OnspotBNK emerges as a lackluster scam attempt, and engaging with them is unquestionably not worth the risk. The broker operates without a license and provides conditions, such as high leverage, that go against the regulations of the country it claims to be based. Furthermore, they utilize the trading terminal of another offshore company, raising even more red flags. Read this complete OnspotBNK review to know why we add this broker in our scam brokers list
With numerous inconsistencies and dubious practices, it is best to steer clear of unnecessary risks and opt to invest with a reputable and reliable broker instead. Ensuring the safety of your investments is of paramount importance, and choosing a trustworthy broker will provide you with peace of mind and better prospects for success.
Website – http://onspotb.com/, https://onspotcap.com/
Website Availability – No
Address – Zeelandseweg 28, 5453RS, Langenboom, Netherlands
Warning – Comisión Nacional del Mercado de Valores (Spain), Commissione Nazionale per le Società e la Borsa (Italy)
Regulated – Unregulated, Blacklisted
Domain Age –
| Domain Name | onspotcap.com |
|---|---|
| Date Registered | December 26, 2022 |
| Domain Age | 7 months, 21 hours, 58 minutes, 15 seconds |
OnspotBNK Review: Regulation
OnspotBNK claims to be based in the Netherlands and has presented a license of some kind. However, upon closer inspection, it becomes evident that the license provided is not issued by the financial regulator of the Netherlands, Autoriteit Financielle Markten (AFM). In fact, we were unable to identify the authority that supposedly granted this broker its license.
More concerning is the recent warning issued by a reputable EU regulator, the Spanish CNMV, against this broker. Such a warning must be taken seriously, as it indicates that OnspotBNK is not an authorized EU company. This revelation automatically transforms investing with the broker into a risky venture, as there are no safeguards or regulatory protections in place. To safeguard your investments, it is advisable to avoid dealing with this broker altogether.
OnspotBNK Review: Trading Platform
OnspotBNK offers two vastly distinct trading platforms. The first one is the web trader, which is rather lackluster in terms of features. While it provides some basic analytical tools, it falls short in delivering exciting options to the clients, such as automated trading capabilities. On the contrary, the other platform provided by the company is a distribution of the popular MT4 platform, which offers a more comprehensive range of features, including automated trading and more.
Trading Conditions
The trading conditions offered by OnspotBNK raise significant doubts. While the spreads seem reasonable, averaging around 0.6 pips, which is competitive, it is crucial to note that this firm is exposed as a scam. Therefore, there is no valid reason to choose to trade with them over legitimate competitors.
Even more alarming is the lack of clarity regarding the broker’s leverage. Without this crucial information, it becomes impossible to assess the level of risk involved in opening trades. This ambiguity poses a serious concern for potential investors as it leaves them in the dark about their exposure to risk. As such, extreme caution is advised when considering any involvement with OnspotBNK.
Deposit and Withdrawal Methods
OnspotBNK allows deposits through credit/debit cards and Jubiter, which is primarily known as a hardware crypto wallet. However, we were puzzled by this setup, as a hardware wallet is not typically used as a payment system. When attempting to “deposit with Jubiter,” we were redirected to Coindesk, where we were prompted to purchase cryptocurrency before making the deposit.
It is essential to exercise extreme caution when considering cryptocurrency deposits with a broker, especially if you are not entirely confident in their trustworthiness. Such payments are both anonymous and irreversible, meaning there is no option for chargebacks and tracing the payment to a specific individual or organization. To protect your funds and financial security, avoid making crypto deposits with brokers unless you are absolutely certain of their legitimacy and credibility.
OnspotBNK Review: Conclusion
Experiencing the frustration of being scammed by OnspotBNK is undoubtedly disheartening. Please know that you are not alone in facing such circumstances; it could have happened to anyone. It is essential to stay vigilant and seek support in resolving the situation.
If you have been targeted by the OnspotBNK scam or any other fraudulent activity, there is a pathway to seek resolution. Visit our Scam Bitcoin website for assistance, where we have designed a user-friendly complaint form specifically to address concerns with scam brokers. By utilizing this form and submitting your complaint, you become eligible for a free consultation with our team of experts. Rest assured, we are here to offer support and guidance throughout the process of seeking a resolution.
More about Scams
Recent Comments