OptionFX is an unlicensed Forex and CFD broker owned and operated by Option Four Ltd, an offshore company based on the Marshall Islands.
optionfx.trade is considered not safe, as it is not regulated by top-tier financial authorities, like the CySEC in Europe, UK FCA and the Australian ASIC.
OptionFX is an offshore forex and |CFD broker that says to be offering over 1000 assets, including forex pairs, precious metals, indices, stocks and crypt currencies with a web based trading platform and trading bonuses.
OptionFX says they will charge you a 1% withdraw fee (minimum 30 USD), on top of a 1% (again minimum 30 USD) dormant fee, if you have not traded for just 30 days. We should note that this is highly unusual. Bear in mind that legit brokers do not charge withdraw fees, while dormant fees might be applied only after a year of inactivity.
Also be aware that OptionFX says they will process your withdraw request within 7 business days, while legit brokers will do that within 24 hours.
Market Maker Business Model
During our review of the OptionFX broker, we saw that they operate the market maker business model, which basically means they make money, whenever traders lose. And that would not have been a problem, if they were not offering certain investment services, as for example portfolio management and investment advice.
Obviously, if market makers manage your account, they will surely be in a conflict of interest, because they will have the incentive to lose your money for themselves.
Here at the Scam Expert Advisor, we have reviews of many Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a valid license.
The reason smart people online invest with a licensed broker, is because there are many investment scams online. By using a licensed and regulated broker, you know your money is safe, and the company is monitored by the governments regulators.
- OptionFX operated by Option Four Ltd is an offshore broker not a licensed broker.
Bear in mind that proper regulation is the sole factor that will guarantee the safety of your funds. Brokers, regulated in the EU by the British Financial Conduct Authority (FCA) or the Cyprus Securities and Exchange Commission (CySEC) are required to follow strict financial and ethical rules, among which to maintain a minimum operational capital of no less than 730 000 EUR, to keep all clients funds separately, in a segregated, protected from creditors, trust account, to grant a negative balance protection, meaning that traders will not be losing more money than what they have invested, to file regular reports, to allow external audits, and even to insure some of the trading capital.
Thus with a FCA regulated broker for example, your funds will be covered by an insurance policy of up to 85 000 GBP.
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Review Verdict – OptionFX is a Scam!!
Blacklisted website = optionfx.trade.com
Our best advise for you
After looking at all the evidence we have, it is clear OptionFX is a scam. Stay away from any of their affiliate programs and warn your family and friends. These are anonymous scam artists who can sweep clean your bank account.
By adding this broker to our scam blacklist, we will be exposing OptionFX dirty tricks. Stay away from these scam artists and ignore all calls to sign up.
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