Onenfx Review – Warning Signs All Over!

Just because they choose a tax haven for their unregulated business doesn’t make fraudsters untouchable by regulatory laws. 

Since this con artist focuses on defrauding developed nations with strict oversight and isn’t regulated by any of the leading financial authorities, they have become a target of regulatory action. Find out everything you need to know about this den of lying wolves in our Onenfx review ahed. 

Public Warnings are Coming!

GLOFSA, being the main financial regulator in the Marshalls, does a poor job of overseeing Forex markets participants. Although the scheme has existed since January 2023, not until the start of 2024 did the regulatory bodies detect their unscrupulous actions towards EEA traders.

After a series of complaints issued by investors, AMF, CSA and CONSOB have warned the public about the threat that Onenfx scam poses. Just like 24k Markets, this con provides no safety of funds through segregation of accounts, compensation plans or negative balance insurance. 

Traps Could be Hard to Resist

There’s no Forex investor that doesn’t dream about getting lucky and winning a huge amount of profit that is life changing. That’s exactly what makes each of us vulnerable to frauds like the Onenfx broker. As previously noted, the scheme is operational since January 2023, and has predominantly been targeting investors in these countries:

• Canada
• France
• Israel
• United Kingdom

Seeing the statistics, it’s no wonder Canadian regional regulatory bodies were the first to issue warnings about the cons that promise guaranteed profits, bonuses and other benefits through boiler room agencies. 

Nothing but Worst Ratings

The only site containing any trace of Onenfx reviews is their unclaimed Trustpilot page. Seeing the average rating of 1.9 stars makes everything clear: this cyber thief does nothing to deny the accusations and pretentiously carries on their fraudulent activities. 

Vast majority of customers complain about being pestered to invest and then not being able to withdraw anything because of fees. These were required to be paid upfront for the alleged profit to be released, which never happens eventually.

Trading Terms on Offshore Portals

Illicit online financial services providers advertise risky conditions as something beneficial to the trader. High leverage ratio is actually forbidden in better regulated zones to lower the risks of loss. The Onenfx trading conditions include a leverage of 1:1000 which is known to be offered even by regulated houses like OQtime which operates under offshore supervision.

No other information is provided concerning spreads, fees and commissions so hidden costs are expected to show up when you least expect them to. The platform displays starting spreads on Forex majors to be 4 pips, which is quite pricey.

Bonuses Forced on Clients

As soon as you create your Onenfx login and deposit, you’ll have your account credited with a bonus sum, whether you want it or not. This cash reward goes up to 100% of the invested amount and is used as an excuse to deny your withdrawal request. Non-deposited funds are used for such matters, so Tier 1 regulators have banned them a while ago.

Basic Software, Expensive Accounts and No Tools

It’s hard to describe the offer this brokerage presents as anything but a failure. While big amounts of cash are required for packages to unlock, the promised features are a lie. Moreover, it’s a question if any trading activity on here is genuine.

Overused MT4 Lie

Onenfx MT4 trading platform is just a promise, as no download links work and clicking them simply refreshes the page or leads nowhere. This usually serves as another bait for unwary Forex investors that are just starting their trading journey. 

It’s no secret that premium platforms are often misused in the marketing campaigns launched by illicit brokerages to attract new victims with promises of prestigious software being supported.

No Proof of Products Availability

The website brags about providing hundreds of tradable assets, with the special accent on Onenfx crypto trading. Here are groups of instruments that are vaguely mentioned on the site:

• Forex – EUR/USD. EUR/GBP, EUR/CHF
• Indices – DAX, DOW, NASDAQ
• Commodities – Oil, Gold, Sugar
• Stocks – BMW, Ferrari, Alibaba
• Crypto – ETH, ETC, XRP

Do Packages Provide the Promised?

Signing up with the Onenfx app opens the possibility of purchasing any of the account types advertised on the site. Promoted as rich with features and extremely affordable, these packages promise specialized education, signals and customized support. That couldn’t be any further from the truth, especially if you check out the price tags:

• Mini Account – $ 1,000
• Standard Account – $ 2,000
• Premium Account – $ 5,000
• VIP Account – $ 10,000
• Platinium Account – $50,000+

Risky Payment System

As already proven through the amount of negative reviews, the Onenfx withdrawal is the most critical point of the company’s entire functioning. These two funding methods are promoted on the site:

However, details pertaining to the payment process are concealed. Also, customers can’t make a single deposit until they contact the customer service and acquire guidance from alleged wealth managers.

Support Seemingly Active

Email and phone are listed as always available channels for contacting the customer service. It’s questionable if anyone ever replies to these, considering constant complaints from the customers about the support neglecting their duties. There’s also an online chat feature but you’ll wait forever for the queue to empty before you give up.

What to Do When Scammed

With the number of public warnings against this fraud increasing, we can expect more customer complaints in the future. That’s why it’s crucial to read this review and stay updated on the newest threats lurking the markets. 

For more details on how to act in case you’re being targeted by frauds or if you’ve already lost money, our team of experts can help. Use our online chat feature and book your free consultation today.

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