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OBTrend Review - is it scam or safe?

OBTrend review - Is obtrend.com scam or good forex broker?

RATING: 1 / 2 REVIEWS ForexBrokerz OBTrend
OBTrend is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


OBTrend is forex and CFD broker offering quite a variety of trading instruments, including over 50 forex pairs, as well as CFDs on commodities, indices and stocks. All that comes with two account types on the MetaTrader4 platform. However, we have some issues with the regulatory status of the broker, so if you are thinking about investing with them, be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Standard Account $500 1:500 3 pips, floating
Pro Account $20 000 1:500 2,5 pips, floating

 

 

OBTrend Advantages:

 

Good variety of CFDs and over 50 currency pairs 

 

OBTrend offers some 50 forex pairs with a number of exotic currencies, including South African Rand, Turkish Lira, Swedish Krona, Singapore Dollar,  Russian Rubble, Polish Zloty, Norwegian Krone, Mexican Peso, Danish Krone, Hungarian Forint, Honk Kong Dollar, Czech Krona and Chinese Yuan.

 

The broker also offers CFDs on 11 indices, spot metals like platinum, silver and gold, energy and agricultural commodities including coffee, wheat, sugar, soybean, corn, cocoa, copper, oil and natural gas and a selection of US and European stocks. 

 

Still, as we do not see any crypto assets available, here you may check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage as high as 500:1

 

Leverage of up to 500:1 as offered by OBTrend is more than sufficient to accommodate even the most aggressive trading style. And yet traders should consider using higher leverage with caution as it is associated with a substantial risk of significant losses.

 

Have in mind that on August 1st the European Securities and Markets Authority (ESMA) lowered the maximum leverage allowed with forex trade to 1:30 – measure, aimed at curbing the investment risks in EU. 

 

Similar restrictions are already in place on markets like USA and Japan, where the maximum leverage is caped at 1:50 and 1:25 respectively.

 

MetaTrader4 supported

 

OBTrend supports MetaTrade4 - a classic platform, with plenty of features, including over 50 in-build market indicators, various charting tools and the option to run automated trading sessions with the help of specially designed, customizable trading bots. Here you may check our list of brokers, also offering MetaTrader4:

 

>>MT4 Brokers<<

 

You can pay with Neteller and Skrill

 

OBTrend accepts popular e-wallets like Neteller, Skrill and MegaTransfer, major credit and debit cards like VISA and MasterCard and bank wire transfers. Still, as crypto assets are getting more and more popular lately, here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

OBTrend Disadvantages:

 

No license

 

OBTrend turned out to be an offshore, unregulated broker and this significantly lowers its credibility. The company behind the broker - On Best Trend Ltd. is registered on the Marshall Islands and is not regulated anywhere.

 

Besides, as the broker is giving us a contact address in the UK, we decided to check the registers of the local Financial Conduct Authority (FCA) – one of the most respected financial regulators in the industry, where all brokers, operating in the UK should be registered. Unfortunately we were not able to find the name of the broker or its parent company there.

 

Keep in mind that proper regulation is the single most important factor for the safety of any investment on the retail forex market. 

 

Among other measures aimed to protect traders, FCA provides a compensation scheme under which, if for some reason your broker is unable to pay, you are entitled to a compensation of up to 50 000 GBP. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Uncompetitive spreads

 

As tested with a demo account the benchmark EURUSD spread fluctuated between 2,8 pips – 3 pips, which is twice higher than what is generally considered acceptable with a standard account. 

 

OBTrend says starting spreads with its Pro Account are 0,5 pips lower than those with their Standard Account. Even then, OBTrend  spreads remain above 2 pips, which, as we already mentioned, is unacceptable. Here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

You should invest minimum 500 USD to open a Standard Account with OBTrend and that, in our view, is excessive. Have in mind that with most brokers you can start trading with about 250 USD or so, while with some big, well established companies like FBS and IG you can open a trading account with less than 5 USD.

 

Besides, to open a Pro Account with OBTrend you will have to invest at least 20 000 USD.

 

Conclusion:

 

As we already established OBTrend is a unregulated, offshore broker with doubtful credibility, which  on top of that offers rather poor trading conditions. Keep in mind that investing with unregulated brokers comes with a significant risk of loosing your money to scammers.

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Traders` reviews for OBTrend

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Scam

This is a scam company, I deposited 2001 for them and in one evening they make it lost 1600 for their fee and 300 for market.

Nguyen Tan Tai 07/04/2019
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