OnspotBNK Review – Is This A Legit Broker Or A Fraud?
OnspotBNK Review – Is This A Legit Broker Or A Fraud?

Welcome to the OnspotBNK Review. We managed to gather key information and facts about this fraudulent entity and put it all here, on the spot, so read all about it. While this unscrupulous broker may seem attractive, do not let its corporate appearance fool you because there’s a scam looming. Without further ado, let us begin exposing it!

Also, we recommend you not to invest in the fraudulent brokers SwissRoi, Invest Think and Apollo Cash.

Broker status:Unregulated Broker
Regulated by:Unlicensed Scam Brokerage
Scammers Websites:onspotb.com
Blacklisted as a Scam by:CNMV
Owned by:ONS Financieel Advies
Headquarters Country:Netherlands
Foundation year:2022
Supported Platforms:MT4
Minimum Deposit:100 USD
Cryptocurrencies:Yes – Bitcoin, Ethereum, Litecoin & Monero
Types of Assets:Forex, Indices, Crypto
Maximum Leverage:N/A
Free Demo Account:Available
Accepts US clients:Yes

OnspotBNK – Unlicensed And Risky Brokerage?

We will tell you exactly why the exterior of this broker is deceiving. First, OnspotBNK claims it operates within ONS Financieel Advies & Coaching B.V., based in the Netherlands. It even provided a suspicious license related to the company.�

Although that entity is registered as a legal entity at the mentioned address, there’s no actual correlation between it and our shady broker. Thus, we tend to believe that OnspotBNK simply hides behind the name of a legitimate company.

Furthermore, for a financial provider to operate in the Netherlands, it must be licensed by the local financial regulator – the Autoriteit Financielle Markten (AFM). This dishonest broker, however, is not. We checked the AFM website. Also, the phone number provided starts with +44, which is the area code for the UK, not the Netherlands.

OnspotBNK claims to be a legitimate broker operating in the Netherlands and targeting unsuspecting victims from the UK, Spain, Italy and Albania.

Why Is Trading With a Licensed Broker Preferable?

As we’ve said, OnspotBNK is unlicensed and shady. The AFM has nothing on it. Neither does the FCA, BaFin or CySEC. These are among the top-tier regulators, which means something. Being unlicensed is one thing, but being blacklisted as well is even worse.

Warning From The CNMV

OnspotBNK Warning

It’s time to end this scammer’s fraudulent career. We’ve already debunked the lies behind its fake license and now we’ll show you a warning issued against the broker by the Spanish Comisión Nacional del Mercado de Valores (CNMV). The financial market watchdog wasn’t having it with OnspotBNK.

Details About The OnspotBNK Trading Platform

OnspotBNK offers two trading platforms – Meta Trader 4 and WebTrader. The latter, as its name suggests, is nothing more than a browser-based platform with limited options, devoid of advanced tools and features.�

In contrast, MT4 is everything that WebTrader isn’t. It’s more reliable, has better charts, automated trading, and more. However, the differences matter little if your provider is unregulated. Scammers can get their hands on MT4 as well. Take OnspotBNK for example. Its version of MT4 actually belongs to Cfidex Ltd, a Marshall Islands-based offshore broker.

What Сan Be Traded?

OnspotBNK claims it offers clients three trading assets:

  • Forex pairs – EUR/USD, EUR/JPY, AUD/USD…
  • Indices – S&P500, Germany30…
  • Crypto – Bitcoin, Ethereum, Litecoin & Monero.

The offer is actually pretty scanty. There’re no commodities or shares. The unscrupulous broker lied about that on the home page. OnspotBNK also claims there are no hidden fees for trading.

