Onyx TCS Review: Onyxtcs.com is a Shady Broker

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Onyx TCS Review
  • Regulation
  • Fund Safety
0.5

Summary

 Onyx TCS purports to have licenses from the Dubai Financial Services Authority (DFSA), Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), and Financial Sector Conduct Authority (FSCA). However, all these are false and misleading claims. We checked the FCA online registry and did not find this fraudulent broker’s name.

With Onyx TCS, you will supposedly discover the world of investment where there is unlimited potential. All this sounds good on paper. However, our investigation has uncovered a few unsettling facts about this broker that could make you want to reconsider your decision to invest with them.

Onyx TCS Review, Onyxtcs.com entity

In recent years, the forex market has seen a surge in popularity. However, alongside this growth, there has been a concerning rise in forex broker trading scammers. These fraudsters can wreak havoc on unsuspecting traders, leading to financial loss and emotional distress. Although there are many scam brokers, there are also honest and transparent crypto brokers, so there is still hope.

About Onyxtcs.com

The platform allows you to trade currencies, indices, cryptocurrencies, metals, commodities, and stocks. It offers three accounts, and the newbie one requires a $150 minimum deposit with a 1:100 leverage. The broker boasts of a $4.4 billion daily turnover, $740,618,225 overall balance, and 122,785 active traders. All these would be good if they were accurate. There are so many things about this broker that are red flags, and such staggering figures are among them.

Onyx TCS Founders and Team

There are no names of the people who established the company or the current employees. This was rather questionable given the broker’s hyped status. In the shadowy realm of scam forex brokers, these nefarious entities are fond of concealing their employees. At the heart of this practice is a scheme to entrap unsuspecting traders.

By concealing the identities of their founders and employees, scam brokers create a facade of legitimacy. This lures in victims with promises of grandeur and financial prosperity. Moreover, without a clear trail leading to the masterminds behind these illicit operations, law enforcement agencies are left chasing shadows.

Contact Details

The contact information includes an email, phone number, and a physical address to Birmingham, Great Britain. Although they have given these details, they are not specific. The broker should be precise and even give the room number for easy access. A responsible company must also have multiple communication channels and even social media pages if possible.

Being a scammer, however, this broker has chosen to give misleading contact details. The messaging system they have given is not effective, and we had a hard time communicating with them.

Onyx TCS Regulation

For many new traders, the broker with the tightest spreads is usually the favorite. Although a tight spread is good, in the long run, it is not what matters most. Even if the broker offers the lowest spreads, but they are not regulated, you will lose your money in the long run.

Regulation protects traders against fraud, malpractice, and financial irregularities. Financial watchdogs hold brokers to stringent standards of conduct and subject them to regular audits. Regulatory bodies act as impartial arbiters, adjudicating disputes and enforcing penalties against brokers found to be in violation of regulations. For Onyx TCS, regulation was not a priority.

The broker purports to have licenses from the Dubai Financial Services Authority (DFSA), Cyprus Securities and Exchange Commission (CySEC), Financial Conduct Authority (FCA), and Financial Sector Conduct Authority (FSCA). However, all these are false and misleading claims. We checked the FCA online registry and did not find this fraudulent broker’s name.

Trading Conditions

The broker is not very open about their spread and commission charges. From their leverage, however, we identified another red flag. They claim to be under the FCA, but the 1:100 leverage nullifies this claim because it is above the recommended one. The broker is lying about its licensure to give a false impression of legitimacy.

Final Verdict

Onyx TCS is not a regulated broker. They are scammers who are pretending to operate a legitimate business. If you want to avoid unnecessary financial losses in forex trading, work with the transparent and honest crypto brokers only. With such brokers, you can rest assured that you will not lose your money to fraudsters. 

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