ONEFXM is a CFD broker, with its official website domain registered on April 4, 2024. This broker caters primarily to retail and institutional clients, offering trading services in forex, precious metals, commodities, energy, stocks, indices, and other financial derivatives. It does not provide services to jurisdictions where it might violate local laws or regulations.
Company Registration Information and Regulatory Status
According to publicly available information on the ONEFXM website (www.onefxm.com), the platform claims to be registered in multiple countries and to have obtained licenses from several regulatory agencies, including the Australian Securities and Investments Commission (ASIC) (Trading Point of Financial Instruments Pty Limited), the Cyprus Securities and Exchange Commission (CySEC) (Trading Point of Financial Instruments Ltd), the Belize Financial Services Commission (FSC) (ONEFXM Global Limited), and the DFSA (Trading Point MENA Limited).
Upon verification, it was found that the Belize Financial Services Commission (FSC) does not have a company named ONEFXM Global Limited or a license number 000281/357. Additionally, the companies and regulatory information mentioned on the ONEFXM website (www.onefxm.com) are copied and mimicked from the well-known broker XM's website.
Therefore, ONEFXM (www.onefxm.com) is, in reality, a scam website with no actual company entity or regulatory oversight.
Trading Instruments
ONEFXM offers trading in various financial derivatives, including forex, precious metals, commodities, energy, stocks, and indices.
- Forex: The exchange of currencies between countries, the largest financial market globally, primarily used for currency exchange and speculation.
- Precious Metals: Including gold and silver, used as investment hedges and tools against inflation, often affected by economic uncertainty and inflation.
- Commodities: Covering raw materials and agricultural products like oil, natural gas, copper, soybeans, and wheat, with prices influenced by supply and demand and global economic conditions.
- Energy: Including oil, natural gas, and coal, sensitive to global economic and political events, with significant price volatility.
- Stocks: Representing partial ownership of a company, allowing investors to gain portions of the company's profits (dividends) and value growth (capital appreciation).
- Indices: Indicators reflecting overall market performance, such as the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite Index, with index changes indicating overall market trends.
Account Opening Process
The account opening process for ONEFXM trading accounts involves visiting the broker's official website, clicking on "Get Started" on the homepage to enter the account registration page, filling in the required information such as name, email, phone number, and setting a login password, then submitting the account application form. After successful registration, KYC verification must be completed to deposit funds and commence trading.
Trading Accounts
ONEFXM offers four types of trading accounts: MDS Ultra Low Micro Account, MDS Ultra Low Standard Account, MDS Zero Account.
MICRO
- Minimum deposit: $500
- Trading platform: MT5
- Order execution: Rapid execution
- Leverage: 1:400
- Spread: Yes
- Commission: Yes
- Overnight interest: Yes
- Hedging: Yes
STANDARD
- Minimum deposit: $2,000
- Trading platform: MT5
- Order execution: Rapid execution
- Leverage: 1:400
- Spread: Yes
- Commission: Yes
- Overnight interest: Yes
- Hedging: Yes
VIP
- Minimum deposit: $5,000
- Trading platform: MT5
- Order execution: Rapid execution
- Leverage: 1:400
- Spread: Yes
- Commission: Yes
- Overnight interest: Yes
- Hedging: Yes
ECN
- Minimum deposit: $25,000
- Trading platform: MT5
- Order execution: Rapid execution
- Leverage: 1:400
- Raw spread: Yes
- Commission: Yes
- Overnight interest: Yes
- Hedging: Yes
Trading Platform
ONEFXM claims to offer the MetaTrader trading platform, supporting both PC and mobile versions. However, neither the MT4 nor the MT5 platforms list this broker.
Deposit and Withdrawal
ONEFXM does not clearly specify the supported deposit and withdrawal methods, relevant fees, or minimum deposit and withdrawal amounts on its website.
Conclusion
Traderknows reminds investors that ONEFXM is a scam website that fraudulently uses the registration and regulatory information of the well-known broker XM. The contact information provided by the website is limited to email only. Investors are advised to choose brokers with transparent information, strict regulation, and a good reputation to avoid unnecessary financial losses.
Currently, this broker is labeled as "Suspected Fraud" on Traderknows.
