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! 

Also, don’t miss out on the latest info about Tg Capital, Tokens Note, and Tradiva in our reviews.

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. 

Regulation Info

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 

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: 

• Australia
• Turkey
• Japan

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: 

1. Credit/debit cards
2. 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.

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