OFX

OFX is an online forex broker offering services in forex, commodities, indices, stocks, precious metals, CFDs, and bond trading. However, the company has not fully disclosed its corporate registration information and regulatory status. OFX does not offer services to residents of specific regions, including Canada, China, Romania, Singapore, and the United States, because these regions are on the FATF and EU/UN sanctions list. It's worth noting that OFX's company design is very similar to another broker called OFX. The official website of OFX is: https://ofxmkfx.com/index.html. However, this website is currently inaccessible.

Corporate Entity Information of OFX:

OFX claims to be an online forex broker with a registered address in Downtown Manhattan's Civic Center area, New York City, US. However, upon investigation, it was discovered that there is no company named OFX in the official company registration records of New York State. Additionally, the domain registration date of the company is February 16, 2024, a relatively recent date, which may indicate that the company or its current website was established or updated recently. The lack of concrete proof of existence in the official records of the place of registration is a warning and should alert potential users.

Regulatory Information of OFX:

Regarding regulatory information, OFX has not explicitly stated which regulatory bodies it is regulated by. Currently, there is no information available about OFX's regulatory status.

Market Products of OFX:

The market products offered by OFX include:

• Forex: Clients can access over 40 forex pairs through OFX RAW ECN forex trading accounts, enjoying extremely low spreads starting from 0.0.
• Indices: Through index contracts for difference (CFDs), OFX allows traders to access the world's top blue-chip companies and major stock markets, covering the S&P 500, FTSE 100, NASDAQ 100, German DAX, and Dow Jones Industrial Average, among others.
• Precious Metals: Using OFX ST5 trading accounts, clients can trade long positions in physical precious metals such as gold, silver, and copper.
• Commodities: Offers a variety of commodity trades, including cocoa, coffee, cotton, and sugar.
• Energy: Trading range includes oil, natural gas, gasoline, spot oil, and low sulfur fuel oil among energy products.
• CFDs: Provides a wide variety of CFD products, including indices and individual CFDs from the USA, UK, Europe, and Australia.
• Bonds: Offers a variety of bond products to meet the needs of different investors.

Through these products, OFX aims to provide comprehensive trading opportunities and flexible options to global customers.

How to Open an Account with OFX?

1. Click to Register: First, visit the OFX platform, find, and click the register button to start the account opening process.
2. Enter Basic Information: On the registration page, you will need to enter some basic information, such as your email address and set a password. This information will serve as your credentials for logging in and managing your account.
3. Complete Registration: After entering all the necessary information, complete the registration process. Once registered successfully, you can immediately start trading.

Account Types of OFX:

OFX offers various account types for traders of different levels and needs:

• Standard STP Account: The minimum deposit is $50, the minimum trade volume is 0.01 lots, leverage up to 500:1, and spreads starting from 1.0 pips. This account supports multiple base currencies, including USD, AUD, GBP, EUR, SGD, CAD, NZD, JPY, and HKD, meeting the needs of global customers.
• RAW ECN Account: The minimum deposit is also $50, the minimum trade volume is 0.01 lots, leverage up to 500:1, and spreads start from 0.0 pips. This account type has a commission starting from $3 per lot traded on both sides, without converting promotional credit into cash. Supported base currencies are the same as the Standard STP account.
• PRO ECN Account: The minimum deposit requirement is $10,000. This account is suitable for high-frequency traders and those needing the lowest spreads and highest leverage. Spreads start from 0.0 pips, and commission starts from $1.5 per lot traded on both sides, offering the same currency choices as the previous accounts for the account base currency.

Spreads of OFX:

On the OFX platform, users simply need to log into the OFX ST5 platform, open the "Market Watch" window, right-click and select "Spreads" to see the real-time spreads of each forex currency pair, commodity, or index market in the fourth column. OFX's quote feed comes from up to 70 liquidity providers and banks, ensuring it can offer industry-leading spreads, with RAW ECN account spreads as low as 0.0 pips and Standard STP account spreads as low as 1.0 pips.

Trading Platforms of OFX:

OFX provides the ST5 trading platform to its users, which is designed to offer traders a fast, stable, and efficient trading environment, enabling them to carry out various trading operations in the global financial markets.

Deposits and Withdrawals at OFX:

The deposit and withdrawal policy of the OFX platform is as follows:

Deposits:

1. Users can make deposits through the client interface, but it may not be reflected in the account immediately.
2. Deposits are limited to trading purposes only.
3. Funds deposited into the trading account should come from a source with the same name as the account, such as a credit/debit card, bank account, etc.
4. OFX may require verification of fund account ownership, failure to comply may result in deposit rejection.
5. OFX will only bear its own visible fees, other fees are the responsibility of users.
6. OFX is not responsible for any losses caused by delayed deposit processing, it's the user's responsibility to ensure sufficient funds in the account to meet margin requirements.

Withdrawals:

1. Users can make withdrawals through the client interface, but it may not be reflected in the account immediately.
2. OFX only processes withdrawals to the same account, refusing to return funds to other accounts.
3. Withdrawals are typically processed within 24 hours, but depending on the method, it may take 1-7 working days to receive funds.
4. Bank wire transfer withdrawals take 3 to 5 working days to complete and may incur additional fees.
5. OFX reserves the right to refuse processing withdrawal requests, users need to provide information and documents regarding the source of funds.

Third-Party Payments:

1. Third-party deposits and withdrawals are prohibited, OFX only returns funds to the source of deposit account.
2. If third-party payments are detected, OFX has the right to revoke payments, close open positions, cancel profits, or terminate the trading account.

These policies aim to ensure the safety of user funds and comply with anti-money laundering and anti-terrorism financing regulations.

Customer Support at OFX:

Phone: +12015818303, +84 1900996692, +6584435295.

Email: support@ofxmkfx.com

Summary:

OFX lacks transparency, especially concerning its vague corporate registration information and regulatory status. Furthermore, OFX's company design is very similar to another broker named OFX, which could cause confusion. Potential clients should carefully assess these factors and conduct thorough investigations before considering their services to ensure the safety of their funds. OFX is listed as "Suspected Fraud" on Traderknows.