Thinking of getting into business with Oniro FX? Here is what you must know about this broker. Carefully read this review to find out if onirofx.com is the trading platform you will want to trade with.
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About Oniro FX Broker
Oniro FX is an offshore brokerage company with a lot of promises for traders. The broker says it is located in St. Vincent and the Grenadines.
Also, the broker claims to offer 24/7 traders support, all trading tools, dairy market analytics, dairy recommendations, and a verified security.
There are different account types Oniro FX offers. See below.
In spite the trading instruments Oniro FX claims to offer, traders must know they are dealing with an unknown broker whose regulation claim is false.
onirofx.com: Reasons to Avoid This Broker
onirofx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit as St. Vincent and the Grenadines (SVG) brokers are not licensed or monitored by the local regulator SVGFSA.
Another thing we noticed on onirofx.com.com is the demo account for traders. We advise you don’t waste your time on an unregulated broker like this one.
Again, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
These are cons for forex traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Oniro FX provides us with the following information. See below.
Minimum Deposit
Oniro FX minimum deposit is said to be $200 or $500 based on the account type.
As for the payment methods, we can make payment via Debit/Credit card, Wire transfer, Qiwi and others. However, you should not consider making any payment with this broker because it is a risk. So beware!
Oniro FX Platform
Oniro FX offers web based trading software and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take the broker serious.
As for the leverage, it can get up to 1: 400. 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.
Oniro FX 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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Conclusion: Is onirofx.com a Reliable Broker?
onirofx.com 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 will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.