pic

OnyxTraders Review | A Good Broker or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
OnyxTraders - logo

Choosing a good broker is an important component of successful trading. Unfortunately, there are a lot of scams in this industry right now. OnyxTraders says a lot of good things about itself. However, it is not trustworthy. Why do we think so? We will explain this further in a review.

Highlights

🏛️ Country Saint Vincent and The Grenadines
⚠️ Regulation
🖥️ Website https://www.onyx-traders.com/, https://www.onyx-traders.net/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit €1,500
⚖️ Minimum and Maximum Leverage 1:25, 1:200
⚙️ Trading Platform WebTrader
📨 E-mail support@onyx-traders.com
📞 Phone +1 450 254 1016, +44 7362 053589, +34 915 467 832, +61 2 4072 2657, +32 460 24 18 37

First Impression of Onyx-traders.net

The broker’s official website looks pretty typical. Here you will find all the cliches that generally exist on such sites. Additionally, the company discloses pitifully little information about itself. Almost all text content consists of self-aggrandizing and advertising of services. OnyxTraders says that there are only professionals on its team. You will not know a single name. The advantages that we found here are only legal information in the footer and a description of account types.

OnyxTraders - website

Partnership and Bonuses

The company probably does not have an affiliate program. At least there is no mention of it on the site. OnyxTrades provides a lot of bonuses. However, to get an additional 30% deposit, you need to fund your account with at least 25 thousand dollars. Is it worth considering whether you need a bonus at all with such an amount in your account? Moreover, to withdraw this money, you will have to fulfill several conditions. Of course, OnyxTraders does not say what these conditions are. This information is not even in official documents.

Account Opening on Onyx-traders.net

Fully regulated and licensed broker OnyxTraders does not follow security standards. You can open an account here simply by filling out a small form. The company won’t even check if you provided real data and email. Obviously, no one here has even heard of multi-factor authentication and account protection. You can easily access your account using only a username and password.

Registration

However, there is one small detail. To register, you will need a promo code. Where can you get it? From your friends who are already trading with OnyxTraders, or from support. Why is it needed? For publications like us not to unmask bad conditions and fake trading platforms like OnyxTraders ahead of time.

Verification

OnyxTraders requires you to pass verification. According to the KYC, you’ll have to send documents for identification. To do this, you will need to take a photo of an international passport or ID card. You will also need to attach utility bills.

Pros
  • Few documents are required.
Cons
  • It is not specified how long their verification will take.
  • The website says you don’t need credit card verification, but OnyxTraders requires it.

Trading Software

If the platform you created won an award, would you brag about it? Of course, yes. Meanwhile, OnyxTraders on its website does not provide any evidence that it received a prize. That’s because this platform is not even developed by OnyxTraders. It is a common trading software, which you can easily buy. By the way, it is not too expensive due to its limited functionality. You will not be provided with a downloadable application on your PC or smartphone. There is only a web-based platform.

Features OnyxTraders IC Markets  Maddex Capital
Demo Account ❌️ ✔️
Mobile App ✔️
Own Development ✔️

How Can I Trade With OnyxTraders?

OnyxTraders offers CFD trading. Among the assets, there are cryptocurrencies, stocks, currency pairs, indexes, etc. The fact is, the leverage in base accounts is not too high. However, the more you fund your account, the more leverage you will get. What’s the point of that? It is also difficult for us to understand. Usually, the more traders have deposits, the less their risk appetite is. Fake brokers often have strange offers. They persuade newcomers to transfer as much money to the account as possible to get the best trading conditions. Let’s check what exclusive services OnyxTraders provides.

All Info About Accounts

OnyxTraders has only five types of accounts. Traditionally, the more money you transfer to the account, the more services you will receive.

  1. Basic. The minimum deposit is 1,500 euros. Leverage is 1:25. Also, you’ll get 5 free withdrawals.
  2. Silver. The minimum deposit is 25 thousand euros. Leverage is still 1:25. There is already a 30% bonus and a personal analyst. Also, now you will receive a free withdrawal once a month.
  3. Gold. The minimum deposit is 50 thousand euros. The bonus is 50%, but the leverage is still 1:25. You will get access to sessions with a personal analyst once a week, and a monthly free withdrawal of funds.
  4. Platinum. The minimum deposit is 150 thousand euros. Do you think you will get something special with this money? No, you will receive a 1:100 leverage, a 75% bonus, and one weekly free withdrawal. Oh, one more thing. You will get access to faster execution.
  5. VIP. The minimum deposit for this account is not specified. The leverage here is 1:200. Besides, you’ll get full-fledged analytics services and a 100% bonus. You can also withdraw money without commissions.

Can these conditions be considered excellent? Of course, no, they can’t. Are you seriously willing to pay 50 thousand euros for an analyst to give you a market forecast once a week? By the way, OnyxTraders is not responsible for its predictions. Many licensed brokers allow you to start with a small amount and offer better trading conditions. Many of them do not even charge a withdrawal fee.

