Onotex was a new unregulated Crypto CFD and Forex Broker, that opened on January 28th 2022, and closed on April 5th 2022. This is one of the fastest broker scams to open and close so quickly!
Their website was at: https://www.Onotex.com/. Now they reopened at: https://onotextrade.com/.
If you are having problems getting your money back from a broker, go here.
Onotex Broker Reviews
Our full review of this new broker called Onotex finds, that the trading app their investors are using is made by Airsoft. The Airsoft trading platform is a basic web-based CFD software, and you will not find an option to use MT4 (MetaTrader 4) or a mobile trading app. Look at the screenshot shown below, and you will see what their web-based trading platform looks like.
Day Traders and Investors at Onotex will find hundreds of underlying assets available for CFD trading including; Shares, Crypto Currency, Forex Pairs, Stocks, Commodities and Market Indexes. The minimum deposit for a new trading account is officially $250. Their website is only available in English.
We have reviewed many brokers that are using this trading platform, and they all have the same thing in common. They are all offshore, and they are setup to receive leads from get rich quick trading apps.
We registered for a fake algorithm trading bot called Crypto Genius, and this is how we ended up with an account at this broker. So many different trading apps are promoted by influencers on TikTok and Instagram, but you will see that they are all proven to be scams at the end.
Is Onotex a Legit Broker?
No, Onotex is not a licensed or regulated broker. They are primarily targeting clients in Latin America, but are not licensed in Mexico or Argentina. According to the SVG Financial Services Authority; “Forex trading brokerage activities are not licensed in St. Vincent and the Grenadines, read more.”
They were officially owned by ABAX Inc, which is located on the offshore Island of Saint Vincent and the Grenadines. Contact phone number is; +441224980044, and their contact email address is: [email protected].
Here at Scam Broker Investigator, we use a simple and effective approach to determine whether a CFD broker is legitimate or a scam. We check if the broker is licensed and regulated by any one of the following government regulators; FSCA South Africa or BaFIN Germany. All Stock Brokers and Forex Brokers no matter where you live, must be licensed and regulated by the financial regulatory agency in your country.
You can find popular Forex brokers that are licensed and regulated listed here.
Compare Popular Brokers
Investor have so many Crypto Brokers and Forex Brokers to select from today, and therefore, you should only use the most popular licensed brokers.
ForTrade is a legitimate broker that is popular because of their unique trading platforms. You will see that they have Free Trading Signals and the MetaTrader 4 app. ForTrade is licensed in Europe, Canada and Australia, read more.
Signup here for a Free Demo Account.
If you are currently investing at this broker, please share your experience in the comments below.