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Oinvest Review - is it scam or safe?

Oinvest Review - is oinvests.co.za scam or good forex broker?

RATING: 2.5 / 38 REVIEWS Oinvest
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Trading Accounts and Conditions

 

Trading account  Minimum deposit Maximum leverage Spread
Standard Not specified 1:500 0.7 pips

 

Oinvest is a South African forex and CFD broker that appears to offer a single account type with tight variable spreads, no commission fees and high leverage levels on the MT4 platform.

 

In addition, the broker provides a number of educational sources for beginner traders, such as e-books, training courses, webinars, tutorials, etc.

 

 

Oinvest Advantages

 

Licensed in South Africa

One of the strongest benefits of Oinvest is the fact that the company behind it, BASFOUR 3773 (PROPRIETARY) LIMITED, is regulated by the South African Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). The FSCA is in charge of the licensing process and oversees financial service providers, which are required to keep all client funds in segregated trust accounts in a recognized bank in South Africa. The regulator also keeps a public register of Authorized Financial Service Providers, so that investors can look up whether a certain broker is FSCA-licensed.

 

Although regulation in South Africa is not among the strictest and most reputable ones (such as the one in US or Australia, for example), it provides a certain level of reliability.

 

Trading on MetaTrader 4

Another positive side of Oinvest is that trading is done on the widely used MetaTrader 4 (MT4), which most traders know well and like using. The reason for this is that the MT4 has an intuitive interface, solid charting, great analysis tools, and supports wide range of automated strategies, better known as Expert Advisors.

 

>> More MT4 brokers <<

 

 

Tight spreads

The trading costs at Oinvest also appear attractively low. The broker does not charge commission fees and the spread on EUR/USD is as low as 0.7 pips.

 

A wide variety of assets

Another advantage of this broker is the variety of trading instruments it offers for trade. Its product portfolio includes around 50 currency pairs (FX), as well as CFDs on stocks, commodities, indices, and cryptocurrencies. The list of the latter comprises popular coins such as Bitcoin, Ether, Ripple Dash, Bitcoin Cash, Bitcoin Gold, Monero and Litecoin.

 

 If you are into cryptocurrencies, check out our list of reliable forex brokers that offer trading in Bitcoin.

 

 

>> Regulated forex brokers offering Bitcoin trades <<

 

 

High leverage levels

As most brokers who are not restricted by the laws applicable in the country of their operation, Oinvest provides high leverage levels, reaching 1:500. While such leverage ratios allow traders to open larger positions, while not investing large sums. That is why we consider it as an advantage, although leverage levels that high increase significantly the risk of losses.

 

 

Oinvest Disadvantages

 

Trading conditions not specified on website

Oinvest’s website does not contain any relevant information on its trading conditions, such as leverage levels, minimum initial deposit, spreads, etc. All decent forex brokers specify these essential trading details as a part of their transparent pricing policy.

 

Fortunately, demo accounts are available, so we were able to see the trading costs and the leverage ratios available.

 

Not available in many countries

It seems that Oinvest targets mainly local traders, as it does not accept clients from the United States, Iran, Cuba, Sudan, Syria, North Korea, Australia, Canada, Israel, as well as such from European countries.

 

 

Conclusion

 

Oinvest is a well-regulated South African broker that offers wide range of tradeable assets on the industry’s leading MT4 platform.  While the trading conditions on demo accounts seem pretty attractive, they are not clearly specified on the broker’s website.

 

The situation with financial markets in South Africa seems promising, as this is the most developed country on the continent and has some sort of financial regulation. Nonetheless, the most reliable forex brokers regulated by the South African Financial Sector Conduct Authority are also licensed by other, more trustworthy financial governmental agencies such as UK’s FCA or Cyprus’s CySEC.

 

 

>> The best forex brokers legally operating in South Africa <<

 

 

To sum up the above:

 

 

Pros Cons
Licensed in South Africa Trading conditions not specified on website
MT4 available Not available in many countries
Tight spreads  
A wide variety of assets  
High leverage levels  

 

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Traders` reviews for Oinvest

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

 

 

Almost joined

A guy from Oinvest called me today he sounded so convincing now after reading all complaints with no compliments i cannot join. I'm convinced that it's a scam.

