OnexCap review – 5 things you should know about onexcap.com

OnexCap review – 5 things you should know about onexcap.com

Rating: 1

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

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OnexCap vows that it has cutting-edge trading technology that connects people, financial markets, and all necessary tools in order to create trader’s success. Well, that’s not true as we came across a nice-looking that doesn’t really feature anything cutting-edge at all. OnexCap is dangerous, and we’ll show you why in the following review.

OnexCap REGULATION AND SAFETY OF FUNDS

OnexCap is a brand of Adviq LTD– a company allegedly registered in the Marshall Islands, so it’s unregulated, meaning that your funds will be at risk if you deposit. The country mentioned doesn’t even have a financial authority, and that’s to scammers’ liking- the Marshalls are overcrowded with fraudulent brokers and other fishy businesses only because of the regulation deficit, which allows them to be unaccountable.

Also, the Marshall Islands are one of the few offshore jurisdictions that allow the incorporation of shell companies with hidden ownership, so the people running OnexCap are totally anonymous. In fact, Adviq LTD is so shady that we can’t even confirm that such a legal entity exists. Needless to say, it’s impossible to know how the company handles its money, so once you deposit with OnexCap, your money goes offshore, where it literally disappear, and when this happens, you’ll be left with almost no chargeback options. A perfect setting for a scam scheme, isn’t it? That’s why we strongly advise against trading with unlicensed brokers like OnexCap and endorse adequately regulated companies only.

For example, trustworthy regulators CySEC (Cyprus) and FCA (Britain) require account segregation, ensuring that clients won’t lose their funds if a broker gets insolvent as deposits are not commingled with the broker’s money. The segregated accounts improve transparency, speed withdrawals up, make chargebacks easier and generally help prevent fraud. On top of all that, European companies are covered by deposit insurance funds laid down to reimburse clients in case of unforeseen events- CySEC brokers’ clients can get up to €20 000 in compensation, while the British guarantees are even up to £85 000.

Needless to say, OnexCap can’t offer any security whatsoever; on the contrary, it’s so risky that it’s totally not worthy. To sum up, each deposit with OnexCap goes offshore, where people with concealed identities will handle the funds while bearing no responsibility for their actions. Avoid!

OnexCap TRADING SOFTWARE

OnexCap mentioned something about cutting-edge technology, but if you look at the screenshot at the bottom of this section, you’ll see that it has a basic Webtrader. The platform is actually nice-looking and easy to navigate, but it certainly can’t compete with MetaTrader 4 or MetaTrader 5, for example. Both mentioned are industry leaders coming with powerful features like Expert Advisors, complex indicators and even a marketplace with more than 10 000 apps.

Still, the trading costs revealed by the platform are seemingly excellent- 0.1 pips spread for EUR/USD, and that’s arguably the best Buy/Sell difference possible. In other words, clients pay just $1 per lot traded ($10 or less is the industry standard), but OnexCap is unregulated, and that totally dwarfs the good trading conditions.

As for leverage, it varies between 1:100 and 1:500 (for deposits of $250 000 or more); however, the default ratio of the account we opened is 1:200, and we didn’t find a way to change it. OnexCap apparently limits clients and put them in a risky trading environment- a red flag. Beware!

OnexCap DEPOSIT/WITHDRAW METHODS AND FEES

The minimum deposit is €250 allegedly via Credi/Debit cards, Wire Transfers and e-wallets. We didn’t check the deposit system as we had to go through KYC compliance to do so. It’s totally out of the question to submit copies of personal documents and bank cards to this fishy website.

As to withdrawals, the minimum is $100 for Credit/Debit cards ($25+$10 fee) and $250 for Wire Transfers (each transaction costs $50). Yet, there are additional requirements that worsen the withdrawal conditions. The first to note is the minimum trading volume of 200 (the broker fails to specify what 200 means), and if clients haven’t reached it, they pay another 10% of the withdrawal sum. That’s a scam!

Another one is linked with the broker’s incentives: if clients get a bonus, they need to trade the bonus plus the deposit 25 times to become eligible for withdrawal. Once again, OnexCap fails to explain what 25 times mean. If it’s in terms of lots, then clients should trade 2500 lots (250 million USD in turnover) for a bonus of $100. In any case, the bonus clause always gives the brokerage an excuse to delay or right away reject withdrawal requests. That’s a scam!

The dormancy clause is also fraudulent. As you can see from the screenshot below, clients have to pay 10% of the balance per month if the account becomes inactive. In contrast, regulated brokers take 5 to 10 dollars at most, not 10%. OnexCap is a scam!

HOW DOES THE SCAM WORK

We exposed OnexCap as a scam in this review, so in this section, we’ll concisely describe how Forex fraud usually happens.

When fraudsters get hold of your contact numbers, you’ll be approached immediately, promised the moon and the stars to make you begin investing. To gain trust, those criminals usually pretend to work for governments, financial authorities, banks, reputable companies etc. Scammers will be confident in what they are saying, and if you don’t recognise the warning signs, you may end up depositing. However, just then, the Forex fraud actually begins. Once they have the desired deposit, the cons will distort prices and forge fake reports to make you believe you are on the winning side, manipulating you to start thinking big and consider more deposits.

Then, the fraudsters will gradually ask you to increase the size of the investment and invent stories to make you deposits again and again. Sooner or later, though, you’ll get determined to withdraw some money, and then scammers will ask you to deposit again because, according to their words, there are taxes and fees that you should pay. At this point, you’ll probably realise something wrong is happening, and when the scam becomes too apparent, the fraudsters will simply cut the communication and disappear. Later, the whole website will be brought down, replaced with a new one so that the scammers can carry on with their criminal activities.

WHAT TO DO WHEN SCAMMED

It would be best if you first call your bank to inform it and deactivate your card to avoid getting exposed to additional risks, as the scammers may as well have obtained your details.

Then, call the police, inform the financial authorities, file complaints and don’t forget to spread the word online so that other people can find out about the fraudulent scheme. Still, it’s crucial not to rush trying to reclaim your funds as numerous scams are disguised as chargeback agencies set up to double-scam victims.

Finally, we know it’s an awful experience to get scammed, but please share your story to help protect others!

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