Note: Onyx Trade Group's official site - https://www.onyxtradegroup.uk/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Onyx Trade Group？
Onyx Trade Group, operated by Lencher ExPro LLC, is a financial services firm offering Contracts for Difference (CFDs) and FX trading within the European economic zone. The company has been operational for 2 to 5 years and is registered in Saint Vincent and the Grenadines. Despite its service offerings, Onyx Trade Group is non-regulated, implying the absence of regulatory oversight which could add a potential risk factor for investors.
Unfortunately, as of the current information, the company's official website is unavailable, limiting the accessibility of centralized information related to the firm's services and operational details.
Pros & Cons
Cons:
Unavailable Official Website: The lack of an official website is a major drawback as it restricts the potential clients' ability to access key information about the company's services, policies, and important updates. In financial services, access to such information is crucial for making informed decisions.
Non-regulated Status: Onyx Trade Group is currently non-regulated, implying a lack of oversight from any recognized regulatory authority. This fact might add an increased risk factor for potential investors, as non-regulated companies may not provide the same degree of security and client protection as regulated ones.
Relatively New Company: With its operational duration being only 2 to 5 years, Onyx Trade Group is a relatively new player in the financial industry. This could potentially mean it lack the extensive experience of older, more established companies, potentially impacting its reliability and performance in the financial market.
Is Onyx Trade Group Safe or Scam？
Onyx Trade Group operates with a non-regulated status, meaning it does not fall under the jurisdiction of a recognized authoritative regulatory body.
Non-regulated status means that the company is not obligated to comply with these stringent policies and standards. As a result, it carries a certain level of risk for investors as there could be less protection against fraudulent practices, market manipulation, insolvency issues, or other forms of misconduct. Hence, potential clients should be aware of these added risks when dealing with non-regulated entities. It's recommended to conduct comprehensive research and due diligence before engaging with such firms.
And Onyx Trade Group, has come under scrutiny by one of the primary financial regulators in Ireland, the Central Bank of Ireland Commission. Established in 2011, this Commission not only issues licenses to CBI-regulated brokers, but also oversees the activities of various service providers, including insurance and credit providers, credit unions, and moneylenders.
Onyx Trade Group was raised as an issue of concern by the Commission on November 4, 2022, because it has been operating as an investment firm in Ireland without the necessary authorizations. This infraction is significant, particularly given the Commission's mandate to protect consumers and maintain the integrity of the Irish financial system. Operating without appropriate licensure or regulation can pose a potential risk to investors and consumers and is typically considered a severe violation of financial laws and regulations. As a result, the Central Bank of Ireland Commission has classified Onyx Trade Group as an unauthorized entity.
Market Instruments
Forex trading: This is one of the largest markets in the world, where traders buy and sell currencies. With Onyx Trade Group offering this instrument, traders have the opportunity to speculate on the price movement of different currency pairs.
CFDs on Commodities: Onyx Trade Group also provides its clients with the ability to trade CFDs on various commodities. This lets traders speculate on price movements in a range of commodities, such as oil, gas, precious metals, and agricultural products, without owning the actual commodity.
CFDs on Stocks: Here, clients can speculate on the rises and falls in the prices of shares in individual companies, without the need to own the underlying shares.
CFDs on Indices: This allows clients to trade on the price movements of entire indices, such as the S&P 500, FTSE 100, among others.
Trading Platform
Onyx Trade Group allows users to trade on the MT4 platform, which includes the following features:
Custom Charting and Analysis: MT4 includes advanced charting capabilities, allowing traders to view and analyze price movements and market trends. This can help in making informed trading decisions.
Signal Trading: The platform supports signal trading, an automated feature where traders can copy the transactions of more experienced traders directly into their own accounts.
EA (Expert Advisors): Onyx Trade Group's MT4 supports the use of EAs or automated trading robots. These are programs that allow for automated trading based on pre-defined strategies.
Copy Trade: This feature enables less experienced traders to copy the trading decisions made by successful, professional traders. This can be particularly useful for beginners or those looking to diversify their strategies.
Simulated Trading: MT4 also provides a feature of simulated trading, allowing traders to practice their strategies in a risk-free environment before they venture into live trading.
Trading Tools: MT4 comes with a host of trading tools that can help in making strategic trading decisions. These include various technical indicators, graphical objects, and a multi-timeframe analyzer.
Conclusion
In conclusion, Onyx Trade Group, operating under Lencher ExPro LLC, is a provider of financial services that includes a variety of trading instruments such as CFDs and forex trading within the European economic zone. The company provides its customers with a sophisticated trading platform, MetaTrader 4, which brings together a range of features including custom charting, signal trading, integrated Expert Advisors (EAs), copy trade, and simulated trading.
However, potential clients should be mindful of the company's non-regulated status and its absence of a reachable official website. In addition, Onyx Trade Group was flagged by the Central Bank of Ireland for operating as an investment firm without the necessary authorizations. These factors suggest potential risks and challenges for investors. Therefore, caution and due diligence are advised before making a decision to engage with its services.
Frequently Asked Questions (FAQs)
Q: What financial instruments does Onyx Trade Group offer for trading？
A: The firm provides a platform for trading foreign exchange as well as a series of CFDs on commodities, stocks, indices, and more.
Q: How can I get in touch with Onyx Trade Group？
A: You can reach Onyx Trade Group's customer service via phone at +442037698316 or via email at support@onyxtradegroup.uk.
Q: Does Onyx Trade Group have any regulatory oversight？
A: As per the available information, Onyx Trade Group does not fall under any known regulatory oversight.
Q: What platforms does Onyx Trade Group offer for trading？
A: Onyx Trade Group allows users to trade on MT4, offering a desktop trading platform, a mobile application for trading on the go, and a WebTrader for browser-based trading.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
