Note: Oks Markets' official website:https://www.oksma.com/ is currently inaccessible normally.
Oks Markets Information
Oks Markets Limited is a Hong Kong-based brokerage firm founded in 2021 and offering trading services across various asset classes such as cryptocurrencies, futures, precious metals, and forex/currencies. However, significant concerns have emerged regarding its operations, which include the absence of regulatory oversight, an inaccessible website, and limited customer service channels.
Pros & Cons
Pros:
- Diverse Trading Options: Oks Markets offers a wide range of trading instruments including cryptocurrencies, futures, precious metals, and forex/currencies.
- Advanced Trading Platform: The brokerage equips traders with MetaTrader 5 (MT5), renowned for its comprehensive charting tools, advanced trading features, and compatibility across multiple devices (Windows, iOS, Android).
- Demo Account: A risk-free demo account is available for traders to practice and test strategies without risking real money, ideal for beginners to gain experience.
Cons:
- Regulatory Concerns: Oks Markets lacks regulatory oversight.
- Website Accessibility Issues: Ongoing issues with website accessibility affect user experience and reliability of service delivery.
- Customer Service Limitations: The brokerage offers customer service channels by email only.
- Withdrawal Issues: Reports of withdrawal issues on platforms like WikiFX highlight potential challenges in accessing funds, indicating reliability issues with fund management and withdrawal processes.
Is Oks Markets Legit？
When considering the safety of a brokerage like Oks Markets or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
- Regulatory sight: The broker's current operation without legitimate regulatory oversight only fuels concerns about its legitimacy and trustworthiness. These worries are compounded by the broker's inaccessible website.
- User feedback: Oks Markets has been flagged for withdrawal issues in an exposures on WikiFX, questioning the broker's reliability. This serves as a warning for anyone considering their services, urging utmost caution due to potential issues with fund withdrawals.
- Security measures: Oks Markets implements margin call and stop-out mechanisms to manage risk. Margin call alerts traders when their account equity falls below required margins, prompting action to avoid further losses. Stop-out occurs when positions are automatically closed to prevent negative balances, safeguarding against excessive losses in volatile market conditions.
In the end, choosing whether or not to engage in trading with Oks Markets is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
Oks Markets stands out with a robust offering of market instruments, boasting a comprehensive selection of over 300 options. This includes cryptocurrencies, futures, precious metals, and forex/currencies.
Account Types
Oks Markets offers two main account types:
- Demo Account: Ideal for new traders, the demo account allows users to practice trading strategies and familiarize themselves with the platform's features without risking real money. This helps build confidence and refine trading techniques before transitioning to live trading.
- Real Account: Designed for experienced traders, the real account at Oks Markets requires a substantial minimum deposit of $10,000. This high entry requirement can deter newcomers with limited capital from immediate participation.
Leverage
Leverage is a key feature at Oks Markets, offering up to 1:400, which allows traders to amplify their market positions significantly relative to their deposited capital. While leverage enhances profit potential, it also increases exposure to market risks. Thus traders should implement robust risk management strategies to mitigate potential losses, especially in volatile market conditions where leverage effects can be pronounced.
Spreads & Commissions
In terms of trading costs, Oks Markets employs a model of variable spreads. These spreads can fluctuate based on market conditions, providing traders with flexibility in managing their trading costs. However, specific details regarding commissions are not publicly disclosed, necessitating direct inquiry with the broker or review of account statements for transparency on overall trading expenses.
Trading Platform
Oks Markets provides traders with the powerful MetaTrader 5 (MT5) platform, celebrated for its advanced trading capabilities and comprehensive charting tools. MT5's versatility extends across multiple devices, ensuring functionality on Windows, iOS, and Android. This platform supports both manual trading, where traders execute orders based on their analysis and market insights, and automated trading through expert advisors (EAs) that execute trades based on pre-set parameters and algorithms.
Traders benefit from MT5's extensive range of technical indicators, analytical tools, and customizable charts, facilitating detailed market analysis and informed decision-making. With its robust back-testing capabilities, MT5 allows traders to evaluate trading strategies using historical data, optimizing performance and risk management.
Deposit & Withdrawal
For deposit and withdrawal processes, Oks Markets facilitates transactions primarily through bank transfers. While this method ensures secure financial transactions, processing times typically range from 1 to 5 working days, which vary based on banking procedures and geographical location. However, the methods can be quite limited, especially for those prefer faster access to funds like e-wallets for expedited processing.
Negative Oks Markets Reviews on WikiFX
On WikiFX, a report highlighting withdrawal issues with Oks Markets serves as a cautionary signal to traders. Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
Conclusion
In conclusion, Oks Markets offers a range of online trading services across cryptocurrencies, futures, precious metals, and forex/currencies. However, significant concerns arise due to the broker's lack of regulatory oversight, ongoing issues with website accessibility, and a report of withdrawal issue on platforms like WikiFX.
Therefore, we strongly advise against using Oks Markets for trading activities. Instead, we recommend exploring alternative platforms that prioritize transparency, regulatory compliance, and robust customer support.
Q&A
- Is Oks Markets regulated？
No. The broker is currently under no valid regulation.
- Is Oks Markets a good broker for beginners？
No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its unavailable website, intransparent trading conditions and limited available customer support channels (via email only).
- Does Oks Markets offer industry leading MT4 & MT5？
Yes, it offers MT5 platform on Windows, iOS and Android.
- What is the minimum deposit does Oks Markets request？
$10,000.
- Does Oks Markets offer demo accounts？
Yes.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
2022-12-07 14:06
