Onotex: reliable broker or scam?
According to Onotex‘s claims, they offer excellent trading conditions for forex and CFD markets. But should you trust this broker?
It’s important to note that Onotex doesn’t have a license for forex trading. Furthermore, the companies ABAX Inc. and Onotex GROUP LTD, managed by the broker, are registered in offshore zones like Saint Vincent and the Grenadines. Such offshore registration doesn’t inspire confidence in this company. On Onotex‘s website, information about the owners is almost anonymous, which can lead to issues in case of disputes.
Trading conditions with Onotex
To start trading on onotextrade.com, registration is required. Onotex clients can trade various financial instruments, including currency pairs, commodities, indices, stocks, ETFs, bonds, and cryptocurrencies. The spread for EUR/USD is around 3 pips, with initial spreads starting below 1.5 points for a standard account without trading commission. The leverage is limited to 1:200.
Account funding and withdrawals
Officially, there are no details about payment methods on the website. It’s assumed that Onotex accepts payments via major debit and credit cards, as well as popular e-wallets like Neteller, PayPal, and Skrill. The minimum deposit is €500, higher than many other brokers. There are no commissions for investments and withdrawals, but there are other unspecified fees.
Conclusion
Onotex offers a wide range of financial instruments, but the trading conditions are not the most favorable. Lack of a license, high minimum deposit, and unclear fees make collaborating with this broker risky. It’s recommended to consider other companies with more transparent conditions.
My experience with Onotex was disappointingly underwhelming. The lack of professional service was a major drawback, as my queries were constantly ignored and getting any sort of assistance was like pulling teeth. Their communication was ambiguous and their platform was riddled with technical issues. The broker’s transparency was also questionable with unexpected fees stacked on repeated occasions. I honestly cannot recommend Onotex, considering the lack of professionalism and subpar service I’ve experienced.