The FxOnUs Forex Broker is an offshore broker that was created in 2016. FxOnUs is owned by the company Marketonus Ltd, this company is registered in the Marshall Islands. The broker also reports on his website about another company called Yorkshire HG Ltd., which is registered in the United Kingdom. However, Yorkshire HG Ltd is not listed in the UK business register.
The most important thing to keep in mind is that Fxonus is an unregulated broker from an offshore country, this carries a high risk of loss. We are alarmed that the information provided in the document called “The Safety of Funds” is very scarce and it is not clear whether the broker has clients’ funds in segregated accounts.
In this industry, even regulated brokers break the rules and cheat their customers with their money. But if they are regulated brokers, there is the possibility that customers will eventually recover the money from their accounts. In theory, regulated brokers are obliged to belong to a clearing system. Also, in theory, most regulators are usually diligent and monitor brokers to meet their legal obligations. The reality is that some regulators are more diligent than others, but what we need to be very clear about is that there is no one to watch over unregulated brokers. For all of the above, we always advise you to use the services of a well-regulated broker. FCA of the United Kingdom or ASIC are trusted regulators.
Fxonus offers us 2 different types of accounts so that the trader can operate in the financial markets. The accounts are called, Standard Account and STP/ECN Account, both with different characteristics. For the first one, the broker requires 500 USD as minimum deposit, and can be operated from 0.01 lot, the maximum leverage is 1:500 and the spread is 1.4 pips for EUR/USD. The STP/ECN account has the same features as the standard account in terms of minimum deposit, trade size, and leverage. In this case, the Spread is 0.4 pips + a commission of 10 USD for each lot operated.
FxOnUs uses MT4 as a trading platform. MT4 is the most popular platform among traders, with more than 10 years of experience. The reason why the MT4 platform is the most used is, versatility, functionality, and ease to use. FxOnuUs broker provides its customers with all possible connectivity for the MT4 platform. In this way, customers can use the desktop version, as well as the mobile version for tablets and smartphones.
Fxonus offers maximum leverage of 1:500
FxOnUs allow operations from 0.01 lots, this is called micro-lot or 1000 units of the base currency. Operating with micro-lots provides flexibility and is ideal for traders who want to trade with a small volume and accepting smaller risks.
Trading Costs vary, dependent upon the type of account the trader chooses. The trader can choose between the standard account that offers a cost of 1.4 pips or the STP/ECN account that offers a lower spread but applies a fee of 10 USD for each lot operated. In our view, in terms of cost, we do not see much difference in costs between the two accounts. It is the choice of the trader which way he wants to pay the costs of trading with this broker.
This broker only operates Forex. We missed that it could offer to trade the most important stock indices and gold and oil.
The spreads offered by this broker depend on the type of account the trader opens. As mentioned above, there is one account with a spread in EUR/USD of 1.4 pips without commissions and another one with a lower spread, 0.4 pips in EUR/USD but with a commission of 10 USD for each lot traded.
The minimum deposit to open an account with this broker is 500 USD. We consider this requirement to be high in comparison with the average for the industry.
DEPOSIT METHODS & COSTS
The deposit options offered by the broker are bank transfer, credit and debit cards, and the online payment systems Neteller, Skrill, and China Unionpay. We have not been able to determine the cost of deposits in the accounts of the different payment options that exist. Usually, the first deposit is free in most brokers and the customer will only pay the commission that the bank, in case of bank transfer, or electronic methods decide.
WITHDRAWAL METHODS & COSTS
The withdrawal methods that the broker offers are bank transfers, credit and debit cards, and online payment systems Neteller, Skrill, and China Unionpay. The withdrawal/transfer of funds from the trading account is performed using the same method as was used for making a deposit, and to the same bank account or electronic payment system from which the deposit was made. When the deposit was made by the method that cannot be used for withdrawal/transfer then funds may be withdrawn/transferred through the bank transfer to the bank account opened in the Client’s name. FxOnUs does not specify costs for cash withdrawals.
