A few weeks ago, we published an initial review on the Australian Axi Group and its FCA-regulated One Financial Markets broker. We have realized that some unauthorized offshore brokers such as OnspotBNK, DBFX, NewFX, or ICorpSecurities are connected to One Financial Markets and load their content from their servers. Moreover, we found out that it also offers potential customers from the UK and the EU leverage of up to 1:500 via offshore onboarding and work with Maltese boiler rooms. Here is an update!
Key data
| Trading names | AXI AXI CORP One Financial Markets |
| Domains | www.onefinancialmarkets.com www.ofmarketsgroup.com www.axi.com www.axi.group |
| Legal entities | Axi Financial Services (UK) Ltd, UK AxiCorp Limited, UK AxiTrader Limited, SVG AxiCorp Financial Services Pty Ltd |
| Related individuals | Adam James Wilson, Marc Kimsey, John Hoa Tai Truong, Stuart James Cooke, Katie Polly le Roux |
| Jurisdictions | United Kingdom St. Vincent & The Grenadines |
| Regulator | UK FCA for Axi Financial Services (UK) Ltd and AxiCorp Limited (applied to cancel) |
| Related brands/ Facilitated brands | OnspotBNK (https://onspotbnk.com) DBFX (https://dbfx.trade) NewFX (https://newfx.us) ICorpSecurities (https://icorpsecurities.com) |
| Warnings | CNVM against NewFX MFSA against NewFX Consob against NewFX Consob against DBFX CNMV against ICorpSecurities |
Short narrative
The FCA-regulated investment firm One Financial Markets is part of the Australien AXI CORP group, which operates the two broker brands One Financial Markets and AXI via different legal entities in several jurisdictions.
According to the UK Companies House, the Australian Adam James Wilson is the controlling person of the AXI CORP group. Through AxiTrader Limited, registered in St. Vincent & The Grenadine, One Financial Markets also operates an offshore broker that (not only) solicits residents in the UK and the EU with leverage of up to 1:500.
We have also noticed over the last few weeks that One Financial Markets is apparently also the broker and payment processor behind some offshore brokers such as OnspotBNK, DBFX, or NewFX. From the registration via the webtrader to the deposits, all content and data is actually loaded from the One Financial Markets servers (screenshot right). On their website,
- DBFX and OnspotBKN state that “all services are provided on an execution only basis and provide just the Technology.”
- NewFX states that “brokerage service is handled by New Finance LLC which is not a financial adviser, and the technology, banking and customer services are been offered by third parties affiliates and all services are provided on an execution only basis.“
Based on these findings, we conclude that these Cyprus-controlled offshore brokers are essentially only acting as Introducing Brokers for One Financial Markets without disclosing that. Thus, the FCA-regulated entity would also be jointly responsible for the activities of its offshore broker clients.
The Maltese connections
The OnspotBNK, DBFX, or NewFX offshore broker schemes apparently belongs to a network of broker schemes and/or scams that operated DubaiFXM, among others. We have already elaborated on this in a report in November 2021 that, at least for a certain period, the boiler rooms were operated by Gennaro Lanza‘s Maltese Capital Solutions Ltd. Through this boiler room operator, other offshore broker schemes were also operated.
Read the report on Maltese Capital Solutions Ltd here.
Share information
If you have any information about OneFinancialMarkets, AXI Group, or its connections to the OnstopBKN, NewFX, DBFX, or ICorpSecurties broker schemes, please share it with us through our whistleblower system, Whistle42.
