Onyx TCS has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Future Invest Limited. We’ve received over 4 complaints against Onyx TCS.
Onyx TCS, which claims to be a regulated forex broker, raises multiple red flags, signaling potential fraud. Their anonymity, lack of clear regulatory information, and exclusivity in accepting bitcoin deposits are all cause for concern. Legitimate brokers are open about their licenses and accept a range of payment methods. It is critical to check a broker’s regulatory status to avoid scams and maintain financial security.
We suggest working with a trustworthy broker with specialized staff, latest tech and most importantly, customer-centric trading conditions. After reviewing 1000+ brokers, we rank the following company as the best:
Key Takeaways
Is Onyx TCS Regulated? Do They Have a License?
Onyx TCS presents itself as a multi-regulated forex broker, asking traders to place their trust in them. However, a closer look finds substantial red flags, indicating caution. This essay will deconstruct Onyx TCS’s claims and explain how to verify the validity of a forex broker.
Onyx TCS claims to be established in the United Kingdom and has licenses in Cyprus, South Africa, and Dubai. However, their website lacks explicit firm names or regulatory permits, which raises issues. Legitimate brokers are open about their legal companies, regulatory permits, and the jurisdictions in which they operate.
Further investigation reveals that the Customer Agreement of Onyx TCS identifies Vanuatu as the applicable country without naming the organization. This amount of anonymity raises a serious red flag. Furthermore, examinations with key financial regulators show that Onyx TCS is not licensed in any of the jurisdictions it claims. Additionally, the website is only available in Russian, and Russian financial regulators have warned that this broker is operating illegally.
Working with a regulated broker has various benefits. Regulatory authorities such as the Financial Conduct Authority (FCA) in the United Kingdom and the Cyprus Securities and Exchange Commission (CySEC) safeguard investors through measures such as negative balance protection and guaranteed funds in the event of broker insolvency. Brokers must segregate client funds from operational funds under UK and EU legislation, which provides investors with more security.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Onyx TCS might be a scam or most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Onyx TCS, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Onyx TCS
Following registration, Onyx TCS provides access to a basic web trading platform with limited advanced functionality and customization possibilities. This platform is frequently exploited by unscrupulous brokers to mislead individuals into believing their investments are beneficial. In contrast, respectable brokers provide comprehensive trading platforms such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are renowned for their advanced features, auto-trading capabilities, and vast customization possibilities.
Onyx TCS requires a minimum deposit of $150. For a similar or lesser fee, traders can open accounts with known industry brokers, many of whom provide superior services and security.
Onyx TCS only accepts bitcoin deposits. Because of the anonymity and irreversibility of cryptocurrency transactions, dishonest brokers frequently use this strategy. Legitimate brokers, on the other hand, offer a wide range of transparent payment options, including as credit/debit cards, bank transfers, and popular e-wallets like PayPal, Neteller, and Skrill.
Onyx TCS allows trading in currencies, equities, and commodities but not indices. The inclusion of cryptocurrency trading is especially suspect because UK regulations ban brokers from offering crypto derivatives. Reputable brokers offer a wide selection of trading products that adhere to regulatory norms.
Onyx TCS promises incredibly low spreads (0.1 pips), which usually indicate additional hidden commissions. Furthermore, the large leverage ratios available (up to 500:1) are incompatible with legislation in key jurisdictions like as the United Kingdom and the European Union, which limit leverage to protect retail traders from huge losses.
Onyx TCS does not explicitly disclose withdrawal requirements, which is a common practice employed by fraudulent brokers to impose surprise costs and barriers to withdrawals. In contrast, registered brokers have clear withdrawal procedures that include no hidden fees or minimum withdrawal caps.
However, it’s worth noting that many forex scams disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, shady forex brokers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
To avoid such scenarios, it’s best to work with a reliable and trusted broker.
Onyx TCS Customer Service: Do They Handle Complaints Well?
When it comes to forex brokers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, shady brokers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Shady brokers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
If you have information on a scam or criminal operation, you can get access to 40+ investigative journalists & news outlets for free. Send us a detailed report here and if you qualify, we will forward your case ahead.
Onyx TCS Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Even if Onyx TCS might not be a scam, brokers like them rely on fake reviews to increase their credibility.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust the online Onyx TCS reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Onyx TCS, chances are, you wouldn’t find many legitimate reviews.
Another prominent way brokers like Onyx TCS enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Onyx TCS reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Onyx TCS.
You should always look out for consumer complaints. In the case of Onyx TCS, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Onyx TCS? You can share your complaint in the comment section or submit an anonymous tip.
Is Onyx TCS Legit Or a Scam?
Onyx TCS is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Onyx TCS can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Onyx TCS?
Investing with a regulated broker is critical to the safety and security of your finances. Onyx TCS’s lack of transparency, bogus claims of regulation, and reliance on cryptocurrency payments raise serious concerns.
Investors should perform extensive research and select brokers who have clear regulatory oversight and a proven track record of trustworthiness. Always check a broker’s regulatory status with the financial regulators before making any investments.
All the evidence suggests that Onyx TCS might be a scam. You shouldn’t risk your funds with a broker you don’t fully trust.
That’s why we recommend working with a trusted broker. That way, you can avoid any hiccups and be certain of
Frequently Asked Questions
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How Forex Scams Work
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
