OceanFX broker registered in mid-2022 in St.Vincent and Grenadines (SVG). As the country is known as a nest for suspicious businesses, it’s a perfect spot to register a trading company.
In addition to that, they don’t regulate FX and CFD trading business. Therefore, it’s a perfect recipe for any broker that is not genuine. To find out if you can trust your money to this broker, read this OceanFX review carefully.
FSA (Financial Services Authority) from SVG only keeps the register of all companies there. But definitely, they are not licensing any trading company. Therefore, all trading companies registered there should opt for licenses elsewhere. Primarily in the countries where they mainly offer their services.
Since on their poorly designed website we can’t find any information about regulation, we looked up the most trusted ones. In this case, we are looking at FCA, BaFin, CONSOB, Finma and ASIC. But OceanFX regulation doesn’t exist there. Besides that, their trading conditions are violating ESMA (European Securities and Markets Authority) rules.
OceanFX is a non-regulated and offshore entity without credibility. Untrusted trading platform with a high minimum deposit requirement. Non-competitive trading conditions and high leverage.
In general, OceanFX broker doesn’t hesitate to scam anyone. Since they are not regulated their fraudulent potential is huge.
But from OceanFX reviews, we can see that they are mainly scamming traders from:
While all these countries have very strict laws, this broker doesn’t care much about them.
One of the most important aspects of trading is the software. It’s very important these days that the broker provides reliable third-party software, such as cTrader or MetaTrader.
Simply because proprietary platforms and web traders are often manipulated. Besides quick access to the account through a web trader, there are not so many advanced features. Like in the OceanFX broker case.
With this poorly designed web trader, customers can only use basic trading features. There is no automated trading, social or copy trading. Some essential options like pending orders are limited.
So, practically you don’t have the tools to make the right market decisions. Instead, you can find a Tier 1 regulated broker with Meta Trader 4 or Meta Trader 5. Quickly you will understand the difference.
There are numerous ways how these offshore scam brokers lure their clients. Mostly through fraudulent marketing campaigns.
However, a very attractive option these days is platforms like Linkedin and Online chats. Especially Linkedin, as it increases a bit more credibility. But if you dig deeper, you can find all discrepancies. So, think twice before you invest any money here.
Like many other brokers, OceanFX trading company has a wide instrument range. But their fund protection measures are not on that level.
Not only that you don’t have guaranteed stop-loss but also negative balance protection. So, the following instruments are safer for trading with Tier 1 regulated brokers. Especially considering the extremely high leverage of 1:300, which is not by any regulatory book or ESMA rules.
However, those instruments are:
In general, legitimate brokers earn their profits through trading. Whether from spreads, commissions or overnight fees. But that’s not the case with OceanFX scam broker.
Even though they advertise spreads from 0.001 pips, that is just a fraudulent tactic. They are not obligated to meet any of these conditions. Therefore, once you get on the platform, you can see the real picture. Moreover, they claim to have standard and competitive swaps, but no further details are revealed.
With OceanFX trading company there are 5 account types available. Those are:
Important to realize is that only benefits from higher deposits are related to leverage, spreads and support. The broker promotes WhatsApp signals, educational and training sessions, which are completely irrelevant considering the fact that they are a non-licensed broker.
If you wanted to test their services with a risk-free account, you won’t succeed at it. Those are all signs of fraudulent brokers. Because if they do the business legitimately, they would give you insight into their trading platform.
In addition to that, they even lack of micro-accounts. That would make the situation a bit better considering their insanely high minimum deposit requirement. However, the only way to test them out is by throwing $1.000 away.
Considering all the fake details that they provide, funding methods are acceptable. This broker only accepts debit/credit cards. Even though some Tier 1 regulated brokers offer many more options this is perfectly fine. The main reason for that is that you can get a chargeback.
Based on some reviews we can see that OceanFX withdrawals are nightmare. The broker uses all possible dirty tricks to prevent you from getting a withdrawal. From non-existent fees, AML laws, missing documentation and more. In fact, now that you know all this it’s time to find a trusted and regulated broker.
Our specialized fund recovery team is there to advise you on any step. Let us know first what was your experience with this illicit broker. Besides, feel free to notify our team of any suspicious trading company.
You are not the only victim of the OceanFX scam and it’s not a shame to get scammed. But it is if you don’t do anything about it. Don’t let these guys get away with your money. Get in touch with our team already today. Through our online chat, you can book your first consultation. More importantly for free!
No. This broker is not regulated by any financial institution. But if you already deposited, let us guide you on what to do.
No. One of the most important risk-free options for testing is missing with this broker.
No. To access a trading platform on mobile you must use a web browser.
No. Their trading platform is web-based one with only basic trading tools.
No. This broker is not regulated by any financial institution. But if you already deposited, let us guide you on what to do.
No. One of the most important risk-free options for testing is missing with this broker.
No. To access a trading platform on mobile you must use a web browser.
No. Their trading platform is web-based one with only basic trading tools.
The post OceanFX Review – Broker With Non-Competitive Trading Conditions And High Leverage appeared first on Global Fraud Protection.