Miss D 05/21/2019

Register/need to deposit

Oh my word after reading the complaints I will not depositing, hope they don't have my card details.
Scam alert, rush you to register and deposit or else you loose you spot.
I will not be doing business with these scam criminals!

Tom Ford 05/16/2019

I am so worried

Oh my gosh I am so worried, I joined oinvest on the 10 May 2019 the calls were coming in almost every hour to ensure the deposit of 3500 was made. Eventually I made the transfer on the same day. An accountant manager called me Friday giving me good advice how to trade. Tone honest I am worried of my money over this weekend...what if on Monday it's not there...

Grace Okuhle 05/11/2019

Rude and shady senior account manager

Oinvest together with alexander roux have still not contacted us with regards to the status of the account. Oinvest together with alexander roux trade and close deals on clients behalf and than dont return calls. They harras one to trade with more money and if you dont they take whats in the account. Money was put into Oinvest account on the 6th of May by 9 May no calls were returned and one rude lady (anne) gives one the same story when you phone. That someone will return our calls shortly. the website claims 24 hr assistance which is not the case. its been 2 days since hearing from alexander roux and gabriel. This is a legal trading company in South Africa but yet anne sits in ukrain? Can someone please please assist us.

Wendy 05/10/2019

Ready to Pay and Trade

After reading all the reviews , I had decided not to do the payment and any further communication.
However, after registration I received a call from 0510116704 and decided not to take the call.
Thanks to all for your comments.
Sorry for your losses.

Morgan Perimal 04/29/2019

Joined Oinvest

Hi
Support I'm a new member in trading company my first time in trading.I join Oinvest on the 21st March 2019 it was public holiday.Brokers assisted me up until I paid r3500 via PayPal through my account.Then assisted me on the following day to download meta4app successful after I never manage to login in my account I can't even see any improvement.I need your ur help according to your video you said you not scammers I believe you a going to assist me.81523090 was given to me.hoping to hear from you soon.thank you

kayakazi mageda 04/28/2019

Settlement

Oinvest & I came to an agreement and I withdraw all previous correspondence.
P van Rooyen

P van Rooyen 04/16/2019

Refund request

How easy it was when I was being taken through the process of sending R3500 to them, but nobody called me back as promised to teach me how to trade and I immediately requested a refund. I had to wait for 7days for my refund to be processed now they have sent me an email that money is released but I have to wait for more 7 days for my funds to clear in my aacount. It's so annoying how lengthy the refund process is compare to few minutes in depositing money to this people. I pray that I am not scammed here.

Keitumetse Tsimane 04/09/2019

Modern day scam

Ukpala poplin gburu, nti chiri ya, better translated as, a stubborn fly follows the corps to the grave, it starts with Lazarus the sweet talker, the devil in human form, the deceiver himself then to Mr Danil the bad communicator, I think they get more commission when you lose that's why they'll make sure u loose, I wish I can upload pictures here as proof, requested the withdraw my balance and was declined after 7days asking for documents they never asked for while I was depositing, the Idiot Lazarus lured me to investing my last money assuring me to make 20k in one month and after the Danil the worst teacher cos I told them I had no experience about this, he led me to loosing all my money, when your trade is loosing on -50, at the top bar they increase it with 500 making it 550 negative... Worst broker ever, please avoid them to avoid falling a victim... Now I lost my 3500 in less than 10days...

Solace 04/04/2019

Scammed

This is a scam. I tried it and lost a 3500 once you talk of withdrawals the tables turns and u loose everything. Please guys dont fall into the same trap

Artwell 04/02/2019

I got scammed now

Guys don't fall for this you will lose your money it just happened to me right now.

Yolisa 04/01/2019

By account holder

After submitting bank detail for withdraw of funds.. 10 days later no fund were paid out to me, also all their contact details changed. All contact numbers don't exist. Scam??

Ruvahn Jv Rensburg 04/01/2019

Scammed

Stay away from it is a scam I lose everything Mr Mustafa form Oinvest he said I lose everything are two days

Cecilia 03/14/2019

Scam

I lost R50000 and my account manager is blaming me for that!!!

