Onyx Markets
Pros and Cons
Pros
- Regulated by FCA with market maker license
- Supports MetaTrader 5 trading platform
- Diverse trading instruments: Forex, CFDs, and commodities
- Offers demo account for practice trading
- Multiple contact channels for customer support
Cons
- Suspicious Clone FCA License
- Limited trading instruments (no stocks, ETFs, or cryptocurrencies)
- Restricted access for users in the US and other countries
- Lack of advanced educational resources
- High potential risk due to unverified regulatory status
Basic Information
User Reviews
Onyx Markets Overview
Onyx Markets, established in 2024, is a UK-based forex broker operating under the regulatory oversight of the Financial Conduct Authority (FCA) with a market maker license (No. 822509). Despite its recent inception, Onyx Markets aims to provide a robust trading environment tailored for both novice and experienced traders. The broker’s commitment to compliance with regulatory standards enhances its credibility, although potential clients should remain aware of the evolving nature of its regulatory status as it builds its reputation in the competitive forex market.
Specializing in a range of financial instruments, Onyx Markets offers trading in forex, commodities, and indices through the advanced MetaTrader 5 (MT5) platform. This platform is known for its comprehensive charting tools, algorithmic trading capabilities, and user-friendly interface, making it suitable for diverse trading strategies. Customer support is available through multiple channels, including email and phone, ensuring responsive assistance for traders. While Onyx Markets provides competitive spreads and a demo account for practice, potential clients should consider the broker’s regulatory standing and the inherent risks associated with trading in leveraged markets.
Is Onyx Markets Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Financial Conduct Authority (FCA) | United Kingdom | None reported; Suspicious License |
Is Onyx Markets Regulated and How Are Client Funds Protected?
Onyx Markets is registered under the Financial Conduct Authority (FCA) in the United Kingdom but currently holds a suspicious market maker license. This raises concerns about the legitimacy of its operations. As it stands, client funds lack adequate protection, as there are no confirmed measures such as segregated accounts or an investor compensation scheme in place. The broker’s unverified status can lead to significant risks for traders, including the potential for fraud. Therefore, while Onyx Markets may present itself as a regulated broker, the absence of strong regulatory oversight and fund safety protocols should give traders reason to exercise caution.
Trading Products and Services
What trading instruments does Onyx Markets offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | Many |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ, FTSE 100 | Multiple |
| Stocks | Apple, Tesla, BP, Vodafone | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
Onyx Markets provides a diverse range of trading instruments, catering to various trader profiles, from beginners to seasoned professionals. The platform supports multiple asset categories, including Forex, commodities, indices, stocks, and cryptocurrencies, allowing traders to adopt flexible strategies and enhance their portfolios. This diversity not only meets the needs of technical traders looking for precise market entry points but also suits long-term investors seeking to capitalize on market trends. By offering a broad selection of trading products, Onyx Markets empowers users to diversify their investments and optimize their trading experience.
Account Types and Trading Conditions
What Account Types and Fees Does Onyx Markets Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | Low minimum deposit, access to educational resources | Suitable for small-capital practice |
| Professional Account | Experienced traders | Higher leverage, reduced spreads, advanced trading tools | Requires proof of trading experience and volume |
| Corporate Account | Corporate entities | Customizable trading solutions, multi-user access | Requires corporate documentation and verification |
| Islamic Account | Traders seeking swap-free options | No overnight interest fees, compliance with Islamic finance principles | Requires declaration of eligibility |
| Demo Account | All traders | Practice trading without real money, access to full platform features | Unlimited time usage for practice |
Account Opening Process
To open an account with Onyx Markets, you must follow a straightforward process that includes several steps. Initially, you will be required to submit your personal information, which typically includes your name, address, and contact details. Following this, you will need to provide employment and financial information to ensure that you meet the eligibility requirements for the account type you are selecting. Additionally, identity verification is a crucial part of the process, requiring you to submit a valid ID and proof of address documentation. Once your identity is verified, you can start trading. Onyx Markets offers flexibility in account management, allowing you to upgrade to a professional account later on if your trading needs evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (EUR/USD) | 0.8 | $0 (ECN: $3.5/lot) | Tight spreads for major currency pairs |
| Forex (GBP/USD) | 1.0 | $0 (ECN: $3.5/lot) | Competitive rates for popular pairs |
| CFDs (Stock Index) | 1.5 | $7 per lot | Includes major indices like S&P 500 |
| CFDs (Commodities) | 2.0 | $5 per lot | Applicable to gold and oil |
| Cryptos (BTC/USD) | 1.0% | 0.1% | Variable spreads based on market conditions |
Other Fees
