Onotex Review – Why You Should Avoid Onotextrade.com Broker?
Onotex is an online trading brokerage based offshore. This information should raise a red flag since offshore countries are known for loose regulatory rules and close to non-existent Forex and CFD service providers’ supervision. In this detailed review, we’ve elaborated on all the dangers of trading with Onotex and similar firms. Make sure you read until the very end.
|Broker status:||Offshore Broker|
|Regulated by:||Unlicensed Scam Brokerage|
|Blacklisted as a Scam by:||N/A|
|Owned by:||Abax Inc.|
|Headquarters Country:||Saint Vincent and the Grenadines|
|Minimum Deposit:||500 EUR|
|Cryptocurrencies:||Yes – BTC, ETH, XRP|
|Types of Assets:||Forex, commodities, indices, shares, cryptocurrencies|
|Free Demo Account:||No|
|Accepts US clients:||No|
How Safe Is the Onotex Platform?
Onotex broker is a brand owned by Abax Inc., based in Saint Vincent and the Grenadines. Most offshore countries have lousy regulatory supervision, but SVG has none. The FSA declared itself unauthorized for Forex, CFD, and binary options trading firms, directing them to opt for a license in the country of service. In addition, the broker is registered at a PO Box and doesn’t even have an actual office address.
Reasons Not to Trust an Unlicensed Broker?
Upon checking major Tier1 registers, such as FCA, ASIC, BaFin, CONSOB, and more, we confirmed that Onotex is an unregulated scheme. As such, the firm is not bound by any regulatory rules, including the obligation to offer negative balance protection and to keep clients’ funds in segregated accounts. These are all good reasons not to trust unlicensed brokers, among which Onotex.
In That Case, Is Onotex a Legitimate Broker Or A Scam?
Onotex is not a regulated brokerage. The firm is based in Saint Vincent and the Grenadines and has no valid license. There are numerous complaints against the firm, indicating that your funds are not safe.
Traders’ Experience With Onotex
Since we have already pointed out reasons to stay away from unregulated schemes, you can already guess what Onotex reviews look like. The majority of them are focused on withdrawal issues and the fact that customers cannot get their money back. Once they submit a withdrawal request, broker employees will try to dissuade them and even block their trading accounts and access to funds.
What Platforms Does Onotex Offer? – Available Trade Software
Onotex claims to offer a world-class trading platform. Of course, we didn’t expect anything less from a bogus scheme. They all pay good attention to self-promotion. In reality, customers can access a rudimentary WebTrader with an account overview, asset overview, and trading history. Don’t hold your breath if you were hoping to see advanced features such as EAs or social trading. You won’t find them here.
Instead of settling with such lousy software, you can find a legitimate investment firm offering MT4 or MT5 and enjoy all the perks they bring.
How Safe Is It To Install AnyDesk?
If you scroll to the bottom of the broker’s website, you will find a link to download and install AnyDesk for any device – PC, macOS, and Android. But what is AnyDesk, and is it safe?
AnyDesk is a remote desktop access app. Basically, once you install the app and approve access to your account manager, they can control your desktop or mobile device and access everything you have there, including your online banking and crypto wallets. You’re giving them full control of your funds. Thus, we believe it’s unnecessary to speak about risks coming along.
Onotex Accounts Overview
Customers can choose from one of the following accounts:
- Silver – 500 EUR
- Gold – 2,000 EUR
- Diamond – 10,000 EUR
- VIP – 50,000 EUR
With a Gold account, you’ll unlock limited access to trading signals and the assistance of a personal account manager. In contrast, the Diamond account brings full access to trading signals, and with VIP, you’re securing yourself 1-on-1 sessions with a pro trader.
Onotex Broker – Countries Of Service
Based on our research and Onotex reviews, the broker mainly operates in:
- South Africa
Onotex Range of Trading Instruments & Markets
If you’re still interested in Onotex broker, which is highly unlikely, here’s an overview of available trading assets.
- Currency pairs – EUR/USD, GBP/AUD, CAD/ZAR
- Indices – Dow Jones, DAX30, CAC40
- Shares – Microsoft, Facebook, Google
- Cryptocurrencies – BTC, LTC, ETH
- Commodities – gold, palladium, corn
What Trading Terms Trader Onotex?
Like any unregulated offshore broker, Onotex hides basic trading terms. Therefore, we know nothing about leverage or spreads. This means that clients cannot do risk management or calculate trading costs before investing with this scheme firm.
Minimum Investment Amount
The minimum deposit is 500 EUR, which is rather high. An industry standard is $250, while regulated companies with Micro accounts enable you to start with as low as $10. There are absolutely zero reasons to invest with Onotex since the outcome is pretty straightforward – you will end up scammed.
Onotex Fees, Payments, and Withdrawal Methods
The broker has no list of available payment methods for deposits or withdrawals. Presumably, you will have to wait for the broker employees to call and suggest payment methods. Note that if you’re offered to invest via crypto wallet, your funds are virtually untraceable and you’re not eligible for a chargeback. Instead, use safer payment options, such as debit or credit cards, in which case you’re entitled to file a dispute within up to 540 days.
Bonuses and Promotions – Fraudulent Methods
Onotex offers bonuses, but with a highly suspicious clause stating, “To withdraw funds from an account that has been credited with a trading bonus, the trader will be required to execute a minimum trading volume of (bonus amount + Deposit) x 25.”
This means that for a 200 EUR bonus on the initial minimum deposit, you ought to have a turnover of 17,500 EUR before being eligible for a withdrawal.
Scammed by Onotex Broker? – Let Us Hear Your Story
If you were scammed by Onotex or a similar fraudulent online platform, let us know. Our chargeback specialists may assist you in filing a dispute and getting your funds back.
But What Is A Chargeback?
This is a way to recover your funds directly from the merchant. Contact us via online chat to book a free consultation, and let’s recover your hard-earned money before it’s too late.
What Is Onotex?
Onotex is an online Forex and CFD trading provider based offshore.
Is Onotex a Scam Broker?
Onotex is a trading platform based in St. Vincent and the Grenadines without any valid regulation.
Is Onotex Available in the United States or the UK?
The broker operates in the UK but doesn’t provide services to the residents of the US.
Does Onotex Offer a Demo Account?
No, Onotex doesn’t offer a Demo account, only four Live accounts.