OneFxGroup Review

OneFxGroup

Investors Alert OneFxGroup – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)

Introduction to onefxgroup.com:

Onefxgroup.com is a website that claims to offer online trading services in various financial markets, such as forex, stocks, commodities, and cryptocurrencies. The website also claims to provide educational resources, trading tools, and customer support to its clients. However, ASIC has issued a warning that onefxgroup.com does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorized to provide financial or credit services in Australia.

Products and Services offered by onefxgroup.com:

According to its website, onefxgroup.com offers four types of trading accounts: Basic, Silver, Gold, and Platinum. Each account has different minimum deposits, spreads, leverage, and bonuses. The website also claims to offer a web-based trading platform, as well as mobile apps for Android and iOS devices. Additionally, the website claims to offer various educational resources, such as webinars, ebooks, videos, and articles, as well as trading tools, such as economic calendar, market news, and signals.

Financial institution & regulatory license of onefxgroup.com:

Onefxgroup.com does not disclose any information about its legal name, registered address, or regulatory status on its website. The only contact details provided are an email address and a phone number with a UK country code. However, ASIC has confirmed that onefxgroup.com does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorized to provide financial or credit services in Australia. Furthermore, ASIC has advised that onefxgroup.com may be involved in a scam.

Trader’s Reviews and Customer Service of onefxgroup.com:

There are very few online reviews about onefxgroup.com from traders who have used its services. The few available reviews are mostly negative, and report issues such as difficulty in withdrawing funds, aggressive sales tactics, false promises of profits, and lack of communication. Some reviewers also claim that onefxgroup.com is a clone of another scam website called OneFX Capital. The customer service of onefxgroup.com is also reported to be poor and unresponsive.

How do online trading scams operate:

Online trading scams are schemes that lure unsuspecting investors into depositing money with unlicensed or fraudulent brokers or platforms. These scams often use fake websites, social media posts, emails, or phone calls to promote unrealistic returns or bonuses for trading in various financial markets. Once the investors deposit their money, the scammers either manipulate the trading results, refuse to process withdrawal requests or disappear with the funds.

How to Safeguard Against Fraudulent Brokers:

To protect yourself from online trading scams, you should always do your research before choosing a broker or platform to trade with. You should check the following:

– The legal name, registered address, and regulatory status of the broker or platform

– The reputation and reviews of the broker or platform from other traders

– The terms and conditions of the broker or platform, especially regarding deposits, withdrawals, fees, and bonuses

– The security and functionality of the broker or platform’s website and trading software

You should also avoid any broker or platform that:

– Does not have a valid license or authorisation from a reputable regulator

– Promises unrealistic returns or guarantees for trading

– Asks for personal or financial information that is not relevant or necessary

– Pressures you to deposit more money or accept bonuses

– Does not respond to your queries or complaints

Conclusion:

Onefxgroup.com is a website that claims to offer online trading services in various financial markets. However, ASIC has warned that onefxgroup.com does not hold an Australian financial services licence or Australian credit licence from ASIC, and is not authorized to provide financial or credit services in Australia. Moreover, ASIC has advised that onefxgroup.com may be involved in a scam. Therefore, you should avoid dealing with onefxgroup.com and report any suspicious activity to ASIC.

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