Thinking of getting into business with OxisFX? Here is what you must know about this broker. Carefully read this review to find out if oxisfx.com is the trading platform you will want to trade with.
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About OxisFX Broker
OxisFX is an offshore brokerage company with a lot of promises for traders. The broker address shows it is from United Kingdom.
There are different account types the broker offers. See below.
Added, the broker claims more than 15 years in the forex industry.
In spite the trading instruments OxisFX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
oxisfx.com: Reasons to Avoid This Broker
Firstly, oxisfx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority (FCA) UK does not recognize this broker among its licensed brokers.
Secondly, we noticed oxisfx.com has a free account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
Further, the importance of legal documents cannot be de emphasized especially when doing due diligence. Truly, we could not assess the broker’s legal documents as we found it missing on the webpage.
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. In fact, 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, OxisFX provides no information on withdrawal fees nor processing days on each withdrawal. Truly, this broker is a scam and its fraudulent schemes are clear.
Minimum Deposit
OxisFX minimum deposit is pegged as $100 according to the type.
As for the payment methods, the broker provides no information. In fact, you should not consider making any payment with this broker because it is a risk. So beware!
OxisFX Platform
OxisFX offers MT5 (Industry standard trading platform), however, that doesn’t make the broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:500. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
OxisFX 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.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
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Conclusion: Is oxisfx.com a Reliable Broker?
No, oxisfx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
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.