Onefxgroup review – 5 things you should know about onefxgroup.com

Beware! Onefxgroup 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.

The Onefxgroup website is filled with assurances that this forex broker is an excellent choice for any trader. But even a basic fact check provides plenty of evidence to the contrary. This anonymous website is not a legitimate financial services provider. Let’s take a detailed look at why it’s in your best interest to stay away from Onefxgroup and what more credible alternatives you have.

Onefxgroup Regulation and safety of funds

Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.

Onefxgroup does not disclose which company is behind this alleged broker. Even the text of the Terms and Conditions does not mention the name of a legal entity or specify an applicable jurisdiction.

A contact address in Ireland is provided.

However, there is no licensed broker in this jurisdiction using the Onefxgroup trade name and domain.

Financial authorities in the Canadian province of British Columbia have issued a warning to investors that Onefxgroup is not authorised.

If you have decided to invest in financial instruments you have a choice of much more trustworthy options. There are many benefits for retail traders to trade through a licensed broker in the EU. These brokers must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach. When clients deposit money in their trading accounts, they are kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy.

All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.

Onefxgroup Trading software

Onefxgroup promises the popular MetaTrader 5 (MT5) software, but there are no links on the website to download a desktop or mobile app.

At the time of writing this review it was possible to log into an existing account but not register a new one. Therefore, we were unable to determine if Onefxgroup has any trading software.

Financial scammers sometimes prefer to handpick their potential victims through social networks and online forums, which is why they do not allow free registration. Genuine brokers allow easy Demo account creation.

It is advisable to contact one of the many legitimate brokers that offer MT5 or the still very popular MT4.

Onefxgroup Trading instruments

Onefxgroup has no legal authorization to facilitate trading in financial instruments. There is no good reason to trust your money to this suspicious website, given that you have a choice between many legitimate and established brands.

Onefxgroup Spreads and cost of trading

Onefxgroup  does not provide any information on the price paid by the customer and many other basic trading parameters.

Onefxgroup Maximum leverage

Onefxgroup offers leverage between 1:100 and 1:400 for different account types. This is also proof that this is not a licensed broker operating in Ireland or any other regulated jurisdiction.

High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders.

Another such piece of evidence is the claim that Onefxgroup offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms.

If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.

Onefxgroup Deposit and withdrawal methods

Due to our inability to register an account, we were unable to ascertain what payment methods Onefxgroup uses. Experience has shown that fraudsters direct their potential victims to cryptocurrency transactions that do not allow refunds to be requested.

Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller.

Onefxgroup Minimum deposit

The minimum deposit required by Onefxgroup is very high – 1,000 USD. For ten or even a hundred times lower amount you could open a starter trading account with a licensed and reputable forex broker.

Onefxgroup Withdrawal requirements

If the account has received a bonus, it can withdraw profits only after meeting the high and vaguely worded requirements for minimum traded volume – the number of standard lots equal to the deposit amount divided by four.