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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