In addition to trading fees, traders should be aware of other potential costs. Onyx Markets may impose deposit and withdrawal fees that vary based on the payment method chosen. Additionally, an inactivity fee may apply if no trading activity occurs within a specified period. While there are no platform usage fees associated with Onyx Markets, overnight interest charges, also known as swap rates, will be applied for positions held overnight. Lastly, currency conversion fees may apply when trading in different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does Onyx Markets Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MT5 | Windows, macOS, iOS, Android | 2FA, encryption, multiple order types, price alerts, technical indicators | Demo accounts, VPS |
| Web Version | Any device with internet access | Secure login, market search, one-click trading | None |
| Mobile App | iOS, Android | Biometrics, push notifications, symbol lookup | None |
Onyx Markets provides a comprehensive trading experience through its platforms. MT5 is ideal for advanced traders, featuring extensive tools for analysis and automated trading. The web version ensures flexibility, allowing access from any device with an internet connection. The mobile app offers convenience for on-the-go trading, featuring secure login and real-time alerts. All platforms focus on maintaining secure logins, fast order execution, and efficient market search tools, making Onyx Markets a versatile choice for traders.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| SEPA Transfer | 1-2 business days | No platform fee, 0.5% for amounts over €5,000 | Min €100, Max €50,000 | EUR, USD |
| GrabPay | Instant | No fees | Min $10, Max $5,000 | USD, SGD |
| SPEI | Instant | No fees for deposits | Min $50, Max $20,000 | MXN, USD |
| Wire Transfer | 3-5 business days | $20 for international wires | Min $100, Max $100,000 | USD, EUR |
| Crypto Deposit | Instant | No fees for deposits | Min $50, Max $10,000 | BTC, ETH |
Minimum Deposit
The minimum deposit requirement at Onyx Markets is $50. This amount is consistent across all payment methods and account types, ensuring accessibility for all traders regardless of their chosen funding method.
How to Withdraw
To withdraw funds from your Onyx Markets account, follow these steps:
- Log in to your Onyx Markets account.
- Navigate to the ‘Withdrawal’ section in your account dashboard.
- Select your preferred payment method from the available options.
- Enter the amount you wish to withdraw.
- Confirm the transaction details and submit your withdrawal request.
- Check your email for a confirmation message regarding your withdrawal.
- Wait for the processing time as specified for your chosen payment method.
Customer Support
Onyx Markets Customer Support Overview
Support Channels
Onyx Markets offers multiple contact methods to ensure comprehensive customer support. Clients can reach out via:
- Email: Customers can send inquiries to trading@onyxmarkets.co.uk, where the support team is ready to assist with any questions or issues.
- Live Chat: Clients can utilize the live chat feature on the Onyx Markets website for instant assistance during trading hours.
- Telephone: For urgent matters, customers can call the support hotline at +44 203 097 5000 for direct communication with a support representative.
- Social Media: Onyx Markets is also active on social media platforms, providing another avenue for customer engagement and support.
Service Availability
Onyx Markets provides customer support services 24/5, ensuring that assistance is available during the trading week. Additionally, support is offered in multiple languages, including English and several others, to cater to a diverse clientele.
Additional Resources
Onyx Markets enriches its customer service experience with various educational resources. These include:
- Video Tutorials: Step-by-step guides are available for new traders to navigate the trading platform effectively.
- Webinars: Regular webinars are hosted to provide insights into market trends and trading strategies.
- Market Analysis: The broker offers market analysis to help traders make informed decisions.
- Trading Signals: Clients can access trading signals to enhance their trading strategies.
Overall, Onyx Markets is committed to providing exceptional customer service and support to its clients, ensuring that help is always within reach.
Frequently Asked Questions
Onyx Markets operates under a market maker license from the Financial Conduct Authority (FCA) in the UK, which helps to ensure that the company adheres to specific compliance standards. However, it is important to note that the FCA license is currently considered suspicious, and potential clients should conduct thorough research before engaging with the platform.
Onyx Markets offers competitive spreads and various account types suitable for different trading strategies. Fees and commissions may apply, and clients are advised to review their account statements regularly. Additional costs, such as transaction taxes and third-party fees, are the responsibility of the trader.
Onyx Markets requires that all deposits and withdrawals are conducted through accounts in the client’s name, which is a standard practice to enhance fund security. However, as the broker operates under a suspicious license, potential clients should be aware of the inherent risks and take extra precautions.
Onyx Markets utilizes the MetaTrader 5 (MT5) platform, offering advanced charting tools, algorithmic trading capabilities, and access to international markets. The platform is designed to provide a user-friendly experience, but clients are encouraged to familiarize themselves with its features before trading.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.