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OceanFX Review | Is It a Legitimate Option or a Scam?

by Kevin Berry
Rating: 
  1/5   Reviews: 3
OceanFX - logo

If you are seeking the best trading conditions to make money on the financial markets, consider opening an account with OceanFX. However, it is important to do your own research to determine whether the company is trustworthy and reputable. We will explore the experiences of other traders with this broker and reviews to see if it is a legitimate option or a scam.

Highlights

🏛️ Country Saint Vincent and the Grenadines
⚠️ Regulation
🖥️ Website https://oceanfx.io/
🎲 Demo Account No
⏳ Start Time 2022
💲 Minimum Deposit $1,000
⚖️ Minimum and Maximum Leverage 1:50 – 1:200
⚙️ Trading Platform WebTrader, MT5
📨 E-mail +44-2038381248, +61-251197980
📞 Phone support@oceanfx.io

First Impression of Oceanfx.io

To the visitor, the official website of OceanFX appears to be an unsuccessful attempt at creating a solid informational resource. The developers have used a strict dark design, saturated the pages, especially the main page, with links to register, and reasonably incorporated animation. However, that’s where all the advantages end. The content creators have managed to spoil this undertaking by failing to come up with anything useful to place on the pages. This includes the main page, where one should only pay attention to the types of accounts, and the “About Us” page, which is not worth paying attention to, among others.

OceanFX - website

Account Opening on Oceanfx.io

The registration process with OceanFX is incredibly simple, almost suspiciously so. There is no real verification process to speak of, and the broker doesn’t even bother to verify the email address provided during registration. This lack of security measures is a major concern, as it raises questions about the safety of investors’ funds. Additionally, the ease of registration makes it possible for scammers and fraudsters to open accounts with the broker and potentially take advantage of unsuspecting traders.

Registration

The Client Portal on this website is disappointingly basic. The design is lackluster and features are limited. It’s almost as if they didn’t put any effort into creating a user-friendly experience. The interface is clunky and not very intuitive, making it difficult to navigate. The lack of tools and resources for traders is also concerning. Overall, it is a letdown and does not meet the expectations of serious traders.

OceanFX - Client Portal

Verification

To protect the security of its clients’ accounts, OceanFX requires verification of identity and proof of address before allowing any transactions. To verify your identity, you will need to provide a government-issued photo ID such as a passport or driver’s license, as well as a document showing your current residential address, such as a utility bill or bank statement. The documents can be uploaded directly through the broker’s online verification system. Once your account is verified, you will be able to access all of the broker’s features and begin trading

Pros
  • It’s convenient to upload copies.
Cons
  • The verification period is not specified.

Trading Software

OceanFX provides access to the MetaTrader 5 (MT5) platform, which is a popular trading platform used by traders all over the world. MT5 is known for its advanced charting capabilities, which allow traders to analyze market data and make informed trading decisions. The platform also provides access to a wide range of trading instruments, including currency pairs, commodities, and indices.

Features OceanFX CED Capital Limited  Finorax
Demo Account ❌️
Mobile App ✔️
Own Development ✔️

How Can I Trade With OceanFX?

Alright, let’s see if the broker with the fancy name provides equally fancy trading conditions. Something tells us we’re going to be disappointed once again.

All Info About Accounts

OceanFX provides a limited range of account types, offering only five options to choose from. The first option is the Bronze account, which is designed for novice traders and has a minimum deposit requirement of $1,000. However, the only additional service offered is 1 educational session with a relationship specialist and 1 signal per activation. The Silver account requires a deposit of $5,000 and provides access to MT5, as well as three educational sessions with a relationship specialist and 3 signals per activation. It is surprising to note that MT5 is not available for the Bronze account, despite it being a standard for most brokers. The next account option is the Gold account, requiring a deposit of $25,000 and offering more educational sessions for traders, a personal manager, and 5 signals daily. To access the Premium account, a deposit of $75,000 is required. This account provides the opportunity to try the VIP service for 15 days

Pros
  • Additional services.
Cons
  • High minimum deposit.

Market Analysis and Education With Oceanfx.io

OceanFX offers additional services to its clients, such as educational sessions and trading signals. However, these services have been reported to be of poor quality by some users. Moreover, the entire team of the broker is anonymous, which raises concerns about the reliability and trustworthiness of the trading signals provided. It is important to note that anonymous signals are often unreliable and can lead to significant losses for traders. It is recommended that traders exercise caution and conduct their own research before relying on any third-party signals or educational sessions offered by OceanFX.

