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OnyxTraders Review – Who Is Behind This Scam Broker?
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OnyxTraders Review, we have provided ample evidence to convict this foul offshore provider once and for all. After scamming multiple unsuspecting victims, OnyxTraders’ days are numbered.
The review will deal with the controversial legal background of this shady broker, the poorly designed trading platform available, ineffective trading conditions and what payment methods are considered acceptable. Therefore, we are going on a little trip to the Caribbean Sea and the island of St. Vincent and the Grenadines (SVG).
|Leverage||Up to 1:500|
|Regulation||Unregulated Offshore Broker|
|Headquarters||Saint Vincent and the Grenadines|
|Broker Type||Forex, Indices, Crypto, Commodities, Stocks|
|Platforms||MT5 & WebTrader|
OnyxTraders Regulation and Funds Safety
The most important thing to note when it comes to safety, security and regulation is that this offshore broker provides all but that. Your funds are not secured if you deposit at OnyxTraders because the provider is unregulated and hence, unsafe. Simple as that.
Our little fraudster is located in SVG, a notorious scammers’ nest located in the Caribbean. Of all the islands there, this one has to be the worst when it comes to financial market schemes. If you’re wondering why’s that, it’s because the local regulator – the Financial Services Authority (FSA) does not regulate Forex trading, as it says on its website.
To make matters worse in this case, there have been warnings issued against OnyxTraders by two regulatory authorities from Canada, namely the Alberta Securities Commission (ASC) and the Canadian Securities Administrators (CSA).
We also found out that the UK’s Financial Conduct Authority (FCA) and the Central Bank of Ireland have warned about fraud activity associated with a particular Onyx Trade Group. It could be the same scam.
Trading Platform Overview
OnyxTraders allegedly offers Meta Trader 5, the most well-known trading software in the game. However, it was impossible to confirm whether this is true because the scam broker requires a promo code at the registration menu.
If this isn’t a major red flag, we don’t know what is. The only possible explanation is that this unscrupulous provider carefully selects its victims and gives them the code in order to ‘mark’ them. Putting the name MT5 on the website will certainly help attract traders. Even if there was a download file, it would most likely be infected with malware.
In addition to MT5, OnyxTraders also claims to offer WebTrader, which is more probable. Scammers, especially offshore ones, typically use this cheap-looking and unpolished platform for their vile schemes. There are some basic charts and indicators, maybe a quote board, and that’s about it. It’s nowhere near the standard set by the aforementioned MT5.
Also, such a shady platform is more often than not subject to being rigged. Scammers create the illusion of trading. In reality, all the client is doing is depositing funds.
What Account Types Does OnyxTraders Provide?
There are five available account types at OnyxTraders. Here’s the list:
- Basic – $1,500, leverage 1:25;
- Silver – $25,000, leverage 1:25, bonus up to 30%;
- Gold – $50,000, leverage 1:25, bonus up to 50%;
- Platinum – $150,000, leverage 1:100, bonus up to 75%;
- VIP – (price – ask account manager), leverage 1:200, no fees.
As you can see, the fraudulent broker demands extremely large amounts of money just to enable traders to get to work. There are countless legitimate brokers that require just $10 to get you going.
Furthermore, the leverage offered for the first three account types is within the legal limit set by UK, European, Australian (1:30) and North American regulators (1:50), but then, it skyrockets all the way up to the restricted zone. High leverage is a double-edged sword and oftentimes it tilts toward losses. Hence, the limit.
As for the spreads and fees, all we know is that only the VIP account is fee-free while the rest weren’t specified. Spreads are a mystery as well, at least in the account menu. On the trading platform, we saw 0.8 pips for the benchmark EUR/USD pair. That’s good but the lack of an official license is troublesome.
Trading Instrument Available
Let’s take a look at the trading instruments that OnyxTraders claims to offer:
- Forex pairs – EUR/USD, AUD/CAD, GBP/USD…
- Commodities – crude oil, brent oil, natural gas…
- Indices – NIKKEI 225, GERMANY 30, US 100…
- Crypto – Bitcoin, Ethereum, Tether…
- Stocks – Apple, Visa, Tesla…
This list means nothing without strict regulatory rules in place. Therefore, the financial swindler can lie all it wants about offering a wide range of trading instruments, it won’t change the fact that it’s a shady provider. Disregard these and don’t trust this fraudster.
Deposit and Withdrawal Process
Since we weren’t able to find out anything about the deposit/withdrawal methods without the promo code, we conclude that investing at OnyxTraders is 100% not worth it. Plus, the phony broker demands $1,500 as the minimum deposit.
These offshore tricksters usually include the traditional payment methods, i. e. credit/debit cards and wire transfers, but also contemporary ones such as cryptocurrencies and e-wallets. Thankfully, each of them has the possibility of a refund, although some are really difficult.
OnyxTraders Scammed Me – How Can I Get My Money Back?
For credit/debit cards, you need a chargeback. It can be requested at the issuing bank within 540 days provided you haven’t sent the scammer copies of your personal documents such as your ID card or passport.
Wire transfers can be reversed via recall. This process is also performed by the bank but it can only work if the transaction hasn’t gone through already. Therefore, it’s important to act fast.
Crypto transactions are the worst. They allow the scammer to remain anonymous but can be traced to their wallet within a crypto exchange. Only then can you request a refund? Some consider these transactions to be irreversible but it is, in fact, possible to get money back.
- OnyxTraders is a lying offshore provider based in SVG;
- The broker is unregulated and dangerous;
- There have been several warnings issued against OnyxTraders;
- The broker falsely claims to offer MT5;
- Payment methods weren’t disclosed.
FAQs About OnyxTraders Broker
Is OnyxTraders A Legitimate Broker?
OnyxTraders is not a legitimate broker because it’s unlicensed and blacklisted.
What Is the Minimum Deposit at OnyxTraders?
The minimum deposit that OnyxTraders requires is $1,500.
What Methods Can I Use to Deposit Funds at OnyxTraders?
OnyxTraders did not mention it. Nevertheless, we believe that the fraudster accepts credit/debit cards, wire transfers and crypto payments.