Onyx Traders is suspected to be a scam broker. If you are being scammed or planning to invest, read this Onyx Traders review.
Address: St. Vincent and the Grenadines
Warning: Not Recommended By Review Website Like Scam Helpers
Onyx Traders Review: Introduction
OnyxTraders is a trading platform that says it is based in St. Vincent and the Grenadines and is run by the Mwali International Services Authority. The website can be found at https://www.onyx-traders.com/.
Due to its laws and tax regulations, St. Vincent and the Grenadines are notorious for housing a wide variety of frauds. Also, keep in mind that forex trading is unimportant to the local financial regulator (FSA). The regulations surrounding the entire Mwali situation are also in doubt; however, this is unimportant given that OnyxTraders is not listed on the authority’s website. Read this complete VenusFX review to learn more about this broker.
Is OnyxTraders legit or a scam?
As we indicated at the outset, St. Vincent and the Grenadines is an offshore scam haven. OnyxTraders says they have a license from the IBC, which is a governing body in Comoros. However, we were unable to find proof of this on their website. For the following reasons, dealing with offshore and unregulated brokers is never a good idea.
Offshore businesses may seem very genuine, but without stringent oversight, there is simply no way to ensure that one of them won’t just take your money. The bulk of them do, in fact, engage in fraud, and the few that don’t are typically transitory.
The market standard, MT5, is made available by Onyxtraders. The installation file it provided, though, does not operate and instead gives an error.
Therefore, it is inaccurate to say that the platform is accessible. But occasionally, offshore businesses are really able to produce and have software to offer that is quite competitive. Because it is likely that abuse is happening in these situations, it is still not a good idea to trade with them.
The spread for the EUR/USD pair that this broker quoted on its website is comparable to what most companies currently offer, however, due to this broker’s lack of license, the narrow spread is in no way appealing.
Onyxtraders leverage is more worrisome. It is at a scale of 1:500, which is far too high for a retail customer to use properly. Please take into account the hazards associated with trading on a little margin when given such absurdly high leverage amounts. Also, be aware that the majority of businesses that give it away so freely are offshore companies like this one that want to attract more customers.
Deposit and Withdrawal Methods
Onyx Traders does not provide deposit methods to its users on their website, and without an account, we are unable to find out what they are. However, they provide $1500 as a minimum deposit, which is just too high. When micro accounts with any reputable broker cost around $10, such sums are unacceptable.
Onyx Traders Review Conclusion
OnyxTraders is a scam broker that you should stay away from because it is not honest and breaks many rules. You can file a scam complaint against OnyxTraders if you ever believe that you are a victim of this scam. Fill out a complaint form on the Scam Helpers website and get a free consultation from our experts.
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