Read our Onotex review before opening an account with them. This is an onotextrade.com review, not to be confused with any other website.
Onotex review first look
By taking a look at their website there is little to no information of who they are. At the end section they have put same random company name that they picked it up from a shelf somewhere. So if they say we have a registered company, don’t fall for it, because anyone can set up a company online for just a few dollars. Also there is not any information on the web about who they are. If you had a trustworthy company that supposedly makes others a lot of money, you would share it with the world, and the interviews would pour in. But no one knows who these persons are and there is a good reason for that because they keep their identity hidden while stealing your money.
Onotex is not regulated by any agency, which means they can take your money and do as they please with it.
So we urge you not to deposit with Onotex and any other unregulated forex “company” for that matter. There is a reason why these websites do not get regulated, because they have the simple objective to steal as much money possible and switch into a different domain. If their intentions were honest they would have become regulated and stay for the long run.
What they claim to be
Even that they do not say it on their website, they will promise to make you big money through the phone. Which is weird because why would they make us money? If they are so good at trading why would they bother to make us money? The fact is that they can manipulate the trades from MT4 manager giving you the illusion that you are making money. But those “money” are just numbers on a screen, and after seeing these “money” they will push you to deposit more so you can make more money. When you reach your deposit limit or you smell something wrong, that is when the battle begins, and it can end on several ways, but none of them is good for you. Read below to find out what will happen next.
How does it work?
Usually unregulated forex brokers work in the following way. After registering in their website through one of their affiliates, which are usually websites claiming to have forex robots, you get the first call from the sales department, trying to persuade you to make the minimum deposit first.. They will offer deals that sound too good to be true and that you can make easy money. Please don’t fall for anything they say because they are all lies and these people are good at lying. If you make the first deposit you will get transferred into another department so they can rip you off for the long run.
Common scam methods
If you have reached your deposit limit or you have smelled something bad, normally you would request your money back. In this step they will try to get the last money out of you. They will come up with several excuses why they can’t return your money back to you right away. The most common scam method is so called margin loan aka credit or bonus. If you have credit on your account they will say you will need to pay back the credit before you can withdraw. Scam number two is that you need to pay taxes or the agent’s commission before you can withdraw. Other scams include that you need to pay some kind of insurance of trading fee, but in either case, if they request a fee from you before you can withdraw you money, don’t pay it, is a SCAM! We know is tempting for you to pay these money in hope that you get your money back, but we need you to resist the urge, as it will only make things worse.
Can u get your money back?
Usually the forex scammers are well organized as this is relatively not a new niche. Nowadays they require people to make deposits through bitcoin, which is an untraceable currency and the payments are irreversible. So if you paid them with bitcoin or through a bitcoin exchange, your money is most likely gone. We know this might be hard for you to digest but that is the ugly truth. If you paid them through a wire transfer, there might be one or two loopholes, but that depends from case to case. The only thing you can do something about it is if you have deposited through a credit card. In this case you will need to contact the bank or the credit card company to ask for a chargeback. But you need to represent a good case because not all the banks will help you with the excuse that it was you who authorized the transaction.
Is there something you can do?
The best chance you have is to follow the money and report it to the police. Trace the money carefully to see where they went, and make sure to bring all the variables to the police. Sooner or later one of these scammers will get it. However, we must say that in the most cases the police will not do anything about it. The main reason is that these entities are scattered in different countries thus creating jurisdiction issues for the local police. Hopefully if there are a lot of reports they will pass the case to Interpol, Europol or even to the FBI.
Hiring chargeback companies
If you lost money with Onotex you are probably feeling very frustrated. The most important thing is not to feel ashamed because everyone becomes a scam victim at least once on their life. Second thing is not to make any rushed decision after that, take some days to calm your before proceeding further. While searching the net, you might come across websites that claim they can take your money back. You must be very careful with them because most of the time they take your money and do nothing about it. We would suggest avoiding websites that require a big upfront fee!!! They claim to have recovered huge amounts of money for their clients but if they are so successful, why don’t they just require a percentage after they recover the money?
If you deposited with crypto currency like bitcoin, we would suggest that you avoid the chargeback companies because these kinds of transactions are irreversible. The best thing to do in this case is to take it as a lesson learned. We here at Scams reviews like to help out people recovering their money, and we do take a percentage if and after we recover the money. If you would like our assistance, feel free to reach us at [email protected] .
If you are one of the unfortunate victims of Onotex please share your experience. Leave a Onotex review below in the comment section describing the experience and if there was any other forex broker that approached you make sure to mention their name also. You would probably like to have known about Onotex scam before you dealt with them and probably be saved, so now it is your turn to help others. Also you can leave here a Onotex review.
Onotex review conclusion
Talking on the phone with the employees of Onotex, we knew that they had made up names. This was the first sign of scam. Moreover they were being very pushy trying to persuade us to deposit more and more. They didn’t disclose the fact that they are unregulated, in contrary they claimed to be the most trustworthy. If you have deposited money please beware of the scam methods outlined in paragraph four. Make sure you report them to the authorities and possible inform the regulating agencies about them and don’t forget to leave a Onotex review below. If you haven’t deposited yet please stay as far away from this website. We hope our Onotex review was helpful to you. If you have any questions or you would like to get some kind of assistance about getting you money back reach us at [email protected].