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OFMFX Review - is it scam or safe?

OFMFX Review - is ofmfx.com scam or good forex broker?

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

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Trading Accounts & Conditions

 

Account type Minimum deposit  Minimum trade size Maximum leverage Spreads
Lite $1 000 0.01 1:100 1 pip, fixed + $8 / lot
Classic $15 000 0.01 1:100 From 0.8 Pip + $7 / lot
Elite $200 000  0.01 1:100 Raw variable+ + $6 / lot

 

Clients of ofmfx are offered three basic account types, all of which are swap-free, offer leverage up to 1:100, and micro tradeable lots on MetaTrader 4 platform. Spreads and commission fees vary by account type.

 

First of all, we find an initial deposit of $1 000 required too high, as most brokers demand an investment of $100 - $200 as a start. For example, you can open an account with global brokerage HYCM with $100.

 

Besides, as you can see from the table above, trading costs with OFMFX are higher than the most competitive offers, provided by other brokers. Even worse, when we tested OFMFX’s MT4 platform, we found that the spread on EUR/USD is fixed at 1.4 pips, which means that If we add the applicable commission of $8, trading costs for this pair amount to 2.2 pips per standard lot (round trip) for this pair.

 

By comparison, with initial investment of $1 000 in HYCM, you can use spreads fixed at 1.8 pips and pay no commission fees.

 

The Company. Security of Funds

 

Company

Country

Regulation

Option and Futures Market

Dubai-UAE

N/A

 

OFMFX is a Dubai-based broker offers trading in numerous currency pairs, as well as indices, and commodities CFDs. The company operating the brand is Option and Futures Market, and according to the information on ofmfx.com, it is licensed by the Government of Dubai-UAE. That being the case, they do not claim any affiliation with the local financial watchdog, the Dubai Financial Services Authority (DFSA). Had they been registered with the DFSA, they would have been a lot more credible. 

 

When trading with an unregulated company, you are essentially taking their word for the security of your funds. There are many risks involved when doing business with non-regulated (and off-shore) companies So, you’d better choose among brokers regulated by the CySEC in Cyprus, FCA in UK or another trustworthy regulatory body.

 

Trading Platforms

 

OFMFX supports the ever popular MetaTrader 4, available as desktop download and mobile apps.

 

MetaTrader 4 (MT4) is the preferred platform by most  traders and brokers. It is easy to use and offers a top-notch charting package, a number of technical analysis indicators, extensive back-testing environment, advanced charting package and the most commonly used trading robots, called Expert Advisers (EAs).

 

In addition, there is the MQL marketplace, MetaTrader’s broker-independent online shop for custom add-ons to the platform.

 

 

OFMFX's desktop demo MT4. Click to zoom in.

 

Methods of Payment

 

OFMFX offers the following payments methods to its clients: bank wire transfer, credit/debit cards and e-wallets Skrill, and Neteller.

 

Keep in mind that commission fees are charged on deposits/withdrawals, their amount depend on the payment method.

 

Conclusion

 

OFMFX is a Dubai-based forex and CFD broker that uses the common MT4 platform. Its main disadvantage is that it is not regulated by the DFSA, and besides, trading with it involves high trading costs.  Here are, in a nutshell, the pros and Cons of this broker:

 

Pros  Cons
MT4 available Not regulated
  High trading costs
  High initial deposit required

 

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Traders` reviews for OFMFX

Spread

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Slippage

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Requotes

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Price feed

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Cons

 

 

Platform

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Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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