OBV Trade MT5 is a forex broker that claims to be registered on its official website on June 24, 2023. It primarily offers financial trading services to investors in forex, stocks, precious metals, energy, futures, and more. The company's headquarters is unknown. The broker's website supports multiple languages, including English, traditional and simplified Chinese, Japanese, German, French, Arabic, Korean, Thai, Russian, and others.
Company Background and Regulatory Status:
According to information displayed on its website, OBV Trade MT5 was purportedly established in 2002 with its headquarters in London. The broker claims to have direct branch offices in the United States, Canada, and Sydney, Australia. They also claim to be regulated by the UK's Financial Conduct Authority (FCA) with ID 504072, the Australian Securities and Investment Commission (ASIC) with ID 406684, and the Japan Financial Services Agency (FSA) with ID 2010401081157. Additionally, they state that they are regulated by the U.S. National Futures Association (NFA) with ID 0555592.
Upon verification, the regulatory information provided on the broker's website appears to be stolen from other brokers. The numbers 504072 (FCA), 406684 (ASIC), and 2010401081157 (FSA) all correspond to registered entities of AVA Trade in the respective countries, with no connection to OBV Trade MT5. The number 0555592, associated with the NFA, belongs to an entity called ELEMENT TRADE LTD, unrelated to the broker, and is, in fact, a non-member of the NFA and not subject to NFA regulation.
Account Opening:
To open an account with OBV Trade MT5, users first need to register on their official website. During the registration process, users are required to provide their name, date of birth, personal email, phone number, residential address, upload a copy of their identification, and set a login password. After submission, users must wait for platform approval before gaining access to their personal interface to open a real account.
Account Types:
OBV Trade MT5's official website does not provide information on account types. On their FAQ page, the broker claims to offer spreads as low as 1 point, trading leverage from 1:100 to 1:500, but detailed information on minimum deposits, trading commissions, margin levels, stop-loss levels, minimum trade sizes, etc., is not clearly disclosed.
Trading Platform:
OBV Trade MT5 offers users the MT5 trading platform, both web-based and mobile. Upon verification, there is no record of a broker named OBV Trade MT5 on the MT5 platform, only the broker's website domain. This is a common tactic used in scams.
Deposits and Withdrawals:
The broker's website does not specify the exact methods for deposits and withdrawals.
Customer Support:
Users can contact OBV Trade MT5 for customer support through email at support@obvforex.com, WhatsApp at +447354484858, Line at @d8_qIdtRsw, and Telegram at @ElementCS00.
Summary:
Traderknows warns investors that OBV Trade MT5's corporate entity registration information is unclear, and the so-called regulatory information is apparently copied from other brokers. The broker itself does not appear to be subject to legitimate financial regulation, and its claims are filled with falsehoods. Furthermore, the MT5 trading platform does not list OBV Trade MT5 as a legitimate broker. Therefore, Traderknows advises traders to stay away from OBV Trade MT5 when selecting a trading platform to avoid unnecessary financial losses. OBV Trade MT5 and VLC Trade LLC are products of the same template.
Currently, this broker is marked as a "suspected fraud" on Traderknows.
