OnlyTrades Review – Report a Scam
You may be a seasoned crypto trader or may just be beginning your cryptocurrency investing journey. You can make money or lose money trading digital assets, but what is unacceptable to any trader is to find out that you have entrusted your money to a crypto scam.
The problem of crypto scams is becoming worse, with more fake deals hitting the scene every day. After investigating OnlyTrades carefully, we have created this review to warn you against using this broker’s services.
When crypto experts warn you not to trade with specific brokers, pay attention! This is not the kind of feedback you will see on a customer review site that may or may not be genuine. Our professionals spend all day investigating online scams, particularly crypto frauds, and working on behalf of clients to recover funds.
We recommend that you close your account with OnlyTrades, request a withdrawal of your funds, and talk to our team if you have lost any money with them.
Cryptocointrace experts can provide you with assistance for your cryptocurrency claim. Our team of researchers knows what to look for when investigating a crypto scam. We can provide you with information and guidance through our crypto reports that will help you get results. Contact our Cryptocointrace professionals today for a consultation.
Why OnlyTrades Is a Suspected Crypto Scam
No one should be surprised to hear that there are many crypto scams. However, few people want to believe that there is a problem with their broker. One reason is that, once people have invested their money, they can tend to be in denial. They may, correctly, believe that it is unlikely they will get their money back if indeed the broker is a fraud and may choose to stay the course and hope for the best. However, this strategy does not end well.
It is important to pay attention to warnings and red flags and to act fast. We have investigated reports, warnings from regulators and have used our investigative techniques to analyze brokers, and have found several alerts against OnlyTrades.
OnlyTrades has been named as a suspected crypto fraud for at least several of the following reasons:
No License or Offshore License
Our CryptoCoinTrace experts always recommend that prospective traders sign up with a licensed broker. This goes beyond simply checking that a broker holds a license, but ensuring that the license is reliable.
This means checking the licensing claims on the regulator’s website for accuracy, looking at the expiration on the license, or news of whether it has been revoked. Many brokers try to claim they hold a current license that has expired or has been taken away.
OnlyTrades has been targeted as a broker that may have a questionable license. Either they are claiming to be regulated when they are not or they may hold an offshore license from a third-tier regulator.
But having a license is a good thing, right? Not just any license will do when it comes to providing oversight for customers. Many offshore regulators ask only for a fee, issue a license and that is the end of the story. They will rarely if ever follow up on customer complaints.
Having a current, top-quality license is important, but OnlyTrades falls short. That is reason enough to stay away.
In the era of social media, reputations are notoriously fragile. It doesn’t take too much to ruin someone’s reputation. However, when it comes to a broker’s reputation, just a few exaggerated complaints usually are not sufficient to take down a regulated financial services company that has a reputation for reliability.
Our experts did not just consult review sites, where there is little proof that reviews are genuine, but took a holistic approach to examine OnlyTrades through social media, regulators, news stories, and experts in the industry. OnlyTrades does not have a good reputation, and that should cause concern.
Any broker that guarantees returns per day, per week, or even per month for cryptocurrency trading should not be relied upon. Cryptocurrency is a famously volatile asset and it can rise or crash on one tweet from Elon Musk.
OnlyTrades has been caught making guarantees that it has not fulfilled. This is important because people should be able to trust their brokers to give them reliable information. However, OnlyTrades, like many other fraudulent brokers, is more interested in attracting customers with false promises than backing up its statements.
Not only does OnlyTrades not have a reliable license. It has also been suspected of not complying with general trading or financial regulations in the region where it operates or signs up clients. A broker that does not care about laws and regulations is not likely to be conscientious about a customer’s money. Therefore, OnlyTrades rates low on the trust factor.
When regulators or authorities name specific brokers, that should be the last straw for any trader. We have been alerted that OnlyTrades may have been the subject of warnings from regulators. There are thousands of crypto schemes, and for OnlyTrades to have been singled out is a bad sign.
Is OnlyTrades Doing Any of the Following?
These warnings are serious enough, but any of the following should be enough to stay away from OnlyTrades:
- Not regulated
- Guarantees impossible returns
- Aggressive tactics
- No transparency
- No contact information
- Poor communication
- Sudden and high fees
- Does not grant withdrawals
- Has stopped communicating
If OnlyTrades has done any of these things, request a withdrawal, close your account and consult with CryptoCoinTrace if a withdrawal is not granted promptly.
Have You Lost Funds with OnlyTrades? Talk to CryptoCoinTrace Today!
If you have a crypto claim, talk to Cryptocointrace today. Our team has the expertise and knowledge as well as tools to perform in-depth research. We are skilled at investigating all types of scams and have extensive experience in the financial industry. We will help you get results for your claim and resolve your complaint or dispute.