OptionFX Trade Details
Table of contents
Read the review of OptionFX Trade (www.optionfx.trade) to see if this seemingly innocent broker is able to provide the services it claims to offer.
The website claims that OptionFX Trade is operated by Option Four LTD that is located in the Marshall Islands. The Marshall Islands are one of the ideal destinations for all sorts of shady companies, because of the nation’s looser laws, yet the country does not have a financial regulator, thus OptionFX Trade, even if registered there, most certainly is NOT regulated there. Therefor, any investment made with this broker is a very risky endeavor.
We urge traders to trade with regulated brokers under the gaze of such agencies as the FCA which not only enforces a strict set of rules and demands detailed reports on company activities, but also includes a compensation fund of up to £85 000 for victimized traders resulting from insolvent brokers.
The leverage value has been indicated on the trading platform as being 1:100. On that same terminal, we got a EUR/USD spread of 3 pips on average. This high a cost of trade is not at all a profitable for users, and is in fact only lucrative for the broker. And another thing, the leverage is way to low for an offshore broker.
The trading platform gave us the following available assets: Forex Pairs, Crypto, Indices, Stocks, Commodities, and Futures.
The broker is available in English and German.
OPTIONFX TRADE LOGIN
The trading platform here is surprisingly efficient, but cannot be at all compared to the metatrader. It has all the basic functions like chart management, indicators, and pending orders. Nothing much can be said about it, aside from the fact that this trader does have the aura of a platform made for an illicit broker, yet at times feels fulfilling. Overall, a decent trader.
The leverage is capped at 1:100, while the EUR/USD spread is around 3 pips.
This trading terminal is available only as a web based trader.
OPTIONFX TRADE MINIMUM DEPOSIT
According to the client deposit area, the funding methods are via Credit/Debit cards, Wire Transfer, bitcoin, and Rave.
The minimum deposit as per the client portal is $200.
Due to the broker’s lack of an authoritative 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 software 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 software are 100% legal meaning that your approval will be needed if someone is to tinker inside your PC.
OPTIONFX TRADE MINIMUM WITHDRAWAL
The minimum withdrawal is $100.
All withdrawal processes are handles within 7 days.
There is a 1% fee from each withdrawal. If said fee amount is equal or below $30, then the charge will be a standard $30.
ADDITIONAL FEES AND TAXES
The company charges undisclosed fee that cover the services the company provides the trader with.
A distressing clause in the T/Cs sees that the client will have his/her funds retained by the broker if he/she is inactive for more than 90 days.
The $30 or 1% dormant fee is activated once a user is inactive for more than 30 days.
We are sure that any effort to withdrawal your money will be unsuccessful. Either the broker will find a loophole in the terms and conditions that is completely made up, will firmly advise you against withdrawing, or they will ask more deposits needed if one wished to withdrawal. Scammers come up with additional fees and taxes for the sole purpose of keeping you on stand-by, and to deplete as much money from you as is possible.
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!
OptionFX Trade is a scam. Without a regulation this broker will surely take your deposit and not return it. Do not invest here if you cherish your money!
OptionFX Trade compared to other brands
The Marshall Islands
United Kingdom, Cyprus, South Africa, Mauritius
Cyprus, Saint Vincent and the Grenadines