Broker violations and abnormal records
This piece will discuss how fraud company trap clients and what you should do if you ever faced up with fake brokers like OneFX Trade.
About OneFX Trade
OneFX Trade claims to be a forex and CFD brokerage firm based in the United Kingdom. The company provides retail trading services across currency and commodity markets. While the MT5 trading platform is the only option to access liquidity providers, the broker’s range of tradable instruments also seems limited. Depending upon individual preferences, clients can sign up for four account types at OneFX Trade: Micro, Standard, VIP, and ECN. Although the firm supports copy trading services, it doesn’t offer educational facilities. While the information on minimum deposits and supported payment methods is unavailable, the company doesn’t talk about safety precautions in place to protect clients’ funds. Customer support is offered through telephone, email, and live chat.
Is OneFX Trade Regulated？
No, OneFX Trade is neither registered nor regulated anywhere in the world. Although the company claims to have been a regulated brokerage firm, it doesn’t list any certification to support its claim. The link to the legal information page is also broken.
How Does OneFX Trade Scam Works？
The broker has posted false information concerning its regulatory status on its website to look legit and to gain customers’ trust. Though it doesn’t work for experienced traders, mostly newbies become their prey.
When clients signup with the broker, it asks for deposits and instigates them to claim special bonus offers. The company keeps following up until you make a deposit or change your number.
However, after receiving clients’ funds, the broker barely replies to your emails or phone calls. By the way, this attitude is common to typical scam brokers.
Suggestion：Do not trust your money to an unlicensed broker like OneFX Trade.