Updated on April 3, 2024
Quick Links
In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding FxOnUs due to the issues we've identified.
Is FxOnUs Scam or Legit Broker? ▲
FxOnUs, a brokerage service under the corporate umbrella of MarketOnUs located in the Marshall Islands, has raised significant alarm bells within the trading community. This particular broker finds itself on the blacklist of a prestigious regulatory body, a clear indicator that engaging with them could be fraught with risk. The Marshall Islands, with its minimal regulatory oversight and low barriers to entry for forex trading establishments, has unfortunately become a haven for less reputable brokers. Other entities such as MegaTradeFX and Finbitex, which have similarly dubious reputations, share this jurisdiction with FxOnUs.
Operating under the brand name FxOnUs, MarketOnUs is a company with registration in the Marshall Islands. Additionally, it claims an address in London, UK, presumably to lend an air of credibility to its operations. Nevertheless, this London address does not appear in the UK's regulatory or registration records under the Financial Conduct Authority (FCA), casting doubt on the veracity of the information provided by FxOnUs. As an offshore, unregulated firm, FxOnUs offers a range of trading solutions, including CFDs, Forex, Metals, and PAMM management services. However, without regulatory oversight, the safety of client funds and the integrity of the firm's operations remain highly questionable. Although a license from a reputable authority does not eliminate the risk of malpractice, it significantly reduces it, while also providing a safety net through regulatory protection. The absence of regulation and misleading information about FxOnUs' operations and registration, coupled with warnings from industry authorities due to numerous complaints, underline the risks of engaging with this broker.
Upon thorough examination and considering the myriad of safety and regulatory issues associated with FxOnUs, our evaluation does not paint a favorable picture of this broker. With an extensive background exceeding two decades in Forex trading, our expert opinion places FxOnUs at a notably low position on our scale. Specifically, FxOnUs secures a meager score of 2 out of 5, a stark contrast when compared against a broad spectrum of over 1000 brokers. This ranking reflects not just the broker's regulatory shortcomings, but also its overall reliability and safety as a trading platform.
The process of depositing and withdrawing funds is a crucial aspect of any trading experience. However, due to the aforementioned concerns and lack of transparency surrounding FxOnUs, potential traders should exercise extreme caution. The absence of robust regulatory oversight significantly increases the risk of financial losses, either through hidden fees, delayed transactions, or the worst-case scenario of not being able to retrieve invested funds at all.
Offers a variety of trading options including CFDs, Forex, and Metals
Provides PAMM management services
Blacklisted by a wellknown regulatory authority
Registered in the Marshall Islands, known for its lax regulatory environment
Misleading information regarding UK registration
Absence of regulatory oversight raises serious concerns about the safety of client funds
Multiple complaints and warnings issued by industry authorities
The comprehensive analysis of FxOnUs, considering its regulatory status, operational transparency, and the broader context of its registration in the Marshall Islands, leads to a resounding conclusion. The broker's inclusion on a regulatory blacklist, coupled with misleading claims about its operations and a significant volume of complaints, marks it as a high-risk entity for any trader. The allure of diverse trading options cannot overshadow the fundamental need for safety, security, and transparency in trading operations. Therefore, based on the multitude of red flags and the potential for financial loss, we strongly advise against engaging with FxOnUs for trading activities. Traders are encouraged to seek out regulated, reputable brokers who offer a secure environment for their investment endeavors.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
FxOnUs Review 2024
