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OliveFX Review - is it scam or safe?

OliveFX Review - is olivefx.com scam or good forex broker?

RATING: 3 / 1 REVIEWS ForexBrokerz OliveFX
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Trading Accounts & Conditions

 

Trading account Minimum deposit Min. trade size Maximum leverage Spread
Standard  N/A  0.01 1:500 From 0.8 pips

  

OliveFX is an Australian forex and CFD broker that seems to offer a single account type for retail clients. It provides access to the MetaTrader4 platform with leverage up to 1:500 for trading in more than 85 instruments.

 

 

OliveFX Advantages

 

Solid regulation (ASIC)

In our view, the main advantage of this broker is the fact that it holds a license from a reputable governmental agency. OliveFX is owned by Olive Financial Markets Pty Ltd., which is regulated by the Australian Securities and Investments Commission (ASIC). 

 

 

 

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.

 

Seemingly good trading conditions

OliveFX provides claims to offers spreads as low as 0.8 pips on EUR/USD, which is on the lower end of average for the market. Yet, we could not open a demo account with the broker and verify that the pricing is as announced on its website. For further information and comparison, you can always check the conditions offered by some of the best brokers.

 

 

>> Check out the spreads of some top-tier brokers in real time <<

 

 

Besides, OliveFX provides a maximum leverage of 1:500, which is more than enough to suite all kinds of traders. Yet, it is not appropriate for all of them, especially for beginners. High leverage levels can lead to heavy losses in a matter of minutes. That is why leverage provided to retail clients is capped in many jurisdictions: up to 1:50 in the US, 1:30 in the EU, 1:25 in Japan.

 

MT4 supported

The presence of the MT4 is always good news. The platform provides a full spectrum of trading tools and resources:  a number of built-in technical indicators, advanced charting package, wide range of Expert Advisers (EAs) and extensive back-testing environment. By using EAs traders may sit back, while the software does all the work, as these robots allow full automatization of trades.

 

 

>> Check out the best MT4 brokers <<

 

 

OliveFX Disadvantages

 

Could not open a demo

We downloaded OliveFX’s but could not test it for free, although the broker claims to offer demo accounts. If a forex broker does not offer free testing service, this basically means that it is not transparent with this services and pricing.

 

Minimum initial deposit not mentioned

Another thing we don't like about this broker is that potential clients don't know what is the initial investment required for trading live. Overall, we expect more transparency on the part of well-regulated companies like OliveFX.

 

No CFDs on stocks & crypto

This is not a major flaw of OliveFX, but we decided to mention it nonetheless. The broker claims to offer more than 85 financial instruments, including CFDs on indices, commodities and precious metals. Surely some traders will miss popular instruments such as stock and cryptocurrency CFDs like Bitcoin.

 


>> Looking for a licensed broker to trade Bitcoin? <<

 

 

Conclusion

 

OliveFX seems like a good choice of a broker. First, it holds a license from the Australian Securities and Investments Commission. Second, the trading conditions it offers on the renown MT4 seem quite good: low spreads, high leverage levels, and more than 85 financial instruments available for trade. The only thing that bothers us with regards to this broker is that we could not test its services for free.

 

>> Find the best ASIC-licensed brokers <<

 

 

Overall, brokers regulated in Australia are considered solid and reliable. ASIC requires licensed financial services providers to meet certain capital requirements and to comply with internal standards including risk management, staff training, accounting and audits. Australian forex brokers must hold at least $ 1 million in order to prove their good financial standing, to keep all client funds in fully segregated client trust accounts, comply with a number of rules such as AML, etc. Furthermore, ASIC applies real-time surveillance programs for monitoring execution and requires post-trade reporting. 

 

The advantages and disadvantages of OliveFX:

 

Pros Cons
ASIC license Could not open a demo account
Seemingly good trading conditions Initial deposit not specified
MT4 supported No CFDs on stocks & crypto

 

Latest news about OliveFX
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Traders` reviews for OliveFX

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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