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OX Markets Review - Is it scam or safe?

OX Markets Review - is oxmarkets.com a good forex broker or a scam?

RATING: 3 / 0 REVIEWS OX Markets
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Trading Accounts

 

Account type Minimum deposit  Minimum trade size1:500 Maximum leverage Spreads
Standard  $100 0.01 1:500 from 1.2 pips
Gold $10 000 0.01 1:200 from 0.3 pips + commission $10 per round lot

 

Clients of OX Markets may opt for two account types: Standard commission-free one and Gold account with tighter spreads, which involves a commission. Otherwise, both accounts provide market execution and the option to trade in micro lost.

 

Besides, the broker offers VIP services with better trading conditions for clients who deposit at least $50,000.

 

Unlike most brokers, OX Markets does not offer free demo accounts.

 

The Company. Security of Funds

 

Established in 2015, OX Markets is a STP broker, offering forex, commodities & indices CFDs, as well as precious metals on the robust MetaTrader 4 platform. Besides, OX Markets offers trading in binary options.

 

This is the brand name of OX Capital Markets Ltd a Cypriot Investment Firm (CIF), licensed by Cyprus Securities and Exchange Commission (CySEC).

 

Cyprus Investment Firms are required to hold at least €730,000 in order to prove their good financial standing, and to keep customer funds in segregated accounts, separated from the company’s operating funds.

 

As a further guarantee to clients’ funds, all CySEC-regulated companies are members of the Investor Compensation Fund, which is able to pay compensation up to 20,000 EUR, If the company is in default.

 

Additionally, every company licensed in Cyprus is also entitled to offer cross-border services within the EU under the MiFID Passporting Regime.

 

Trading Conditions

 

Minimum Initial Deposit

In order to open an account with OX Markets, traders have to invest a minimum of $100. Such minimum initial amount is average, yet other Cyprus-based brokers require less. For instance, XM demands just $5 from its clients as a start.

 

Spreads & Commissions

OX Markets offers variable spreads, the typical ones for the EUR/USD pair amounting to around 1.5 pips on the commission-free account type which is on the upper end of average.  Meanwhile, trading costs on the Gold account are similar: spread from 0.3 pips + commission $10 per round lot.

 

In comparison, XM’s typical spreads on the Zero accounts (accessible with $100) amount to 0.1 pips on EUR/USD and a commission a $10 per standard lot traded (round turn) applies. For more information, you may check out real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level offered by OX Markets is 1:500, which is deemed as high in the industry. Nonetheless, many Cyprus-based brokers offer similar or even higher leverage rates - for example, XM provides leverage up to 1:888. You may also take a look at a list of brokers, providing leverage equal to or exceeding 1:500 here.

 

Keep in mind that higher leverage involves greater risk. 

 

Trading Platform

 

This broker supports the standard forex market trading platform MetaTrader4 (MT4).

 

MT4 is an internationally acclaimed trading terminal, offering a full range of trading tools and features: user-friendly interface, numerous built-in technical indicators, advanced charting package, a 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.

MetaTrader 4 is available to clients of OX Markets as desktop, mobile and web versions. More brokers using the MT4 can be viewed here. http://www.forexbrokerz.com/page/metatrader-mt4-forex-brokers

 

Unlike most brokers, however, this one does not offer VPS services, mostly used by algo-traders. Advanced copy and social trading services are also unavailable.

 

Methods of Payment

 

OX Markets supports the following payment methods: credit/debit cards, bank wire transfer and e-wallet payment systems Skrill, Neteller and WebMoney.

 

The minimum amount for a withdrawal is 100 USD.

 

Conclusion

 

OX Markets is a well-regulated STP broker that offers online trading in more than 40 forex currency pairs, as well as various CFDs and precious metals through the popular MT4. It seems that the offerings of this broker are somewhat limited and it focuses on its binary options business. To sum up the above, here are the advantages and drawbacks with regards to this broker:

 

Pros   Cons
Well-regulated No choice of trading platforms 
MT4 available No demo & PAMM accounts 
STP execution No VPS services
High leverage levels provided  

                                                                                                                

Latest news about OX Markets
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Traders` reviews for OX Markets

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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