Fxonic promises to be your gateway to the world of trading. The broker claims that your security and safety is its main task. Before you trust such promises, you need to make sure that this is not another scam. Will this company become a reliable trading partner? What will clients tell us about it in their reviews?
- Fxonic General Information
- Registration and Client Portal Review
- Fxonic Trading Conditions
- Account Types Review
- Trading Platform
- Fxonic — Deposit and Withdrawal of Funds
- Additional Options
- Is Fxonic a Scam?
- Legal Information and License
- Fxonic.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
Fxonic General Information
|Address||First St Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent, and the Grenadines.|
Registration and Client Portal Review
The official Fxonic website disappoints with its template design. It does not pull on the business card of a reputable broker. A strange logo and a standard menu will meet the client. Only the English language of the interface is provided. There is very little information about the company specifically. All content is limited only to general phrases and a list of imaginary advantages of working with this broker.
Registration is extremely simple. You will need to enter: your last and first name, email, phone, country, password, and account type.
It’s worth talking about the security of Fxonic. Registering on the site is easy. Email and phone number confirmation are not required. Two-factor verification is not provided. However, traders can definitely count on the support to call them or write the mail with an offer to communicate.
The Client Portal space is standard. The following options are available:
- Depositing and withdrawals
- Editing and setting up an account
- Uploading documents for verification
- Viewing the history of orders, etc.
Fxonic Trading Conditions
The Fxsonic trading conditions are very far from any innovation. The broker offers standard CFD trading. There is nothing remarkable about its services.
Account Types Review
Customers can choose one from four accounts. They differ in deposits and some characteristics.
- Basic $250. Nothing is interesting about this type of account. There is only the ability to withdraw money without commission once. Traders will not even have access to all trading assets. They will be allowed to trade only certain instruments.
- Gold $25,000. It is noteworthy that there is such a big difference in the minimum deposit between the previous account and this one. However, even by choosing Gold, customers will still not get access to all assets. They will already have access to a monthly market review and 1 free withdrawal each month.
- Diamond $50,000. This type of account already implies access to all assets. Additionally, spreads and swaps are much lower here. And there is also an opportunity to withdraw money without commission 4 times a month.
- VIP $150,000. There are no withdrawal fees at all. Customers can count on daily market analysis. There are also the most profitable spreads and swaps.
Frankly speaking, the description of trading conditions only proves that Fxonic is a mediocre broker. How can future clients be treated with such negligence? It is not specified anywhere what spread size, swaps, and leverage are. Not even a complete list of trading assets is presented. Brokers who really care about their traders pay more attention to the description of trading conditions.
The trading terminal does not hint at a technological advantage, as Fxonic puts it. In fact, this is a regular WebTrader, which is not too expensive and does not represent anything special at all. The interface is simple. There are no additional functions. It is possible to trade in it, but usually serious projects prefer more serious terminals.
Fxonic — Deposit and Withdrawal of Funds
Fxonic allows you to transfer money using credit cards, wire transfers, and e-wallets. At the same time, the most suitable payment method depends on your region of residence. Support will help you pick it up. However, you will have to talk to them beforehand. The billing department 3-4 business days process withdrawal requests.
The verification procedure is also typical for any broker. Fxonic requests that customers confirm their identity and place of residence. To do this, you will need to upload color copies or photos of documents to your personal account (passport, utility bills, etc.). You may also need a photo of a bank card.
The broker has a few additional services. Only market analysis is indicated in the description of trading conditions. Unfortunately, there is no evidence that these are the correct predictions. Fxonic does not disclose the names of its employees, as well as their qualifications. There are also no examples of analysis from this broker in open sources. So you’re actually buying a pig in a poke.
Is Fxonic a Scam?
Because of the minimum amount of information, it is difficult to judge how good Fxonic is in trading operations. However, even with such a set of data, it is safe to say that the company is most likely unscrupulous.
Legal Information and License
Fxonic is writing about registration in the offshore zone of Saint Vincent and the Grenadines. The registry of this country is open and this data is easy to check. We found the corresponding entry under the number 2586.
However, the name of this company does not hint at any connection with Fxonic. Besides, registration is not enough to provide financial services. Unfortunately, international companies are not licensed in the jurisdiction of Saint Vincent and the Grenadines. They are only given certificates of incorporation. Further, no supervision is conducted for their activities. Therefore, customers risk their money very much.
Fxonic.com Domain Info
All the advantages that Fxonic attributes to itself are actually broken down by a simple fact. This project has been running for no more than six months. We checked the domain and found out that it was leased on September 1, 2022. You should trust only projects that have been working in the industry for less than 3-5 years. Most of the young brokers close in the first year after stealing client money.
As for contacts, Fxonic leaves email and phone. It has no headquarters in the Grenadines. Intermediaries register companies online at First St Vincent Bank Ltd Building. The address of the real office is not specified. There was also a rather strange situation with the phone number. On the Internet, we found user complaints about spam from this number. Although traders, on the contrary, complain that it is quite difficult to get through to support.
Pros and Cons
- Small minimum deposit.
- The opportunity to earn extra money in the affiliate program.
- A short period of existence.
- Offshore registration.
- There are no licenses for brokerage services.
- Negative reviews.
- No detailed data about trading conditions.
Frequently Asked Questions (FAQ)
Fxonic offers everyone to try trading on financial markets. However, you will only be able to trade CFDs on this platform.
According to the description of trading accounts, the minimum deposit is at least $250.
Fxonic is not really a secure broker. It is an offshore registered company. It does not have licenses to conduct brokerage activities. For these reasons, it is not recommended to cooperate with it.