Updated on February 7, 2024
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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 OndaMarkets due to the issues we've identified.
Is OndaMarkets Scam or Legit Broker? ▲
OndaMarkets operates as a Forex and Contracts for Difference (CFDs) brokerage firm under the corporate umbrella of OndaMarkets Ltd, with its registration in the jurisdiction of St. Vincent and the Grenadines. Notably, St. Vincent and the Grenadines has become a haven for forex brokers, attributed to its lenient tax regime and streamlined corporate registration procedures. However, brokers situated in such locales typically lack regulation in any substantive jurisdiction, raising red flags regarding their operational legitimacy. Indeed, unregulated offshore brokers frequently find themselves at odds with regulatory bodies tasked with safeguarding investors from potential financial losses.
Registered in: St. Vincent and the Grenadines
Type of License: Offshore License
Is OndaMarkets safe to trade: No
Recommended Licenses: FCA in UK & ASIC in Australia
OndaMarkets, a Forex and CFDs trading broker, claims establishment in St. Vincent and the Grenadines. The broker operates without any significant regulatory oversight, casting doubts on its credibility. This concern was further amplified when OndaMarkets found itself on the blacklist of Spain's regulator CNMV (The National Securities Market Commission) in March 2018. According to CNMV, "ONDAMARKETS Ltd www.ondamarkets.com is not authorized to provide the investment services detailed in Article 140 of the Securities Markets Law, which includes investment advice, or to provide the auxiliary services detailed in letters a), b), d), f) and g) of Article 141 of the said Law in relation to the financial instruments detailed in Article 2 of the said Law, including, for those purposes, foreign currency transactions." This sanction highlights the significant risks associated with dealing with unlicensed entities in the forex market.
When selecting a trading partner, the pivotal step for any investor is to ascertain whether they are dealing with a legitimate brokerage or a potential scam. Trading with well-regulated brokers, such as those overseen by the UK's Financial Conduct Authority (FCA) or the Australian Securities and Investments Commission (ASIC), is crucial for securing one's investment and ensuring a safe trading environment.
OndaMarkets Update
In our latest findings, the OndaMarkets website appears to be offline, rendering it inaccessible. This development suggests that the brokerage has ceased operations. Nonetheless, caution is advised against engaging with any future proposals that may emerge under the OndaMarkets brand, as the identified concerns and regulatory warnings substantially undermine the broker's trustworthiness.
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.
OndaMarkets Review 2024
