Another In A Series Of Scam Platforms?

OneFXGroup alleges to be a renowned European Forex & CFD brokerage firm with favorable trading conditions and a strong client base. However, we investigated the website and found numerous irregularities regarding the broker’s legal background.

After doing some more digging, we discovered that the platform is anything but transparent. Hence, we urge you to read our OneFXGroup Review and learn more about this sophisticated hoax designed to scam unsuspecting traders.

Legal Info: Is OneFXGroup Regulated?

The website did not reveal any relevant information about the firm’s legal background except for mentioning that the business was allegedly founded in Ireland. We looked up the broker in the register of the Irish Central Bank but got no results. The OneFXGroup regulation issue is indicative of a trading scam. 

As further evidence, we found two warnings issued against the platform on November 1 and 30 by the British Columbia Securities Commission (BCSC) and the Manitoba Securities Commission (MSC), respectively. 

These alerts are clear signs that the broker is up to no good. To put the final nail in the coffin, Italy’s CONSOB also blacklisted the OneFXGroup broker! In short, this means the provider is not authorized to operate across the European Economic Area (EEA).

We do not recommend you trust unregulated platforms because they are not liable to financially compensate you in case something goes wrong.

Instead of trusting unlicensed phonies, you should stick to regulated providers operating under the watchful eyes of renowned financial authorities such as the FCA (UK), CFTC & NFA (US), ASIC (Australia), IIROC (Canada), BaFin (Germany), JFSA (Japan), MAS (Singapore), etc.

Who Are OneFXGroup’s Targets?

According to godaddy.com/whois, the onefxgroup.com website domain was created on September 12, 2023. For about two months now, the financial swindler has mainly been targeting unsuspecting traders who reside in the following countries:

• United Kingdom;
• Canada;
• Switzerland;
• Singapore;
• Australia.

All these countries have heavily regulated markets and laws in force to prevent unauthorized imposters from defrauding local traders. One common law stipulates that each financial market participant must possess a necessary license or permit.

Like TradeSafer, the illicit OneFXGroup trading brand has no approval to operate. The broker directly violates Irish, i.e. European regulations by offering users leverage higher than allowed for retail clients (1:30). 

Trader Reviews – Sharing Experiences

Checking the feedback OneFXGroup received from traders on popular forums, we noticed that it was mostly positive with many five-star reviews. However, the honesty of these reviews is questionable.

As mentioned, the platform has been active since mid-September while the first comments started appearing in October, which is quite a short period for satisfactory results.

There are also complaints. “I invested 2600 usd in this trading platform and as soon as i wanted to withdraw my money they disappeared and nobody answers the phone to me…” one trader said, claiming the platform stole his funds.

We recommend you read what users said on sitejabber.com to learn which methods the broker uses to fool traders and how the scheme works. 

Which Trading Platform Is Available?

The website advertises MT5 but there is no download link anywhere. The FAQ section, however, suggests that the OneFXGroup platform is a simple web trading terminal that supports popular trading instruments such as Forex currency pairs, indices, commodities, stocks, and cryptocurrencies.

Since there is no demo account, we cannot check out the platform and give our assessment of it. Generally, web platforms are lackluster and ineffective, offering no sophisticated tools whatsoever.

If you want a pure trading experience, you should stick to licensed providers that support recognized third-party software such as MetaTrader 4, MetaTrader 5, or cTrader. 

MT platforms are arguably the best in the industry, enabling traders to utilize cutting-edge tools such as automated & algorithmic trading, advanced charting, live market reports, API integration, 20+ timeframes, EAs, lightning-fast order execution, etc.

Available Live Account Types

Leverage, Spreads, Commissions, Demo Account

The maximum leverage that OneFXGroup offers is capped at 1:400, which, as we mentioned, is significantly higher than the legal limit for retail clients in Europe & Australia (1:30) and North America (1:50).  

High-leverage trading is a double-edged sword. While it can amplify potential profits, it may also lead to unbearable losses, making margin trading pretty risky. Fraudsters such as CTE CAP are known for exposing users to such risks. 

As for the trading costs, i.e. spreads and commissions, the broker did not disclose any specific values or numbers, which raises concern. Spreads were outlined in percentages rather than pips.

Another big red flag is that there is no demo account. If you are a beginner, you should not be risking real money without practicing first. Every legitimate broker nowadays offers a free demo account so be sure to choose the right provider.

Deposit and Withdrawal Process

The broker’s website listed three available payment methods that can be used to fund live trading accounts:

• Credit/debit cards (MasterCard, VISA);
• Wire transfers;
• E-wallets.

The minimum deposit is 250 USD but given the provider’s shady background, you are unlikely to be allowed to withdraw your money.

In case you deposited funds via MasterCard or VISA credit/debit cards, you can request a chargeback at the issuing bank within 540 days and reverse the transaction. Wires can be reversed via a recall but this action can only work for transactions yet to be completed.

Key Facts To Consider About OneFXGroup

To summarize, OneFXGroup is a virtually anonymous fraudster mainly targeting traders from the UK, Singapore, Australia, Canada, and Switzerland. The broker has been blacklisted by two Canadian regulators and Italy’s CONSOB.

We do not recommend the platform because it is unregulated and not transparent at all. In case you’ve lost money to the OneFXGroup scam, you must seek our professional help to recover your funds!

Use the form below to book your free consultation with Scam Brokers Reviews and tell us more about your case. Our team will gladly guide you through the fund recovery process and assist you every step of the way.

Book your free consultation here and start the chargeback process.

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