OnspotBNK – Can You Trust Them?

Website URL: https://onspotb.com

Founded: 2022

Regulations: None

Languages: English, Italian, Spanish

Deposit Methods: Credit Cards, Debit Cards, Jubiter

Minimum Deposit: €170

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, Cryptocurrencies

Trading Accounts and Conditions

OnspotBNK has not provided any information about the types of trading accounts they may offer. There is also little clarity about their trading conditions.

We found out – by going through their website very carefully and by checking their trading platform – that the broker offers the following trading conditions. The minimum deposit seems to be 170 Euros (the deposit tab would not allow us to deposit any amount less than that). The leverage is set at a maximum of 1:100. The spreads seem to be starting at 0.2 pips for the EURUSD.

OnspotBNK – Advantages

There are no advantages to trading with OnspotBNK.

OnspotBNK – Disadvantages

Here are all the disadvantages we have found that tell us that OnspotBNK is a scammer:

• Unregulated and Blacklisted

OnspotBNK is owned by ONS Financieel Advies, and claims to be based in the Netherlands, providing us with an address from that country. The broker also provides us with a so-called license from the financial authority of the Netherlands, the AFM (Autoriteit Financielle Markten).

We checked the AFM’s online database to see if this broker or they parent company was actually regulated by this authority. We were not surprised to see that there is no company or brokerage by these names listed with the AFM. Which means that this broker has lied about their regulation status.

This is something that we are not the only ones to have noticed.

One of the most respected financial regulators in Europe, the CNMV (Comision Nacional del Mercado de Valores), which is the Spanish regulator, has also flagged off OnspotBNK as a scammer. This authority issued a public notice on this broker, stating that they are not authorized to offer their services as they are unregulated.

For a regulator such as the CNMV to issue such a warning is serious, and it clearly tells us that we are dealing with a scammer.

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• Issues with Trading Software

OnspotBNK actually offers their clients the MetaTrader 4 trading software. This is one of the world’s top software for trading. In fact, it is second only to the MetaTrader 5 software, it’s that good.

So, OnspotBNK actually having this software on offer would have been a huge plus for them. Unfortunately, the MT4 version that this broker does have does not seem to be registered under their name. When we checked, we found out that this MT4 terminal actually belonged to a company called Cfidex Ltd. This company is based in the Marshall Islands, which means that it is an offshore entity.

We do not know what the relationship between the owner of this MT4 terminal and OnspotBNK is and it is worrisome to know that this entity is an offshore company.

All of this points to just one thing – a scam.

• Issues with Trading Conditions

We checked the trading conditions on OnspotBNK’s terminal, and here is what we have to say.

A minimum deposit is not mentioned anywhere on the broker’s website. But when we checked their payments section, we found out that you are not allowed to deposit any amount less than 170 Euros. Therefore, we can conclude that that is the minimum deposit requirement. If this is the case, then this broker’s requirement is on the higher side. There are so many great brokerages that will let you open an account for less than $50 that this amount is just too much.

As for the leverage ratio, it is risky and high. A leverage of 1:100 offers a chance to make high profits, but the chances of losing your funds are much higher. Statistically speaking, more than 75% of all trades end up in a bust, therefore, using such high leverage can be very dangerous. This is something that even financial regulators have noticed, which is why strongly regulated markets do not allow such high leverage ratio. In the EU, which is this broker’s target market, that limit is set at 1:30. Therefore, what OnspotBNK is offering is illegal, besides being dangerous.

And finally, the spreads. They are excellent at 0.2 pips. The market average ranges from 0.5 pips to 1.5 pips, so OnspotBNK’s spread is great.

However, since this platform does not seem to even belong to OnspotBNK, we can say that these trading conditions mean nothing.

• Issues with Payments

OnspotBNK claims that they accept payments via credit cards, debit cards and Jubiter.

We have nothing to say about the first two options, however the third one is a huge red flag. Jubiter is a hardware crypto wallet, not a payment system. To see how the Jubiter option worked, we selected that. We found that we were redirected to another site – Coindesk. Here, we were asked to purchase cryptocurrencies and then were instructed to deposit that amount to our OnspotBNK account.

We would strongly advise all traders not to carry out crypto transactions unless you are dealing with a trusted broker. All crypto transactions are permanent and anonymous, so if you are scammed, there is no way to get your money back.

It would be much safer to use your credit card when you are dealing with a new broker. This is because you have the option to file for a chargeback in the event that you are scammed. It may take up to 540 days, but at least you can get your money back.

We also need to mention that this broker does not specify what they withdrawal policy is. We do not know how long it takes to process withdrawal requests, is there are any fees involved and so on.

Conclusion

OnspotBNK is an unregulated broker that is blacklisted by the Spanish authorities. The broker has lied about pretty much everything on their website, including their trading platform. This scammer cannot be trusted.

OnspotBNK

2.6

User Experience

2.5/10

Payment Options

2.5/10

Security

2.7/10

Support

2.6/10

Reputation

2.5/10

Pros

• None

Cons

• Unregulated and Blacklisted Broker
• Issues with Payments
• Issues with Trading Software
• Issues with Trading Conditions