OnlyTrades Review – Report a Scam
People are getting excited about cryptocurrency. However, where there is excitement, there is often danger. Unfortunately, the number of fraudulent crypto brokers is greater than regulated and legitimate financial services. Because of the increase in online trading and deals on social media, crypto scams have found more ways to reach people who want to make fast money and are new to cryptocurrencies.
Unfortunately, many of these brokers use these opportunities as a way to trick people out of their crypto coins. After investigating these suspected crypto scams carefully, we are adding OnlyTrades to the blacklist.
We don’t like accusing brokers of being fraudulent or jumping to false conclusions. However, after reading countless reviews, looking at regulators’ sites, perusing their alerts, keeping up with news about fraudulent crypto brokers, and using our proprietary investigation methods, we have concluded that consumers should stay away with OnlyTrades because it seems to be a crypto scam.
We urge people who hold an account with OnlyTrades to close it and to demand an immediate withdrawal of all of their funds. However, brokers who are involved in fraud will not release funds and will make excuses or charge huge fees for the right. If this happens, report to ChargeBax right away and we will guide you on your next steps.
Chargebax understands how to deal with fake brokers and cryptocurrency schemes. We have the expertise and the right strategies to make your chargeback, wire recall, or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds. Talk to our professionals today.
How Crypto Frauds Work
OnlyTrades may seem like any other broker. It may have a nice website or active social media page, have a friendly approach, claim to have a valid license, and gives you an offer you don’t feel you can refuse–perhaps 1% return a day on bitcoin trades. You do the math and realize that soon you will be seeing triple-digit returns.
So what can you lose? All of your money. Not all crypto scams are blatant. They may seem professional and legitimate at first. However, they have a way of pulling people in, holding their money hostage, and persuading them to keep investing more. Sooner or later, customers do not want to believe that brokers like OnlyTrades are cheating them because they have invested so much of their money already that want the bad dream to be over.
However, with fraudulent brokers, the only end to the bad dream is successful fund recovery, because they do not return money to their victims willingly. That can only start by ending the denial, closing the account, and if that doesn’t work, enlisting the aid of fund recovery professionals like Crypto Trace.
Why We Think OnlyTrades Is Probably a Crypto Scam
We make it our business to investigate crypto brokers and to determine whether or not they are legitimate. Sure, you could just consult customer review sites, but there is no way of verifying if these reviews are created by actual customers.
Often these reviews are generated by those associated with shady schemes to bolster their reputation. Other reviews may be a smear campaign against competitors. This isn’t to say that customer reviews should be ignored–they certainly should be taken into account–but they should not be a sole source of information about brokers.
We have done a deep dive into information from regulators, details about the site have applied our tested method, and have determined that OnlyTrades is a suspected crypto broker.
OnlyTrades has been called out for at least several of the following reasons:
No License or Offshore License
Having a license is like a driver’s license. You would not step into a car of a taxi driver that does not have a driver’s license. Similarly, you should not sign up with a broker that does not have a license.
However, not any license will do. The license must be up-to-date and genuine. Plenty of brokers falsely claim to have a license and may even present a thoroughly counterfeit image. This is why it is important to verify all licenses on regulators’ websites.
Third-rate or offshore licenses may seem satisfactory to some consumers, but they are not worth the virtual paper they are written on. These fake regulators grant licenses in exchange for fees and do not perform any inspections or deal with customers’ complaints.
OnlyTrades has been called out for not having adequate licensing. Any of the above scenarios may be the case with OnlyTrades. The bottom line is that this broker does not have an adequate license.
OnlyTrades has been flagged for having a negative reputation. This is not just due to negative customer reviews, but includes notifications from regulators and OnlyTrades may have had been the subject of poor press coverage. You can find a broker that is reliable and do not need to work with a broker that has a shadow over it.
OnlyTrades, like many other crypto schemes, promises returns that can’t be guaranteed. This creates not only disappointment but is an ethical problem for any broker. Risky assets like crypto or forex can’t be predicted and can rise and fall quickly. There is no way any broker can guarantee clients will achieve a certain level of return.
OnlyTrades may not have complied with regulations. This is serious and can involve legal problems. This usually means that the broker is implementing practices that are contrary to regulations or signing up customers in regions they do not have a license to operate.
Getting the attention of regulators isn’t easy. The fact that OnlyTrades may have been singled out for a warning from regulatory bodies sends a powerful message to stay away.
Red Flags for OnlyTrades:
Here are some major problems that may characterize OnlyTrades:
- No license or low quality licensing
- No transparency
- High fees, spreads, and commissions
- Aggressive manner
- Does not grant withdrawals
- Stops communicating
If OnlyTrades shows any of these characteristics, demand a withdrawal of all of your funds immediately. If this is not granted, contact ChargeBax right away.
Talk to ChargeBax About Tracking Down Your Funds
If you have lost money to a crypto fraud, you can retrieve your funds with the help of fund recovery assistance. Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.