Onyx-traders.com is a forex broker that claims to be a global leader in the financial industry. However, there have been numerous complaints from traders about their unethical practices. In this review, we will examine whether Onyx-traders.com is a scam broker or not.
Overview
Onyx-traders.com offers trading of Forex, CFDs, and Cryptocurrencies. They claim to provide traders with the best trading experience on various platforms. The broker provides access to various trading tools, such as market analysis, economic calendar, and trading signals. Onyx-traders.com also offers various account types, including Standard, Pro, and VIP accounts with a minimum deposit requirement of $250.
Is onyx-traders.com Regulated?
In our research, we couldn’t find any evidence that onyx-traders.com is regulated by any reputable financial authority. This is a significant concern for traders as brokers that are not regulated by any financial regulator are likely to be scams. Regulated financial institutions are required to adhere to strict guidelines that ensure that they operate fairly.
Warnings from Financial Regulators
As onyxtraders isn’t a regulated broker, it’s not surprising that many financial regulators have issued warnings to traders about the activities of the broker. For instance, the Financial Services and Markets Authority (FSMA) in Belgium has warned traders against dealing with Onyx-traders.com. The FSMA claims that the company is using fraudulent tactics to trick investors into depositing money.
What Currency Pairs Do They Offer?
Onyxtraders provides traders with access to trade over 70 currency pairs, including major, minor, and exotic pairs. They claim to provide some of the most competitive spreads in the industry, but we couldn’t find any information to back up this claim.
Customer Support
Onyx-traders.com provides various options for customer support, including live chat, email, and phone support. The broker claims to have a team of experienced support staff that can assist traders in a timely manner. However, many traders have reported that customer support is unresponsive, and some have complained about not being able to withdraw their funds.
Trading Platform
Thid site provides multiple trading platforms, including MetaTrader 4, WebTrader, and Mobile Trader. MetaTrader 4 is the most popular platform used by traders worldwide, which offers access to advanced technical analysis tools.
What Do Traders Think About onyx-traders.com?
Many traders have reported negative experiences when dealing with onyx-traders.com. Traders have complained about the broker’s unresponsive customer service, slow withdrawal process, and high-pressure sales tactics. Furthermore, many traders have reported having their accounts wiped out within a short period of trading.
What To Do If You Get Scammed?
If you have been scammed by Onyx-traders.com, the first step is to document all the evidence of the fraud. You can submit a complaint to the financial regulator in your country or the country where the broker is operating. The majority of the regulators have a complaint submission form on their website. Additionally, if you paid the broker using a credit or debit card, you can contact your bank and dispute the transaction. There are also online resources such as Forex Peace Army, which can provide traders with guidance on how to recover their funds.
For a faster response, you should contact us. We will evaluate your case and will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thought
Based on our research, we advise traders to avoid onyx-traders.com. The warnings from financial regulators and reports from traders indicate that onyx-traders.com is likely a scam broker. Furthermore, the lack of regulation, unresponsive customer service, and high-pressure sales tactics should raise red flags to any trader looking to deal with the broker. As a trader, you should always do your due diligence and research brokers before committing your hard-earned money.