Edward 03/06/2019

Thank you guys

Was about to invest thank you guys....i did go through with them ..now on banking details i pressed wrong number tgen it was declined...wow that was a divine warning

NOSIPHO 02/28/2019

Complaint dealt with by Oinvest

Submitted a complaint and Oinvest dealt with complaint to my satisfaction.

Jurie Badenhorst 02/28/2019

I want my money back

I have been contacted by a Mr Mustafa, allegedly from OINVEST.
He urges me to send copies of my ID, proof of address and Banking details "In order to verify my account" and then to either trade or get my money refunded.
I am loathe to send them all these details, seeing as it was not requested when I made the "investment"

Don Garcia 02/25/2019

withdrawal issues

I'm certainly convinced that Oinvest is a scam depositing money is very easy but withdrawing money is a huge problem. I would never recommend people to invest here.

mathapelo 02/14/2019

I want my money back

I invested R3500 in this company. Within hours of doing this, I had a change of heart, and requested a refund.

Now they have all sorts of conditions, and want my full banking details of account, copies of ID / Passport etc.... All the email addresses they give comes back as undelivered.... Unfortunately I am not comfortable to give them all my banking information for fear of being scammed again.

Don Garcia 02/11/2019

tranfered money but acc not yet

i just invested some money with oinvest but yet i didnt get any account from them.they say i must e-mail two document Id and proof of resident.

daniel 02/10/2019

There is no communication with my agent

I invested in November 2018. I am not sure what is happening with my account There is no communication with my agent. He promised to call me after holidays. It's February 2019. Is it possible that I get my money back.

Patricia Edom 02/09/2019

Oinvest is a scam

I invested 3500, and started to trade but I was told that if I really want to make big money I must increase my capital , I managed to put in 15000, the same day I noticed that the trading program wasn't operating like before, when I quiried I was told that I need to put more money to support the money that I have already invested and if I fail I'm going to lose my 18500, that's when I realised that I have been scammed , I refused, the so called manager, was persuasive , repeatedly asking me to deposit more money but I refused and as a results I have lost my money, stay away from oinvest, it is a scam.

MR Gabuse 02/08/2019

Scam, scam, scam!!!!!!!!!!!!!!!!

Scam, scam, scam, scam, scam!!!!!!!!!!!!!
You will lose your money!!!!!!!!!!!!!!!
Exactly the same happend to me as MR Gabuse!!!!!!

Jurie Badenhorst 02/08/2019

Fraudulant Transaction

Oinvest is a Scam

I invested R4435-84 in my account on the 19/10/2018.

To this day nothing has been acknowledged and Oinvest deny receiving the money.

I have sent them e-mails with the bank statement proving the deposit but Oinvest denies that the money is in their account.

My Account number is 81169930

Very disappointed and have informed the Bank Fraud dept. to investigate this.

Deon Nieuwoudt 02/05/2019

Withdrawal of Funds

I paid a ZAR3500.00 deposit as required. However, their account manager are very bombastic and arrogant. They stated I could do much with my funds so I should invest at less ZAR30,000 more. Being a novice to the market I decided to cancel my account and withdraw my funds. I was told it was my more and I could withdraw all. But my withdrawal was no approved. They needed full banking (bank, branch, address, account no, swift code and IBAN code and stamped and signed by the Nedbank. I have submitted this but still no conformation of consent to refund me. THIS THIS A SCAM.

Alan Squirrell 01/24/2019

Totaly scam

They force you to put more money in and after 5 days you loose everything.
It is a scam thing, stay away.

They call themselves account managers, but they talk you dead over the phone and do not explain how everything works.

