Different site, same scam. Onyx Traders got exposed many times in the past but it seems that this financial swindler just won’t give up.
We hope that our Onyx Traders Review will put the nail in the coffin and prevent this scammer from claiming anymore victims. Learn the truth about this unscrupulous trading platform or call us if you need help recovering your funds!
Onyx Traders net has been changing identities, addresses and domains in order to run its despicable scam. First, the broker was allegedly based offshore in Saint Vincent and the Grenadines (SVG), a jurisdiction where Forex trading is not regulated.
Although SVG’s regulator does not oversee Forex trading, Onyx Traders still provided services. Once reviews started exposing Onyx Traders, the scammer adopted a new identity and created a new website in February 2023. Now the business is allegedly based in Switzerland, which is an utter lie.
Simply by checking the physical address and the database of the local regulator FINMA, you will see that Onyx Traders is not a Swiss broker. Onyx Traders is actually featured on many regulatory lists – blacklists, that is.
“Scam! It’s onyx-traders.com before. They never let me withdraw, and suddenly dead on Feb.14,2023. Now I find it changed the name to onyx-traders.net, they never inform me to change the name, and continue to cheat! Be careful, it shows it’s a scam when you want to withdraw. Any scam company have two common features. One is the scammer promise high return in the advertisement. Two is the scammer high rely on telephone to do their job…”
-Trustpilot user, April 28, 2023.
This review was flagged by Onyx Traders so the trader had to provide some evidence. Trustpilot verified this complaint, meaning that it is indeed true. On other sites, there are positive reviews of Onyx Traders but the complaints and warnings have more weight, especially the verified ones on Trustpilot. If you are a victim of this scam, contact us for help in recovering your funds!
One more thing we must stress is the two apps that Onyx Traders asks traders to download – AnyDesk and TeamViewer, which allow one user to access the desktop of another. These two apps are not dangerous per se but can be used for fraudulent practices.
Imagine the damage that Onyx Traders can cause if the broker had access to your personal and finance-related information and documents on your desktop. Do not allow the scammer to trick you with these apps!
As mentioned, Onyx Traders’ original website was taken down and the scammer created a new one. This bogus website has been active since February 13, 2023. Onyx Traders has mainly been targeting traders from the following countries:
Blacklisted by many, Onyx Traders has absolutely no right to provide services in these domains. Call us if you need assistance in retrieving your hard-earn money!
OnyxTraders allegedly offers Meta Trader 5, a world-class trading software. However, it was impossible to confirm whether this is true because the scam broker requires a promo code at the registration menu.
Once you click the download link, the website simply says error, which is an indication that there is no legit MT5 in there after all. Putting the name MT5 on the website will certainly help attract traders.
The other OnyxTraders platform is WebTrader, which is a browser-based trading terminal. Scammers typically use this cheap-looking platform for cutthroat schemes. There are some basic charts, graphs and indicators and that’s about it.
It is not up to par with the aforementioned MT5. Also, such a shady platform could be rigged. Scammers create the illusion of trading when all the traders are doing is depositing funds.
OnyxTraders offers five different trading account types. Here’s an overview:
As you can see, the financial swindler demands large amounts of money just to enable traders to start trading. There are many legitimate brokers that will charge you just 10 $ for a Micro account.
The maximum leverage offered for the first three account types is within the legal cap set in Europe and Australia (1:30) or North America (1:50), but for the latter two, it jumps all the way up to 1:200. High leverage is a double-edged sword and oftentimes results in losses. Hence, the limit.
As for the spreads and fees, i.e. trading costs, we know that the VIP account is fee-free while the rest weren’t specified. Spreads start from 0.8 pips for the benchmark EUR/USD pair. That’s good but the lack of an official license is still a huge issue.
Onyx Traders did not specify which payment methods are available. The deposit and withdrawal fees are a mystery as well. We know that the minimum deposit is 1,500 $, which is too much to risk with such a dishonest broker.
As mentioned, there are many legit providers that are licensed, regulated, and transparent when it comes to payments, fees, and platforms. Please avoid Onyx Traders and protect your funds!
Absolutely not. Onyx Traders created a new website in February 2023 in an attempt to deceive and scam unsuspecting traders from the UK, Netherlands, Canada, Spain, and Australia. This entity was blacklisted by several financial market authorities.
If you are a victim of this scam, please book a free consultation with our team and explain how it happened. Depending on the method you used to deposit funds, our experts can help recover your hard-earned money.
Book a free consultation today and get your money back!
Onyx Traders did not disclose deposit and withdrawal fees. Only the VIP account is free of fees.
The minimum deposit for Onyx Traders is 1,500 $. If you lost this money, contact us for help.
No. Onyx Traders was blacklisted by several European and Canadian financial authorities.
The post Onyx Traders Review: Learn Which Tricks This Fraud Uses appeared first on Global Fraud Protection.