Onyx TCS – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Onyx TCS - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2024
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://onyxtcs.com
Founded: 2024
Regulations: Unregistered
Languages: English, Russian, Spanish, German, French, Italian, Chinese (Simplified)
Deposit Methods: Cryptocurrencies
Minimum Deposit: $150
Free Demo Account: N/A
Number of Assets: Not Specified
Types of Assets: Stocks, Indices, Commodities, Currencies, Metals, Cryptocurrencies
Trading Accounts and Conditions
Onyx TCS has the following types of trading accounts on offer for their clients:
- Basic: The minimum required deposit is $150 and the maximum allowed leverage is 1:100.
- Standard: The minimum required deposit is $5,000 and the maximum allowed leverage is 1:500.
- Exclusive: The minimum required deposit is $25,000 and the maximum allowed leverage is 1:500.
Other trading conditions are not mentioned per account type. But we did find out that the spreads are at 0.1 pips for the EURUSD, the GBPUSD and the JPYUSD – the three major pairs in the forex market. Commissions are not specified, but the broker states that their order execution speeds are high. The leverage is mentioned separately on the broker’s website, where they claim to offer a maximum leverage of 1:1000 (unlike in their account types section).
Other trading conditions are missing.
Onyx TCS – Advantages
There are no advantages to trading with Onyx TCS.
Onyx TCS – Disadvantages
Here are all the issues we have uncovered that tell us that Onyx TCS is not a broker that can be trusted:
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Lack of Regulation
Onyx TCS goes out of their way to convince us that they are legitimate brokers. They state that they are regulated by multiple financial regulators: by the Financial Conduct Authority of the United Kingdom, the Cyprus Securities and Exchange Commission, the Dubai Financial Services Authority and the South African Financial Sector Conduct Authority. Yet another authority is mentioned in this broker’s Terms and Conditions – the regulator of the Republic of Vanuatu.
This broker also omits to mention their company name; all we are provided with is an address in the UK.
So, we started our verification process in the UK. We checked the online register of the country’s financial regulator – the Financial Conduct Authority. There is no mention of Onyx TCS anywhere on their listings. We also checked the registers of the other countries’ regulators and got the same results. This broker is not regulated by any financial authority – anywhere in the world.
With no company name, a fake address and no real location or regulation, we are dealing with an anonymous broker here. And this means that this entity is a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by Russian Authorities
While Onyx TCS offers multiple language options – most of which are European, the site itself opens in Russian, which seems to be its default language. Thus, we can assume that the main target audience for this broker is the Russian trader.
The Russian financial authority, the Bank of Russia, has also identified this broker as a threat to their citizens and has therefore issued a warning against Onyx TCS to all traders in the country. The Bank has stated that this broker is operating within their jurisdiction without authorization from them. The Bank also states that this broker is not safe to do business with.
When a financial authority flags off a broker, it is a proof that that entity is a scammer.
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Poor Trading Platform
On their website, Onyx TCS claims to offer their clients an intuitive and easy-to-use trading platform. The easy-to-use part is not a lie, since the platform this broker actually offers is so basic that traders cannot do anything more than buy and sell a few listed assets.
The trading platform is a broker’s mainstay therefore, it is necessary for brokers to ensure that their product is of the best quality. This product should offer traders an excellent trading experience, offering them a range of features and tools that really will make trading intuitive.
When a broker compromises on their trading platform’s quality, it is clear sign that that entity cannot be trusted. When the basics are not in place, it is a clear sign that the broker is a scammer.
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Issues with Trading Conditions
Another indicator of a broker being a scammer is when there are issues with their trading conditions – as in Onyx TCS’s case.
These trading conditions tell traders the rules by which they can trade on a broker’s platform. These include conditions such as the spreads and commissions (the cost of trading on that platform), the leverage (the risk levels allowed by the broker), the order execution methods and so on.
When these conditions are impaired or otherwise compromised, then the broker is a scammer.
With Onyx TCS, while the minimum deposit looks attractive, the leverage is a dead giveaway of a scam. At a maximum of 1:1000, the leverage ratio is extremely dangerous – not to mention illegal. The spreads look really good, until you realize the commissions are missing.
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Issues with Payments
Onyx TCS claims to offer their clients 8 different payment providers. However, when we checked their payment portal, we found out that there was only one way to make payments – cryptocurrencies.
The lack of payment options is worrying. What is even more worrisome is that the only payment option is the least safe. Crypto payments are dangerous since it relies on trusting the other party; all transactions are anonymous and permanent.
Scammers love crypto payments for this very reason. So, when a broker offers only this payment option, it is a clear indication that they are out to scam you.
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Issues with Withdrawal Conditions
Brokers clearly spell out their withdrawal conditions. With Onyx TCS, we have no details about what these conditions are. No withdrawal processing time is specified. Fees, commissions and taxes are unknown. We do not even know if there are any conditions to be met before you can withdraw your funds.
All of these are indicators of an untrustworthy broker.
Conclusion
Onyx TCS is not a broker that can be trusted; this is a scam operation.
Onyx TCS
Pros
- None
Cons
- Lack of Regulation
- Blacklisted by Russian Authorities
- Poor Trading Platform
- Issues with Trading Conditions
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more