OnspotBNK Award Winners – Business Successes

Just another in the series of critical lies that OnspotBNK spewed on its website. Proving this is easy. For example, the fraudster claims it received the “Best FX Broker 2016” at the European CEO awards. By googling, we found out that it wasn’t the case at all:

OnspotBNK Award Winners

OnspotBNK Account Types

We weren’t surprised that the con artist wasn’t transparent regarding account types. There’s no section dedicated to describing which acc types are available. Only on the registration page are you asked to choose which type you want. We found the following:

  • Basic
  • Discovery
  • Silver
  • Gold
  • Premium
  • VIP
  • VIP+

So much for details. That’s all we found. The minimum deposits, spreads, leverage, commissions and other benefits were not mentioned.

Additionally, we strongly advise you to avoid the fraudulent brokers RacFX, VirtusCapital, and Coin Matrix.

Can a Trader Use a Demo Account?

One thing that OnspotBNK got right is the demo account. By that, we mean that it managed to include it, which is an achievement for scammers. By doing so, it does appear more legitimate since all licensed brokers have to provide it.�

However, this does not justify all the other lies. The financial swindler is simply patient and will wait for the clients to take the real bait.

About Leverage, Spreads and Fees

As for the fundamental trading conditions, i. e. leverage and spreads, OnspotBNK was vague as well. Neither aspect was disclosed on the site. We had to find it on the trading platform. The leverage goes sky-high up to 1:100. A broker claiming to operate in the EU should know that the maximum allowed leverage for retail clients caps at 1:30.

When it comes to spreads, they are actually quite favorable – around 0.2 pips for FX major pairs, but that’s irrelevant since the leverage is off. For fees, the broker only mentions that it charges an inactivity fee after three months, without specifying the amount.�

OnspotBNK Referral Program

Let’s take a look at what OnspotBNK has to say about the referral program. We found a convenient illustration on the website. The thorn in our side here is the bonus system. Keep in mind that top regulators have banned brokers from giving away bonuses to clients.

There’s one thing to emphasize in the image below. In reality, OnspotBNK is the tallest figure on it, i. e. Big Brother, that looms over your funds and those of the poor victims you bring into this scheme. Once you invest, that money goes into the broker’s pocket. This is nothing more than a classic pyramid scheme, often implemented by scammers.

High Minimum Deposit and Withdrawal Terms

Information about the deposits and withdrawals can be found in the FAQ section. The minimum deposit is EUR 100. The payment methods that OnspotBNK accepts include credit/debit cards and wire transfers.

Pretty unsophisticated, we must add. Legitimate brokers always include a wider variety of payment methods (e-wallets, crypto). Also, without a valid license, it’s impossible that the illicit broker stores your funds in a segregated account in top-tier banks. Therefore, this is yet another hoax.

Scammed by OnspotBNK Broker? – Let Us Hear Your Story

We can only imagine your frustration if you’ve been scammed by OnspotBNK. But don’t feel bad, it could’ve happened to anybody. Since the fraudulent broker accepts credit/debit cards and wire transfers as payment methods, we’ll tell you about how you could get your money back. It might be a long shot, but you should definitely give it a try!

What Is A Chargeback? What Is A Recall?

  • A chargeback is used to reverse credit/debit card transactions.
  • It is performed by the issuing bank within 540 days.
  • A recall is a process of reversing wire transfers.
  • If the transaction has been completed, the recall will fail.

What Is OnspotBNK?

OnspotBNK claims to be a legitimate broker based in the Netherlands.

Is OnspotBNK a Scam Broker?

OnspotBNK is a scam broker because it lied about its owner and about being regulated. Also, it has been blacklisted by the Spanish CNMV.

Is OnspotBNK Available in the United States or the UK?

OnspotBNK is available in the United Kingdom but not in the United States.

Does OnspotBNK Offer a Demo Account?

OnspotBNK does offer a demo account on its website but we don’t recommend it.

Unfortunately, many users start reading reviews only after falling victim to scams. We sincerely hope that you are not one of them!
However, if you're here because you suspect that your investment isn't in a safe place, know that you have the right to claim funds back!

Report a Fraud Case & Claim a Refund from Scammers

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