If you are looking to read OceanFX reviews, you are in the right place. Is this OceanFX.io broker a reliable broker? Read reviews to know about this forex broker whether to use or not.
This content promises to share helpful review to support clients/traders in making the right decision. Kindly read to the end and make your verdict.
Table of Contents
What is OceanFX?
OceanFX otherwise known as OceanFX.io is an offshore brokerage operated by Plaintech LLC with a lot of promises for forex traders. The forex company claims its registered address in Saint Vincent and the Grenadines.
The broker shows its account packages such as —
Further, the brokerage promises different instruments like forex, stocks, commodities, crypto, bonds and indices. Also, it presents a zero spread difference in Buy/Sell.
OceanFX Minimum Deposit
The broker OceanFX deposit showcases $1000 minimum deposit based on the account type. In comparison, licensed FX brokers clearly spell out their regulations and license credibility with no string of fraud, and clients can start trading as low as $100 with the assurance of their trading funds.
According to OceanFX funding methods, it indicates credit card and Bitcoin transactions.
Just so you know, offshore brokers are commonly known for accepting crypto currencies. For this purpose, payments made through this method are anonymous and can only be traced to a wallet address and not to a specific person. So beware!
OceanFX presents an outrageously high withdrawal fee – 1%, but no less than 30 USD. Most legitimate forex brokers do not charge transaction fees.
What is more, the broker charges $99 per month for an inactive account of 30 days.
OceanFX claims to offer MT5 Software. After registering an account, we gain access to a simplified web-based trading platform that is neither Meta Trader nor the Web Trader advertised on the website.
Why use forex brokers with advanced trader like MT4/MT5? You are certain to have the best features of real-time quotes, financial news and various FX and stock charts, as well as algorithmic trading sessions with the help of specially designed trading bots, called Expert Advisors.
OceanFX offers leverage as high as 1:200 on forex majors. Honestly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
What We Discovered about OceanFX.io Broker
First of, OceanFX.io openly presents an address in Saint Vincent and the Grenadines (SVG). SVG is an offshore zone with no broker regulations in place. As soon as you open the website of the local Financial Services Authority you see a warning that the institution does not licence forex and other types of brokers and does not supervise the activities of International Business Companies engaged in such activities.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are drawbacks for forex traders/ clients to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
OceanFX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation which means wiring your money for trading is risky. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
COMPARE WITH A TRUSTED BROKER
Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide..visit their official website
OceanFX located at OceanFX.io claims to appear like a genuine trading broker, however, you should not take the words they say. From all indications, we would advise traders to steer clear from unlicensed brokers as they likely a platform run by scammers. Thus, we urge our readers to rely on regulated brokers like this or any licensed entity.
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