Score

1.58 /10
Danger

OGFX

Australia

5-10 years

Suspicious Regulatory License

Suspicious Overrun

High potential risk

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Score

Regulatory Index0.00

Business Index7.53

Risk Management Index0.00

Software Index4.00

License Index0.00

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Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

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Broker Information

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Company Name

OCEAN GLOBAL MARKETS LTD

Company Abbreviation

OGFX

Platform registered country and region

Australia

Company website

Company summary

Pyramid scheme complaint

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Warning: Low score, please stay away! 4
Previous Detection : 2024-11-10
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!

WikiFX Verification

OGFX · Company summary

Note: OGFX's official website https://www.ogfx.com.au/ is currently inaccessible normally.

OGFXReview Summary
Founded2008
Registered Country/RegionAustralia
RegulationASIC (Suspicious Clone)
Market InstrumentsForex, etc.
Demo Account
LeverageUp to 1:400
EUR/USD SpreadFloating around 0.2 pips
Trading PlatformMT4
Min Deposit$1,000
Customer SupportTel: +61 1300 459 688
Email: service@ogfx.com.au
QQ: 00188484

OGFX is a financial company registered in Australia. It offers two types of accounts, and the leverage can be up to 1:400. The minimum deposit is relatively high, which is 1,000 dollars. What's more, its regulatory license is suspiciously cloned.

Pros and Cons

Pros Cons
MT4 providedInaccessible official website
Demo accounts availableSuspicious clone ASIC license
Tight EUR/USD spreadHigh minimum deposit

Is OGFX Legit?

Investors should exercise caution when dealing with KOSEI Securities as there are red flags regarding the legitimacy of their regulatory claims. The Australian Securities and Investments Commission (ASIC) license number provided by the broker (License Type: Investment Advisory License license number: 332890) is suspected to be a clone. This poses a significant risk to investors who may unknowingly trust the legitimacy of the broker based on false regulatory credentials.

Regulatory AuthorityAustralia Securities & Investment Commission (ASIC)
Regulatory Status Suspicious Clone
Regulated by Australia
Licensed Institution Neptune Securities LTD
Licensed TypeInvestment Advisory License
Licensed Number332890
Suspicious clone ASIC license

Furthermore, the inaccessibility of their official website adds another layer of concern regarding the reliability and transparency of their trading platform. A reputable and trustworthy broker would typically have a user-friendly website that is easily accessible to clients for account management and trading purposes.

Besides, this OGFX is a clone broker posing as a legit one to misunderstand people, and it has nothing to do with another Ocean Global Markets (short for OGFX). Please be aware of the potential scam.

These warning signs should not be taken lightly, as they suggest a higher level of risk associated with investing in OGFX.

WikiFX Field Survey

WikiFX field survey team paid a visit to this OGFX‘s official address at Suite 706, 1-5 Railway Street, CHATSWOOD, NSW 2067. However, the team confirmed that the broker OGFX’s real address is not consistent with its regulatory address.

WikiFX Field Survey

Account Type

OGFX offers 2 types of accounts: Standard, and Pro. Free demo accounts are also available.

Account TypeMin Deposit
Standard$1,000
Pro$50,000

Leverage

For both accounts, the leverage can be up to 1:400. High leverage may bring potential risks, so careful considerations are needed.

OGFX Fees

The EUR/USD spread is floating around 0.2 pips. The commission fee is $18, and swap fees are not needed.

MT4

Trading Platform

OGFX provides its clients with access to the popular MetaTrader 4 (MT4) trading platform, known for its user-friendly interface and advanced features.

One of the standout features of MT4 is its support for automated trading through Expert Advisors (EAs). This feature enables traders to automate their trading strategies and execute trades based on predefined rules and parameters. Moreover, MT4 provides real-time quotes, news updates, and customizable alerts.

Trading PlatformSupported Available Devices Suitable for
MT4Web, desktop, mobileBeginners
MT5/Experienced traders

User Reviews

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User comment

1

Comments

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FX1124529268
more than one year
Again I try to cancel my account. I sent an email but do they care about reply you? No, they don´t reply if you want to cancel your account and take out the money.
Again I try to cancel my account. I sent an email but do they care about reply you? No, they don´t reply if you want to cancel your account and take out the money.
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2022-12-07 17:26
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