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Fxonic Review | Trading with Zero Commission or a Scam?

by Kevin Berry
Rating: 
  1.4/5   Reviews: 3
Fxonic - logo

The brokerage company Fxonic offers to trade with zero commission. Is it true or just a marketing slogan? Meanwhile, online reviews give it an average rating of 4 stars, which looks quite dubious, especially since the broker hasn’t even obtained a license and is legally based in the offshore jurisdiction of Saint Vincent and the Grenadines. Can we trust the broker, or is it a scam? Why do people praise the organization, and where did the positive comments come from? All of this needs to be figured out.

Highlights

🏛️ Country St. Vincent and the Grenadines
⚠️ Regulation
🖥️ Website https://fxonic.com/
🎲 Demo Account Yes
⏳ Start Time 2022
💲 Minimum Deposit $250
⚖️ Minimum and Maximum Leverage 1:400
⚙️ Trading Platform WebTrader
📨 E-mail support@fxonic.com
📞 Phone +442080898249

First Impression of Fxonic.com

The website we see can hardly be called unique or high-quality. It’s a resource that was created using a standard template, which is found in almost every other company. A simple design with blue and white colors, a poor choice of font, clichéd phrases, and tons of meaningless text – this is how one can characterize Fxonic’s official website.

Fxonic - site

The site isn’t translated into other languages; it’s only available in English. Moreover, in some places, it’s not fully completed. For instance, on the right, there are icons for Facebook, Instagram, and Twitter, but they lead back to the main page, not to the accounts of these social networks. Overall, Fxonic was neither surprised nor impressed. It’s a typical broker website with template phrases, pseudo-advantages, and motivating calls to quickly open an account and deposit funds.

Partnership and Bonuses

For the first deposit, Fxonic offers to activate a 100% bonus. It is a relatively high bonus, which is most often found in illegal organizations, as legitimate firms are not allowed to offer such bonuses. It’s also important to remember that all bonus funds are provided under certain conditions, without which it’s impossible to withdraw money.

In addition, clients can participate in an affiliate program. An invited trader, as well as a referrer, receives a $200 bonus if their deposit is no more than $1,999, and $300 if it’s over $2,000. The referral also needs to top up their deposit within 120 days after registration and make 8 trades to credit the bonus funds. Fxonic has peculiar conditions for its affiliate program.

Account Opening on Fxonic.com

The account creation process begins with providing personal information. Clients can start their acquaintance with Fxonic on a demo account. It’s also necessary to agree to the terms of use before creating a personal cabinet.

Registration

Email verification wasn’t required, as after registration, one can immediately access the personal cabinet. The Fxonic dashboard interface is basic and standard, with simplified navigation. Clients can switch between real and demo accounts, change passwords and personal details, upload documents for KYC, and perform other account-related actions, including financial transactions.

Fxonic - dashboard

Verification

On the official website, there’s a separate document describing the verification procedure. KYC is mandatory with the broker; without it, one cannot top up the deposit and start trading. Fxonic requires identity and residence address verification. It’s also necessary to upload a photo of the bank card that will be used for depositing funds. Documents can be uploaded to the personal cabinet or sent via email.

Pros
  • The process is described in detail.
Cons
  • The company requires a photo of the bank card.

Trading Software

The trading platform at Fxonic lacks advanced and professional tools. It’s a basic webtrader with a limited set of features and capabilities. While one can perform standard technical analysis, serious trading and developing complex trading strategies and systems are not feasible. The terminal is too rudimentary and lags significantly behind well-known alternatives, like MetaTrader, which is popular among many forex brokers.

Terminal

The platform offers several themes: light, dark, and blue. It also provides tools for technical and graphical analysis, standard chart types, multiple timeframes, indicators, lists of favorite assets, one-click trading, and a notification system. However, it’s not possible to upload custom indicators and setting templates. Thus, Fxonic’s platform is suitable only for beginners, and even then, only initially. As they gain experience, they’ll realize that the terminal doesn’t allow for further growth.

