their trades to take their trading to the next level.
They claim to be an established financial institution with an award-winning trading platform built from scratch. By choosing this broker you will supposedly have an opportunity to invest in forex, stocks, indices, crypto, and commodities.
We took some time to check these and many other claims they made so be sure to read our Onyxtraders broker review. By doing so, you will learn how they operate and what are obvious red flags you should notice while dealing with financial fraud.
|Bleicherweg, 8002 Zurich, Switzerland
|+44 7362 053589
Onyxtraders Funds Security and Compliance
Judging by the address this broker provided on the website it seems like it operates from Switzerland. However, in order for this to be true, the broker must follow strict regulations set by FINMA.
This is obviously not the case because the broker doesn’t have the license issued by this regulatory body, so they must be operating offshore. It is likely that this broker, like many others, operates from St. Vincent and the Grenadines which doesn’t oversee the trading services these kinds of scams offer. This is why it is best to stick with a broker who doesn’t lie about their address or licenses.
Trading Platform They Used on Their Website
The promising thing may be the fact that the Onyxtraders scam allegedly offers MT5. Nonetheless, after you click on the link to download the file you will be met with the message that an error has occurred
So, it seems like they didn’t even put enough effort into this investment scam to create a trading platform. Sometimes, though, offshore companies are actually able to deliver and have very competitive software to offer. In those cases, trading with them is still not recommended because the platform is just existing and not serving any purpose as your money is just being pocketed and not actually traded.
Onyxtraders Deposit and Withdrawal
Funny enough Onyxtraders broker failed to mention the deposit methods on its website, and without an account, we could not know what they are. However, we are aware that the minimum deposit is extremely high and starts at $1500. This also raises suspicions as the legit brokers will let you start with as little as $10.
Many scammers only accept cryptocurrency deposits that are really hard to trace and later on get refunded. Judging by complaints about the broker made online it seems like the withdrawal issues are the number one complaint people have as they can’t get in touch with the broker once they ask for their money.
That is why it is preferable to not deposit money with shady companies that cannot be trusted. Instead, always choose a good transparent broker that is open about their business.
How this Brokerage Carried Out the Fraud?
Such scams are way more common than you might think. It all starts innocently enough – you see an ad for the website of the broker who promises enormous profits and great trading conditions. Out of curiosity, you open an account and by doing so you provide the scammer with your email and phone number.
After that, you will keep getting calls and e-mails from the broker and would be asked to deposit. These people are experienced scammers and very well-prepared to smooth-talk you into investing money with them.
The moment you try to withdraw your investments marks a turning point. They will try making up reasons why this is impossible such as unexpected clauses in the Terms and Conditions, or additional taxes.
In this Onyxtraders review, we tried our best to warn you about how offshore frauds operate and how dangerous it can be to deal with them. This scam broker not only lies about its address but also has no license and follows no regulations, therefore, posing a big threat to your funds and personal data.
They allegedly give their clients an opportunity to invest in forex, crypto, stocks, indices, and shares, but in reality, what they are doing is just stealing your money.
Think twice before taking any risks while investing and keep in mind that this scam will try to convince you to invest as much as you possibly can while legit brokers will ask for as little as $5 as an initial deposit. Don’t forget to always do proper research as a necessary step especially if you are new to trading.
FAQs About Onyxtraders Broker
- Is My Money Safe With Onyxtraders?
No, your money is never safe while dealing with an unregulated broker operating without a license.
- What Is The Minimum Deposit for Onyxtraders?
The minimum deposit Onyxtraders demands from its clients are at least $1500.
- Does Onyxtraders Offer Demo Account?
No, this broker does not offer a demo account you can actually sign up for, even though they claim to do so.