Warning! FXOne is an offshore company! Your deposit may be at risk.
RECOMMENDED FOREX BROKERS
FXOne is an overwhelming broker, that aims to provide the best possible trading conditions… is what we would say if we hadn’t done our research prior to writing this review. FXOne is nothing more than a well though of scam, with a well structured facade. Read the review to find out more.
The company owning FXOne, ForexOne Group, is registered in Estonia, and regulated by that local government. However, it is also governed by the Marshall Island government. Note that there is no mention of a agency-derived license.
In Estonia the Finantsinspektsioonacts (FI) acts as a regulatory entity for all financial services institutions, with all regulated companies being officially included in an online register. We went through the online registry and found no results of broker and parent company , so we can conclude that FXOne is not regulated in Estonia. Even if a company is registered in a country that does not make it licensed by its appropriate body which is crucial for any forex broker to be.
Next is the Marshall Islands, an ideal destinations for all sorts of shady companies, because of the nation’s looser laws; the country does not have a financial regulator, thus FXOne, even if registered there, most certainly is NOT regulated there.
With no regulation in sight, we can conclude that FXOne is definitely UNLICENSED. Therefor, any investment made with this broker is a very risky endeavor.
All that information becomes pretty irrelevant when taking in consideration the unregulated status of FXOne.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
Once we opened an account with the company, we were given straight access to the trading platform that revealed its trading terms. For one, the EUR/USD spread is 3 pips, an unacceptable value that only benefits the broker. The maximum leverage amount is 1:500.
The trading terminal produced the following trading assets: Forex Pairs, Indices, Equities, Commodites, and Spots. Overall a decent roster of instruments, with the most obvious missing link being cryptocurrencies.
The website is available in English, German, and Spanish.
The broker claims to offer both the Sirix and MT4. However, the MT4 download link was broken, and so we assume that the broker straight up lied to us about MT4 inclusion. We are left with the Sirix trader.
The Sirix trader even though unmatched by the MT4 is very decent and user friendly: there are pending order, one point clicking, some room for customization, and there’s even copy trading. Furthermore, the look of it is slick and rather professional.
FXONE MINIMUM DEPOSIT
Users can deposit via bitcoin, VoguePay, and TechnoPay. However, the VoguePay method produced an error page, and so did the TechnoPay one. So the only real method for depositing is by means of bitcoin. Now, bitcoin is the preferred way of funding for most illicit brokers because all processed payments are untraceable. The minimum deposit is around $100, a number we got directly from the bitcoin wallet.
Due to he broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.
DON’T PROVIDE YOUR CREDIT CARD CVV CODE
The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.
DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER
It may or may not happen, but if an unregulated broker asks you to install AnyDesk or TeamViewer and give them log in details, consider yourself very open to a complete drainage of your funds from all your online accounts. These softwares allow for anyone to access your PC from another station and go through all your files and vital information, including credit card, bank and alternative payment method details. Thankfully, these platforms are completely legal and will need your own personal approval in order to be used.
FXONE WITHDRAWAL TIME AND FEES
The only means of withdrawing is via wire transfer. Requests are sent over to the broker via the client portal, and a response is never received: you won’t be able to get your money back, nor any profit made. The Terms and Conditions go over some withdrawal details, but we will not cover them, for we are sure that FXOne will not send over any funds back to its victimized clients.
ADDITIONAL FEES AND TAXES
The only thing worth mentioning here is the odd indemnification part of the Terms and Conditions, that nevertheless absolves the broker from certain types of damages it causes the client.
There are other instances through the legal documents that expertly cover the brokers dirty footprints.
Furthermore, we believe that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.
The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.
HOW TO RECOVER
Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.
If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.
Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.
The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!
Do not be fooled by FXOne. This company has put some thought into its scam, unlike many others, and has the potential to victimize many!
Do not deposit here!