Thinking of getting into business with OkChainFx? Here is what you must know about this broker. Carefully read this review to find out if okchainfx.com is the trading platform you will want to trade with.
Table of Contents
Do You Know You Could Get Back Your Money If You Have Been Scammed? Great News! Click HERE to Get Started
About OkChainFx Broker
OkChainFx is an offshore brokerage company with a lot of promises for traders. The broker shows it is from Houston, United States.
There are different account types the broker offers. See below.
The broker added another plan called Bitcoin Crypto Plan.
According to the broker, it is licensed and regulated by Financial Conduct Authority, UK.
To clarify, in spite the trading instruments OkChainFx claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Here is a warning from Financial Conduct Authority, UK about this broker.
okchainfx.com: Reasons to Avoid This Broker
Firstly, okchainfx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize this broker among its licensed brokers.
Secondly, we noticed okchainfx.com has no demo account for traders. Since traders can’t test OkChainFx on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, OkChainFx provides that withdrawal process takes 3-5 business days. The broker claims zero charges on withdrawal.
Minimum Deposit
OkChainFx minimum deposit starts from $1000 according to account type.
As for the payment methods, OkChainFx accepts Bank Transfer, Neteller, Western Union, Perfect Money, Bitcoin and more. But, you should not consider making any payment with this broker because it is a risk. So beware!
OkChainFx Platform
OkChainFx offers web based trading platform and not MT4 or MT5 (Industry standard trading platforms) which gives us more reason not to take this broker serious.
As for the leverage, the broker discusses nothing. Truly, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
OkChainFx 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 unlicensed and unregulated activities are truly a red flag and must be avoided.
Instead, Trade with TOP RATED BROKERS
Accounts
Free Trial
Projects
SSL
S
Licensed in UK(FCA), Dubai(DFSA), St Vincent and the Grenadines, Cyprus(Cysec) and Cayman Islands
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
TOP CHOICE BY TRADERS
Licensed in UK(FCA), Australia(ASIC), Belarus(NBRB) and Canada(IIROC)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:300
BEGINNER FRIENDLY
Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
Maximum Leverage
1:500
Conclusion: Is okchainfx.com a Reliable Broker?
No, okchainfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true. The broker chooses to hide legal documents from the public on its webpage.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.