OnyxTraders is an unregulated broker that we advise against trading with, despite the seemingly attractive deals it offers.
OnyxTraders has been unable to provide its regulatory information, a significant scam indicator. Legitimate brokers, in order to instill trust and transparency, always prominently display their accreditation and licenses. As such, the lack of information thereof may suggest the status as an unlicensed broker.
The broker claims to be located in Switzerland, where individuals and companies in the financial industry are required to obtain authorization from the Swiss Financial Market Supervisory Authority (FINMA). However, no matching records could be found on the FINMA register, indicating it is operating outside the regulatory framework.
Additionally, the Comisión Nacional del Mercado de Valores (CNMV) has added OnyxTraders to its warning list for providing investment services without authorization.
Regarding your question, OnyxTraders is an unregulated broker carrying significant risks, such as financial losses and identity theft. Once your personal information and money are held by the trading platform, there are no rules in place to safeguard them. Therefore, we strongly suggest investors stay away from unregulated brokers like OnyxTraders and instead choose a fully regulated one to mitigate such risks.
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