There’s no separate mobile app. However, the platform is adapted for mobile phones. Still, this is inconvenient and uncomfortable. It would have been much better to have a separate app downloadable from the Play Market/AppStore.

Features Fxonic AME Capitals  The Investment Center
Demo Account ✔️ ✔️
Mobile App ✔️
Own Development ✔️

How Can I Trade With Fxonic?

The company offers CFD trading: forex, metals, indices, stocks, commodities, and cryptocurrencies. Fxonic provides a leverage of 1:400 and micro-lots of 0.01. The broker has several account types, which we will now examine.

All Info About Accounts

The broker offers 6 different account types, with better conditions available for higher-tier accounts:

  • Starter. Minimal deposit from $250. No additional features, just basic conditions.
  • Basic. From $5,000. The only feature is a swap reduction.
  • Standard. From $20,000. More favorable conditions than the “Basic” account.
  • Premium. From $50,000. Clients receive a dividend yield and exclusive assets.
  • Exclusive. From $100,000. The same features as the Premium account, but with better conditions.
  • Pro. From $250,000. Zero swaps and spreads.

Account types

The minimum deposit of $250 is often found with illegal brokers and rarely with safe and verified ones. Coincidence? Or does Fxonic indeed belong to the group of fraudulent firms? Additionally, the trading conditions, or more precisely the additional services, are unclear. What’s the difference between the tariffs, besides lower spreads and swaps? The conditions seem very peculiar.

The broker also raises significant suspicions because it offers zero commissions. Alright, traders pay spreads, but on the “Pro” tariff, they are zero. So how does Fxonic make a profit? After all, the primary source of income for a broker is trading commissions. And if there’s no commission? We’re likely looking at a 100% B-book model, meaning a dealing desk business model. It suggests significant problems for clients because the company’s only source of income would be the users’ money. It means the organization would benefit from traders losing money.

It’s worth noting the leverage of 1:400, which can’t even be adjusted; it’s fixed. Such leverage indicates a lack of regulation, as regulators prohibit offering leverage greater than 1:30. Looking at the trading conditions, there’s nothing positive to say about Fxonic. By the way, there’s no Islamic account. More precisely, it’s available only from $250,000. Moreover, the firm charges a commission on profits ranging from $1.5 to $5 for each profitable trade.

Pros
  • There’s a demo account.
Cons
  • High minimum deposit.
  • There is a commission for profitable transactions.
  • There is no Islamic account.

Market Analysis and Education With Fxonic.com

The broker has its own school, which includes ebooks, webinars and their recordings, trading videos, and financial news. Additionally, Fxonic provides an economic calendar, basic information about asset classes, and a ticker with quotes for popular instruments.

Deposit, Withdrawal, and Fees

Deposits can be made using credit and debit cards. The firm also assures that it supports bank transfers and other options, which should be clarified with the managers. Fxonic offers free deposit funding, but there are other fees:

  1. For inactivity. If the account has been inactive for 30 days, a fee of $100 is charged monthly.
  2. For maintenance. The broker charges $20 a month.
  3. If verification is not completed, a fee of $100 is charged after 30 days, monthly.

Processing time for withdrawal requests is up to 5 business days. The minimum amount is $50, with a commission of 3.5%.

Features Fxonic LEMAKEN  Bithebanx.pro
Debit/Credit Cards ✔️ ✔️ ✔️
Electronic Payments ✔️ ✔️ ✔️
Crypto Transfers
Deposit Fee
Withdrawal Fee ✔️

How Can I Contact It?

To contact Fxonic’s managers, there’s an email and a UK phone number, hinting at the presence of a branch in that jurisdiction. However, there’s no option to quickly connect with customer support via live chat, and the social media icons on the site seem to be just for show, as no actual accounts were found.

Pros
  • None.
Cons
  • No online chat.
  • No social media accounts.

Is Fxonic Dangerous?

