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Ocean Global Markets Review - is it scam or safe?

Ocean Global Markets Review - is ogfx.com.au scam or good forex broker?

RATING: 2.9 / 1 REVIEWS Ocean Global Markets
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Trading Accounts and Conditions

 

Trading account  Min. deposit  Max. leverage Avg. Spread (and commission)
Standard  $1 000  1:400 0.2 + $18
Pro  $50 000 1:400 N/A

 

Australian brokerage Ocean Global Markets offers two account types – Standard & Pro. Both of them provide leverage up to 1:400 and variable spreads. The broker has not announced any reference spreads, nor commission fees, so we filled the table above with the data from the demo MT4 account.

 

In the present review, we have highlighted both the positive and the negative sides of Ocean Global Markets.

 

 

Ocean Global Markets Advantages

 

Licensed by ASIC

The strongest advantage of this broker is the fact that it is licensed by one of the most popular and reliable financial regulators, the Australian Securities & Investments Commission (ASIC).

 

 

ASIC requires licensed financial services providers to meet capital requirements of AUD 1 million, to keep clients’ money in segregated accounts and to follow certain internal procedures including risk management, staff training, accounting, audits, and more.

 

Australian financial regulation has both its advantages and disadvantages when compared to the regime in the EU. Unlike European brokers, Australian ones are not covered by any compensation scheme in case they become insolvent. By comparison, FCA-regulated brokerages are under the umbrella of the Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person.

 

However, Aussie brokers are free to provide leverage levels as high as 1:500 or even more, while European ones cannot provide leverage higher than 1:30 to retail traders.

 

MetaTrader4 offered

Another good thing about Ocean Global Markets is that the broker supports the ever popular MetaTrader 4 (MT4) platform. It is available as desktop, and mobile versions.

 

The platform is reliable, easy to use and offers rich functionality to traders. Its charting is top-notch, and the availability of custom indicators and automated trading strategies (or Expert Advisors) is probably the strongest side of this piece of trading software.

 

 

>> More brokers supporting the MT4 <<

 

 

Leverage up to 1:400

As we already pointed out, Australian brokers are able to provide high leverage levels. Ocean Global Markets offers leverage of up to 1:400, which will suit traders of all levels and preferences. That being said, we feel obliged to mention that high leverage can be very risky, if misused.

 

 

Ocean Global Markets Disadvantages

 

High initial deposit

In order to open an account with Ocean Global Markets, one has to deposit at least $1000, which in our view is quite excessive. Most brokers allow initial investments as low as $100 - $250 or even less.

 

Trading costs not announced. Salty commission fees

Ocean Global Markets has not announced the spreads it offers, which is not a major flaw, as the broker offers free demo accounts and everyone can test its services for free.  

 

 

 

Click on the image to view larger.

 

When we tried out its demo MT4, however, we discovered that salty commission fees apply - $18 for each EUR/USD trade. If we add the spread of 0.2 pips, trading costs for this pair amount to 2 pips, which is higher than the average in the sector. Check out the below link to see what some top brokers offer in terms of spread.

 

 

>> Our dedicated real-time spread comparison page <<

 

 

Limited CFD offering

Another thing we noticed while testing the broker’s MT4 is that the CFD offering of Ocean Global Markets is not that impressive. More specifically, it does not include some very popular instruments – CFDs on stocks and on cryptocurrencies. If you are one of the many crypto enthusiasts, here is a list of recommended brokers that offer Bitcoin CFDs.

 

 

>> Trade Bitcoin CFDs with a licensed broker <<

 

 

Conclusion

 

Ocean Global Markets is an Australian broker which has left us with mixed feelings. On the one hand, it holds an ASIC license, supports the MT4 platform and provides high leverage ratios. On the other, its costs of trading appear high, and the broker’s product portfolio is not very rich.

 

Australia has always been a popular trading hub, but now that ESMA capped leverage along with other restrictions imposed on retail CFD trading, it become a preferred forex destination. That being said, you may check out the offers of some of the best Australian brokerages below.

 

 

>> List of brokers licensed by ASIC <<

 

 

Here is a summary of the positive and negative aspects of Ocean Global Markets:

 

Pros Cons
ASIC license High initial deposit required
MetaTrader 4 offered Salty commission fees
Leverage up to 1:400 Limited CFD offering
  Trading costs not announced on website

 

Latest news about Ocean Global Markets
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Traders` reviews for Ocean Global Markets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

Not response customer service

My account money iam withdrawal 7days ready but
My withdrawal money still not received ..
Customer care call also never attended my call.. Service email also never response ...Email & contact service all every customer service
Not response...this is bad service ...600$ losses my money..
What i do...?

Rasu 07/08/2019
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