Online trading has always been popular, but the last couple of years have seen a massive influx of people in the financial markets. Cryptocurrencies are one reason that more people seem to be taking an interest and some have also decided to dip their toes due to the COVID-19 pandemic. Regardless of the reason, people seek an online broker that can open the doors and provide them with everything that’s needed for trading. A ton of brokerages have popped up to cater to their needs and Onyxprofit is one of them. But, before you sign up anywhere, there is some diligence required and checking out this Onyxprofit review is part of it.
Many people are so anxious to begin that they don’t bother doing any diligence. They just sign up with the first broker that seems to be offering them decent services. The problem is that these days, even scam brokers appear to be authentic platforms and it is only once you begin trading that you realize you have fallen into a trap. By that time, it is already too late because these brokers don’t let you withdraw your money. Do you really want to risk your hard-earned money this way? Probably not.
To ensure it doesn’t happen, you need to do your diligence, which means checking a company from the inside out. Are they really who they claim to be? Yes, you can find the answers by checking all of their claims and promises and this is what you have to do with Onyxprofit as well. Even if it seems legitimate to you on the surface, you should dig in and confirm its authenticity before depositing your money. This review can come in handy for this purpose:
Regulation and Licensing
Every expert trader you talk to will tell you that checking the regulation and licensing of a broker is a must before you open an account with them. Unregulated and unlicensed brokers have been at the heart of the scams that have occurred in the financial markets and you definitely do not want to fall into their trap. Is Onyxproft regulated and licensed? A quick look at their website shows that it is owned and operated by a company called Donnybrook Consulting, which claims to be based in the Commonwealth of Dominica.
Donnybrook Consulting has become notorious as a scam company that has introduced several fraudulent trading platforms to exploit people. OnyxProfit is just the latest in its list of scams, which means that it is not legitimate at all. Dominica is an offshore jurisdiction where there is no regulation and anyone can set up a company without any such complications. In addition, the address that you will find on the OnyxProfit website is one that has already been used by a number of other scam platforms, which is further confirmation about the fraudulent nature of the company.
If you need additional proof, then you will also find that the Italian regulator, CONSOB, has also issued a warning about Donnybrook Consulting, which indicates that the company is just an elaborate scam and nothing more.
Terms and Conditions
The aim of the Terms and Conditions is to define the relationship between a broker and its clients and a check of these at Onyxprofit indicates that the company is only out to exploit people. They have a clause called Non-Deposited Funds, which outlines that traders cannot withdraw the profits that are made from the trading bonuses they are given. First things first, trading bonuses are banned in most regulated markets because of their nature, since they are unfair to traders.
Therefore, the fact that Onyxprofit offers trading bonuses should already be a big concern. Secondly, this non-deposited funds’ clause is just an excuse for the broker to cancel your withdrawal requests. This is because there is no way to physically separate the profits you make from your own deposits and those made from the bonus. Hence, this clause is just used as an excuse to cancel all withdrawal requests submitted, as the broker can claim that the profits were made with the bonus.
The only time that traders will be permitted to make withdrawals at Onyxprofit is if they are able to fulfill some minimum deposit requirements. The problem here is that the requirement is usually impossible to fulfill, which means that it is just an illusion and you wouldn’t be able to make a withdrawal at all. Lastly, another problem with the Terms and Conditions is regarding the clause associated with inactivity fee. This indicates that the broker will charge an inactivity fee, but they have not mentioned any amount, which means they can charge pretty much whatever they want.
Another crucial aspect of a broker where Onyxprofit has turned out to be a complete and utter disappointment is their trading platform. As it shapes most of your trading experience, you want a platform that provides you the right tools and interface. The MetaTrader platforms i.e. the MT4 and the MT5 are recognized as the top trading solutions, but you will not find these available here. Instead, a shady web-based trading platform has been added, which doesn’t even come close to the MetaTrader and is severely lacking. Most scam brokers in the market offer this web trading platform that is oversimplified and unreliable.
Even though the high leverage of 1:100 can be attractive for traders, you should bear in mind that Onyxprofit wouldn’t offer such leverage if it was a regulated broker. Limits have been imposed in most regulated markets where leverage is concerned because of the risk, so the fact that you are being offered such high ratios should be a cause for concern.
Once you find out about the shady and scam company running Onyxprofit and go through their ludicrous terms and conditions, it can be determined that you cannot expect anything good from this broker. Their intention is to just scam as many people as possible, so you should avoid them and look for an authentic option.