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Onotex

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Operating status: SCAM

Website: https://onotextrade.com/

Broker violations and abnormal records
  • 2022-09-13 The Belgium FSMA Added Onotex into Its Warnings

    On 14 Sep, the Belgian Financial Services and Markets Authority (FSMA) identified that Onotex is a fraudulent online trading platform. You may visit: https://www.fsma.be/en/warnings/fsma-identifies-new-fraudulent-online-trading-platforms-2


    On 14 Sep, the Belgian Financial Services and Markets Authority (FSMA) identified that Onotex is a fraudulent online trading platform. You may visit: https://www.fsma.be/en/warnings/fsma-identifies-new-fraudulent-online-trading-platforms-2
  • 2022-09-18 BrokersView has Reviewed that Onotex is an Unregulated Forex Broker

    Onotex claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditations and licenses in a prominent position. It is a red flag. 

    Onotex also claims to be located in Saint Vincent and the Grenadines and presents a telephone number that belongs to the UK as a contact. We first searched Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) but found no matching results. That means Onotex is not registered in SVG. Besides, SVG FSA is not a forex regulator. It does not regulate forex brokers or issue forex licenses. So having the registration or not does not mean being authorized to provide financial services. 

    At the same time, we did not find any results that match this broker in the United Kingdom Financial Conduct Authority (UK FCA) either. In other words, Onotex is not regulated in the UK. 

    Moreover, the Belgian Financial Services and Markets Authority (FSMA) identified that Onotex is a fraudulent online trading platform.

    The truth is that Onotex is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.

    Onotex claims to be a reliable broker without presenting any information about its regulation. The lack of such important information may be a distinct signal of an unlicensed broker, as regulated brokers always present their accreditations and licenses in a prominent position. It is a red flag. Onotex also claims to be located in Saint Vincent and the Grenadines and presents a telephone number that belongs to the UK as a contact. We first searched Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) but found no matching results. That means Onotex is not registered in SVG. Besides, SVG FSA is not a forex regulator. It does not regulate forex brokers or issue forex licenses. So having the registration or not does not mean being authorized to provide financial services. At the same time, we did not find any results that match this broker in the United Kingdom Financial Conduct Authority (UK FCA) either. In other words, Onotex is not regulated in the UK. Moreover, the Belgian Financial Services and Markets Authority (FSMA) identified that Onotex is a fraudulent online trading platform.The truth is that Onotex is not regulated by any regulators. Letting this broker hold or control investors' money is unsafe, and the money can not be protected by any laws. Therefore, it is a scam.

Related Complaints

Q&A

Can I trade using EA or other trading robots??

AllisWong
Macedonia
2023-01-12
ANSWER Onotex is not a reliable broker for traders even though it states offers that look good to be true. Onotex claims to be located in Saint Vincent and the Grenadines and presents a telephone number that belongs to the United Kingdom as a contact. We first searched Saint Vincent and the Grenadines Financial Services Authority (SVG FSA) but found no matching results. Then searched in the UK Financial Conduct Authority (FCA), found no match results either. In other words, Onotex is neither registered in SVG nor regulated in the UK. Moreover, the Belgian Financial Services and Markets Authority (FSMA) identified that Onotex is a fraudulent online trading platform. You can check the full warning from here.The truth is, Onotex is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like Onotex and trade with licensed brokers.
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