Thinking of getting into business with Onyx Profit? Here is what you must know about this broker. Carefully read this review to find out if onyxprofit.pro is the trading platform you will want to trade with.
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About Onyx Profit Broker
Onyx Profit is an offshore brokerage company with a lot of promises for traders. The broker says it is owned and operated by Donnybrook Consulting Ltd and an address 8 Copthall, Roseau Valley, 00152 Commonwealth of Dominica.
The broker claims to offer fully transparent trading conditions, ultra-fast order execution and 24/7 client support.
In spite the trading instruments Onyx Profit claims to offer, traders must know they are dealing with an unknown broker whose regulation claim is false.
onyxprofit.pro: Reasons to Avoid This Broker
onyxprofit.pro is a platform with no financial authority overseeing its financial services. The regulation claim is not legit as no financial authority recognizes this broker.
Another red flag we noticed on onyxprofit.pro is that it has no demo account for traders. Since traders can’t test Onyx Profit broker on a free account, we can’t know its viability in the forex market.
Again, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
This are cons for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Onyx Profit provides us with no information on what it charges forex traders on each withdrawal process. Nevertheless, forex traders should be aware of the bonus policy. See below.
Minimum Deposit
Onyx Profit provides recommended minimum deposit is $250.
As for the payment methods, we can make payment via Wire transfer. However, you should not consider making any payment with this broker because it is a risk. So beware!
Onyx Profit Platform
Onyx Profit offers web based trading software. Its refusal to make use of the industry standard MT4 or MT5 that comes with user friendly features for trading is already a con.
As for the leverage, the broker offers 1: 100. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Onyx Profit Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated claims are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is onyxprofit.pro a Reliable Broker?
onyxprofit.pro does not seem like a reliable broker for traders even though it promises offers that look good to be true.
The broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
