Beware! Onorio is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Even though the website of Onorio is pretty to look at, we assure our readers that its visuals are where the broker poured the most effort. As the review will reveal, Onorio is not at all what it seems, and unfortunately, it’s not so easy to tell, for the company is good at concealing its secrets.
The account creation procedure struck up memories of previous brokers using the same form. These previous brokers, that shared the same registration form, we all unregulated. Not the best start for Onorio, because it is through the sign-up sheet that one learns of the broker’s professionalism and attitude towards its potential users. Re-using a common scammer template is a sign that Onorio does not really care for its clientele.
The resulting user area, which, by the way, was in the form of a web-trader, was also familiar to us. The trading software disclosed a EUR/USD cost of trade of 1.2 pips on average which is actually very stable and quite profitable. The default leverage that the broker gave us was 1:100. We found no way of altering our leverage cap. The available financial instruments are forex currency pairs, commodities, stocks, cryptocurrencies, and indices.
However, we found out in the legal documents some talk of commissions and similar charges connected to tradeable assets. Furthermore, we opened a demo account, meaning that a live account could offer higher spread values.
The website of the brokerage is accessible in English, French, Arabic, German, and Italian.
ONORIO REGULATION AND SAFETY OF FUNDS
There is close to no regulatory information. The Terms and Conditions lack any sort of helpful details, and the only useful section of the website is the footer, where we learn that Onorio is located in Saint Vincent and the Grenadines.
We have said it hundreds of times before, and if we have to, we will say it a hundred more. Saint Vincent and the Grenadines do not have an FX regulator, and thus the nation does not issue licenses to Forex brokers. Thus Onorio is not regulated there, even if registered locally.
The lack of any sort of regulatory information plus what we just talked about all speak of a broker that IS NOT REGULATED, and therefore a risk to all investments!
Investing in unlicensed brokers is basically throwing your money in vain. We urge our readers to always check for a license before doing anything. Usually, if a broker has one, it will proudly showcase it, but it’s always recommended to check with the regulator. Some of the most trustworthy license issuers are the FCA or CySEC, whose authority spans hundreds of brokers, among which are some of the world’s top. What’s more, is that bot the FCA and CySEC offer client reimbursement schemes to users who have not been paid by a regulated broker. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ONORIO TRADING SOFTWARE
Even though the firm is unregulated, we find the trading platform to be ok in the sense that it does cover a certain bar.
Here we find some staple features like pending orders, chart customization options, and multiple time frames. By far the biggest pro of the trading software is its visuals. As for the number of options, there is a lot to be desired.
ONORIO DEPOSIT/WITHDRAW METHODS AND FEES
There are two main payment methods: credit and debit card, and Yandex, however, the latter did not work as it produced multiple error pages. However, the credit/debit card option redirected us to Stripe, a payment processing system. There we learn that the minimum deposit is $99. Yet, after Stripe we were further redirected to Acticsim, a website dedicated to providing helpful tools that increase the efficacy of sales of different companies. In Acticsim we were ready to proceed with purchasing some service that has nothing to do with the broker. We are a long way from being able to deposit in Onorio… There seems to be no way to actually fund an account with this broker. If users complete the aforementioned irrelevant payment procedure, they will be in possession of some useless services provide by what we believe to be an extension to the Onorio scam.
There is no way to withdraw because we had not deposited. And seeing that users can’t really deposit in a trading account, we can infer that clients cannot withdraw either. The logic is simple. All invested capital will be lost! For the purpose of the review, we will reveal what the broker has to say about withdrawals. The minimum withdrawal is $250, and requests are generally processed within 2 to 5 days. The methods of withdrawal are mentioned to be credit card, debit cards, and bank transfers. However, bear in mind that none of these withdrawal conditions are verifiable.
There are bonus schemes at use here, which is also an indication that the broker is shady, because bonuses have been banned by many regulators and legislations. As far as we are concerned, very few regulated brokers can offer bonus schemes legally. At Onorio, all bonuses must be traded at least 50 000 times before being able to withdraw them. This is absolutely massive.
As is with most unlicensed brokers, so does Onorio charge unspecified fees and commission for undisclosed actions. This beating around the bush is typical for scammer brokers. So if you happen to get issued a fee, do not say that we did not warn you. This is just one of the many reasons why users should not invest in this illegitimate broker!
Through the following clause, we learn of deposit and withdrawal fees. However, the main reason we included this provision is that the broker may introduce additional fees by giving the user 10 days’ notice.
The broker includes the classic indemnification clause through which it says that users cannot hold the firm liable for any damage it caused to its users.
Moreover, all chargebacks are shunned upon by the broker, and that is why it charges users who file for a chargeback!
Onorio is a complete waste of money and time. Users who deposit risk of losing capital and the personal information that they have provided.
How does the scam work?
The first step to this very popular scam is actually one that is taken by most online scams. It has to do with users falling for fake online ads that use a repertoire of alluring elements, including money, beautiful women, expensive cars, and luxurious villas. The only aim of these fake advertisements is to induce the internet user into clicking on them.
Behind these ads is hiding either the scammer broker or an intermediary website whose aim is to introduce the user to the fraudulent broker. On either of these sources, the user will be asked to provide contact information, either a phone number or an email address.
Soon the investor will start receiving calls from a representative of the brokers, whose goal is to stimulate a user into deposit once! If the deposit is successful, then these individuals will let the user go, but sooner they will start getting more calls and emails from the expert scammers, the so-called account managers. The pro fraudsters are here to stay and will induce more deposits from the users, using manipulative tactics, psychological tricks, and pure charm. Those that give in, will sometimes unknowingly deposit huge amounts!
Once the user realizes that he or she has been scammed, it’s usually too late, however, there are some ways of getting your money back, potentially. But before that, the scam artists will try to distract you from withdrawing by either stalling the request or simply advising you against it. Some brokers, however, go the extra mile and are not afraid to shut down the user account and at times the entire website.
What to do if scammed?
The best defensive maneuver is filing for a chargeback through the client’s credit or debit card company. MasterCard and VISA have a chargeback period of 540 days.
If users have lost money by investing it through a bank, then they should change their bank account username and password first! The next step is to call the bank directly and see what they can do.
Investing in any kind of crypto is advised against. Payments made through these are untraceable and as such are lost forever.
Also, never thrust any recovery agents or agencies. These are scammers as well and will take your money. They usually appear once you have been scammed and will offer their monetary retrieval services. But before tracking your lost funds, they will ask for an upfront payment in the form of a service fee. Once this commission is paid, the recovery agent will disappear alongside your money!