OneTradex Review (2023)

Is OneTradex a scam or legit broker?

No, it is not safe to trade with OneTradex. OneTradex is owned by Onetradex Ltd. which is an offshore company registered in the Cayman Islands.

OneTradex is a company that claims direct market access to stocks, bonds, options, futures, funds, CFD’s, ETF’s and precious metals that are available from a single offshore investment account. OneTradex is based in the Cayman Islands while offers tax-neutral trading accounts for offshore residents and expatriate investors, including the non-resident U.S.

The broker states their fully-licensed operation offering through an online discount trading, while the license is received by Cayman Islands authority “OneTRADEx is licensed to conduct securities investment business by the Cayman Islands Monetary Authority”. However, in fact, the Cayman Islands as an offshore zone does not regulate Forex or trading business, but just issues an establish certificate with a very small requirement and that’s all. That means the OneTradex is a typical broker with an offshore license that unfortunately does not operate according to the strictest standards, not overseen constantly in terms of the operation, therefore is a broker we do not recommend trading with.

Safety of funds is the main concern of any trader or investor, while the necessary protection can be provided only by the fully legitimate and licensed companies, as they are watched at every level. In addition, the regulated entities fall under the scheme in case of the company insolvency or payment issues, thus the trader can trade rest assured. 

Conclusion

We advise all investors and traders to avoid OneTradex and other offshore brokers. Traders should trade with well-regulated brokers such as UK brokers or brokers in Australia and reliable brokers such as XM.com, Alpari and FXTM (Check our review on FXTM).

OneTradex website is no longer active.