Watch Out! Don't be Fooled by Scam Broker OneFX Trade

Despite strict supervision, authorities struggle to get a complete hold of scammers. Therefore you must exercise due diligence while signing up with a forex broker. This piece will discuss how fraud company trap clients and what you should do if you ever faced up with fake brokers like OneFX Trade.

OneFX Trade - A Quick Overview

OneFX Trade (https://www.1fxtrade.com/) claims to be a forex and CFD brokerage firm based in the United Kingdom. The company provides retail trading services across currency and commodity markets. While the MT5 trading platform is the only option to access liquidity providers, the broker's range of tradable instruments also seems limited. Depending upon individual preferences, clients can sign up for four account types at OneFX Trade: Micro, Standard, VIP, and ECN. Although the firm supports copy trading services, it doesn't offer educational facilities. While the information on minimum deposits and supported payment methods is unavailable, the company doesn't talk about safety precautions in place to protect clients' funds. Customer support is offered through telephone, email, and live chat.

Is OneFX Trade Regulated？

No, OneFX Trade is neither registered nor regulated anywhere in the world. Although the company claims to have been a regulated brokerage firm, it doesn't list any certification to support its claim. The link to the legal information page is also broken.

Is OneFx Trade Legit？

No! We don't believe it to be a legitimate firm and have specific reasons for it. First of all, the broker's website looks unprofessional. There are some areas where the text is written in French. It seems like the company forgot to change it with relevant information.

Second, the company claims to have been around for ten years. However, the broker's domain age is just two months old.

Since the company claims to have its office in the United Kingdom, we searched the FCA database to check whether the firm holds FCA regulations and found it to be a non-regulated concern. Further, the FCA has warned the company for providing unauthorized trading services within the country and cautioned investors to avoid signing up with it.

How Does OneFX Trade Scam Works？

The broker has posted false information concerning its regulatory status on its website to look legit and to gain customers' trust. Though it doesn't work for experienced traders, mostly newbies become their prey.

When clients signup with the broker, it asks for deposits and instigates them to claim special bonus offers. The company keeps following up until you make a deposit or change your number.

However, after receiving clients' funds, the broker barely replies to your emails or phone calls. By the way, this attitude is common to typical scam brokers.

What Should I Do If I Have Already Deposited Funds With OneFX Trade？

It isn't much you can do other than seek a withdrawal, and it looks unlikely to be processed. According to the users of WikiFX, this broker has a terrible track record of releasing client funds.

Bottom Line:

Do not trust your money to an unlicensed broker like OneFX Trade. This broker operates without a proper license or oversight from regulatory authorities. Instead, try finding a legitimate broker who plays by the rules and can give you solid assurance about the safety of your funds. At least, you will have a legal backup when dealing with a reputable regulated firm.