Beware! OniroFX 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.
At first glance, OniroFX looks like a professional broker offering competitive trading conditions and decent services. However, once we dived into it, we found plenty of inconsistencies and signs indicating something fishy. OniroFX is not safe, and we are going to explain why in the following review.
OniroFX REGULATION AND SAFETY OF FUNDS
OniroFX is allegedly a brand of VIGO AND CO LLC, a St. Vincent and the Grenadines company also running two other brokers we already reviewed- VigoFX and Level5x. The most important thing, in this case, is that SVG brokers are not licensed or monitored by the local regulator SVGFSA, meaning they are not held accountable and can do anything with your money, even steal it. Not to mention that the deposits go offshore where no agency can track the money down, let alone take it back onshore where clients will be able to reclaim it. Also, SVG allows the creation of companies with hidden ownership, actually putting the risk on another level. Think about it: your money will be handled by people with concealed identities bearing no responsibility for their actions. Way too bad.
The bottom line is that your funds will be at risk if you deposit with OniroFX because it’s an unregulated offshore broker. If it were reliable, it would obtain a license to prove it has business-like intentions only. As it’s not regulated, we can’t say what these people are actually trying to do- provide Forex services or steal people’s money.
We talk about forex license because it’s essential as it grants security and reassures that brokers are treating their clients fairly. For instance, the licensed EU companies follow many customer protection rules, among which is account segregation. Namely, brokers are forced by law to store deposits in segregated bank accounts, which significantly improves transparency and safety. Most importantly, though, clients’ money won’t be lost if the company goes under, as traders’ accounts are not commingled with the broker’s ones but kept by solvent banks instead. In case of unforeseen events like insolvency, deposits will be returned to their owners with much fewer complications involved.
Avoid OniroFX and see the high-rated EU brokers and British brokers we recommend. The licensed companies on top of the lists are stringently regulated and further covered by insurance funds protecting deposits- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000. That’s another layer of protection for traders, and you’d better consider it before making any deposits whatsoever.
OniroFX TRADING SOFTWARE
OniroFX praises its software, but the Webtrader provided is inferior to MetaTrader- the leading platform for retail Forex trading. That being so, why don’t you see the licensed high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? We recommend the MTs, as the platforms come with sophisticated features such as complex indicators, reliable charting tools and even EAs making automated trading possible.
The EUR/USD spread delivered by the platform is good- 0.6 pips, meaning that trading won’t be costly in general ($6 per EUR/USD lot). However, the absence of regulation dwarfs the seemingly favourable conditions, so we still can’t recommend OniroFX.
As for leverage, it can be up to 1:400– a risky ratio that can cause a total loss if not carefully deployed. In fact, leverage is so dangerous that it’s now a part of the licensing regime in way too many countries worldwide. Namely, due to regulations, licensed EU, British and Australian brokers have to limit clients to 1:30 leverage, while US brokers can’t provide more than 1:50. Brokers offering higher leverage levels are usually unregulated, so you’d better be careful with their offers. OniroFX is one of these brokers, and in the next section, we’ll show you how (un)reliable it actually is.
OniroFX DEPOSIT/WITHDRAW METHODS AND FEES
Now, you’ll read about a series of inconsistencies. First of all, the minimum deposit is either $200, $500 or $1000. It all depends on the page you landed on- different ones give conflicting pieces of information. That’s a red flag nonetheless.
Then, the funding methods are said to be Credit/Debit cards, Wire Transfers, Qiwi, Skrill, Neteller, WebMoney and others. However, the deposit system was broken at the time, so we can’t confirm any of the enlisted ones- an occurrence that further undermines the OniroFX’s fragile credibility. What’s more, other brokers run by VIGO AND CO LLC accept Credit/Debit cards and Cryptos only, which is fishy nonetheless. The company processing the deposits is still the same; why so many differences? The most rational answer is that OniroFX simply misleads customers by falsely claiming to provide numerous options. Beware!
Speaking of funding, we’d like to suggest our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a trusted payment system. The high-rated companies are strictly regulated, so they won’t shamelessly steal your hard-earned money.
As to withdrawals, the minimum is allegedly $100 free of charge– too much, given that most of its regulated counterparties impose no or minimal restrictions. However, withdrawal conditions will alter if clients accept bonuses, but the further provisions are seemingly fraudulent. As you can see from the screenshots below, two totally contradictory bonus clauses left us bewildered. Ask yourself, would a reliable broker will be so careless to confront itself every so often. That’s a rhetorical question, though.
HOW DOES THE SCAM WORK
OniroFX is an unregulated offshore brokerage acting suspiciously. We can’t label it a scam, but we proved it’s highly unreliable, so you should avoid it. Below, we’ll shortly explain how scams usually happen, and we won’t be surprised to see OniroFX acting in the same manner, given how questionable it is.
The Forex scam includes numerous stages, and that’s why it’s so nasty. Think about this: you paid for a pair of shoes, received nothing in exchange for your money, and you were one time scammed with $50. That’s it. However, in a Forex scam, you can get tricked into depositing multiple times and find yourself heavily ripped off in the end.
Usually, as a wary trader, you’ll put a small amount at the beginning- let’s say $250 and scammers will thereon falsify your results or distort market prices in your favour to make you believe you are successful. Indeed, you’ll see your account hugely profitable, and the cons will persuade you to deposit again, tricking you into thinking that you can gain even more. However, sooner or later, you’ll want to take the profits out, but they won’t let you do so and will push you to invest even more money. If you are determined to get your funds back, though, scammers will know you are done and will ask you to pay a tax if you want to withdraw. That’s usually the end of the scam because if you pay, they won’t send any money but will ask you to pay again, and if you refuse to follow their instructions, the fraudsters will simply stop answering your calls.
WHAT TO DO WHEN SCAMMED
Unfortunately, anyone can get defrauded. In the unfortunate case, you should reduce further risks as soon as possible- deactivate your card and call your bank to inform them what happened.
Report to the authorities and call the police. Seek help actively!
Remember, you need to be patient because many fraudulent chargeback agencies and individuals will try to milk you again, pretending that they can get your money back in no time in exchange for an upfront payment. Getting your money back is a time-consuming process.
Share online your experience; it’s important to protect others, as well. Be responsible!