OnBuy is an online marketplace that connects buyers with sellers. The company claims to offer a wide range of products at competitive prices. However, there are a number of red flags that suggest that OnBuy may be a scam broker.
Company Overview
OnBuy is a UK-based company that was founded in 2016. The company’s website claims that it is “the UK’s largest marketplace” and that it offers over 36 million products from thousands of sellers. However, there is no information on the company’s website about its regulatory status or its team of executives.
Team
The OnBuy website does not list any of the company’s executives. This is a red flag, as legitimate brokers are typically transparent about their management team.
Services or Products
OnBuy claims to offer a wide range of products, including electronics, homewares, clothing, and more. However, the company’s website does not provide any specific information about the products that it offers. This is another red flag, as legitimate brokers are typically very transparent about the products that they offer.
License and Regulations
OnBuy is not regulated by any financial regulator. This is a major red flag, as it means that the company is not subject to any oversight or scrutiny. Unregulated brokers are more likely to engage in fraudulent or unethical practices.
License Status
OnBuy does not have a license to operate as a broker in any jurisdiction. This is a major red flag, as it means that the company is not authorized to provide financial services.
Regulation Status
OnBuy is not regulated by any financial regulator. This means that the company is not subject to any oversight or scrutiny. Unregulated brokers are more likely to engage in fraudulent or unethical practices.
Why Dealing With An Unlicensed Broker Is Risky?
There are a number of reasons why it is risky to deal with an unlicensed broker. Unlicensed brokers are more likely to:
- Engage in fraudulent or unethical practices
- Disappear with your money
- Fail to provide customer support
- Not being transparent about their fees and trading conditions
Legal Warning Against OnBuy
The Financial Conduct Authority (FCA), the UK’s financial regulator, has issued a warning against OnBuy. The FCA has warned that OnBuy is not authorized to provide financial services and that it is likely to be a scam.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Client Feedback
There are a number of negative reviews about OnBuy online. Many of these reviews complain about the company’s poor trading conditions, its lack of customer support, and its failure to deliver products.
Feedback About Their Trading
Some customers have complained that OnBuy’s trading conditions are unfair and that the company makes it difficult to withdraw funds. Others have said that they have never received the products that they ordered from OnBuy.
Feedback About Their Customer Service
Customers have also complained about OnBuy’s customer service. Many customers have said that they have been unable to get in touch with the company’s customer support team. Others have said that the customer support team has been unhelpful and unresponsive.
How Can “Reviews Advice” Help You If You Get Scammed?
If you have been scammed by OnBuy, you can contact “Reviews Advice” for help. “Reviews Advice” is a company that specializes in helping people who have been scammed by online businesses. “Reviews Advice” can help you to get your money back and to hold OnBuy accountable for its actions.
Final Thought
OnBuy is a scam broker that should be avoided. The company is not regulated by any financial regulator and there are a number of red flags that suggest that it is not legitimate. If you are considering trading with OnBuy, we urge you to reconsider. There are many legitimate brokers out there that are much safer to trade with.