Pros
  • Several types of accounts.
Cons
  • No demo.
  • Swap-free accounts need to be deposited hundreds of thousands of euros.
  • High minimum deposit.
  • Ridiculous additional services.

Market Analysis and Education With Onyx-traders.net

Another funny section is the OnyxTraders daily analysis. You will see just one video, in which, by the way, there is literally nothing about market analysis. The education section contains 12 lessons. However, their quality is questionable. Rather, they can somehow be useful only to beginners. Experienced traders will not find anything interesting for themselves here.

Deposit, Withdrawal, and Fees

OnyxTraders accepts debit cards, credit cards, bank transfers, and even crypto transfers. There are commissions for withdrawal. By the way, withdrawal of funds can take from one to five days.

Features OnyxTraders Axi  Maddex Capital
Debit/Credit Cards ✔️ ✔️
Electronic Payments ✔️
Crypto Transfers ✔️ ✔️
Deposit Fee
Withdrawal Fee ✔️ ✔️

How Can I Contact It?

You have several options to contact OnyxTraders. You can call, write an email, fill out a feedback form, or write in a chat. The answer will take a long time. For example, to get an answer in the chat, we waited three hours. By the way, some phone numbers don’t work.

Pros
  • Several ways to contact support.
Cons
  • A long-time response
  • Some contact details are irrelevant
  • There is no real office.

Is OnyxTraders Dangerous?

The fully regulated and licensed broker is actually a complete failure. Perhaps the company is counting on newcomers who do not know how Forex is regulated. However, we will easily expose OnyxTraders fraud.

How Long Does The Broker Work?

Since its foundation, OnyxTraders has taken care of customers. At least, that’s what it writes on the official website. Ask traders with experience if they have heard something about such a broker. We guarantee that they will answer you that no, they have not. However, this is not surprising, because the broker appeared only in 2022. The domain was registered on July 27, 2022. OnyxTraders has been working for only a few months.

Domain info

The article has been updated. Looking for these guys at https://www.onyx-traders.net/ now!

How Is OnyxTrades Regulated?

Finally, we get to the most interesting part. Let’s talk about the legality of the broker’s services. According to legend, the firm is registered in Saint Vincent and the Grenadines offshore. At the same time, it received a license in another offshore zone, the Union of Comoros. To get a license in any county, the company must be registered there. However, OnyxTraders has only one legal entity. By the way, here is another strange fact that you need to think about. Several other companies claim to work under the same license.

OnyxTraders - fake license

Finally, the OnyxTraders license is also a fake one. You can check it in the MWALI Registrar (mwaliregistrar.org/categories/trust-and-brokerage-companies). You will not find any documents under this number in the brokerage section.

Features OnyxTraders Unicorntradefx  Oanda
European Zone ✔️
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With OnyxTraders?

Get a promo code, register on the site, pass verification, fund your account, and start trading.

Is OnyxTraders Legit?

No, it isn’t. The broker's license is fake. It is often used by scammers. 

How Risky Is It?

OnyxTraders asking for a too-high minimum deposit. Its services are not worth it. Besides, you are likely to lose this money because it is a scam broker without a license. Therefore, it can do whatever it wants with your account.
Kevin Berry
Ask question
Expert Opinion

This is another fake broker who has the nerve to claim to be from Switzerland. Unfortunately, most people would not even think to somehow verify the veracity of this information. What’s more, just look! It only registers you with a promo code, so it’s a cold-calling model. I mean that the scammer will find you on the phone, grab your attention, promise you riches, and escort you to the OnyxTraders junk site. This broker is not registered or licensed, so if you will trust it and transfer funds there, tell them goodbye.

You may also like

OnyxTraders rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
Leave a review

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

3 reviews about OnyxTraders

Eric November 17, 2022 - 22:12
They will never return the money
The level of trust
Quick withdrawal of funds
Efficiency of technical support

OnyxTraders is a fraudulent company. I deposited 1600 euros and earned 2700 in the process of trading. Then, I created a withdrawal request and have not been able to withdraw my money for 1 month. When I contact them, they say everything is fine and I just need to wait longer. More than 3 times I contacted them but no solution, and no money.

Reply
Mike December 1, 2022 - 20:24
It is impossible to trade
The level of trust
Quick withdrawal of funds

Slippage happens very often here. Delays in the withdrawal of funds are also normal for this broker. The platform works completely awful. It is not a real broker, but an ordinary scam.

Reply
Chris December 23, 2022 - 13:06
Don't believe these scammers
The level of trust

It is another bullshit broker. Everything is the same as everywhere else. They lie at every step and promise incredible profits. I decided to take a chance and try to trade here. On the first day, I realized that it was a trap. These crooks tell everything and do everything to carefully lead a person to invest more and more. So don’t try to contact them and don’t transfer a cent! Even if you are offered to start trading without investments, do not be fooled. They will find ways to get money from you.

Reply

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy