Welcome to our Onyx Traders review, in which we investigate the website currently found at onyx-traders.net.
Introduction
On May 1, 2023, an Ontario, Canada, person who claims to be a victim of a cryptocurrency scam for $30K filed the following complaint with the BBB (Better Business Bureau):
I have been involved in a crypto scam for the past four months, and I have lost a lot of money, including my life savings.
The complainer provided the following information regarding his scammer:
- Company name: Onyx Traders
- Location: Toronto, Ontario, Canada.
- Email: david.c@onyx-traders.net
- Telephone: +14386009348
- Website: https://www.onyx-traders.net/trading-mt5.html#/auth/login
So is onyx-traders.net a SCAM?
Onyx-Traders.net Review
Background Information on Onyx-Traders.net
Onyx-Traders.net registered three months ago, on February 13, 2023, for one year through NameCheap, Inc. It is protected by Cloudflare and a privacy service provided by Withheld for Privacy ehf.
It has a global rank of 4,324,239 and 322,556 in Spain. And according to SimilarWeb, it received 3.5K visits in April 2023.
It has a Semrush Authority Score of 2% with 28 backlinks from 22 referring domains. In the reviews section, we will look into some of these.
Get in touch with our affiliated Bitcoin Forensic Investigators at CNC Intelligence for free by filling out the form below.
Platform Features and Services
According to their website, Onyx-Traders is a financial institution that offers a wide range of trading products, including forex, crypto, indices, stocks, and commodities.
Their platform features one-click trading, real-time trends, analysis, and a transparent and secure trading environment for traders.
They claim to offer an award-winning trading platform that is fully licensed and regulated, with state-of-the-art security and financial transparency. Unfortunately, their transparency claims are shattered due to not providing any regulatory information or a way to verify their license.
Onyx-Traders prioritizes education and offers extensive educational content to help traders make informed decisions.
The copyright line reads: “© COPYRIGHT 2022 ONYXTRADERS INC. ALL RIGHTS RESERVED.”
Account Types and Offerings
Onyx-Traders offers five different account types with various features and services, catering to traders with varying experience levels and investment amounts.
- The Basic account has a minimum deposit of €1500. It includes 24/7 customer service, access to five different markets, free withdrawals, and leverage of 1:25. This account also comes with a professional chart and a 7-day trial of a managed account.
- The Silver account has a minimum deposit of €25,000. It includes all of the features of the Basic account, plus a personal analyst, a private introduction session, a monthly session with the analyst, a 30-day trial of a managed account, one free monthly withdrawal, and up to a 30% bonus. The leverage is also 1:25.
- The Gold account has a minimum deposit of €50,000. It includes all of the features of the Silver account, plus a weekly session with the analyst, membership of the managed account, one free weekly withdrawal, up to 50% bonus, and leverage of 1:25.
- The Platinum account has a minimum deposit of €150,000. It includes all of the features of the Gold account, plus a dealing department via WhatsApp 24/5, access to five different markets, one free weekly withdrawal, up to 75% bonus, and platinum market access for faster execution. The leverage is 1:100.
- The VIP account is fully managed with no trading fees, swaps, or withdrawal fees. The website does not specify the minimum deposit and other details of this account. Interested traders are advised to contact their account manager to discuss the account’s features and services.
Bonuses and Leverage: Potential Risks
Bonuses and high leverage can entice traders, especially those new to the market. However, it’s essential to be aware of the potential perils that come with them.
Brokers typically offer bonuses to encourage traders to deposit more funds into their trading accounts. However, hidden terms and conditions, such as withdrawal restrictions, can be attached to the bonus until a specific trading volume is reached. This can lock traders into unfavorable positions, leading to losses that could have been avoided without the bonus.
On the other hand, high leverage allows traders to open more prominent positions with less capital. This can magnify both profits and losses and result in traders losing more money than they initially deposited. While high leverage can increase the potential for profits, it can also increase the potential for losses and should be used cautiously.
It’s best to be cautious when brokers offer bonuses and high leverage. It’s essential to read the associated terms and conditions carefully and only use them when necessary and with appropriate risk management strategies in place.
Their customer support team can assist traders with any questions or concerns.
Customer Support and Contact Details
Their contact information includes the following:
- Address: Bleicherweg, 8002 Zurich, Switzerland. Bleicherweg is a well-known street in Zurich’s financial district. 8002 is the postal code; a street number is not provided.
- Email: support@onyx-traders.net
- Canada telephone number: +1 450 254 1016 – Available from 08:00 to 16:00 GMT.
- UK telephone number: +44 7362 053589 – Available from 08:00 to 16:00 GMT.
- Spain telephone number: +34 915 467 832 – Available from 15:00 to 00:00 GMT.
- Australia telephone number: +61 2 4072 2657 – Available from 08:00 to 16:00 GMT.
- Belgium telephone number: +32 460 24 18 37 – Available from 08:00 to 16:00 GMT.
To summarize, the domain Onyx-Traders.net is relatively new and has a low authority score. And while they claim to be an award-winning trading platform that is fully licensed and regulated, they provide no information regarding any awards, licenses, or regulation.
They have five different account types with varying features and services. However, bonuses and high leverage can be a red flag, as they can lock traders into unfavorable positions and increase the potential for losses.
It’s time to examine what users and other websites say about Onyx Traders.
Onyx Traders Reviews
The first impression we get is that Onyx Traders have some positive reviews. However, luckily, we already know how to tell the difference between a fake review and an honest one.
It would be best if you watch out because several scam review sites online allow scammers to post fake positive reviews about their schemes and fake recovery companies to offer their services.
Customer Reviews and Testimonials
On Scamwatcher.com, a April 15, 2023 report warning potential investors to avoid investing with Onyx-Traders.net. The warning claims that Onyx-Traders.net is a scam and that investors should not trust the company’s claims to be legitimate professional traders. The warning describes an elaborate plan to steal money from investors, where small returns are given to make investors think they have made money. The warning also claims that the company provides fake tether tokens with no value and that the company’s operators will stop at nothing to get as much money from investors as possible.
Emails used by them include:
- benicio.b@onyx-traders.net
- thomas.g@onyx-traders.net
- compliance@onyx-traders.net
Telephone: +64 210 813 3974 (New Zealand)
ScamWatcher warns users about the unregulated investment platform Onyx-traders.net, which is not licensed or transparent and creates unrealistic expectations. The platform also does not provide enough information, customer support, or guarantee the safety of funds and may employ tactics to avoid releasing funds upon withdrawal.
On sitejabber.com, a review from March 17, 2023, enlightens us regarding a domain previously used by these scammers, onyx-traders.com:
This is a scam! The company was called onyx-traders.com before. They never allowed me to withdraw my money and suddenly disappeared on Feb. 14, 2023. Now, I have discovered that they have changed their name to onyx-traders.net without informing me, and they are still scamming people! Be careful, it is a clear sign of a scam when you try to withdraw your funds.
They provide a screenshot of a Withdrawal page that shows a Declined withdrawal.
On Trustpilot, there are many reports that OnyxTraders is a scam by people claiming they were not allowed to withdraw their funds and experienced harassing phone calls. Negative reviews also mention poor customer service, account access issues, and the company’s lack of response to concerns.
OnyxTraders has not replied to negative reviews and has not yet provided verified company details.
The people behind this scam have posted many positive reviews to confuse and lure people in, including purchased posts on sites such as techbullion.com and startup.info and in Spanish at laparadadigital.com.
However, we feel like the negative reviews far outweigh the positive ones.
Onyx-Traders.com
Onyx-Traders.com was registered on July 27, 2022, for one year through NameCheap, Inc. It was protected by Cloudflare and Withhelf by Privacy ehf, but it’s no longer online.
It is currently ranked 6,379,922 globally and 371,633 in Spain, according to SimilarWeb.
It has an authority score of 7% with 445 backlinks from 76 referring domains, indicating the owners of this website are putting substantial effort into the online marketing of their websites.
There is also a TrustPilot page about Onyx-Traders.com. Most reviews are negative, with 76% of reviewers giving the company a 1-star rating. Customers have complained about various issues, including unresponsive customer support, denied withdrawal requests, and fraudulent activities.
Overall, Onyx Traders has a poor reputation based on these customer reviews, and potential customers should exercise caution before investing with the company.
Conclusion
In conclusion, our review of Onyx-Traders.net raises several red flags that potential investors should know.
The platform’s relatively new domain, low authority score, lack of regulatory information, and use of bonuses and high leverage are all concerning factors.
Additionally, customer reviews and complaints on various websites suggest that Onyx Traders has a poor reputation, with many customers experiencing issues such as denied withdrawal requests, unresponsive customer support, and fraudulent activities.
If you are a victim of these scammers, please let us know by commenting below this Onyx Traders review, and if you have lost a significant amount of money to online scams, do not lose hope. We can help you recover your funds!
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