OnEquity Review

OnEquity is a forex and CFD-s brokerage firm that was launched in 2022. With relatively limited operational history, the firm gives its clients access to over 300 different instruments across multiple asset classes – currency pairs, indices, stocks, commodities and crypto.

OnEquity has three different types of accounts with varying spreads on major currency pairs like EUR/USD.

A lesser known firm, OnEquity’s trading terms and spreads sound reasonable on paper. Learn more from our detailed review of the firm, its features, fees and decide if it is the right fit for your financial goals.

OnEquity broker history

As we have already mentioned, OnEquity was launched in 2022 and is therefore a relatively new addition to the global forex brokerage market.

It is worth noting that the official OnEquity website lacks information regarding the founders of the firm, as well as some key facts regarding the firm.

OnEquity is based in Limassol, Cyprus, at Agias Zonis 22, but holds licenses in Seychelles and South Africa.

For additional client inquiries, the official website also includes a FAQ section.

When it comes to licensing and regulations, the firm holds licenses from three regulators:

• The Financial Services Authority of Seychelles (FSA) – Securities Dealer License No. SD154
• The South Africa Financial Sector Conduct Authority (FSCA) – Financial Service Provider No. 53187
• The St Vincent and the Grenadines Registrar of International Business Companies and the Financial Services Authority – Registration No. 286

An important caveat to consider is that none of these aforementioned regulatory agencies are Tier-1, which means that the security features and licensing of the firm may not be sufficient for some traders that are particularly focused on the issue of security.

Features offered by OnEquity

Prospective clients would be interested to know about the various features and fees offered by OnEquity and how they compare to industry averages.

It is worth noting that OnEquity offers spreads comparable to many competitors on the market, as well as MetaTrader 4 and MetaTrader 5 as its trading platforms, which are very popular among forex and CFD-s traders.

We will discuss the tradable assets, fees, platforms and educational content available at OnEquity in greater detail in the coming sections.

Trading instruments

While OnEquity is primarily a forex and CFD-s broker, the firm also offers commodities, stocks, indices and cryptocurrencies for trading – amounting to a total of 300 instruments available for trading, with an option to access leverage of up to 1:1000 on forex trades.

Some notable mentions on the list of tradable instruments at OnEquity include:

• Major currency pairs, such as EUR/USD and GBP/USD
• Minor and exotic currency pairs
• CFDs on metals and energies, such as XAU/USD, WTI Crude Oil, natural gas, etc
• Major stocks, such as Apple, Tesla, Microsoft, and more
• Major equity indices – GER40, NASDAQ100, SNP500 and more
• Cryptocurrencies, such as BTC and ETH

Overall, the selection of instruments available for trading at OnEquity is decent. Although, some competing firms offer much more options, with the tradeoff of lower maximum leverage.

Spreads and fees

The trading spreads at OnEquity are mostly in line with the competition, albeit with some notable differences.

Before we dive deeper into the specific fees charged on each instrument, it is important to know that OnEquity offers three account types and spreads differ considerably between those accounts.

The average spread for the EUR/USD pair is 1.5 pips at OnEquity, while the OnEquity Elite account offers a 0 spread on the same pair. The industry average spread for EUR/USD is lower than that of OnEquity at 1 pip.

The spreads on other notable instruments at OnEquity are the following:

• 17 cents on Gold
• 12 cents on WTI Crude Oil
• 56 cents on Apple stock (AAPL)
• $39.55 on Bitcoin

Clients can view the complete list of instruments and fees on the official OnEquity website, under the ‘Trading’ section of the menu.

Trading platforms

As we have already mentioned, OnEquity clients have access to MetaTrader 4 and MetaTrader 5 – two of the highest-rated and most popular trading platforms for forex and CFD-s.

The platforms come with a multitude of technical tools and indicators, such as the MACD, the RSI, Bollinger Bands, Oscillators, and many more.

Experienced traders often deemed the absence of MT4 and MT5 as a disadvantage, thanks to the simplistic design and ample functionality that come with these platforms.

However, it must be noted that a large number of forex brokerage firms have access to MT4 and MT5, which means that OnEquity does not hold any competitive advantage in this regard.

