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OGM Brokers Review - Is it scam or safe?

OGM Brokers Review - is ogmfx.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz OGM Brokers
OGM Brokers 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
Standard $1 000 0.1 1:200 3.0 pips, fixed
Premium $50 000 1 1:200 From 1.2 pips

 

OGM Brokers offers its clients two account types – Standard & Premium. As the second requires very high initial deposit, we will focus on the Standard account. It offers commission-free trading with average leverage levels and fixed spreads. Micro tradeable lots are not available, so you have to use either mini (0.1) or standard (1) ones.

 

First of all, we find the minimum initial deposit of $1000 required too high. A number of brokerages regulated by trustworthy authorities who have operated for many years to earn their good reputation require less. For example, FxPro (holding licenses from UK’s FCA, among others) demands $500 from traders to open an account.

 

Also, the spreads offered by this broker are also high, amounting to 3 pips for the EUR/USD pair, while most fixed-spread brokers provide spreads of 2.0 pips for this pair.

 

Although the broker claims to provide NDD trading environment and execution speed of only 1 millisecond, we suspect that this broker uses a Market Maker model for the Standard account, as it offers only fixed spreads.

 

In addition, keep in mind that scalping with this broker is restricted - positions should be open for at least 120 seconds.

 

The Company. Security of Funds

 

Company

Country

Regulation

OGM Brokers Limited

 Vanuatu

VFSC

 

OGM Brokers (previously Tadawul FX) is an offshore brokerage, offering online trading in 20 currency pairs, and CFDs on indices, and precious metals on the popular MT4 platform.

Behind the brand is OGM Brokers Limited, a company, registered in Vanuatu. This is an offshore jurisdiction, where forex brokerages there actually are not regulated, no matter what they claim on their websites. They follow a simple and low-cost registration process and must meet a ridiculously low capital adequacy requirement ($2000).

 

So, OGM Brokers’ activity is not overseen by any authority and engaging in business with such companies can be extremely risky. Even worse, many of those brokers are pure scams. That is why, we would recommend you to select a forex broker licensed in UK, or Australia for instance, where regulation is strict and financial watchdogs are on the alert.

 

Trading Platform

 

OGM Brokers supports the MetaTrader 4 (MT4). The platform is easy to use and is equipped with advanced charting tools, a number of technical analysis indicators, wide range of Expert Advisors (EA), as well as extensive back-testing options for them.

 

 

OGM Brokers’ desktop MT4. Click to enlarge.

 

Methods of Payment

 

OGM Brokers offers its clients only bank wire transfer, and credit/debit cards as payment methods. Keep in mind that for single deposits or withdrawals of less than $ 100, the company charges $20 fee.

 

Conclusion

 

OGM Brokers is a young offshore forex and CFD broker that supports the MT4 platform. We do not recommend investing with it, because it does not hold proper forex broker license, and its spreads and initial deposit required are too high. To sum up the above:

 

Pros Cons
MT4 platform available Registered offshore
  High spreads
  High initial deposit required
  Supposedly a MM
  Limited payment methods, scalping restricted

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Traders` reviews for OGM Brokers

Spread

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Slippage

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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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