OneBTC review – 5 things you should know about onebtc.online

OneBTC review – 5 things you should know about onebtc.online

Rating: 1

Beware! OneBTC is an offshore broker! Your investment may be at risk.

RECOMMENDED FOREX BROKERS

Forex.com

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

 

OneBTC is a scam, and we are going to prove it in this article. To cut it short, it falsely claims to provide the most advanced platform for Cryptocurrencies trading, falsely claims to hold offices in various and also falsely claims to accept multiple funding methods. Unfortunately, we saw too many fake positive reviews online, so the scam is indeed in full operation. The rest of the details you need to know are available in the full OneBTC review.

OneBTC REGULATION AND SAFETY OF FUNDS

OneBTC claims to hold offices in Japan, UAE, Mexico, Britain and Hong Kong. However, though, we found that the business is present in neither of the locations seen in the screenshot above. That’s a scam.

Still, we researched the British regulator for a license but found nothing, as expected. The bottom line is that OneBTC is unregulated, so your funds will be at risk if you deposit. Indeed, it’s a scam, but we’ll show you why later in the review.

Depositing with unregulated brokers like OneBTC is dangerous because those entities are not bound to follow any rules and can do anything that they want with your money. In the typical case, unregulated illegal brokers transfer your deposits offshore, where it’s pretty much impossible to track the funds down. Once your money goes outside your country, it will go through many bank accounts until it finally disappears and you end up being scammed.

That’s why we urge people to trust licensed brokers only. The financial authorities impose many regulations laid down to guarantee that clients’ money won’t be misused or embezzled. For example, licensed EU and UK brokers are compelled to store clients’ money in segregated bank accounts, which improves transparency and security. In unforeseen circumstances, licensed brokers won’t be able to cover expenses or debts with deposits, and if something wrong happens, clients will simply get refunded. As you probably guess, if OneBTC happens to disappear without notice, you won’t be able to reclaim any funds whatsoever.

That said, why don’t you check the high-rated EU brokers and British brokers. The companies on top of both lists also participate in deposit insurance funds- if you trade with a CySEC broker, you can get up to €20 000 in compensation, while FCA brokers guarantee up to £85 000 per person. The money protection schemes provide another layer of security, and it’s a no brainer if you can open an account with European companies.

OneBTC TRADING SOFTWARE

So, OneBTC pretends to offer the best software on the market, but precisely the opposite is true- it comes with a scrappy web-based platform, which is so ugly that once you access it, you’d prefer to log out immediately. Fraudulent claims!

That being so, we’d like to offer the high-rated MetaTrader4 brokers and MetaTrader5 brokers instead. We recommend both MetaTrader platforms as they feature sophisticated trading tools such as Expert Advisors and even a marketplace with more than 10 000 apps.

Next, we got on to more fraudulent claims. Namely, OneBTC pretends to offer the best trading environment, but that’s not true. The EUR/USD spread is enormous- 4 pips or 4 times worse than the regulated brokers’ standards on average- 1 pip difference. OneBTC is too costly!

As for leverage, it can get to 1:400 (depending on the deposit size), which shows that OneBTC can’t in any way be regulated- the British brokers are not allowed to offer more than 1:30. OneBTC single-handedly exposes itself as illegitimate!

However, Britons are not the only ones to restrict leverage- licensed EU and Australian brokers are also required to limit retail clients to 1:30, while Canadian brokers and US brokers can’t provide more than 1:50. We need to warn that most of the high-leverage brokers are either poorly regulated or not at all, so you should be careful with their offers.

OneBTC DEPOSIT/WITHDRAW METHODS AND FEES

OneBTC specifies no minimum requirements, but shockingly enough, deposits send via Credit/Debit cards will be charged 6% of the sum! That’s a scam!

OneBTC says there are various funding methods accepted, but we can’t prove their claims as we couldn’t test their deposit system, which was broken at the time. Nevertheless, we can confirm that most of the methods enlisted on the website are not actually available. Yet even more fraudulent claims!

Speaking of deposits, we’d like to offer our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated and won’t take you for a ride if you deposit.

The withdrawal provisions are totally unacceptable. According to the clauses, each wire transfer will be charged $70, and it’s actually the only available method for withdrawals- a midday robbery! However, that’s not the end of the story because customers will be charged another 20% of the sum if they haven’t reached 1000 in turnover. Well, in contrast, no regulated broker is going to eat up 20% of your withdrawal, for whatever reason. OneBTC is a scam!

Lastly, we’ll pay attention to the inactivity fees- $10 per month after 30 days of inactivity– another scam clause. In comparison, most of the regulated brokers will let at least 6 months pass before an inactivity charge occurs! Beware!

HOW DOES THE SCAM WORK

In this review, we exposed OneBTC as fraudulent, so you should steer clear of it as soon as you see it. We don’t know their actual scam procedure, but below we’ll concisely describe how fraud usually happens.

In a nutshell, you get enticed by an offer that sounds too good to be true, deposited as instructed by scammers and eventually get ripped off. Actually, the Forex scam is a process that significantly differs from ordinary fraud, which is usually a one-time event. In contrast, in Forex fraud, you are in constant touch with scammers who will manipulate you to deposit over and over again. For example, they will pretend to manage your accounts and will show you incredible profits. Or, if you trade by yourself, they’ll distort market prices to make your account profitable, thus luring you to put even more money in the scheme.

The scam becomes obvious as soon as you start insisting on getting your funds back. Scammers will reject withdrawal requests for whatever reason they choose and even instruct you to pay taxes first. It’s 100% a scam if you are required to send money when you want to withdraw. In the end, the cons will simply cut the communication, leaving you with losses too challenging to recover.

WHAT TO DO WHEN SCAMMED

Unfortunately, no one is immune to scams. If you get scammed, the first thing you need to do is to consider the secondary risks. Deactivate your bank card immediately and contact your bank and ask for advice.

Report what happened to you, file a complaint, contact the authorities, call the police. Seek help actively!

Then, it would be best if you were careful with your attempts to recover funds because fraudulent chargeback agencies and individuals would be happy to take you for a ride again. They usually ask for upfront payment but will do nothing in exchange.

Share online your experience; it’s important to protect others, too. Be responsible

Top Forex Brokers

BrokerCountryRatingMin. DepositWebsite
US4.99/5$50 Click for a special offerWebsite
UK, Cyprus, Belize4.94/5$5 Click for a special offerWebsite
Australia, Cyprus4.93/5$100 Click for a special offerWebsite
Cyprus, SVG4.8/5$100 Click for a special offerWebsite
Cyprus4.75/5$5 Click for a special offerWebsite

2 Comments

  1. Onebtc is an absolute rip off. When you won’t give them thousands of dollars you are a leaper. They helped to get to $8000, then let the account go until all money was gone. Many emails, to account manager, support and nothing but silence. Don’t get caught.

  2. Lost $70000 AUD
    AS SOON AS I WENT TO WITHDRAW FUNDS, They closed my account and asked me to pay $44000 USD to withdraw my profits. Absolute scam. They dont have an active phone line, i checked all the addresses and none is real.

Leave a Reply

Your email address will not be published. Required fields are marked *