WITHDRAWAL PROCESSING & WAIT TIME
The Company executes the withdrawal/transfer of the Client’s funds after receiving a relevant request from the Client. The withdrawal/transfer request should be submitted through the trading platform.
The Company does not obligate to process with withdrawal/transfer requested by any other means.
The Company may reject the withdrawal/transfer request received from the Client, without giving a reason and without notice, in particular, when:
- the request does not include all required information;
- the funds after the withdrawal are not sufficient to secure open position on the trading account;
- the funds are transferred by a third party;
- the Company suspects that the profits obtained by the Client are the result of fraud, forgery, abuse, and/or breach of law and this Agreement.
At the time when the Client’s Trading Account is frozen, the Client’s funds are also frozen and the Company does not execute from this account transfer/withdrawal. In the cases specified in this point, the Company bears no responsibility for any Client’s loss, including but not limited to the financial loss and the Client has no right to claim compensation, demand performance of the Agreement in a particular way, and anything else from the Company.
The Broker does not specify the wait time for cash withdrawals. Normally if the entire withdrawal process is correct the estimated time is 1 to 5 days depending on the method used.
BONUSES & PROMOTIONS
Fxonus offers its customers 2 bonuses, one of 100% of the deposit, and another of 50%. It also offers free deposits. These types of promotions seem very attractive, but a number of conditions must be met. Unfortunately, the broker does not make these conditions clear on his website.
The broker offers an IB system (Introducing Broker), in fact, on the website, there is access for them where they can access their private area using a username and password. IB’s are partners who attract clients for the broker in exchange for a commission for their operations. Obviously, the particular conditions have to be dealt with by the broker directly.
EDUCATIONAL & TRADING TOOLS
The broker, on its website, has an education center. This education center offers an ebook, a glossary of terms, a service called live traders, and a video section. Our experience with this content has been very negative as no content can be accessed the landing pages are empty. Another important fact is that this broker has a news section but they are not updated since February 2017. This issue makes us raise all alarms about this broker.
FxOnUs customer service has two methods of contact, telephone, and email. We have tried to contact the phone that appears on the web and is not operational. Please note that there is also no online chat to facilitate smooth communication between the trader and the broker.
The data are as follows:
Registration number 81547
Ajeltake Road, Ajeltake Island
Propertarde does not have a demo account for its clients. We consider this a negative aspect. Having a demo account is important, especially for all those novice traders who need to simulate a real operation without taking risks and gain experience in different markets.
After analyzing the broker’s terms and conditions documents, we have not found any restrictions on any country. So apparently this broker is willing to open accounts to any citizen of any nationality
There are many unregulated brokers abroad, one of them is FxOnUs. The purpose of some of these brokers is often to deceive their clients. Therefore, an issue that we do not like at all is that Fxonus does not provide any information on its website about its commercial conditions. We consider that requiring 500 USD as a minimum deposit is a rather high requirement as FxOnUs is a small and unregulated broker.
FxOnUs is a trademark, the real company is called Marketonus and is also an offshore company that has its headquarters and its registration in the Marshall Islands. However, an additional postal address in London (UK) appears on the Fxonus website. We assume that setting up a European address is to generate more confidence among potential customers. Despite the inclusion of a UK mailing address, the broker is not listed in the UK or in its respected FCA authority.
Indeed, we are talking about an unregulated broker, located in an offshore country, that offers its clients many investment and trading solutions, offering, CFD, Forex, and Precious Metals, as well as managing a PAMM account. All this without the supervision of a regulatory body that ensures good treatment of clients and proper management of funds.
Of course, the fact that a broker has a regulation does not guarantee that it is 100% transparent and there is no risk of deception for its customers. However, when a customer has problems with a broker, the broker will be investigated and may have legal consequences if he has committed fraudulent activities.