Beware! FXonus is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Dont put all your eggs in one basket. Open trading accounts with at least two brokers.
Few are the shady brokers that can impress us with a visual style, and FXonus really comes close, but we cannot ignore all the signs that work against this company. Yes, we confess that we like the structure of the site as well as the imagery, but there is no need to go easy on FXonus, only because its nice to look at. We are here to deal with what truly matters: the trading condition that the broker offers, and if FXonus answers the ultimate question: is it worth investing in? Read the review to find out.
Registering is the first step towards the truth, and in the case of FXonus the process was fast and simple. We could not open a live trading account, understandingly, but we could launch a demo one. While creating demo trading account, we had the ability to chose a leverage capped at 1:500, a value mostly offered by offshore brokers.
We proceeded to opening an MT5 demo server account. After some nuisance in finding the brokers servers, we were quickly logged in the trading software. Unfortunately, the demo account gave us no available tradeable assets, and as a result no spreads to rely on.
According to the website, the trading instruments are forex currency pairs, commodities, futures, cryptocurrencies, spot indices, shares, and IPOs. We found no spread values anywhere.
The website of FXonus can be accessed in English, Arabic, German, French, Spanish, Russian, Vietnamese, Persian, Cambodia, and Nigerian-English.
FXONUS REGULATION AND SAFETY OF FUNDS
The website gives us a Republic of the Marshall Islands Maritime and Corporate Registries link, that leads to an error page of the website. Now, even if somehow FXonus were to be found on the website, it wouldnt make a difference. A broker must be regulated by a FX trading license issuer in order to provide legal FX services. The Marshall Islands does not have an FX regulator.
Furthermore, in the footer we read that the user is the only one who is responsible for complying with all applicable laws in the relevant jurisdiction, which puts enormous pressure on users that is completely unnecessary. Only the broker must make sure it complies with the laws of a nation!
These are all symptoms of an UNLICNESED broker.
Investing in unregulated brokers is kissing your money goodbye. Always look for a license before investing into a brokerage, most preferably from either the FCA or CySEC, but also from other renowned agencies. These regulators have strict rules and prerequisites that all brokers must follow, or otherwise, penalties or foreclosure may follow! Whats special about the FCA and CySE said that they offer reimbursement schemes to all users of brokers that they regulate, covering their losses if the broker becomes insolvent. CySEC guarantees up to 20 000 per person, while the FCA guarantees up to £85 000.
FXONUS TRADING SOFTWARE
We are again in the company of an unregulated brokerage that has somehow gained access to the MT5 software.
By far the most effective platform on the market, the MT5 marked the start of new FX trading standards by improving on the MT4 in almost every way. Users can take advantage of hundreds of different tools to improve their trade game!
FXONUS DEPOSIT/WITHDRAW METHODS AND FEES
Unfortunately, the user area did not reveal any payment options. None of the payment subsections gave us any real options to chose a payment option.
On the website we learn of many payment methods, using cards, wire transfers, and alternative payment methods, but we can never be sure that FXonus is telling the truth. We could not find any evidence of a minimum deposit.
The website claims that withdrawals are done through the same payment methods as the depositing ones. The processing times for requests is 1 to 5 days. There is a $20 fee if the user withdrawals anything less than $100. Anything bigger than $100 is free to withdraw, although we cannot vouch for any of these conditions.
We read in the legal documents that the company commissions fees, but it never says to what end. This type of beating around the bush is common with unlicensed brokers.
As we expected, not only is FXonus unlicensed, but it is also a clear risk to all investors and their personal details. Do not invest here!
How does the scam work?
Online ads that seem extravagant, promising impossible returns, are the entry point into an investment scam.
When a user clicks on the ad, he or she will be redirected to one of the following: a scammer broker site or an intermediary website. The user will then be asked to provide a phone number or a phone number.
Giving in to these ads will lead to a deposit, initiated by the first level of fraudsters, whose skill as negotiators should not be underestimated. Once an initial deposit is made, the user has entered the scam.
The core fraudsters, a.k.a account managers, will try to keep users invested in the scam until the user does not realize he/she is being scammed. Usually, it takes around 2 to 3 deposits to realize something is off. The fraudsters might pay some profits, just to keep the client invested.
Once the client realizes she is being scammed, the broker would have either closed her account, shut down the entire website, or simply will not allow for a withdrawal.
What to do if scammed?
A credit or debit card scam is one in which users can most easily get their money back, through a chargeback procedure. MasterCard and VISA have a chargeback period of 540 days.
If the user has given the scammers money through a bank transfer then they must ASAP change bank account username and password and only then proceed to contact the bank, asking them for direct help.
Money invested through a crypto wallet is gone for good, because crypto transactions are untraceable!
Users might stumble upon these so-called recovery agents or agencies. They will say that they can recover lost funds in return for a hefty service fee. Needless to say, after the user falls for this, these agents will never be heard of ever again!
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