Caution Investors OneFxGroup – Regarding market intermediaries (investment and trading advisers, collective investment schemes, brokers, dealers, and transfer agents)
Overview of OneFxGroup:
OneFxGroup is a forex and CFD broker that offers trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies. The broker claims to have offices in London, New York, Hong Kong, and Dubai, and to provide advanced trading platforms, competitive spreads, fast execution, and professional customer support. However, there is no evidence to verify these claims or to confirm the identity and location of the broker.
Regulation and Compliance of OneFxGroup:
OneFxGroup is not regulated or authorized by any reputable financial regulator. In fact, several regulatory authorities have issued warnings against this broker for operating without proper registration and authorization. These include:
– The Autorité des marchés financiers (AMF) of France, which warned that OneFxGroup is not authorized to provide investment services or to solicit investors in France.
– The Australian Securities and Investments Commission (ASIC), which warned that OneFxGroup is not licensed or registered to offer financial services in Australia.
– The British Columbia Securities Commission (BCSC) of Canada, which warned that OneFxGroup is not registered to trade in, or advise on, securities or derivatives in British Columbia.
These warnings indicate that OneFxGroup is operating illegally and may be involved in fraudulent or scam activities. Trading with an unregulated broker exposes traders to various risks, such as losing their money, having their personal information compromised, or being unable to withdraw their funds.
Customer Reviews of OneFxGroup:
OneFxGroup has received mostly negative reviews from customers who have traded with this broker. Many customers have complained about the following issues:
– The broker uses aggressive marketing tactics and pressure tactics to persuade customers to deposit more money or to open more trades.
– The broker does not allow customers to withdraw their money or charges high fees and commissions for withdrawals.
– The broker manipulates the prices and spreads of the assets to make customers lose their trades or to prevent them from closing their positions.
– The broker does not respond to customer inquiries or complaints or provides false or misleading information.
These reviews suggest that OneFxGroup is not a trustworthy or reliable broker and that customers should avoid trading with this broker.
Products and Services Offered By OneFxGroup:
OneFxGroup offers trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies. The broker claims to provide the following products and services:
– MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms, which are popular and widely used trading platforms that offer various features and tools for traders.
– WebTrader platform, which is a web-based trading platform that does not require any download or installation and can be accessed from any device.
– MobileTrader app, which is a mobile trading app that allows traders to trade on the go from their smartphones or tablets.
– Education center, which provides various learning materials and resources for traders, such as articles, videos, webinars, ebooks, and courses.
– Account types, which include four different account types with different features and benefits for traders: Standard Account ($250 minimum deposit), Gold Account ($5,000 minimum deposit), Platinum Account ($20,000 minimum deposit), and VIP Account ($50,000 minimum deposit).
However, there is no guarantee that these products and services are genuine or of high quality. Moreover, there is no information about the trading conditions or fees that the broker charges for these products and services.
Location of OneFxGroup:
OneFxGroup claims to have offices in London, New York, Hong Kong, and Dubai. However, there is no evidence to verify these claims or to confirm the physical address of these offices. Moreover, the broker does not provide any phone number or email address for contacting these offices. The only contact information that the broker provides is a web form on its website.
This lack of transparency and accountability raises doubts about the legitimacy and credibility of the broker. It also makes it difficult for customers to reach out to the broker in case of any issues or disputes.
Customer Service Provided By OneFxGroup:
OneFxGroup claims to provide professional customer support 24/7 via phone, email, live chat, and social media. However, many customers have reported that the customer service provided by this broker is poor or nonexistent. Some of the common complaints are:
– The customer service representatives are rude, unprofessional, or unhelpful.
– The customer service representatives do not answer the phone calls or emails or respond with delays or automated messages.
– The customer service representatives do not resolve the issues or complaints of the customers or provide false or misleading information.
– The customer service representatives try to persuade the customers to deposit more money or to open more trades.
These complaints indicate that the customer service provided by OneFxGroup is not satisfactory or reliable and that customers should not expect any assistance or support from this broker.
Defensive Measures Against Fraudulent Brokers:
OneFxGroup is a forex and CFD broker that has been flagged by several regulatory authorities for operating without proper registration and authorization. Trading with this broker exposes traders to various risks, such as losing their money, having their personal information compromised, or being unable to withdraw their funds. Therefore, traders should avoid trading with this broker and take the following defensive measures against fraudulent brokers:
– Check the regulatory status of the broker and verify that it is licensed and authorized by a reputable financial regulator in your jurisdiction.
– Check the reputation and reviews of the broker and see what other customers have to say about their experience and satisfaction with the broker.
– Check the terms and conditions of the broker and see what fees, commissions, spreads, and other charges the broker applies for its products and services.
– Check the security and privacy of the broker and see what measures the broker takes to protect your money and personal information from hackers and scammers.
– Check the withdrawal policy of the broker and see what options, methods, and timeframes the broker offers for withdrawing your money from your account.
– Check the customer service of the broker and see how responsive, helpful, and professional the broker is in answering your questions and resolving your issues.
Conclusion:
OneFxGroup is a forex and CFD broker that has been flagged by AMF, ASIC, and BCSC for operating without proper registration and authorization. The broker claims to offer trading on various assets, such as currencies, commodities, indices, stocks, and cryptocurrencies, and to provide advanced trading platforms, competitive spreads, fast execution, and professional customer support. However, there is no evidence to verify these claims or to confirm the identity and location of the broker. Moreover, many customers have complained about the poor or nonexistent customer service, the difficulty or impossibility of withdrawing their money, and the manipulation or fraud of the broker. Therefore, we do not recommend trading with this broker and advise traders to take defensive measures against fraudulent brokers.
