DEPOSIT
RECOMMENDED FOREX BROKERS
The largest US forex broker
OliveFX has the feel and look of an exemplary broker. Considering that it launched no more than a year ago in 2018, our first impressions are very positive. Read on to find out what it has to offer.
OliveFX or Olive Financial Markets Pty Ltd is registered in Australia which makes it regulated by ASIC. This license issuer preoccupies itself with enforcing the law against fraudulent activity, and promoting confident trader participation through tight controls over the financial market in Australia. Yet, with all that it does not offer a compensation fund.
Since Australia is outside of ESMA territory, the leverage can be higher than 1:30. At OliveFX it goes up to 1:500. Careful when utilizing this leverage for it can bring you lucrative opportunities as fast as it can drain your entire investment.
Unfortunately, we cannot provide direct spread info from the trading platform because the registration process required information that we did not agree to provide. The broker promises spreads as low as 0.8 pips, as claimed on the website.
The trading assets are Currency Pairs, Metals, Indices and Energies. For a legitimate broker the number of instruments is disappointingly low. Shares and Cryptocurrencies are the most notable absentees.
The only available language is English.
OLIVE FX LOGIN
The broker comes with the MT4 trading platform which immediately boosts the company’s score.
METATRADER 4
MT4 is always a good reminder of just how far the industry has gotten. This platform holds the popularity title for many a reason: advanced charting tools, custom indicators, easy order management, expert advisors and more. MT4’s VPS allow for seamless automated trading at all times, uninterrupted by computer failures, sudden power cuts or connectivity issues. VPS hosting with OliveFX costs $30 per month, and is free for those that deposit a minimum of $5000. OliveFX offers Social Trading which adds a layer of social networking to the whole experience and allows for traders to copy other more advanced users for the purposes of increasing their own profits.
The leverage offered here is capped at 1:500. We urge more beginner traders not to go as high as this, but rather chose a lower leverage value for starters. This high a leverage poses a risk.
The spread, as already mentioned, begins at 0.8 pips. We did not have direct access to the MT4, and so are cannot give you a specific EUR/USD spread. We speculate that the EUR/USD spread shouldn’t go any higher than 1.5 pips, which is the average cost of trading for the currency pair.
The Client Agreement legal document mentions that there are commissions attached to certain products, but the only way to get more details is out of the trader itself:
However, in their Product Disclosure OliveFX claims that there are no commissions on trades using the broker’s products:
With that in mind we urge traders to be wary, and always double check for commissions attached to trading assets.
The MT4 can be downloaded for desktop use and on Android/Apple devices.
OLIVE FX MINIMUM DEPOSIT
The broker has not mentioned a minimum deposit amount. However, we advice users to fund their accounts with at least $250 if they want to get something out of the experience.
Payment methods are vaguely mentioned for those that are not registered. The FAQ states that Wire Transfers and PayPal deposits are possible. The most popular alternative methods for Australia are Bpay and POLi, and so we must assume that they are included.
The base currencies offered by Olive FX are AUD, USD, EUR, GBP, HKD and SGD.
Transfer times are usually between 2-5 days. The broker has not specified if these processing times are applied to local or international transfers. Nevertheless, in Australia Wire Transfers on a local level usually take no more than 24 hours to process, while international ones can reach awaiting period of up to 5 days.
There are no fees related to deposits.
OLIVE FX WITHDRAWAL TIME AND FEES
As one of the top regulatory entities outside of Europe, ASIC’s guarantee, that each and every withdrawal is 100% safe and secure, is golden.
There is no indication on withdrawal methods. We must assume that they are the same as the depositing ones, meaning that they are revealed only to registered users. In fact all withdrawal information is withheld from unregistered users. The Legal Documents are of no help.
All we know for sure is that there is a $30 AUD fee if making an international Wire Transfer.
Furthermore, as we mentioned on the depositing section, local transfer happen much faster that international. This would mean that a withdrawal request that is local takes no longer than 1 working day, while international ones can be delayed by 2-5 business days.
BOTTOM LINE
OliveFX shows promise, and we are certain that we we see more come out of it in the future. Bear in mind that it launched in 2018, and for such a short operating time it has managed to impress us more than other more experienced brokers. OliveFX is definitely a recommend.