Educational resources

For beginner traders, brokerage firms often provide additional resources, such as courses, blogs, or webinars.

Unfortunately, the educational resources available at OnEquity are not sufficient and are only limited to a trading glossary, coupled with technical tools to help traders navigate the markets.

This means that OnEquity is not the most beginner-friendly FX broker on the market and complete beginners are better off searching for alternatives with more comprehensive educational strategies.

Among the technical tools offered by OnEquity are:

• Pip calculators
• Position size calculators
• Pivot point calculators
• Economic calendars
• Market news
• Daily technical analysis
• Weekly outlooks

These tools help traders of any experience level to stay informed and easily analyze the price data derived from the markets.

Account types at OnEquity

Brokerage firms often offer different types of accounts for traders of various experience levels and approaches and OnEquity is no different in this regard.

The firm has three different types of accounts on offer – with each charging different spreads on major forex pairs and other instruments.

We will discuss each of these account types in more detail below.

OnEquity Plus

The OnEquity Plus is the most accessible account available to OnEquity clients. The Plus combines the basic features of the firm and offers them at a very low entry fee – at a minimum deposit requirement of $25.

Here are some of the core features traders can expect from the OnEquity Plus account:

• Over 300 tradable instruments
• Access to MT4 and MT5
• 0 commissions per lot traded
• 0.01 minimum lot size
• 1:1000 maximum available leverage on FX
• EUR/USD average spread 1.5 pips
• Islamic account available
• Account currencies – USD, EUR, JPY

The lot size limit is consistent across all three account types, while the Plus account is the only option that does not charge commissions per traded lot.

OnEquity Prime

The OnEquity Prime is a more expensive version of the OnEquity Plus account, with a minimum deposit requirement of $1,000. However, the Prime account also comes with much tighter spreads on EUR/USD at only 0.4 pips, which is firmly below the industry average, which is approximately 1 pip.

All other terms remain unchanged when compared to the Plus account, except for the price per lot traded, which charges $5 for each lot.

Overall, the OnEquity Prime account is for users who typically trade at tighter margins and have no issue paying commissions on each lot they trade on the platform. While 0.4 pips may still not be ideal for scalping, it is nonetheless a significant upgrade on the Plus account. Whether it is worth the $1,000 minimum deposit requirement is up to the user to decide.

OnEquity Elite

Last but not least, the OnEquity Elite account is designed for traders that are less concerned with fees and typically trade in high volumes.

The main appeal of the OnEquity Elite account is its spread, which starts at 0 pips for the EUR/USD pair. However, such terms come at a price – a $5,000 minimum deposit and the same $5 per lot commission as seen on the Prime account.

All other general terms are unchanged, which may not be quite sufficient for some traders, who may feel that they are overpaying for an account with very few tangible advantages.

Scalpers, on the other hand, will be quite content with the Elite account, as it offers the tightest possible spread available at OnEquity.

Customer support at OnEquity

The customer support suite offered by OnEquity consists of an official hotline and a customer support email, while the live function is not available, which is a disadvantage.

The official website of OnEquity also includes a FAQ section – answering some basic questions regarding the firm, its services, instruments, markets, etc.

The website is available in 5 different languages – English, Portuguese, Malay, Japanese and Arabic. The support is available on a 24/5 basis.

The website also includes a customer inquiry firm, which allows prospective and active clients to ask questions directly from the official website.

Summary

OnEquity is a relatively inexperienced firm with offices in Seychelles and Cyprus. Founded in 2022, the firm lacks Tier-1 licenses, which makes it challenging for the firm to instill trust in its prospective clients.

Furthermore, the spreads on certain asset classes, such as shares and crypto, are higher than the industry average, while the tightest spreads on EUR/USD are only available through the OnEquity Elite account, which requires a $5,000 minimum deposit.

The firm is unable to balance its shortcomings with impressive features. Educational content is also not available, which makes OnEquity less accessible to beginners.

Overall, while OnEquity may be a legitimate forex brokerage firm, it certainly does not stand out from its international counterparts.