Is OnlyTrades a scam or a legit broker?

According to our research, OnlyTrades is a total scam. The broker is not regulated and has no legal right to provide financial services to public. Moreover, OnlyTrades Group has been suspected in fraud, when pretending to be another company with a better reputation.

About OnlyTrades
🗺️ Registered inNo Registration
🗺️ Type of LicenseNo License
🛡️ Is OnlyTrades safe to tradeNo
🗺️ Recommended LicensesFCA in UK 🇬🇧 & ASIC in Australia 🇦🇺
🖥 Alternative BrokerFP Markets - licensed by ASIC in Australia

OnlyTrades is a Forex and CFD. It is owned and operated by Marantino Capital Ltd, based in Malta. The contact phone number provided on the website is British, which means the company is targeting UK residents without being authorized in the country. The company is not regulate in the UK by the Financial Conduct Authority, which is obligatory for the companies that provide financial services.

Also the Malta Financial Services Authority (MFSA) has recently issued a warning against Marantino Capital Ltd and OnlyTrades.

It is recommended to check if the broker is regulated before starting any business with it. Unlike FCA-licensed brokers, unregulated ones are not obliged to keep their clients’ money in segregated accounts.

FCA provides a Financial Services Compensation Scheme with upper limit GBP 50,000 of compensation. You can check the list of the FCA-regulated brokers here.

Conclusion

We strongly advise opening a trading account only with the brokers that are regulated by the respected world authorities that comply with the required set of rules and a good reputation through the delivered timeframe of operations. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as AvaTrade and XM.com.

Yet, it is always great to hear your personal opinion about OnlyTrades. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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One response to “OnlyTrades”

  1. I was robbed by Onlytrades.
    500 EUR are not so much money, but this brazen liars have no limits. In fact if I could find some of them – will be very interesting meeting 🙂

    Best Regards

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