OndaMarkets Review (2023)

OndaMarkets is a Forex and CFDs broker owned and operated by OndaMarkets Ltd., a company registered in St. Vincent and the Grenadines. St. Vincent and the Grenadines is a popular destination for forex brokers, as it has low taxes policies and the business registration process is simple. Usually, such brokers are not regulated in any country and are suspected in fraudulent activities. Also, very often unregulated offshore brokers are banned by the authorities who try to protect investors from losing funds.
No wonder OndaMarkets was blacklisted by Spain’s regulator CNMV (The National Securities Market Commission) in March 2018:
“ONDAMARKETS Ltd www.ondamarkets.com is not authorised to provide the investment services detailed in Article 140 of the Securities Markets Law, which include 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.”

Conclusion

The first thing the potential investor should do when he is choosing a trading company is to determine if it is a legitimate broker or a scam broker. It is very easy to do. You just need to check if the broker is licensed by CySec in Cyprus, or it is under the regulation of the MIFId in the European Union (EU), or it is registered with the UK’s FCA or Australian ASIC. Traders should trade with well-regulated brokers such as UK brokersor brokers in Australia and reliable brokers such as FBS and BlackBull Markets.