With such trading conditions and a low level of transparency, the broker appears highly suspicious. Many aspects of the company’s operations remain unknown and need further investigation. However, the dealing desk business model, unfavorable trading conditions, and other minor drawbacks already hint at Fxonic’s dubious nature. What remains is to delve into their licenses and operational duration.

How Long Does The Broker Work?

Why doesn’t the firm display its operational duration on its website? It should. In reality, the company only started operating recently. The domain of the website was registered in September 2022, which means just a year ago. Moreover, the legal entity, Milestone Targets, mentioned on the official website, was also registered with SVGFSA in September 2022. Thus, it’s clear that Fxonic has only been operating for a year. That’s too short for a forex firm.

Domain

How Is Fxonic Regulated?

Being listed in the SVGFSA registry doesn’t imply that the broker is under the regulator’s oversight. The financial commission of this offshore jurisdiction doesn’t fulfill the full duties of a regulator, so it should be viewed merely as a standard registration registry.

Fxonic - SVGFSA

Fxonic doesn’t mention any licenses, making it an illegal entity. However, they’ve provided a British phone number, so perhaps the company is registered in the UK and has obtained regulation there? Let’s check with the FCA. Our review’s subject wasn’t found there.

Fxonic - FCA

Features Fxonic Demaxis  Lyon Assets
European Zone
Asian Zone
American Zone
African Zone
Offshore

Frequently Asked Questions (FAQ)

How to Trade With Fxonic?

You can familiarize yourself with the broker either through a real account or a demo. Besides registration, the firm requires identity verification.

Is Fxonic Legit?

The broker is not regulated. Yes, the mentioned legal entity is indeed in the SVGFSA, but this holds no significance. Genuine licenses are absent.

How Risky Is It?

Trading with offshore firms is a high risk. Companies like Fxonic can easily turn out to be fraudulent, meaning they can steal your money.
Kevin Berry
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Expert Opinion

What’s the favorite jurisdiction for forex scammers? That’s right, it’s Saint Vincent and the Grenadines. I’ve rarely come across brokers originating from there who operate honestly, transparently, and safely. There are offshore companies that operate reliably and openly, but such firms have representations in other countries and various licenses. However, Fxonic has no branches, and licenses are also absent. And let’s not forget that we’re dealing with a dealing desk, which will definitely work against traders, as it has no other way to earn. Collaborating with such organizations is not advisable.

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Fxonic rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about Fxonic

Sergio October 4, 2023 - 22:49
I traded here. Didn't like it.
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I’ve dealt with them. I can’t say anything good. Commissions are zero, but there are spreads. You can’t change the leverage. The platform is primitive and, apparently, with fake charts and fake liquidity. So, I can’t recommend trading here. Although you can try the demo account. But no more.

Reply
Andeson October 12, 2023 - 02:18
They are scammers!!!
The level of trust
Quick withdrawal of funds

SCAMMERS!!! FXONIC is involved in fraud!!! These swindlers appropriated my $1000, refusing to withdraw my own money! This is outrageous! THEY OWE ME MY MONEY!!! I don’t even know where to file a complaint to somehow influence these scammers!! Here’s a real review that people are being robbed and deceived!!! SCAM BROKER!!! BEWARE!!!!

Reply
Mans Health October 17, 2023 - 13:10
Very many disadvantages and signs of a scam
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I recommend studying the companies you’re going to work with and where you’ll be depositing money. Take Fxonic, for example. Can you trade here? Definitely not! Why? Firstly, the broker operates without any license. Let me tell you a secret: every brokerage intermediary must obtain a license from regulators; without a license, it’s illegal activity. Secondly, the company’s operational duration is questionable. The firm is only a year old. A decent operational duration is from 5-10 years or more. In just one year, you can’t establish a reputation as a safe intermediary. Thirdly, as rightly pointed out in this review, Fxonic is a blatant dealing desk, so there’s no point for a trader to trade here since the company isn’t interested in their success. So, don’t open an account here. Most likely, it’s a potential fraud broker.

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