OasisTrade

Does OasisTrade do something out of the ordinary, or is it just a mirage in a desert of shady brokers? Read on to find out.

The broker is registered within St.Vincent and the Grenadines which is fine, but does not do the users any good. St. Vincent and the Grenadines’ own Financial Service Authority has issued a warning that they no longer regulate forex and CFD brokers. Thus OasisTrade is not regulated there.

Nevertheless, there is a mention of the FCA. The broker claims that they follow FCA guidelines when dealing with document verification:

Even if this were true, there is no mention that OasisTrade is regulated by the agency.
Safe to conclude that OasisTrade is UNLICENSED, thus posing a risk to anyone who funds an account with them.

We urge traders to go with an actual FCA licensed broker. The FCA requires detailed reports, proof of financial stability and unconditional compliance with rules and requirements for all brokers unders its gaze. For the safe being of traders the FCA is a member of the FSCS that, if the broker is unable to pay its debts, is able to reimburse victimized clients up to £85 000.

The maximum leverage is 1:200. This is average, but it excludes OasisTrade from the list of legit EU/UK brokers, since there the leverage has been maximized at 1:30.

The registration process was the simplest thing, and once we got to the trading platform the EUR/USD spread we got from it was 0 pips. Our faces couldn’t be more serious. Check out the Login section for a proof snap. Both Proper Trade and OasisTrade are examples of extremes: the former offering a spread of 3.5 pips and the latter a 0 pip cost of trade.

Tradeable assets are: Forex Pairs, Commodities, Indices, Stocks, and Crypto. This is sufficient, yet with OasisTrade being unregulated who knows if the bid/ask prices follow the industry standardized guidelines.

We could not find an option to change from the default English language.

OASISTRADE LOGIN

The trader at hand is established as one of the top choices for shady brokerages.

OASISTRADE TRADER

This platform is yet another tell that this company has almost nothing to do with actual trading of assets. First off, it has close to no options for optimizing clients’ trading and customizing the interface to individual tastes. Furthermore, it not only resembles, but it is (!) the same platform used by other scam brokers such as OmegaFX and TDS Capital Group (to name a few). As we said in those reviews, those platforms are irrelevant and serve close to no purpose.

As mentioned above, the spread is the unrealistic 0 pips. Take a look for yourself.

The leverage has not been indicated.

This platform has always been made available to us as a browser trader. No other versions of it have popped up.

OASISTRADE MINIMUM DEPOSIT

The minimum deposit is $250. This is for the Basic Account:

Payment methods are surprisingly varied: Credit/Debit Cards, Bank Wire, Skrill, Neteller, Western Union.

Due to the broker’s lack of any regulation, we advise against depositing any amount whatsoever. If traders wish to invest in online forex, they will find that any FCA/CySEC regulated broker will surely do. These agencies are at the top of their game, demanding a strict conduct from brokers, and requiring regular reports on their activities.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The three digit CVV code is essential to making purchases or completing transactions online. By handing this info to someone claiming to be a broker, your are exposing your savings to the biggest risk of all!

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

AnyDesk and TeamViewer softwares are double edged. For one, you provide complete access to your computer to someone else who, essentially, takes over as the new user. This can be helpful if the person with access is a friend, colleague, or acquaintance; or it can be devastating to your private information, including bank info, if you provide entry to someone with a shady background. Hence the double edge. Note that these softwares are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.

OASISTRADE WITHDRAWAL TIME AND FEES

We could not find any withdrawal information. This should not surprise anybody, seeing as this is an unregulated broker and as such it will likely never process your request.

However, if you wish to risk it, processing times are said to be up to 5 days. This is the time for the broker to proceed with the request. The time for payment systems is different.

There are no fees for withdrawing via Credit/Debit cards or Wire Transfers:

As for the rest of withdrawal methods, if any, there are no fees indicated anywhere.

ADDITIONAL FEES AND TAXES

The broker very inconclusively attaches some irrelevant fees with no contextual background to speak of:

This is basically a free pass for OasisTrader to charge clients whenever it sees fit.

If an account is inactive for 60 days then the trader will be taxed with a dormant fee of $30.

Heed our words. Unregulated brokers do not care who you are and what your situation is; all they see is money, and they will trick you into giving it to them every chance they get. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

If a broker is unlicensed, never give you ID and personal details to it, because the broker will use these details against you once you file for a charge back. Furthermore, any allegation held against the brokerage will be easily refuted if they have in their possession a copy of your ID and proof of address.

The most important thing to note is that this broker will not return your deposit, nor will it pay your winnings. It never had this intention in the first place. The best advise is to walk away from it, and go straight for a regulated broker. The FCA and CySEC are the top non-US license issuers, and those under their gaze are bound by the law to put the security of users’ funds as pivotal priority.

HOW TO RECOVER

Don’t delay, and file for a charge back ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won't ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

The broker, like an actual oasis seems ever so tempting…until you reach it and you find a dried up river as you end up even more thirsty. Don’t waste your breath. Best avoid OasisTrader and move on to better brokers.