FXOnePro review – 5 things you should know about fxonepro.com!

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

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

FXOnePro is yet another broker that claims to be trusted by millions of traders, yet has only shown up only recently. Due to the extreme saturation of the Forex market with scams of all kinds, such claims need to be examined extremely carefully – and we have done just that with FXOnePro – you can find our thoughts on the broker in the review below.

But before we get to it, we should mention that making an account with the broker at the time of writing was utterly impossible – the registration form just did not function at all. Therefore, we did not experience all that FXOnePro has to offer – and yet, we are quite certain the broker is best avoided – here is why:

FXOnePro regulation and safety of funds

FXOnePro would have you believe it is licensed by the Cyprus regulatory authority – the CySEC, as it states the following:

Of course, there is no way for this to be true – the CySEC is one of the strictest regulatory bodies out there, as Cyprus is along the most important markets in the EU. All brokers that wish to be licensed by the regulator have to follow its policies – policies that FXOnePro blatantly breaks by offering a leverage of over 1:30 to retail traders.

The fact the broker lies about its regulation is quite troublesome, as it means we are certainly not dealing with a company acting in good faith – but it also means that the company cannot actually provide you, its trader, with the rest of the EU-mandated protections for your funds – among them is access to guarantee funds, that ensure that if a broker goes under, its clients are adequately compensated, with up to 20 000 euro per affected person. Another policy that could be mentioned is the Negative Balance Protection that the EU mandates – it makes it so no trader can lose more money with a broker than what they have deposited – a boon in a market as volatile as the FX one!

Finally, we would also like to touch on the fact that the broker also claims to have its office in Hong Kong. Even if it were licensed by the CySEC, that would not prove it is actually operating from Hong Kong, as the latter has its own regulatory body – the SFC. There is not a single mention of FXOnePro holding a license with the SFC, and we were not willing to look for the broker at the regulator’s register, as it already lied about its regulation once.

Therefore, we have no choice but to conclude FXOnePro unlicensed and operating from an unknown location.

FXOnePro trading software

FXOnePro does not have a single word about its trading software or how it stacks up to industry standard Metatrader 5 on its website – so we cannot know anything about it, as we could not make an account. However, the 1:400 leverage it offers is too much for retail traders – and most regulators have banned such amounts. Yet, shady and unlicensed brokers have them available in what is nothing more than a bid to attract more clients!

FXOnePro deposit and withdrawal methods and fees

FXOnePro is completely silent on what deposit methods are available with it – and what fees withdrawals are charged. Overall, its Terms and Conditions is quite vague – but given its lacking regulation, and its lies about it, we suspect withdrawing from FXOnePro is going to prove quite difficult!

How does the scam work?

Just like many other scam brokers like it, FXOnePro runs the following scheme:

Whenever someone makes an account with the broker, they are required to leave a phone number, which the scammers will then use to start calling around the clock, demanding ever increasing sums of money and only stopping if the victim either runs out of funds or realizes they are being conned – at which point, the scammers will simply move on to new targets!

What to do when scammed?

Take the following steps to limit further losses:

Reissue whatever credit cards and forms of ID the scammers had access to – and remove any desktop sharing software they had you install on your PC! Once that is done, contact your bank to see if a chargeback is available – but do not fall for recovery agencies that demand an upfront payment for their services – these are all scams as well.

Finally, consider speaking up about FXOnePro in the comments below – this will help raise awareness of the scam, which will help combat it!