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OceanicBlissFX Review - is it scam or safe?

OceanicBlissFX Review - is oceanicblissfx.com scam or good forex broker?

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

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Trading Accounts and Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads (&Commission)
Standard Undisclosed 0.01 1:1000 3.0 pips + $5/lot

 

The information about OceanicBlissFX’s trading conditions and accounts on the broker’s website is very limited. In fact, several account types are mentioned, such as Cent, VIP, ECN, but nothing more.

 

So we downloaded OceanicBlissFX’s demo MetaTrader 4 platform and figured out that the broker offers fixed spreads, which are very high, and on top of that charges commission of $5 per standard lot for the EUR/USD pair. Most fixed-spread brokers do not charge any commission fees and usually offer spread of 2 pips on EUR/USD. Some, like easyMarkets, offer even lower spreads, fixed at 1 pip for this pair.

 

Besides, OceanicBlissFX offers very high leverage levels, reaching 1:1000. Using leverage ratios that high means that if the market moves against you even in the slightest, you will most likely lose everything.

 

Furthermore, this broker provides Account management solutions, which create a massive potential for conflict of interest. Many scams offer such services.

 

The Company. Security of Funds

 

Company

Country

Regulation

Oceanic Bliss Investments Limited

N/A

N/A

 

OceanicBlissFX is a MT4 forex and CFD broker that claims to be regulated by “top tier regulatory body”, without naming it.  What is worse, the broker also does not mention the company operating the brand, not its headquarters. This immediately raises a red flag, as all decent brokers provide such information (as well as transparent pricing).

 

When we downloaded the broker’s platform, we found out that it is owned by Oceanic Bliss Investments Limited – a company for which we did not find any information. When we checked the broker’s domain, we found an address in Zurich that is most likely fake and contact phone numbers with the area code of Antigua and Barbuda – a country in the Caribbean Region.

 

Furthermore, the broker claims to be a subsidiary of Oceanwood Capital Management – a company that is indeed regulated by Malta Financial Services Authority (MFSA). However, we doubt that the two companies are related. The only approved domain the MFSA’s register is www.oceanwood.com.

 

Considering the above said, it seems that OceanicBlissFX is one of the many unregulated forex brokerages. Doing business with such involves significant risks - they tend to disappear with all client money and there is little that can be done afterwards. Therefore, we don’t recommend OceanicBlissFX, you’d better select a broker licensed by a trustworthy authority, such as CySEC (in Cyprus) of ASIC (in Australia).

 

Another thing worth mentioning about OceanicBlissFX is that its website is crappy. Most links redirect to home page and there isn’t much relevant information.

 

Trading Platforms

 

This broker supports the good old MetaTrader 4 (MT4), desktop and mobile versions available.

 

MT4 is an internationally acclaimed trading software, offering a full set of trading tools and features: a number of built-in technical indicators, advanced charting package, wide range of Expert Advisors (EAs) and extensive back-testing options. Traders can download ready-made or create their own EAs and let the program do all the work.

 

 

OceanicBlissFX’ demo MT4 platform. Click on the image to zoom in.

 

In addition, there is Oceanic BlissFX TradersHub, which is the broker’s social trading service.

 

Methods of Payment

 

We could not find any information about the payment methods supported by OceanicBlissFX. We suppose it must use credit/debit cards and bank wire transfer.

 

Conclusion

 

OceanicBlissFX is a MT4 forex and CFD broker that claims to be a subsidiary of Oceanwood Capital Management, which is regulated in Malta. However, we suspect that OceanicBlissFX has nothing to do with this company and is just another broker operating without a license. Its website is not very informative and seems crappy. What is worse, the spreads on broker’s demo platform are high and also feature commission fees. To sum up the above, here are the advantages and drawbacks with regards to OceanicBlissFX:

 

Pros Cons
MT4 available Not regulated
  Very high fixed spreads + commission fees
  No information on website about the company, trading conditions, etc.
   

 

Latest news about OceanicBlissFX
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Traders` reviews for OceanicBlissFX

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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