Onyx Trade Group Forex Broker

Onyx Trade Group Forex Broker - Complete Information Guide

1. Broker Overview

　　Onyx Trade Group is a trading platform operated by Lencher Expro LLC, which was established approximately 2 to 5 years ago. The company is registered in Saint Vincent and the Grenadines, a location known for its lenient regulatory environment regarding financial services. As a private entity, Onyx Trade Group primarily serves retail clients interested in trading foreign exchange (Forex) and Contracts for Difference (CFDs) across various markets.

　　Despite its claims of offering an award-winning trading experience, the reality indicates a much different scenario. The company promotes itself as a multi-asset broker, aiming to provide a diverse range of trading opportunities for its clients. However, the absence of regulatory oversight raises significant concerns about the safety and security of client funds.

　　The firm operates under the business model of retail Forex trading, allowing individual traders to engage in the global financial markets. However, it is crucial to note that the lack of regulation and oversight may expose clients to various risks associated with unregulated trading environments.

2. Regulation and Compliance Information

　　Onyx Trade Group operates without any valid regulatory licenses, which is a significant red flag for potential investors. The company's registration in Saint Vincent and the Grenadines does not provide any substantial regulatory framework, as the local authorities do not license or monitor Forex brokers.

　　The absence of regulatory oversight implies that Onyx Trade Group is not obligated to adhere to stringent policies that protect investors. Consequently, there is no guarantee of fund security, and clients' investments may be at risk. Furthermore, the Financial Conduct Authority (FCA) in the UK and the Central Bank of Ireland (CBI) have issued warnings against Onyx Trade Group, labeling it as an unauthorized entity operating without the necessary authorizations.

• 　　Main Regulatory Bodies:

• 　　Financial Conduct Authority (FCA) - UK

• 　　Central Bank of Ireland (CBI)

• 　　Regulatory License Numbers: Not applicable due to the lack of regulation.

• 　　Client Fund Segregation Policy: There are no indications that client funds are held in segregated accounts.

• 　　Investor Compensation Fund Participation: Onyx Trade Group is not part of any investor compensation schemes.

• 　　KYC and AML Compliance Measures: The broker claims to follow KYC (Know Your Customer) and AML (Anti-Money Laundering) procedures, but the effectiveness of these measures is questionable given the overall lack of regulation.

  　　

3. Trading Products and Services

　　Onyx Trade Group offers a variety of trading instruments, primarily focusing on Forex and CFDs.

• 　　Forex Currency Pairs: The broker provides access to a limited number of currency pairs, including major pairs like EUR/USD, GBP/USD, and AUD/CAD. However, the exact number of available pairs is not specified.

• 　　CFD Product Categories: Clients can trade CFDs on commodities, indices, stocks, and cryptocurrencies. This includes popular assets such as:

• 　　Commodities: Crude oil, gold, and silver.

• 　　Indices: Major indices like the S&P 500 and FTSE 100.

• 　　Stocks: Shares of well-known companies such as Apple and Google.

• 　　Cryptocurrencies: Bitcoin and Ethereum.

• 　　Special Products or Unique Trading Varieties: There are no indications of unique or proprietary trading products offered by Onyx Trade Group.

• 　　Retail Trading Services: The broker primarily caters to retail clients, providing them with access to various trading instruments.

• 　　Institutional Client Services: There is no information available regarding services for institutional clients.

• 　　White Label Solutions: No details are provided concerning white label solutions.

• 　　Asset Management Services: The broker does not appear to offer asset management services.

  　　

4. Trading Platform and Technology

　　Onyx Trade Group supports the MetaTrader 4 (MT4) platform, which is widely recognized in the trading community for its robust features and user-friendly interface.

• 　　MetaTrader 4 Support: The broker offers MT4, which includes advanced charting capabilities, technical indicators, and automated trading options.

• 　　Web-Based Trading Platform: Onyx Trade Group also provides a web trader, allowing clients to trade directly from their browsers without needing to download software.

• 　　Mobile Application: The broker supports mobile trading applications for both iOS and Android devices, enabling clients to trade on-the-go.

• 　　Execution Model: The specific execution model (ECN, STP, Market Making) is not clearly defined, raising concerns about the transparency of trade execution.

• 　　Server Locations and Technical Infrastructure: There is no detailed information available regarding the server locations or the technical infrastructure supporting the trading platform.

• 　　API Access and Automated Trading Support: The availability of API access for automated trading is not mentioned.

  　　

5. Account Types and Trading Conditions

　　Onyx Trade Group provides several account types, catering to different trading needs.

• 　　Standard Account Conditions: The minimum deposit requirement and spreads are not explicitly outlined, which is a concern for potential clients.

• 　　Advanced Account Types: There is no detailed information on advanced account types like VIP or professional accounts.

• 　　Special Accounts: The broker does not indicate the availability of special accounts, such as Islamic accounts.

• 　　Demo Account Policy: Information regarding the demo account policy is not provided.

• 　　Leverage Ratios: Onyx Trade Group reportedly offers leverage of up to 1:400, which is significantly higher than what is permitted in many jurisdictions.

• 　　Minimum Trade Size: The minimum trade size is not specified.

• 　　Overnight Fees Policy: Details on overnight fees are not available.

  　　

6. Fund Management

　　Onyx Trade Group supports various deposit and withdrawal methods, although specific details are limited.

• 　　Supported Deposit Methods: The broker accepts deposits via bank transfers, credit/debit cards, and possibly e-wallets.

• 　　Minimum Deposit Requirements: The minimum deposit requirement is not clearly stated, which can be a significant drawback.

• 　　Deposit Processing Times: Information regarding the processing times for deposits is not provided.

• 　　Deposit Fees: There is no information available on any fees associated with deposits.

• 　　Withdrawal Methods and Restrictions: The withdrawal process details are vague, with no clear information on methods or restrictions.

• 　　Withdrawal Processing Times: There are no specifics on how long withdrawals take to process.

• 　　Withdrawal Fee Structure: The fee structure for withdrawals is not specified.

  　　

7. Customer Support and Educational Resources

　　Onyx Trade Group provides customer support through various channels.

• 　　Support Channels: Clients can reach out via phone, email, and possibly online chat.

• 　　Service Hours and Time Zone Coverage: The specific service hours and time zone coverage are not mentioned.

• 　　Multilingual Support: It is unclear which languages are supported by the customer service team.

• 　　Types of Educational Resources: There is no detailed information on educational resources such as webinars, tutorials, or e-books.

• 　　Market Analysis Services: The availability of market analysis services, including daily analyses and research reports, is not specified.

• 　　Trading Tools: The broker does not appear to provide additional trading tools beyond the standard offerings of the MT4 platform.

  　　

8. Regional Coverage and Restrictions

　　Onyx Trade Group primarily targets clients in various regions, but specifics are limited.

• 　　Main Service Markets: The broker aims to serve clients interested in Forex and CFD trading.

• 　　Regional Office Distribution: There are no details available regarding the distribution of regional offices.

• 　　Countries/Regions Not Accepted: Specific countries or regions where clients are not accepted are not mentioned.

• 　　Special Restrictions: There is no information provided regarding any special restrictions that may apply to certain clients.

　　In summary, while Onyx Trade Group presents itself as a trading platform offering a variety of services and products, the lack of regulatory oversight and the numerous warnings from financial authorities raise significant concerns about its legitimacy. Potential clients are advised to exercise caution and conduct thorough research before engaging with this broker.