Thinking of getting into business with Millennium Alpha? Here is what you must know about this broker. Carefully read this review to find out if oafx.com is the trading platform you will want to trade with.
Table of Contents
About Millennium Alpha Broker
Millennium Alpha is an offshore brokerage company with a lot of offers for traders. This broker hides under the company called Millennium Alpha Global LTD. It claims to have different regulations from three separate locations. Here, it presents Australia, Malaysia and SVG.
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Millennium Alpha presents a zero spread difference in Buy/Sell.
In spite the many trading instruments Millennium Alpha claims to offer, traders must know they are dealing with an unknown broker whose regulation claims are false.
oafx.com: Reasons to Avoid This Broker
oafx.com is a platform with no financial authority overseeing its financial services. Its regulation claims are not legit as none of these countries’ financial authorities recognize Millennium Alpha.
Another red flag we noticed in oafx.com is that there is no demo account for traders. If traders can’t test Millennium Alpha broker on a free account, how then can we know its viability in the forex market.
oafx.com is a clear scam whose presentation of different regulations cannot be proved. The worst of it all is the SVG regulation claim. We know SVG financial authority is not known for regulating forex brokers. This is a big warning for traders to avoid losing money with this broker.
Withdrawal and Deposit
Withdrawal process
There is no information on how forex traders can make a withdrawal request. We also don’t know the fee Millennium Alpha charges traders for any withdrawal.
This is just a way to reap you of your money and also frustrate the withdrawal process.
Minimum Deposit
Millennium Alpha minimum deposit is indicated $100. Even though this broker shows what amount to deposit, that doesn’t make it legit for traders. Any broker can likely do the same.
Millennium Alpha presents e-wallets as payment methods. You should not consider making any payment with this broker in the first place because it is a risk. So beware!
Millennium Alpha Platform
Millennium Alpha claims to operate on MT4. Even though this is the accepted trading software in forex market, it still doesn’t make this broker different from other scam trading platforms.
Millennium Alpha leverage is 1:400. This is a high leverage to risk money on, so it is advisable you don’t consider doing that. In fact, it is against the regulatory leverage set by financial regulators.
In spite the attractive offers Millennium Alpha broker presents, we can’t find a free account for traders to test the platform before considering a deposit.
Millennium Alpha Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its licensed and regulation claims are false and must be avoided.
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Accepts Traders Worldwide
Minimum Trade Deposit $100
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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Conclusion: Is oafx.com a Legit Broker?
No, oafx.com is not a legit broker for traders and because of that, you are advised to stay away from this broker.
The scam is on the wall for forex traders to avoid crossing path with oafx.com because its claimed license and lack of transparency are red flags.
Therefore, we do not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
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