Onyx traders Review
OnyxTraders claims to be fully licensed and regulated in the jurisdictions it operates it. Somehow, the broker expects us to believe this despite it not providing registration numbers. As the norm, we had to confirm by searching it in the respective regulators’ registers. The broker’s credentials were missing from various regulatory bodies.
Have you ever heard of forex scams? If yes, then this might not come as a surprise. If not, we will give you a comprehensive breakdown of the whats-and-hows. Onyx Trader is a forex and crypto broker disguising itself as genuine. Moreover, the broker purportedly offers a variety of investment options, including forex, cryptocurrencies, stocks, indices, and commodities, all on one platform.
The broker allegedly avails a customized and optimized platform to facilitate unprecedented access to advanced trading.
Before buying into these claims, you should get your facts right. One failproof way to do this is to take a false-till-proven-true stance. Such a position will help you to probe the broker’s narrative objectively. Moreso, you can avoid making costly assumptions that will catch up with you after investing with shady brokers. The first step is scrutinizing a broker’s website to identify any mishaps. Next, you should compare your findings with other brokers to establish which is giving you a raw deal.
Most of those claiming to be trustworthy forex brokers are a hoax. As you will soon realize, telling scammers apart from genuine brokers is easy, depending on your exposure to this type of investment.
Fortunately, even if you are a novice in this area, we’ve got you. We will guide you on areas you must be keen on. Also, for those contemplating engaging Onyx Trader, discover why investing with this broker is a terrible choice by reading our review.
Onyx Trader presents itself as the answer to your online investment needs. According to this broker, you will access a secure and transparent trading platform, real-time analysis, information and trend, and instant trade executions. Also, the broker claims that it affords benefits, such as convenient withdrawals, fast-account opening, and dedicated support from its seasoned trade professionals. The tools available for traders include an economic calendar, daily briefs and news, and market analysis tools.
Onyx Trader is allegedly a global leader and a champion of financial transparency. To that end, the broker purports to provide state-of-the-art security for the accounts and funds. Despite these claims, we suggest you be cautious with the broker because these are marketing gimmicks for all we know. Not to forget, the broker includes testimonials from “satisfied” traders who have used the platform. All of them are positive, which, although might appear harmless, we are sure that it is because such traders get some bonus when you register. We know this because you need a promo code to register.
Onyx Traders is allegedly in Switzerland. The broker also claims to have offices in Spain, Canada, Australia, the U.K., and Belgium. Investors can contact the broker via email or telephone for inquiries or customer service support.
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While availing of corporate address and contact details may denote transparency on the broker’s part, it is not enough to warrant considering the broker as a worthwhile investment partner. Sometimes the goal of such contacts is to allow for manipulative communication from the broker. Consequently, before letting a broker access your contacts, at least ascertain it is not a scam like Onyx Traders.
Onyx Traders Domain Insight
According to the whois database, the broker is only 110 days old. Its novelty in the market contradicts its claim of being in dozen markets and having solid experience in forex markets. The broker lacks a track record to lay claims to such accomplishments. The inflated achievements are meant to add o its false credibility.
An unspoken rule in forex is that the more the operational experience, the better a legit broker is. Even so, you must cross-check the reputation of that broker to ensure you can trust. Since this broker is relatively new in this market, you should not risk investing with it.
Deposit & Withdrawal
The broker does not list its accepted deposit channels. Since we could not open an account, we could not verify which deposit options OnyxTraders allows. On this note, we want to emphasize once that it would be a terrible idea to entrust your funds to a dubious company.
We also suspect that being a shifty broker, Onyx may exclusively accept anonymous, irreversible crypto deposits of e-payments. While the two are legit, you might not get your money back after you deposit, as such transactions are hard to trace and irreversible.
Most trustworthy brokers offer deposit options, including credit cards, bank transfers, and e-wallets. The broker has not given the minimum deposit to open an account. The ambiguity presents a perfect opportunity for the broker to milk as much as possible. Verify the transactions’ traceability and reversibility before you make a deposit.
Onyx Traders Trading Conditions
Although the broker has attached the T&Cs, privacy, KYC, and complaints policy, we quickly realize they do not help clarify. For one, information regarding applicable fees and spreads is conspicuously missing. Such omissions are there for a reason, to extort you when convenient for the broker.
However, we noticed some alarming conditions in the T&Cs. The first states that once an investor registers, they must stick to the subscription for a minimum of one month. If you cancel the subscription or leave before the expiry date, the broker categorically states that it won’t refund you. With the broker making such threats, you do not want to try them by risking your money.
The broker has a 1:500 leverage. A retail investor trading with such high leverage is exposed to substantial losses. The offshore brokers still give it since they don’t care.
Onyx claims to provide web-based and MT5 trading platforms. Nonetheless, we could not verify the claims as we could not register an account without a promo code. This is a common deception that brokers use; they prefer only to allow a small group of clients to register. While reputable brokers work hard to promote their services by providing demo accounts whenever possible, these scammers would prefer it if their actions went unnoticed for longer.
Regarding trading platforms, opt for brokers that provide the MT4 and MT5 platforms, which are industry standards. These systems offer a user-friendly trading experience and are intuitive. Trading can be back-tested, automated, stealthy, and done on numerous platforms.
Licensure & Regulation
OnyxTraders claims to be fully licensed and regulated in the jurisdictions it operates it. Somehow, the broker expects us to believe this despite it not providing registration numbers. As the norm, we had to confirm by searching it in the respective regulators’ registers. The broker’s credentials were missing from Australia’s ASIC, the U.K.’s FCA, Canada’s CSA, Switzerland’s FINMA, Spain’s CNMV, and Belgium’s FSMA. That the broker falsifies regulations in all these jurisdictions tells you what it can do. In all likelihood, we are dealing with an unregulated offshore broker. There is no way such a reckless and questionable broker can exist in heavily regulated markets like the U.K. For your good, avoid Onyx Traders.
Benefits of a Regulated Broker
We advise you to work with a broker who has a reliable license to their name. Brokers must uphold a high standard and conduct business fairly and transparently to preserve their licenses from the U.K.’s FCA, Australia’s ASIC, or U.S.’s CFTC. These authorities are the harshest in the world, and they keenly monitor the actions of brokers operating under them. A business must satisfy a set of requirements to receive a license. For instance, they segregate clients’ funds and maintain a minimum capital(e.g., A$1 million in Australia) to demonstrate their financial health. Brokers in the U.K. must also contribute to compensation funds so that, when a broker is insolvent, clients may seek compensation. Additionally, you must have negative balance protection, ensuring you can never lose more money than you have in your account.
Onyx traders is undoubtedly a dishonest broker in light of the issues we’ve brought forth. The broker’s location is unknown, and its regulatory status is uncertain. Additionally, Onyx Traders has lousy trading terms.
Look for trustworthy forex brokers with fair conditions. You should cross this broker from your list of prospective traders because it is always better to be safe than sorry. Importantly, select trustworthy brokers who share your investment ideals.