Onotex Review: A Ruthless Crypto Trading Platform

Onotex (onotextrade.com) is yet another shiny platform with little return value. The platform is a clone of several different scams. We noticed the about us page is similar to that of another fraud, Nolxweb. Apart from that, the homepage banners are the same as those from CFDTrades. And that points to a cartel that wants to take advantage of naïve investors. Our onotextrade.com review will help expose the red flags. Here’s more in our compelling ONOTEX REVIEW.

A Brief Overview of Onotex

In the about us section, Onotex claims to be a trusted company. The platform further claims to collect market data from top-notch and reliable sources. These are false claims, as we know it’s a clone of other crypto scams. 

Onotex claims to help traders forget the word ‘limitation’ and instead focus on profit. All that said, the platform remains a clone. For most beginners none of them know this fact. It’s only after reading this review would the information be available.

And that’s why it pays to do some research on a platform before signing up. A simple search of the platform will reveal the truth. For example, nearly all reviews show a negative impact of the platform. And that’s just the tip of the iceberg.

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Please stay away from onotextrade.com, especially if you were planning to sign up. The store is a complete sham and doesn’t offer much reliability. Those who have invested with the platform are ruing the decision.

After some time, the platform will wait for you to hit the withdrawal tab. That’s when all hell breaks loose as the platform blocks withdrawal attempts. Unfortunately, it’s what nearly every investor is facing with the platform.

Our in-depth onotextrade.com review will expose many of the red flags found. Not only is the platform a clone but another exit scam. The platform intends to steal as many funds before shutting down.

Advantages and Disadvantages of Onotex

There are several pros and cons of why investors would think to sign up with the platform. We are here to sieve them through and check which outweighs the other. Already, the cons outweigh the pros due to the withdrawal issues.

You also get an unstable trading platform while you are at it. So the platform is likely not helping much in terms of reliability. Even the trading account features are another mess that we will get into.

Nothing works with the platform. It claims to offer full trading signals. However, after some checking, these signals are far from accurate. Using the signals will likely lead to a more harrowing experience with the platform.

Let’s take a closer look at why some of these features are a trap;

Accounts and plans Onotex

There are four account plans available for the choice. These include Silver, Gold, Diamond, and VIP. Each of these plans has something different to bring to the table. We must see what each account offers and the difference.

Silver

It’s the most basic account, and the platform sets this for newbies. You must deposit a minimum of €500 to a maximum of €1,999 to start. Members get basic one-on-one trading and an unlimited 365 trading dashboard.

Gold

For the gold account holder, there’s a minimum deposit threshold of €2,000. The maximum you can deposit with this account is €9,999. In addition, members get additional features such as full signals and a personal account manager.

Diamond

The platform sets this account for the more skilled trader. There’s a minimum acceptable deposit of €10,000. The maximum you can deposit is €49,999. Additional features include full and unlimited trading signals.

VIP

As the name suggests, it’s the most exclusive of them all. You have to deposit €50,000 and above. The best feature we saw was one training session by a pro-trader. And that’s the end of it. You also get a personal account manager.

Accounts and what they offer in terms of features

The accounts fail to give any credible information regarding the forex trading aspect of it. There’s no mention of available leverage or even the spreads. We don’t know the listed trading instruments on offer.

It seems the platform wants to trade on your behalf. That said, it should disclose so even if the trader gets a chance to make one or two trades. The platform fails in its duty to protect investors in terms of productivity.

Account managers 

These dedicated accounts managers are not genuine professionals. Instead, the platform hires call agents to play the part. These agents will call you and claim to have a limited slot for a lucrative trading position.

The agent will insist that you must get into the position quickly by adding funds. If you make the mistake of adding funds, that’s the last you will hear from the agent. After that, the platform will move quickly to replace him with another manager.

Attempts to get back any information regarding the position are held back. The platform will insist you have to wait for the manager to come back from leave. And that’s how the platform gets away with another chunk of funds.

Available trading platform

Despite claiming to have a safe and secure platform, it’s far from it. The platform offers a custom-made trading terminal with several issues. Apart from being unstable, it lacks the necessary tools for trading.

You won’t get charting analysis tools. The platform also fails to offer accurate signals. We recommend investing with reliable platforms. These include MT4, MT5, and SIRIX trading terminals.

Members don’t have the luxury to test the set features. In addition, the platform fails to provide investors with a demo account. And that’s another reason to stay away from the platform. It won’t allow you to test your skills with a demo account.

Bonus and promotions

There are several offers bonuses, such as first and second deposit bonuses. With each bonus, the platform sets $250 aside as a bonus. It would seem favorable to investors at first glance. But, far from it, these bonuses are traps set to lure investors into depositing more funds.

Later, the platform will use these bonuses to block withdrawals. Then, finally, the platform will insist you have to pay back the bonus amount before withdrawal. And that makes these bonuses loans and nothing else.

Compliance and License Onotex

The platform fails to comply with trading regulations. There’s no document to prove the platform goes through the rigorous compliance check. It risks your funds as the platform doesn’t follow set conditions.

That’s why you need to stay away from the platform. It introduces harsh trading conditions knowing too well there’s no regulation. So that’s another reason to stay away from the Onotex trade platform.

Customer and support

Don’t expect customer support from the platform, which is non-existent. The platform doesn’t even offer live chat. Instead, you get to send an email and wait for a response. The listed phone number rarely goes through.

Our Verdict 

Please stay away from ONOTEX.

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Feel free to drop a comment or email us with any queries.