Onasis Brokers Review
Onasis Brokers has several account types, all of which offer fixed spreads and commission-free trading on the MetaTrader 4 platform. Micro tradeable lots are available on Micro accounts, where are also provided the highest leverage levels – 1:500. In addition, Onasis Brokers also provides Islamic forex trading services on all account types with additional 1 pip added to the standard spreads.
Now, a fixed spread of 1 pips on majors sounds really good, as most fixed-spread brokers offer a 2 pips spread on the mist commonly traded EUR/USD pair. As regards leverage, the maximum levels offered by Onasis Brokers are high, which is not unusual for an offshore broker. What bothers us with this broker’s trading conditions, however, is the extremely high initial deposit required – $10 000. Most brokers demand initial investments of around $200 and many even lower. For example, you can open an account with easyMarkets depositing $100 and also use a spread fixed at 1 pips on EUR/USD. More importantly, this is a broker that holds a solid forex broker license, issued by the Cyprus Securities and Exchange Commission (CySEC), while Onasis Brokers is registered offshore.
The Company. Security of Funds
Onasis Brokers (formerly Onasis Forex) is a forex and CFD broker that supports the MT4 platform. The brand owners have probably chosen this name because it refers to Ari Onasis, but we doubt anyone would become as rich as this Greek shipping magnate by trading forex with this broker.
The company behind the brand, ONASIS IBC, is registered on the Seychelles. Offshore zones like this are attractive destinations for emerging forex brokers because of the looser regulation, if any, and the less costly registration procedure. Companies registered in these jurisdictions are not obliged to report their trades, to keep client money in segregated accounts, nor to arrange a compensation scheme in the event of insolvency. In other words, clients of such brokers receive no client protection. That is why we generally advice traders to avoid doing business with non-regulated (or offshore) brokers.
What is more, Onasis Brokers’s website looks as if it was created 10 years ago and hasn’t been updated or redesigned ever since. Most genuine and reliable brokers put some effort in their websites. Besides, this broker obviously does not offer demo accounts and we could not download its MT4 in order to test its services. All this seems highly unprofessional for a forex broker and immediately lowers its credibility.
Another interesting thing about Onasis Brokers is that the company claims to be an Introducing Broker of Swedbank – a Nordic-Baltic banking group based in Stockholm, Sweden. However, we strongly doubt that this is really the case.
As it already became clear, Onasis Brokers uses the renown MetaTrader 4 (MT4) platform. It is available as desktop and mobile apps, however we could not test a demo version.
The MT4 has been around for more than 10 years and it seems its popularity is not waning yet. The platform is equipped with all a trader needs: advanced charting package, a number of technical analysis indicators, extensive back-testing options, and numerous automated strategies, called Expert Advisors (EAs).
Onasis Brokers warns its clients that all EAs based on arbitrage techniques will result in banning their trading accounts with no refunds. The broker accepts scalpers and scalping as a trading strategy. News trading is also allowed, but highly discouraged, because of the possibility of high slippage levels.
Methods of Payment
Onasis Brokers offers its clients the following payment methods: credit/debit cards, bank wire, as well as e-wallets giropay, iDEAL, Przelewy, NetPay, Nordea and others.
Onasis Brokers is an offshore forex and CFD brokerage, which supports the standard MT4 platform and claims to offer tight fixed spreads. It is not recommended, because it is not regulated, the deposit it requires for opening an account is extremely high, and there is no way to test its services, as the broker does not offer demo accounts.
Onasis Brokers Review Conclusion
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