Abstract：Planning to invest in OnFin, the forex broker, which has been a nightmare for many forex traders? While withdrawal denials have remained perennial for them, trading manipulations, including the illegitimate disappearance of deposits, have put OnFin under the scanner. Traders have been vehemently expressing their frustration about the forex broker on various broker review platforms. In this article, we will share some complaints that made us expose this broker here.
Planning to invest in OnFin, the forex broker, which has been a nightmare for many forex traders? While withdrawal denials have remained perennial for them, trading manipulations, including the illegitimate disappearance of deposits, have put OnFin under the scanner. Traders have been vehemently expressing their frustration about the forex broker on various broker review platforms. In this article, we will share some complaints that made us expose this broker here.
The List of Scam Allegations Against OnFin
Awful Withdrawal Conditions for Traders
Traders have been facing withdrawal denials. But even more important is the awful condition that OnFin puts for withdrawals. It forces one to trade a high volume in exchange for a relatively modest withdrawal amount. One such trader wanted to withdraw funds but was denied as OnFin mandated a high trade volume to access the same. According to the trader, the company wanted a trade of 300,000 units in exchange for 100 USD. Here are the words of the trader.
Duping Traders Using Social Media Agents
Social media can be a make-or-break for society, including even forex traders. Some social media experts offer excellent tutorials on forex and other financial products; others simply mislead people. Fake forex brokers, such as OnFin, often collaborate with the latter set of people to be successful in their fraudulent initiative. One trader and his friend started trading following the advice of an individual with whom he connected on social media. The concerned social media agent asked them to deposit a minimum of $1000, which they did. But little did they know that the amount was going to vanish. Here is a screenshot showing how the incident unfolded.
Withdrawal is Just Not the Case for Most Traders
Like a typical scam forex broker, OnFin knows how to deny traders access to withdrawals. It always has an excuse for a delay. Whether the withdrawal request was made a day ago or weeks before, traders are not able to withdraw their funds. Sharing a couple of snapshots below supporting this scenario.
Funds Disappear Within Minutes
Some traders have witnessed their funds disappear following deposits. While the broker officials say they will look into the matter, they do not do anything about it, further complicating the matter. Here is one small but grave screenshot.
Any Idea Why There are So Many Complaints Against OnFin
The biggest red flag is that the Comoros-based forex broker does not hold a valid license from any competent financial authority. Being an unregulated entity, it has been able to place absurd withdrawal conditions, deny withdrawals despite requests, and even siphon out funds within minutes. It does not need to disclose its operational details with the regulator, freeing it from the obligation as it marches on to dupe investors with its set of tricks. After an in-depth analysis, WikiFX, the go-to app for broker regulation inquiry, has assigned it a score of 2.04 out of 10.
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