Deposit, Withdrawal, and Fees

OceanFX provides payment options through Visa, Mastercard, and wire transfers. However, the exact fees for deposits and withdrawals are not specified. And there is no information on how long it will take for funds to be processed. This lack of transparency can be worrisome for traders.

Features OceanFX Finorax Axi
Debit/Credit Cards ✔️
Electronic Payments ✔️
Crypto Transfers ✔️
Deposit Fee ✔️ ✔️
Withdrawal Fee ✔️ ✔️

How Can I Contact It?

OceanFX provides full contact information on their website. However, traders have reported difficulties in reaching their customer support by phone. Additionally, the office address listed is merely nominal, so traders should not expect to schedule in-person meetings with the company’s representatives.

Pros
  • Full contacts.
Cons
  • No office.

Is OceanFX Dangerous?

During our analysis of the broker’s trading conditions and other offerings, we didn’t come across anything that impressed us, showed passion, or any signs of success. Our intuition suggests that OceanFX is not a broker worth considering.

How Long Does The Broker Work?

According to the Whois service, OceanFX registered its domain on December 1, 2022. This indicates that the broker is relatively new to the market, and has only been operating for a short period. This is a cause for concern as it can be difficult to evaluate the credibility and reliability of a broker with such a short track record. Traders may be better off choosing a broker with a longer history of operations in the market.

Domain info

How Is OceanFX Regulated?

According to our research, the broker OceanFX is registered in the offshore jurisdiction of St. Vincent and the Grenadines. This is concerning for several reasons. Firstly, St. Vincent and the Grenadines is known to have a lax regulatory environment, with little to no oversight of financial activities. This means that brokers registered in this jurisdiction are not subject to the same level of scrutiny as brokers registered in more reputable jurisdictions, such as the UK or Australia.

Secondly, it’s worth noting that there is no financial regulator in St. Vincent and the Grenadines that oversees the activities of brokers operating there. This lack of oversight means that traders who choose to work with OceanFX may have limited recourse in the event of any misconduct or malpractice by the broker.

Features OceanFX Overton Partners Ltd  InvestFW
European Zone
Asian Zone
American Zone
African Zone
Offshore ✔️

Frequently Asked Questions (FAQ)

How to Trade With OceanFX?

You need to register an account and complete the verification process. Once you are verified, you can fund your account through one of the available payment methods and start trading.

Is OceanFX Legit?

It is registered in the offshore jurisdiction of Saint Vincent and the Grenadines, which does not regulate brokers. Therefore, there is no guarantee of the legitimacy of the company.

How Risky Is It?

Trading with OceanFX can be risky due to the lack of regulation and transparency. Additionally, the negative reviews from traders suggest that it may not be a reliable or trustworthy broker.
Kevin Berry
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Expert Opinion

Alright, let me give you the lowdown on this one. It turns out that this broker doesn’t offer the MT5 platform to rookies, unless they’re willing to cough up a whopping 5 grand! As an expert in the field, I gotta say that’s a bit of a red flag. It’s like telling someone they need a Ferrari to learn how to drive. Come on, OceanFX, give the newbies a break and let them practice on something a bit more affordable.

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OceanFX rating

The level of trust
Quick withdrawal of funds
Efficiency of technical support
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The level of trust
Quick withdrawal of funds
Efficiency of technical support

3 reviews about OceanFX

Will March 16, 2023 - 16:21
Don't get fooled by this scam
The level of trust
Quick withdrawal of funds
Efficiency of technical support

OceanFX is a terrible broker that you should avoid at all costs. They lure you in with attractive bonuses, but their trading conditions are impossible to meet. When you try to withdraw your funds, they make up excuses and delay the process. Don’t waste your time and money with this scam broker.

Reply
Johnson March 20, 2023 - 17:42
Fraudulent broker
The level of trust

I came across OceanFX online and decided to give them a chance. But I regret it now. They are fraudulent scammers who will do anything to take your money. Their platform is glitchy, and they manipulate the prices to make you lose. Don’t fall for their fake promises. Stay away from it.

Reply
Samantha March 31, 2023 - 12:04
Don’t trust them
The level of trust
Quick withdrawal of funds
Efficiency of technical support

I had a terrible experience. The customer support was non-existent, and my account manager disappeared after I made my deposit. I couldn’t withdraw my money, and I realized too late that the broker was a scam. Don’t make the same mistake as me and stay away from this fake broker.

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