OnmaxDT (onmaxdt.com) has been flagged by ASIC (Australia) for "Unlicensed". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm. Website domain: onmaxdt.com.
After spending for just over a year trying to make OnmaxDT (onmaxdt.com) work for me, I have given up. The platform has too many limitations, the fees are not competitive, and the quality of their market data is questionable. There are much better options available.
Pros: Copy trading available|Clear documentation|Professional team|Reliable uptime
Cons: Currency conversion fee exists
I requested my data from OnmaxDT (onmaxdt.com) under GDPR. They sent a partial export that was missing months of transactions. When I asked for the rest they said it was a technical issue. Still waiting. They do not take data rights seriously.
Pros: Social trading features|Dedicated account manager
Cons: Limited ETF selection
I have been trying to close my account with OnmaxDT (onmaxdt.com) for weeks now and they keep giving me the runaround. First it was a form to fill out, then identity verification again, then a mandatory phone call that never gets scheduled. They make leaving impossible.
Pros: Helpful community forum|Comprehensive tools
Cons: Wait times can be long during peak hours|No crypto staking
Do not believe the bonus offer from OnmaxDT (onmaxdt.com). The turnover requirement is designed so you can never withdraw. I learned the hard way. I deposited after doing extensive research and the bonus terms were buried in pages of small print. My fault for not reading but their design is predatory.
Pros: Automated trading options|Personal attention
Cons: Minor UI glitches occasionally
KYC with OnmaxDT (onmaxdt.com) is a nightmare. I submitted my ID and proof of address. They rejected it and asked for a utility bill. I sent it. They asked for a bank statement. Then they asked for a selfie with the ID. Then they said the selfie did not match. I gave up.
Pros: Full transparency|Comprehensive tools|Market news feed|Fast support response
Cons: Withdrawal takes 1-2 business days|Alert system is basic
OnmaxDT (onmaxdt.com) locked my account without warning and demanded documents I had already submitted. for over three years later I still do not have access to my funds. Their compliance team does not respond to emails. I am considering legal action.
Pros: Transparent fees|Comprehensive tools
Cons: Minimum deposit could be lower
I wanted to transfer my portfolio from another broker to OnmaxDT (onmaxdt.com). They said they do not accept in-kind transfers for my asset type. I had to sell, withdraw, deposit, and rebuy - incurring taxes and spread costs. They did not tell me this before I signed up.
Pros: Dividend tracking|Reliable uptime
Cons: Inactivity fee applies after 12 months
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. OnmaxDT (onmaxdt.com) said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: API access|Easy to use platform|Dividend tracking|Tax reports included
Cons: No integrated tax optimization|Some tools only available on higher tiers
I closed a profitable position at OnmaxDT (onmaxdt.com) and the profit was not credited for 5 days. Support said it was a settlement delay. When it finally arrived it was less than the amount shown on the platform. They could not explain the difference. I have moved my account.
Pros: Stable platform|Great customer service
Cons: Inactivity fee applies after 12 months
If you are reading this considering OnmaxDT (onmaxdt.com) - run. I wish I had read more negative reviews after hearing about them at a conference. I thought the positive ones were real. Maybe some are. My experience over since I retired last year has been so bad I feel obligated to warn others. Do not make my mistake.
Pros: Personal attention|Wide product range|Excellent charting
Cons: Withdrawal takes 1-2 business days|Would like more payment methods