OniroFX

0
443
1/5
Rating 1

Beware! OniroFX 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.

At first glance, OniroFX looks like a professional broker offering competitive trading conditions and decent services. However, once we dived into it, we found plenty of inconsistencies and signs indicating something fishy. OniroFX is not safe, and we are going to explain why in the following review. error message its website displays on any attempt to do so:

OniroFX REGULATION AND SAFETY OF FUNDS

OniroFX is allegedly a brand of VIGO AND CO LLC, a St. Vincent and the Grenadines company also running two other brokers we already reviewed- VigoFX and Level5x. The most important thing, in this case, is that SVG brokers are not licensed or monitored by the local regulator SVGFSA, meaning they are not held accountable and can do anything with your money, even steal it. Not to mention that the deposits go offshore where no agency can track the money down, let alone take it back onshore where clients will be able to reclaim it. Also, SVG allows the creation of companies with hidden ownership, actually putting the risk on another level. Think about it: your money will be handled by people with concealed identities bearing no responsibility for their actions. Way too bad.

The bottom line is that your funds will be at risk if you deposit with OniroFX because it’s an unregulated offshore broker. If it were reliable, it would obtain a license to prove it has business-like intentions only. As it’s not regulated, we can’t say what these people are actually trying to do- provide Forex services or steal people’s money.

OniroFX TRADING SOFTWARE

OniroFX praises its software, but the Webtrader provided is inferior to MetaTrader- the leading platform for retail Forex trading. That being so, why don’t you see the licensed high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists? We recommend the MTs, as the platforms come with sophisticated features such as complex indicators, reliable charting tools and even EAs making automated trading possible. The EUR/USD spread delivered by the platform is good- 0.6 pips, meaning that trading won’t be costly in general ($6 per EUR/USD lot). However, the absence of regulation dwarfs the seemingly favourable conditions, so we still can’t recommend OniroFX. As for leverage, it can be up to 1:400– a risky ratio that can cause a total loss if not carefully deployed. In fact, leverage is so dangerous that it’s now a part of the licensing regime in way too many countries worldwide. Namely, due to regulations, licensed EU, British and Australian brokers have to limit clients to 1:30 leverage, while US brokers can’t provide more than 1:50. Brokers offering higher leverage levels are usually unregulated, so you’d better be careful with their offers. OniroFX is one of these brokers, and in the next section, we’ll show you how (un)reliable it actually is.

OniroFX DEPOSIT/WITHDRAW METHODS AND FEES

Now, you’ll read about a series of inconsistencies. First of all, the minimum deposit is either $200, $500 or $1000. It all depends on the page you landed on- different ones give conflicting pieces of information. That’s a red flag nonetheless.

Then, the funding methods are said to be Credit/Debit cards, Wire Transfers, Qiwi, Skrill, Neteller, WebMoney and others. However, the deposit system was broken at the time, so we can’t confirm any of the enlisted ones- an occurrence that further undermines the OniroFX’s fragile credibility. What’s more, other brokers run by VIGO AND CO LLC accept Credit/Debit cards and Cryptos only, which is fishy nonetheless. The company processing the deposits is still the same; why so many differences? The most rational answer is that OniroFX simply misleads customers by falsely claiming to provide numerous options. Beware!

A bonus clause
Another bonus clause contradicting the first one

HOW DOES THE SCAM WORK

OniroFX is an unregulated offshore brokerage acting suspiciously. We can’t label it a scam, but we proved it’s highly unreliable, so you should avoid it. Below, we’ll shortly explain how scams usually happen, and we won’t be surprised to see OniroFX acting in the same manner, given how questionable it is.

The Forex scam includes numerous stages, and that’s why it’s so nasty. Think about this: you paid for a pair of shoes, received nothing in exchange for your money, and you were one time scammed with $50. That’s it. However, in a Forex scam, you can get tricked into depositing multiple times and find yourself heavily ripped off in the end.

WHAT TO DO WHEN SCAMMED

Unfortunately, anyone can get defrauded. In the unfortunate case, you should reduce further risks as soon as possible- deactivate your card and call your bank to inform them what happened.

Report to the authorities and call the police. Seek help actively!

Remember, you need to be patient because many fraudulent chargeback agencies and individuals will try to milk you again, pretending that they can get your money back in no time in exchange for an upfront payment. Getting your money back is a time-consuming process.

Share online your experience; it’s important to protect others, as well. Be responsible!

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