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OboFX Review - is it scam or safe?

OboFX Review - is obofx.com scam or good forex broker?

RATING: 1.3 / 1 REVIEWS ForexBrokerz OboFX
OboFX is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type Min. deposit Min. trade size Max. leverage Spreads (& commission)
Micro $1 0.01 1:1000 Fixed at 2.0 pips
CyrrencyX $500 0.01 1:1000 fROM 1 PIPS
Premium $1000 0.01 1:400 Fixed at 2.0 pips
Zero $25 000 0.01 1:200 From 0 pips + COMMISSION

 

OboFX offers the above account types, all of which, except the Zero one, are commission-free. Its clients can choose between fixed or variable spreads and trading in micro, mini or standard lots on the MetaTrader 4 platfrom.

 

Note that this broker does not accept clients from the US, Canada and Japan.

 

OboFX Advanatges:

 

Seemingly good spreads

According to the information on its website, OboFX’s spreads are either fixed at 2 pips, or starting from 1 pips on EUR/USD (on commission-free accounts), which is a competitive pricing. When we tried out the broker’s MT4 in demo mode, the spread was even better, fixed at 1.8 pips for EUR/USD.

 

 

 

OboFX’s demo MT4. Click on the image to zoom in.

 

If you prefer trading with fixed spreads, check out the offering of CySEC-licensed broker easyMarkets, as their spreads amount to 1 pips on EUR/USD.

 

 

>>The real-time spreads of top-tier brokers<<

 

 

Low minimum investment, high leverage levels

One can open a micro account with OboFX by investing just $1. It is always a good idea not to invest large sums, especially when the brokerages are not regulated, which is the case with this one.

 

Besides, OboFX provides high leverage levels, reaching 1:1000, which is a nice possibility, yet one should be careful. Leverage is a double edged sword: it can multiply your profits, as well as your losses.

 

 

>>More brokers offering high leverage levels<<

 

 

MT4 available

We always consider the availability of this platform as an advantage, as it is preferred by most traders and highly praised in the forex community in general. The MT4 is easy to use and perfectly equipped trading terminal, providing some of the best charting packages, a collection of useful automated strategies (Expert Advisors) and wide range of technical analysis indicators, customization options, etc.

 

>> More MT4 brokers <<

  

 

OboFX disadvantages:

 

Not regulated

On its website, the broker claims it is registered and regulated "in accordance with the highly reputable financial regulatory government authority", but does not mention which one. The company behind the brand, Obox Marketing (Private) limited, seems to be headquartered in Auckland, New Zealand, and has offices in Pakistan, Malaysia, and UAE. However, it is not regulated by New Zealand’s FMA, nor by any other authority.

 

Trading with brokers that operate without a valid forex broker license carries significant level of risk and is not recommended.

 

Limited product portfolio

OboFX offers trading in less than 30 Fx pairs, as well as gold and silver in the form of CFDs. Such product portfolio is not very rich, nor diversified. Many forex brokers offer more currency pairs and also support trading in indices, stocks and cryptocurrency CFDs.

 

 

Conclusion

 

OboFX offers trading in forex and precious metals on the robust MT4 platform. Its trading conditions are rather good, and besides, it offers lucrative bonuses. By the time of writing this, OboFX offers a free $25 no deposit bonus and a 40% on deposit bonus.

 

However, our main concern with this broker is that it is not regulated. It appears to be based in New Zealand, but our check in the local financial services register did not produce any results. That is why we would advise you to select among reliable brokers with solid regulation instead. If you are based in New Zealand or Australia and would rather invest with a broker with local presence and license, we suggest that you choose among companies regulated by the Australian Securities and Investment Commission (ASIC). It applies strict conditions to license holders and sees to their compliance

 

 

>>Find an ASIC-regulated broker<<

 

 

Pros

Cons

Seemingly good spreads

Not regulated

MT4 available

Limited product portfolio

Low minimum investment

 

High leverage levels, bonuses available

 

 

Latest news about OboFX
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Traders` reviews for OboFX

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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