Beware! Onyx Trade Group 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.
Purportedly, the people working at Onyx Trade Group are committed to providing an unmatched trading experience based on fair and transparent prices, excellent customer service, specialist learning and training opportunities. They also claim that Onyx Trade Group is an award-winning multi-asset broker, but the truth is quite different actually: the entity is an exposed scam, and in the following review, you can see which financial authority issued a warning against it.
Onyx Trade Group REGULATION AND SAFETY OF FUNDS
Onyx Trade Group is a brand of Lencher ExPro LLC– a company registered in St. Vincent and the Grenadines, meaning that the broker isn’t regulated as the country mentioned doesn’t license or monitor Forex brokers. The absence of regulation implies that the people running Onyx Trade Group work unchecked at all times, meaning that they can do whatever they want with clients’ money- steal it, for example. Even more so, St. Vincent and the Grenadines has strong confidentiality laws allowing the creation of totally anonymous companies, so whenever things go wrong, there is literally no one to blame for what happened. These people are just invincible when hidden behind offshore shell companies like Lencher ExPro LLC.
However, the broker’s offshore registration is just a part of the story. Onyx Trade Group is actually an exposed scam as the British regulator FCA issued a warning against it. Additionally, Lencher was blacklisted by the German BaFin, too, but for other fraudulent brokerage belonging to the company- Novo Trade Group (novo-trade.de). So, Onyx Trade Group turned out to be a part of a larger scheme, indicating that these scammers are experienced, so you can lose a significant amount of money if you get into the trap. Eventually, we can assert that you’ll lose money to fraud if you deposit with Onyx Trade Group.
That’s why we advocate for authentic companies regulated by trustworthy financial authorities like CySEC (Cyprus) and FCA (Britain). Both maintain the highest supervision standards and require brokers to keep deposits segregated in local banks, thus ensuring clients won’t lose their capital if something wrong happens. The segregation improves transparency, speeds withdrawals up, makes chargebacks easier and generally helps prevent fraud. What’s more, the European FX companies are covered by deposit insurance funds laid down to compensate unfortunate people in case of unforeseen events- CySEC brokers’ clients can claim up to €20 000 per person, while the British guarantees are even up to £85 000.
Now, see the British warning against Onyx Trade Group:
Onyx Trade Group TRADING SOFTWARE
Onyx Trade Group has a Desktop distribution, a Webtrader and mobile apps, but we could access neither of those. The Desktop app we got was 124 Mb, and we refused to install it due to security reasons while the Webtrader remained out of reach as our account was left pending. As for the mobile application, it runs on Android only, and we also didn’t install it as it’s just some downloadable piece of software that’s not on Google Play- more security risks. In any way, Onyx Trade Group is just a scam, so its trading software won’t help it get a better score, even if it’s sophisticated, which we doubt to be the case.
So, we can’t discuss real-time spreads and trading costs, but we’d like to pay attention to the risks involved- we couldn’t get the platform. Still, Onyx Trade Group claims to offer 1:400 leverage, which is a risky ratio that’s no longer allowed in most of the countries within EEA. Needless to say, the leverage provided shows that Onyx Trade Group can’t legally offer its services in Europe. But as you can see from the screenshot at the Intro, the broker claims to do so. Scam!
Onyx Trade Group DEPOSIT/WITHDRAW METHODS AND FEES
Onyx Trade Group mentions nothing about minimum deposit requirements, and we can’t show anything as our account is still pending, as you already know. The alleged funding method is Credit/Debit cards, but we can’t validate these claims either.
The minimum withdrawal is purportedly $50, but that’s just a fraudulent piece of information because Onyx Trade Group is a scam, and as such, it won’t send any money back to customers. Nevertheless, we’ll discuss the malicious bonus policy, which generally changes withdrawal conditions for the worse, and we also believe that these scammers may as well use the clauses to delay or reject withdrawal requests. In detail, clients should trade a quarter of the bonus amount in terms of lots for 60 days to become eligible for withdrawal. Namely, for a $200 bonus, they need to execute 50 lots (5 million USD in turnover) to get some money out of the account. Beware!
HOW DOES THE SCAM WORK
Onyx Trade Group is an officially exposed scam, so see what scammers usually do while swindling unlucky customers out of their savings.
So, when fraudsters get hold of your contact numbers, you’ll get a call, promised the moon and the stars if you deposit immediately. And to gain trust, those criminals will usually pretend to work for governments, financial authorities, banks, other reputable companies and so on. Scammers will be confident in what they say, so if you don’t see the warning signs, you may end up depositing fascinated by their fake commitment. However, the fraudulent game actually begins after you send the money. 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 continuously ask you to increase the size of the investment and invent stories to make you deposits over and over again. Sooner or later, though, you’ll get determined to withdraw some money, and then the 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 going on, and when the scam becomes too apparent, the cons will simply stop answering your calls and e-mails.
WHAT TO DO WHEN SCAMMED
It would be best if you first call your bank to inform them and then deactivate your card to avoid any additional risks, as the scammers may 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 particular scam, too. 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!