Onlinefinancialbinarymarket.com Review: this is the website of crypto currency trading platform that claims to be based in the USA. Is OFBM legit or a scam broker? Read this revealing review to find out important details about this Forex trading company.
The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.
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The website discloses that OFBM is the trading name of Online Financial Binary Market, a company in the United States of America. Brokers in this region are under the supervision of the National Futures Association (NFA). But the website does not mention anything about license and registration. It also claims to operate in Canada and the UK.
Licensed companies are always forthcoming with registration details. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.
Advantages of OFBM
The broker mentions that it offers traders many trading instruments and tools. Trading conditions are flexible and information security is promised. Many payment options are also listed on the website. Clients of the company will also benefit from the investment advisory, wealth management, and trading courses.
It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.
However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.
OFBM Trading Platform
The trading platform used by the Online Financial Binary Market is a web-based type. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.
Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.
These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.
Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.
Trading instruments offered to traders are binary options, Forex currencies, cryptocurrencies, and ETF & Stocks. This will be unsatisfactory to many traders because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.
The maximum leverage offered to clients is not stated and while some may seem generous, they are not advised. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.
Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.
Deposit and Withdrawal methods on OFBM
The means of making deposits and withdrawals with this broker are Bitcoin, Litcoin, Bitcoin Cash, Stellar Coin, and PayPal. We do not feel assured by these limited transaction options because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.
A minimum deposit of $500 is required to start trading with this broker. We find that this is higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees and charges are not disclosed. We prefer it when brokers are transparent with these details.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is OFBM Licensed?
No. OFBM is not a properly licensed and registered broker. The NFA does not list it among regulated brokers in the United States.
Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.
To get in touch with the broker or a representative of the customer service, dial +16469605206 or email at email@example.com.
OFBM is not licensed to trade in the US or Canada or even the UK and it claims to be located in these regions. Thus we give it a low rating due to this. We found the many trading instruments offered encouraging but asides this, the broker does not inspire confidence.
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- Many Trading Instruments Allowed
- Not Properly Licensed
- No Metatrader Platform Allowed
- Limited Trading Conditions
- High Minimum Deposit Required