Oxaig

Soon after we opened the website of Oxaig we realized just how little this broker had to offer in terms of both information about itself and on its actual services. The illusion that the relatively tidy website creates is quickly shattered. From the pieces, we got to the verdict that Oxaig is nothing more than yet another risky and offshore broker that looks only after itself.

The first proof of cynicism are two false claims that the company is regulated by both the MSFA in Malta and the FSC in Bulgaria.

The MFSA is a respected regulator and one that can easily make or break a broker. Unfortunately, there is no proof that Oxaig is regulated by the agency; the databank of the watchdog foes not contain the name of the broker.

The FSC in Bulgaria is the official FX regulator, and it does a relatively good job of licensing local entities. However, we are not here to evaluate the agency, but to make sure that the broker is licensed by it; after a quick check we found no information pertaining to a license held by Oxaig given to it by the Bulgarian regulator.

No further information is included to, potentially, refute our conclusion that the broker is ultimately unregulated and a risk to all!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

Unfortunately, we cannot say anything good about the client area looking the way it does. It was absolutely unprofessional and limited in scope and delivery, and it was as if the broker put the least amount of effort in it.

At least, we were able to access a web trader. On it, there was no way to get a hold of a spread nor of a leverage value, but we could read the following available tradeable assets:  forex currency pairs, stocks, commodities, cryptocurrencies, and indices.

OXAIG LOGIN

This is the shape and form of the so-called web trader.

We cannot really call this a trading platform because the chart is from a third party source, and there are no options to customize or improve your trading. The buy and sell options are the only thing that users can interact with, and while these are available the spread values are not indicated anywhere.

We cannot recommend this terminal, although we are doing it a favor calling it that.

OXAIG MINIMUM DEPOSIT

According to the user area, there are around around 19 crypto wallets in which users can hold their funds.

However, the depositing area itself was a different story. Once we entered it we were only told that our wallet was pending, meaning that our account was not yet approved. So, we don't know how far reaching these crypto wallets are.

The website claim that the minimum deposit is €2500, which is simply ridiculous and very aggressive on the side of the broker.

Overall, very shady and untrustworthy depositing conditions.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

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

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

OXAIG WITHDRAW TIME AND FEES

With everything that has been going one until now, is it really a surprise that there are no withdrawal details anywhere?

But wait, that's not the worst part of it all. By far the fact that there is actually no withdrawal area in client portal is the wort part. This means that we have official proof that clients cannot withdraw funds; neither to retrieve a deposit nor to take out any profit made (which is impossible considering the state of the software).

This is the last red flag for this scammer broker, Without any withdrawal options why would anyone bother with this pretender.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

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

Does Oxaig seem lucrative now? This is one of the worst broker we have reviewed, and it shows why. All investments will be lost here!