OFXMarket is one of the newest forex brokers in the market. This company wants you to believe that it is the best forex broker in the market. The company’s goal is to provide an up-to-date trading platform to its clients. The team wants to be there at all stages, from registration to withdrawal.
This sounds very promising. You want to invest in a company that will guide you through every process. However, this is not as impressive as it sounds. OFXMarket is one of the shadiest companies in the market. In fact, it is an illegal operation.
Furthermore, this is still a new company. It is still learning the ins and outs of the market. You are better off waiting them out before you invest your hard-earned cash. In the meantime, you should only invest in companies that have been in the market for a long time. Such companies have the trust of millions of investors for a reason.
Without further ado, here is our review of ofxmarket.com.
There are various assets that you can trade on OFXMarkets. These include forex currencies, shares and options, metals, commodities, and indices. This is an excellent selection that they have for clients. It allows investors to spread their risk of investment across various assets.
However, this is not as exciting as it seems. While variety is great, it does not mean much when it is coming from a shady broker. There are far better companies that will offer you better services. Furthermore, you can tell that the people running this operation are not professionals. There are a lot of gaps in the information found on ofxmarket.com. There are even spelling mistakes.
Moreover, the customer support that this company provides is not reliable. The number they provide is out of services more times than it is in services. Additionally, the number is Canadian. This is very suspicious considering this is a UK company.
The only way left to reach the company is via email. Sadly, that is never reliable when it comes to companies providing financial services.
Account Types and Trading Conditions
There are four main account types on OFX Market. These include the micro, Standard, ECN, and Pro accounts. These accounts are different depending on the minimum investment required. The minimum investment supported goes from $5 for the Micro account to $10,000 for the Pro account.
These are some of the most expensive accounts in the market. Only the Micro account and the Standard account seem viable. The other two expect a minimum deposit too high for any retail investors.
Moreover, these accounts have some of the worst trading conditions. For starters, the maximum leverage supported by this company is illegal. The maximum leverage goes all the way up to 1:1000. This increases the amount that traders stand to lose in the market. This is why the UK caps leverage at 1:30 for retail traders and 1:500 for professional traders.
Here, the leverage requirements are in reverse. Professional traders have access to lower leverage than retail traders. This further shows us that these are not professionals.
Deposit and Withdrawal Methods
Interestingly, there is no information anywhere on the website concerning payment options. There is no list of supported deposit or withdrawal channels. The company leaves this in the hands of the clients to figure out. This is a very risky move that no professional trader would make.
Additionally, this raises a red flag. It is very easy to lose money to companies that operate in this manner. They leave out important details so that they can control every transaction made on the platform. Do not trust them with your money.
Moreover, it is impossible to create an account on the platform at the time of writing this. The link on the website simply does not work. Therefore, there is no need to fund a non-existent account.
OFXMarket Regulation Status
OFX Market is a company that operates from Kemp House 160 City Road London – United Kingdom EC1V 2NX. The body in charge of forex regulations in the UK is the Financial Conduct Authority. Luckily, it is very easy to check the regulatory status of a company on the FCA website.
We went ahead and searched this company’s name on the FCA registry. Sadly, there is no result matching our search. This means that this company does not have regulations. Additionally, this means that this company is an illegal operation in the United Kingdom.
These people are providing financial services without a regulatory license. Eventually, the law will catch up with them, and they will shut down the operations. You do not want to be one of their clients when this happens.
The People Behind OFXMarket
It is very important to know the people behind the company you are investing in. This will give you some insight into what to expect from the company. Generally, you should not invest in companies operated by people with criminal backgrounds. Additionally, you should never invest in a company operated by anonymous individuals.
There are too many risks involved in sending your money to mysterious people on the Internet. Unfortunately, this is the case here. We looked all over the website, but we could not tell who was behind the operations. There are no names or faces to attach to the business.
Additionally, the company does not have a social media presence. This is a common characteristic of illegal operations. Such people operate from the shadows so that the law does not track them down. Avoid such companies at all costs.
Are Your Funds Safe With OFXMarket?
Sadly, the answer to this question is a firm no. The design of this company’s operations screams scam. For starters, this is an illegal operation. The founders of this company are providing financial services without a regulatory license. No unregulated company can assure you of your funds’ safety.
Additionally, this company does not provide us with banking details. It does not tell us the bank that it will use to store client funds. There is also no mention of the use of segregated accounts. This means that your funds may be at the mercy of the financial status of the bank.
On top of that, this company does not tell us the software and hardware they use to protect their systems. This means that hackers can access and steal your funds or personally identifiable data. There is too much at stake here.
These are some of the worst conditions you can ever find in a company. It means that the company did nothing to ensure the safety of client funds.
The Bottom Line
If you are looking to invest in the forex market, this is not the company for you. There is nothing about this company that suggests that it is a legal operation. This is why the founders are hiding in the shadows. They do not want any association with the company.
Moreover, it does not have regulations. That is the final nail in the coffin of any organization. Without regulation, there is no telling what a company is willing to do to get its hands on your money. You are better off investing in companies that have proven to work for a long time.
The article posted herein is published by members of this site. Any information you find on this article is base on the opinion and view of the publisher. You are at liberty to accept or reject this article and act base on your own perspective of the platform. You are encouraged to share your own opinion or views about the platform with us via the comments box below so as to further improve this article.
Team Reviewparking is no third party and we can't handle any queries whatsoever.