Ontario FX – Are They Safe?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
Ontario FX - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
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://ontariofx.com
Founded: 2021
Regulations: Not Regulated
Languages: English, Arabic, Chinese (Simplified), Dutch, French, German, Gujarati, Hindi, Italian, Malayalam, Marathi, Myanmar (Burmese), Nepali, Portuguese, Russian, Spanish, Tamil, Telugu, Urdu
Deposit Methods: Indian Merchant Payment in INR
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: 10,000+
Types of Assets: Major and Exotic Forex pairs, Spot Gold and Silver, Global CFD Market
Trading Accounts and Conditions
Ontario FX offers their clients the following types of trading accounts:
- Basic: The minimum deposit is $100. Spreads start from 0 pips (floating) and the maximum leverage is 1:1000.
- Standard: The minimum deposit is $2,000. Spreads start from 0 pips (Floating) and the maximum leverage is 1:1000.
- Premium: The minimum deposit is $5,000. Spreads start from 0 pips (floating) and the maximum leverage is 1:700.
- Master: The minimum deposit is $12,000. Spreads start from 0 pips (floating) and the maximum leverage is 1:300.
- VIP: The minimum deposit is $20,000. Spreads start from 0 pips (Floating) and the maximum leverage is 1:200.
There is no mention of the kinds of commissions, fees or order execution methods the broker offers.
Ontario FX – Advantages
There are no advantages to trading with Ontario FX.
Ontario FX – Disadvantages
Listed below are all the reasons that prove that Ontario FX is a scammer:
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Lack of Regulation
The first sign that Ontario FX is a scammer is their lack of regulation.
Regulated brokers ensure that their website contains clear and detailed corporate information – their company name, their physical address, contact details, and regulation information.
With Ontario FX, a lot of that information is either missing or falsified. We find that there is no company name provided on their website – the first sign of anonymity.
There is a UK address provided, but to be based in the UK, a broker has to be authorized by the Financial Conduct Authority – the financial regulator of that jurisdiction.
We checked the FCA’s registers to see if this broker was really authorized to operate by the regulator. We found out that Ontario FX was not even listed with the FCA.
When we checked Ontario FX’s dashboard, we found fine print at the bottom of the page, where two companies are mentioned – PR Market Pvt. Ltd Australia, and PR Market Pvt Ltd in St. Vincent and the Grenadines.
We do not know if these are the parent companies controlling Ontario FX, but we checked the online registers of the Australian Securities and Investments Commission as well as the SVG Financial Services Authority. We found that no company by this name.
All the false leads tell us just one thing – we are dealing with a scammer. A scammer that is operating anonymously.
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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No Legal Documents
When you scroll down to the bottom of Ontario FX’s home page, you find a whole set of links to various legal documents. However, if you click on any one of those links, they do not do anything; they simply take you back to the main page of the website.
And since there was nothing on their registration page, we can safely say that Ontario FX does not have any legal documents, which is another sign of their scam.
Regulated brokers are legally required to present all their legal documents on their website so that everyone can access them easily. These documents need to be clear and detailed, telling all traders what the broker’s terms of service are, what privacy policy they have adopted and what they do to protect their customers.
If a trader signs up with a broker that does not have any of these documents in place, then they can be scammed and there will be no government authority that can help them get justice.
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Lies About Trading Software
On their website, Ontario FX claims to offer multiple types of trading software to their customers. However, after we registered for an account so that we could see the platforms for ourselves, we found out that this broker does not have a working platform at all!
What Ontario FX has is an installation file for the MetaTrader 5 software’s generic version – the one that is displayed on the MetaQuotes’ website as a sample of what the MT5 software can do. It is not a working software – just a demo.
Furthermore, even after registering, you are not given login credentials to be able to log in to their so-called trading platform. All of this tells us that Ontario FX has lied about their trading software and that they actually do not have a real trading platform at all!
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Issues with Trading Conditions
We also know that Ontario FX is a scammer just by analyzing the trading conditions they offer. The minimum deposit seems quite reasonable for the basic account, but then takes a huge jump to the next account type. This is not what brokers normally do, so we know this is fake.
Added to that spreads of 0 pips without any commissions and fees would not be advantageous for brokers – which means that there are either hidden costs, or that these are just rigged spreads to entice traders into investing with this broker.
And finally, the leverage is ridiculously high. 1:1000 is dangerous by any standard, and illegal in the UK, Europe, and Australia – some of the jurisdictions that this broker is targeting.
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Issues with Payments
Ontario FX boasts of offering multiple payment options – Visa, Bank Teller, Skrill, Neteller, and WebMoney. However, when you check their payments section, you find that there is only a single option –Indian Merchant Payment. This payment provider is one that we have not heard of and is considered rather shady. And the only way for traders to make deposits is in Indian Rupees – not US Dollars or even Euros.
Conclusion
Ontario FX is a scammer, and they are not safe to do business with. It would be best to avoid them.
Ontario FX
Pros
- Regulated Broker
Cons
- Lack of Regulation
- No Legal Documents
- Lies About Trading Software
- 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.
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