What we have here is a scam broker that couldn’t lie to save its life. The OnyxTraders Review is here to prove that. By doing so, we hope you will forever stay away from this fraudster and the like. There’s no time to waste so let’s get into it!
Additionally, we strongly advise you to avoid the fraudulent brokers MTInvesting, FewaTrade, and OpoFinance.
|Broker status:||Unregulated Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Headquarters Country:||Saint Vincent and the Grenadines (SVG)|
|Supported Platforms:||MT5 & Web|
|Minimum Deposit:||1500 USD|
|Cryptocurrencies:||Yes – Bitcoin & Ethereum|
|Types of Assets:||Forex, Crypto, Indices, Commodities, Stocks|
|Free Demo Account:||No|
|Accepts US clients:||Yes|
Does OnyxTraders Broker Have a License?
First, we’ll take a look at an irregularity that pokes our eyes. OnyxTraders claims to operate out of SVG while being regulated by Mwali International Services Authority. It was hard to pick just one island, right? While OnyxTraders was busy playing Robinson Crusoe, the broker also managed to cook up a malicious scheme to defraud people.
SVG is infamous for housing a myriad of scams due to its laws and tax rules. Also, bear in mind that the local financial regulator (FSA) doesn’t care about Forex trading. The whole Mwali thing is questionable as well regarding regulations but that matters little since OnyxTraders does not exist on the authority’s website.
There you have it, folks! Not only is OnyxTraders unlicensed, but it is also anonymous and extremely dangerous.
Why Is Trading On a Licensed Broker’s Platform Preferable?
Never trust these phonies because they will empty your wallet in a jiffy. Instead, opt for legitimate providers that proudly show proof of being licensed. Also, make sure that the authorities that issued that license are top tier (FCA, BaFin, CySEC, ASIC, etc.). OnyxTraders has nothing to do with these regulators.
So Is OnyxTraders a Decent Broker or a Scam?
OnyxTraders is an unregulated offshore trading scam. Negative reviews indicate that the broker cannot be trusted.
What Platform Does OnyxTraders Provide Access To? – Software Functionality
“Trade with ease on the web, mobile or MT5,” OnyxTraders said. The illicit broker was clever to include the industry’s best trading software (Meta Trader 5) in order to attract unsuspecting victims. However, we believe that this is just a hoax. Nevertheless, we’ll give the scammer a benefit of the doubt here.
Trading On the Web, Mobile or MT5
Maybe there actually is MT5 in there. Scammers can get their hands on this software and then inject it with malware or simply manipulate it to fool you. Mobile trading could be a bit tricky for beginners and also susceptible to manipulation. When it comes to the web platform, it’s the most plausible aspect of Onyx’s offer but these are often pretty lackluster and unpolished.
That’s why you should find a provider that offers MT5 or even MT4 but is also regulated and guarantees the legitimacy of the software.
Using a Promo Code
Uh-oh! Here’s where it gets devious. A promo code? Seriously?! This can mean only one thing – OnyxTraders is very selective when it comes to clients and only the chosen few will get the code to fall into the trap.
OnyxTraders Accounts Overview
Our unscrupulous broker didn’t bother coming up with a couple of account types. That’s why it set the minimum deposit as high as $1,500. Obviously, this is the amount it craves from potential victims. Furthermore, there’s no mention of a demo account.
Why Isn’t There A Demo Version?
Since OnyxTraders carefully selects its clients, there’s no need for the scammer to include a demo account. Nowhere in this world will you find a legitimate broker that has omitted a demo account. This type of account is important for letting you see a part of what you get. Without it, you are left in the dark.
The promo code thing is just plain wrong but do you know what else is? Bonuses! There’s a reason why most regulators banned brokers from giving away bonuses.
These instruments of trickery put traders in unenviable positions where they are prevented from withdrawing money. Bonuses always preceded vexing clauses that make withdrawals impossible.
OnyxTraders – Countries Of Service
From what we found out, OnyxTraders targets traders from the
Naturally, we conclude that the scammer aims for speakers of English and possibly Spanish. Could it be that the mastermind behind this scheme speaks the latter language? Since we’ve mentioned Canada, it could also imply French.
Also remember the names of the Equalpros, ProgresiveTrade and MilleniumOne trading scams and avoid them at all costs! Moreover, always check the background of online trading companies before investing!
What Is Known About OnyxTraders’s Trading Conditions?
There is no information about spreads. We know this is worrisome but we are also not surprised. Allegedly, the leverage can be set anywhere from 1:25 to 1:500. The first level is acceptable considering that the limit regulators imposed is 1:30 (UK, EU) or 1:50 (US).
On the other hand, the other extreme is not safe at all for retail traders, especially not novices. Volatile markets are ungrateful at times and such high leverage may bring unbearable losses.
OnyxTraders Minimum Deposit and Withdrawal Terms
Without the promo code, we were unable to find out anything about deposit and withdrawal methods. All we do know is that the minimum deposit is $1,500. For such a fraudulent and shady broker, this is simply too much! There’s no doubt that once the scammer reels in its victim, it then reveals, or rather makes a deal on the payment method.
Scammed by OnyxTraders Broker? – Let Us Hear Your Story
There’s no shame in being scammed. It could’ve happened to anyone. From our experience, these con artists usually accept similar payment methods. Depending on the method you deposited your funds, there are three main ways to reverse the process – a chargeback, recall and crypto tracing.
Chargeback, Recall And Crypto Tracing?
A chargeback can reverse credit/debit card transactions. If you request it at the issuing bank within 540 days, then you’re in luck. For wire transfers, you need a recall. The only problem is that the transaction must not be completed for the recall to work.
Crypto payments can be traced to a wallet within an exchange. Afterwards, simply request a refund from the exchange.