Fxonic – An FX Scammer With Next-Gen Tricks!!!

Fxonic Review Disclaimer: This information is provided solely for warning and alert purposes. It highlights major red flags associated with this suspicious trading platform operating under multiple domains, including “fxonic.com” and “fxonic.net”. The review is based on my personal experience and publicly available information.

Fxonic purports to be an advanced, user-friendly, fast-paced trading platform. According to the website and many Fxonic broker reviews, it deals in forex, indices, stocks, and commodities. The product website doesn’t mention cryptocurrencies, though, suggesting that the broker doesn’t deal in them like Zertom and Efixxen.

The big question is whether the Fxonic broker is legit or a scam. To find out the answer, read my unbiased Fxonic broker review, where I’ll tell you why this so-called broker is a scam. Before getting into it, here’s a brief table showing a summary of Fxonic’s background information according to fxonic.com:

Fxonic Broker Review and Why It’s a Scam

1. Unclear Parent Company and Physical Address Details

First, the company website fxonic.com doesn’t disclose its owner(s) or location details, leaving the public to speculate. I had to look for this information from third-party sources, which gave conflicting answers.

For example,  CB Insights indicated that the company is based in Delaware, U.S., and owned by a company called “Mango Group.” On the contrary, Antiscam Reviews(antiscam-reviews.com) pointed out that Fxonic is located in St. Vincent and the Grenadines. It doesn’t state the parent company, though.

Meanwhile, Scamadviser shows that Otica Plus Ltd. is fxonic.com’s parent company. Unfortunately, there was no way to tell which details were correct. 

2. Demo Trading Option with Questionable Terms and Conditions

Second, the broker supposedly provides risk-free demo trading. However, to benefit from this type of trading where you don’t use real money, you must first create a live trading account and make your initial deposit. They go ahead to claim that the demo trading feature is permanent and never expires after a certain duration, unlike what other brokers offer. For anyone with a skeptical mindset, it all sounds like a trap. 

3. No License and Regulation Details 

Third, this broker claims to be licensed, regulated, and operating under various regulations, including anti-money laundering and identity theft. Despite that, they don’t display this information anywhere on the product website (fxsonic.com). I searched for license and regulation details here to no avail. Ironically, the law requires licensed and regulated brokers to display their license and regulation details on their websites conspicuously.

4. High and Questionable Leverage Levels

Fourth, Fxonic purports to offer leverage of 1:400. According to industry standards, these are generally very high leverage levels. Yet many regulatory authorities don’t allow high-leverage offerings.

For example, the EU’s European Securities and Markets Authority (ESMA) expects brokers to provide leverage levels not above 1:30.

Similarly, the UK’s Financial Conduct Authority (FCA) caps leverage at levels similar to the ESMA’s. Meanwhile, the US’s Commodity Features Trading Commission (CFTC) and Nation Futures Association (NFA) set it at 1:50 max.

At the same time, Australia’s Australian Securities and Investments Commission (ASIC) caps it at 1:30. Similarly, Japan’s Financial Services Agency (FSA) sets it at 1:25 max.

Meanwhile, Switzerland’s Financial Market Supervisory Authority (FINMA) hasn’t imposed a specific cap.

However, the regulator expects brokers to offer responsible leverage levels, which are not unreasonably high, unlike in the case of this broker.

A broker who offers a high leverage level, like Fxonic, is probably unregulated.

Many scammers, like this broker, promise a high leverage rate to entice unsuspecting traders. It’s all part of their strategy to attract as many gullible traders as possible.

After all, high leverage provides an opportunity for substantial profits with just a small investment. Traders attracted to such unreasonable opportunities are more likely to fall into this broker’s trap.

