OceanFX Review: A Close Look Into The Brokers’ Profile
If you are looking for a broker and OceanFX popped up in your list, keep reading to find out whether or not you should trade with this broker. For this OceanFX review, we delve into the broker’s security and regulation, reviews, pros and cons, account types, and more!
Who Is OceanFx? All About OceanFX io
Plaintech LLC (OceanFX) is a brokerage company trading in digital currencies, forex, commodities, indices, and shares. They have a registered address at Suite 305, Griffith Corporate Center, Beachmont, Kingstown, Saint Vincent and the Grenadines.
|OceanFX||Reliable Broker Must Have|
|Legal name:||Plaintech LLC||Transparently displayed in the disclaimer or legal documents|
|Regulation:||Not regulated||Within your legal jurisdiction – local regulator|
|Registered at:||Suite 305, Griffith Corporate Center, Beachmont, Kingstown, Saint Vincent and the Grenadines||Your country or the country whose license applies in your legal jurisdiction|
|Established:||2022||The older the domain – the higher the possibility the company is trustworthy|
|Website:||oceanfx.io||Domain should be from local or international zones, no .xyz etc.|
|Financial Authorities Warnings:||None||None|
|Phone, email, social media, web form|
|Is a withdrawal possible:||Yes||Yes|
|Fees:||Hidden fees||Transparent fees – list of spread and commissions|
|If Active on Social Media:||No||Often present on social media|
|Investor Protection:||AML Policy||Compensation fund|
If a broker is regulated it should clearly be stated in the disclaimer part or legal documents on the website along with the registered address. However, we couldn’t find anything about their regulatory status in the disclaimer and further research proved our claims – the broker is not regulated.
Most of the broker’s clients come from Australia and Turkiye so we have to mention that neither The Australian Securities and Investments Commission (ASIC) nor the Capital Markets Board of Turkey (CMB), don’t oversee OceanFx’s operations.
OceanFX Broker Profile
|Trading platforms:||OceanFX Webtrader 2.0, MT5|
|Account types:||Bronze, Silver, Gold, Premium, Diamond, and VIP|
|Financial Instruments On Offer:||
|Minimum Deposit:||$1,000 – $125,000|
|Education or Extra tools:||None for free|
OceanFX Account Types
Different deposits are required for various account types. And so on up to the VIP account type, which has a concealed deposit requirement. Here is further information about different account types:
- Bronze ($1,000) – With this account type spreads start from 0.12 pips, swaps are standard(hidden) rate, up to 1:50 leverage, and 1 signal per activation.
- Silver ($5,000) – OceanFX claims that this is the best account option for beginners, yet we disagree given that a 5k deposit is required. Nothing useful is provided besides spreads beginning at 0.8 pip and 3 signals per day.
- Gold ($25,000) -Spreads starting at 0.01 pip, competitive swaps in place of standard ones, 5 signals each day, and the opportunity to download the mobile app are all included for ‘only’ 25k.
- Premium ($75,000) – There is nothing useful added for this account type, and it costs 50k more than the Gold account, except for a 1:100 leverage and 8 signals every day. Ridiculous.
- Diamond ($125,000) – 8-12 signals daily and leverage 1:200 are available with this account type. Unfortunately, once again, nothing beneficial is added but the money requested is absurd.
- VIP – The minimum deposit requirement is unknown for this account type and leverage 1:300 in addition to unlimited signals is available for the VIP account type. Overall, the money requested is enormous but nothing beneficial is added.
Is OceanFX Safe To Trade With?
Trading with an unregulated broker is not safe. The main reason for this is investment protection, and nobody is keeping an eye out for any fraudulent activity. Trading entails enough risk to warrant the addition of unregulated brokers.
OceanFX is not only unregulated but also opaque when it comes to fees and commissions, and they want huge deposits. We don’t recommend trading with OceanFX because they don’t offer any free educational materials or demo accounts, either.
OceanFX Review: Traders’ Thoughts and Opinions
Less than 10 of the unfavorable evaluations of OceanFX on Trustpilot were on withdrawal problems. Customers complain that there isn’t enough transparency in the withdrawal process and sometimes unexpected costs are involved.
These worries raise doubts about OceanFX’s transparency and customer-focused philosophy, pointing to possible hazards and difficulties connected with withdrawing money from the site.
A Look at OceanFX’s Traders They Serve
Before being taken into consideration, a broker must be licensed in your country of residence. Nowadays, most of the broker’s clientele comes from:
Investors are urged to exercise caution because they are in no way regulated to operate in these or any other nations. It can be difficult to choose a regulated and open broker, but in the end, that’s all that counts. You don’t want to request a withdrawal and end up paying additional costs or not receiving your money at all.
Deposits and Withdrawal Methods
Payment options available at OceanFX are:
- Credit/debit cards
- Bitcoin transfers
Fill out as many of the provided documents as possible, then submit your withdrawal request. If OceanFX is not satisfied with the documentation, they will not begin the withdrawal process, as stated on their website. The 7–10 working day withdrawal wait period is needless in our opinion.
If you type “OceanFX Scam” into Google, you will find several reviews from investors complaining about withdrawal problems. Investors are urged to exercise caution.
OceanFX Pros and Cons
Insights from Our Trading Experts
It is clear that the broker is improperly regulated when looking at its regulatory elements. Concerns about the broker’s adherence to industry norms and investor protection measures are raised by the lack of regulatory control. Investors are in the dark about the broker’s operations and policies due to a lack of transparency, exacerbating the problem.
Another warning sign is the absence of a demo account. Potential clients have the chance to test the broker’s platform and services with a demo account without putting real money at risk. Without this function, people are unable to become familiar with the broker’s trading environment and determine whether it is suitable for their needs.
In conclusion, to ensure a safe and dependable trading experience, traders should use caution and take into account alternative brokers who place a high priority on regulatory compliance, transparency, and investor protection. If you are unsure about how to make a decision, contact us today and we can help you choose a reliable broker perfect for your needs.
What Is OceanFX?
OceanFX is a brokerage company registered at Suite 305, Griffith Corporate Center, Beachmont, Kingstown, Saint Vincent and the Grenadines. They offer trading in digital currencies, indices, shares, commodities, and forex.
What Is The OceanFX Trading Software?
In addition to Webtrader and OceanFX Webtrader 2.0, OceanFX also employs MT5 which is considered reliable and trustworthy, and it's great for both beginners and seasoned traders.
Is OceanFX Regulated?
No, there is no regulating body that oversees OceanFX. The majority of its customers are from Turkey, Australia, and Japan, although none of those nations' regulatory agencies have any control over the broker.
Is It Safe to Trade With OceanFX?
Unfortunately, OceanFX is not the broker we would never recommend due to the lack of transparency and regulations, excessive deposit amounts, and reported withdrawal issues. Contact us today for a free consultation or trading advice, without any obligation.