Lourens 01/12/2019

withdrawal denied

They freely except your deposit but when you want to withdraw , they keep telling you its denied !! and get no response from them

frank 01/10/2019

Oinvest withdraw problem

I have an account with them and when I withdraw R4250 its was rejected and the amount I put in was R7100. my opening amount was R3500 then Veliulla lumanov account Manger he ask me to put more then I added R3600. and week after he ask me to put more and I didn't because I made a profit of R3400 and I wanted to grow it like that but then I started to loss since he was calling and telling me which country to invest on and I lost it all thru him. In January the login doesn't exist anymore


they are SCAM

siyabonga hadebe 01/10/2019

Oinvest withdraw

On 14 December 2018 I received confirmation that my funds would be successfully refunded to me within 7 working days. Today I get a declined notification, and thereafter another confirmation that it will be refunded within 7 working days. As an investing company, can you count???? 14 December to 2 January = how many working days???

Sharon 01/02/2019

Stay away! I lost R55 ooo

The biggest scam in trading. Stay away if you do not want to loose ALL your money. Do NOT trade with them, they are crooks! Stay away. Do not let them pressurize you to increase you deposit. I lost R55 ooo in four days. No refund, Nil Rand left in ‘trading account’. STAY AWAY!!!

P van Rooyen 12/31/2018

It is a scammm!!

Stay away. Do not 'trade'. If you have started trading already, do NOT increase you funds, no matter what promise they make. YOU'LL DEFINATELY LOOSE EVERYTHING!
Paul

P van Rooyen 12/31/2018

Oinvest a scam??!

I invested R 20,000.00 with the promise that I will be making some profits, rather than keeping one's money in the bank. I was pressurized to put in more money to prevent the money I have invested already to be wiped out of the market. I did not have any additional funds to save my funds. By the look of things, I have lost R20 000 within weeks of my investing. How do I go about recovering my money? Please help

Edward Nhlapo 12/20/2018

Average

Average broker with MT4 platform. Not bad in all. Plus for their managers

Jim 12/14/2018

Scam

This brocker is a scam! Their license is suspended.
Contact the FSCA!

Ubalele Sagna 11/02/2018

Oinvest withdrawal request

I have a problem with withdrawing my investment.
I wished to cancel within 24 hours of investing, as I realized that I do not have the time or the inclination to do the trading.
They initially replied and told me to withdraw my investment on by logging on to the website. I did it and received confirmation of my withdrawal. But this was immediately revoked, and every mail I sent was sent back undelivered.
: host oinvest.co.za[41.76.104.125] said: 550-The mail
server could not deliver mail to [email protected] The account 550-or
domain may not exist, they may be blacklisted, or missing the proper dns
550 entries. (in reply to RCPT TO command)
WHAT DO I DO NOW?

Don Garcia 10/04/2018

Consultant assisting to invest

I also think this is a scam

Asha 09/28/2018

Scam

This totally sounds like a scam. Guy phones, sounds like he is in pub with music blaring. When asked if he is in a pub he says he is on the trading floor in Cyprus. Received email with phone number that is not in service and when replying on email it comes back "The mail server could not deliver mail to [email protected] The account or domain may not exist, they may be blacklisted, or missing the proper dns entries."

Elizabeth 09/25/2018

Scam - Oinvest is ex-iTrader

Oinvest is ex-itrader, located in Limassol Cyprus. Their offices located where hoch capital is, on the second floor, operated by Invertiscape holdings. They have European people to do conversion, cold calling-lead generation from yellow pages, and then someone else calls them to convert, and then only Israelis Senior Account Managers call and push clients for more and more and more money, and then with very high swaps and margin calls are burning the clients. Even iTrader was not monitored by CySec, and as an ex-employee I know that they were paying cysec to remain silent and never check for complains or recordings. Cysec never came for a check up for 6 months. Now, OInvest, instantly fired itrader employees and hired them at OInvest. Location, Grosvenor Tower 1st Floor Limassol, and Itrader on ground floor. They treat like shit to their employees, insulting everyone whoever is not Israeli. THEY ARE SCAM. Not giving payouts, misleading the clients, telling their clients to use their whole free margin, swaps 10 times more than a normal company, they claim to be STP but they have Dealing desks at hoch capital, which is their liquidity provider and also owns them. They are a joke. Avoid them people. There are other good companies out there, True STP's, or ECN (recommended). Some of the israelis also use stage names and not their real ones. If this company scams you, call cysec, and let them know their location, also call Cyprus Police Dep.

Marios 09/13/2018
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