Onyx Markets
Basic Information
Pros and Cons
Pros
- Regulated by the FCA
- Demo account available
- Multiple contact channels
Cons
- Holds a suspicious market maker license
- Slow withdrawal processes reported
- Lack of transparency in fee structures
Is Onyx Markets Safe and Legit?
Onyx Markets, registered in the United Kingdom as Onyx Capital Advisory Limited in 2024, has approximately 1-2 years of operational experience. The broker offers trading in forex, indices, and commodities with leverage that varies by asset class and competitive spreads using the MetaTrader 5 (MT5) platform.
Onyx Markets is regulated by the Financial Conduct Authority (FCA), although it holds a suspicious market maker license, which raises concerns about its overall safety and legality in the trading environment.
User feedback on Onyx Markets indicates a mixed reputation, with notable concerns regarding customer service quality, withdrawal processes, and transparency. While some users appreciate the availability of a demo account and multiple contact channels, the broker has received complaints about slow withdrawal times and a lack of clarity in fee structures, suggesting a need for increased transparency and improved customer support.
Is Onyx Markets a Regulated Broker?
Client Fund Segregation: Your Ultimate Safeguard
Capital Protection Measures
Onyx Markets holds client funds in independently regulated bank accounts, separate from its own assets, ensuring a level of capital protection. However, the broker does not participate in investor compensation funds or insurance schemes, which may limit coverage and protection for traders in adverse situations.
Onyx Markets Leverage
The maximum leverage offered by Onyx Markets varies by product category, depending on client classification (retail or professional). The broker’s leverage practices comply with local regulatory requirements, but specifics about the exact leverage multiples for standard and professional accounts are not disclosed.
Onyx Markets Withdrawal Review
How to Contact Onyx Markets?
Does Onyx Markets Have Withdrawal Issues?
Complaints regarding Onyx Markets primarily focus on withdrawal processes, with users expressing concerns about slow withdrawal times and a lack of clarity in fee structures. The feedback is mixed, with some users finding the demo account feature beneficial, while others report frustrations with customer service. Most complaints are sourced from online trading forums and review sites, indicating a repetitive pattern regarding withdrawal delays. However, there are no significant public complaints or regulatory penalties documented, though the broker’s suspicious market maker license raises questions about its operational legitimacy and safety.
Frequently Asked Questions
A1: Onyx Markets is regulated by the Financial Conduct Authority (FCA) in the United Kingdom, but it holds a suspicious market maker license, which raises concerns about its overall safety and legality. While client funds are kept in separately regulated bank accounts, the absence of participation in investor compensation funds or insurance schemes may limit trader protection.
A2: Onyx Markets is regulated by the Financial Conduct Authority (FCA) in the UK, but it operates under a suspicious market maker license. This suggests a less stringent regulatory environment, and traders should exercise caution regarding its legitimacy and safety.
A3: Onyx Markets protects client funds by holding them in independently regulated bank accounts, separate from its own assets. However, the broker does not participate in any investor compensation funds or insurance schemes, which may limit coverage in adverse situations.
A4: Yes, there have been complaints regarding Onyx Markets’ withdrawal processes, with users reporting slow withdrawal times and a lack of transparency regarding fees. Feedback indicates a mixed reputation, particularly in relation to customer service and withdrawal experiences.
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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.