5. Fxonic Scamadviser Reviews

Fifth, I was disappointed to see that Scamadviser gave a high trust score(87/100) and rating to this broker, as you can see in the screenshots below:

But, some details under Scamadviser’s “Negative Highlights” section caught my eye. It read as follows, “This website has been reported as a possible scam on Scamadviser.” You can see what I’m talking about in the screenshot below:

As if that were not enough, I came across six negative Fxonic reviews, scrolling down towards the end of the page. Notably, there were no positive reviews. This left me wondering as to which criteria the scam checker website used to rate and rank this scam forex broker so highly. You can see screenshots of some of those reviews below:

6. Fxonic Reviews On Trustpilot

Besides Scamadviser, I also looked this broker up on Trustpilot. Similarly, I noticed that this second scam checker website also rated them fairly (4.1 stars). But unlike in the case of scamadviser.com, there were both positive and negative Fxonic reviews here. I couldn’t fail to capture some of the positive and negative ones.  You can see them in the screenshots below:

There could be a few reasons as to why this suspected scam broker has an overwhelmingly good number of positive Trustpilot reviews.  

First, the reviews might be fake and perhaps written by paid, unscrupulous writers. Or the person behind this scam might have written them themselves. 

Second, it could be a case of what I call “review bombing.” The scammer might have jammed Trustpilot with positive reviews, overwhelming the authentic negative ones. 

Third, coerced reviews were also very much a possibility. This person might have coerced some people to provide positive feedback, threatening them with unspecified consequences if they did not write positive Fxonic reviews on Trustpilot. 

What about sitejabber.com, sir? What did this Trustpilot and Scamadviser alternative say about Fxonic, sir? 

Unfortunately, I chose to ignore looking up this company on Sitejabber because of trust issues. After all, do you remember my previous Efixxen review, which highlighted complaints on Better Business Bureau about sitejabber.com sponsoring fake reviews? That’s the reason I no longer trust this website. You can find those reviews here if you are longing to read them. 

7. No Fxonic Broker Review On Social Media

Finally, I also decided to look for more information about fxsonic.com on Facebook, LinkedIn, and Reddit. On Facebook, there were two pages named “Fxsonic.”  The first page belonged to a musician/band with 17 followers. The second one, on the other hand, was for science, technology, and engineering, and it had only 3 followers. You can see those pages in the screenshot below:

The fact that I did not find anything to do with fxsonic.com on Facebook means that the scam forex broker had no official Facebook presence. 

Similarly, I did not find information about them on LinkedIn. Instead, the professional networking platform returned “No results for Fxonic” feedback when I searched “Fxonic” using the search bar. Likewise, it returned “No results for fxonic.com” for the “fxonic.com” term. You can see those outcomes in the screenshots below:

In addition to Facebook and LinkedIn, I also went to Reddit to see if I could find any information about Fxonic. As I expected, I found no data on the social platform, not even a very brief Fxonic broker review. It means that this is a clever scammer who is trying to remain as anonymous as possible. 

My Fxonic Broker Review Final Verdict

Fxonic claims to be a forex broker that offers unique benefits. Apparently, these benefits include zero withdrawal charges and negative balance protection.

This kind of protection supposedly protects you from losing more funds than your deposit. As if that were not enough, they also boast about offering a 100% deposit bonus to new traders, subject to certain terms and conditions. 

But I realized before writing this truthful Fxonic broker review that this broker is just another scam like RontoXM, SwiftTrading, Immediate Edge, and the rest when I recently signed up with them.

This scammer charges ridiculous fees and commissions, including an incomplete verification fee.

Apparently, they will deduct 100 USD or EUR from your funds if your identity verification process is unsuccessful or completed. They also charge, among others, inactivity fees equivalent to 100 USD, GBP, or EUR every month! I mean, who does that?! Gross, to say the least!

Other things that made me conclude that fxonic.com is a scam platform are the fact that the broker is unregulated and tries to trap new traders with a demo trading account subject to questionable terms and conditions.

The rest were unclear company ownership details, physical address details, and high and questionable leverage levels, among others, as highlighted in this honest Fxonic broker review.

My final verdict is that fxonic.com is a scam trading platform that you should avoid, like the plaque.  

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