Money Ocean Fx foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://moneyoceanfx.com, about the company's legal and temporary regulatory information, the company's address 71-75 Shelton street, London, Greater London, United Kingdom WC2H9JQ.
Money Ocean Fx Forex Broker
Basic Information
United Kingdom
5-10 years Suspicious Regulatory License Suspicious Scope of Business High potential riskCompany profile
Rating Index
PROFESSIONAL
STANDART
Money Ocean FX Broker - Comprehensive Information Guide
1. Broker Overview
Money Ocean FX, officially known as Money Ocean FX Limited, was established on April 17, 2020. The company is headquartered at 71-75 Shelton Street, London, Greater London, United Kingdom, WC2H 9JQ. It operates as a private limited company and provides trading services primarily to retail clients across various financial markets.
Over the years, Money Ocean FX has positioned itself as a forex and precious metals broker, claiming to offer a wide range of tradable financial instruments. The broker caters to a diverse clientele, including novice traders and experienced investors, seeking access to global financial markets. The company's business model focuses on retail forex trading, providing clients with various account types and trading conditions.
Despite its relatively short history, Money Ocean FX has made significant strides in the financial services industry. However, its operational practices and regulatory compliance have raised concerns among potential investors. As a trading entity, Money Ocean FX aims to deliver competitive trading conditions, including high leverage and low spreads, to attract traders looking for cost-effective trading solutions.
2. Regulatory and Compliance Information
Money Ocean FX currently operates without valid regulation, which is a significant red flag for potential investors. The broker is not listed under any reputable regulatory bodies, such as the Cyprus Securities and Exchange Commission (CySEC) or the Financial Conduct Authority (FCA) in the UK. This lack of oversight raises serious concerns regarding the company's legitimacy and operational transparency.
The regulatory status of Money Ocean FX is categorized as "no license," with a low score of 1.38/10 on various financial review platforms. This indicates a high potential risk for traders, as they lack the protections typically afforded by regulated entities. The absence of a regulatory framework means that clients have limited recourse in case of disputes or financial losses.
Furthermore, Money Ocean FX claims to implement a Client Fund Segregation Policy, ensuring that clients' funds are kept separate from the company's operational funds. However, without regulatory oversight, the effectiveness of such measures cannot be guaranteed. The broker does not participate in any investor compensation schemes, which further amplifies the risks associated with trading through this platform.
To comply with international standards, Money Ocean FX has stated that it adheres to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. However, the lack of a regulatory body to enforce these measures raises doubts about their implementation and effectiveness.
3. Trading Products and Services
Money Ocean FX offers a diverse range of trading products across multiple asset classes. The broker provides access to more than 200 instruments, including:
- Forex: A wide selection of currency pairs, including major, minor, and exotic pairs.
- CFDs: Contracts for difference on various indices, commodities, shares, and cryptocurrencies.
The broker claims to provide raw spreads starting from 0.0 pips, which can be appealing to traders looking for competitive trading conditions. However, the actual availability of these spreads may vary depending on market conditions and account types.
Money Ocean FX promotes itself as a broker that caters to both retail and institutional clients, although its primary focus appears to be on retail trading. The company does not indicate any specific services for institutional clients or offer white-label solutions, which may limit its appeal to larger trading entities.
The broker frequently updates its product offerings, although specific details regarding the frequency of updates or the introduction of new instruments are not disclosed. Traders can expect a robust trading environment, but the unregulated status of Money Ocean FX raises concerns about the safety and reliability of these products.
4. Trading Platform and Technology
Money Ocean FX primarily utilizes the MetaTrader 5 (MT5) trading platform, which is well-regarded in the trading community for its advanced features and user-friendly interface. The platform is available for various devices, including Windows, Android, iOS, and as a web trader, allowing traders to access their accounts from virtually anywhere.
The MT5 platform supports a range of functionalities, including:
- Advanced charting tools and technical indicators.
- Automated trading capabilities through Expert Advisors (EAs).
- Multiple order types and execution modes.
However, Money Ocean FX does not offer a proprietary trading platform, which may limit some traders who prefer customized trading solutions. The broker's infrastructure is reportedly based in the United States, which may enhance execution speeds but does not compensate for the lack of regulatory oversight.
The broker also provides API integration for automated trading, allowing traders to connect their trading strategies with the MT5 platform. This feature is particularly beneficial for algorithmic traders looking to implement advanced trading strategies.
5. Account Types and Trading Conditions
Money Ocean FX offers three main types of trading accounts:
- Novice Account:
- Minimum Deposit: $100
- Commission: $6
- Spreads: From 0.0 pips
- Leverage: Up to 1:1000
- Minimum Trade Size: 0.01 lots
- Standard Account:
- Minimum Deposit: $250
- Commission: $6
- Spreads: From 0.0 pips
- Leverage: Up to 1:1000
- Minimum Trade Size: 0.01 lots
- VIP Account:
- Minimum Deposit: $1,000
- Commission: $3
- Spreads: From 0.0 pips
- Leverage: Up to 1:1000
- Minimum Trade Size: 0.01 lots
- Bank Transfers
- Credit/Debit Cards
- E-wallets
- Telephone: +971 55 9306571
- Email: info@moneyoceanfx.com
- Online Chat: Available on the website
- Social Media: Active on platforms such as Twitter, Facebook, Instagram, and LinkedIn
The broker allows for Islamic accounts, catering to traders who require Sharia-compliant trading conditions. Additionally, a demo account is available for traders looking to practice their strategies without risking real capital.
Leverage options vary across account types, with a maximum of 1:1000 available. However, it's essential to note that high leverage can lead to significant risks, and traders should exercise caution when utilizing such options.
6. Fund Management
Money Ocean FX supports a variety of deposit and withdrawal methods, including:
The minimum deposit requirements vary by account type, with the novice account requiring a minimum of $100. The broker claims to process deposits quickly, with no associated fees for deposits or withdrawals.
Withdrawal methods are similar to deposit options, but specific details regarding withdrawal processing times and fees are not clearly outlined. Traders have reported mixed experiences regarding withdrawal efficiency, with some indicating delays and complications.
The broker's lack of transparency regarding withdrawal policies raises concerns, as clients may face unexpected fees or requirements that hinder their ability to access funds promptly.
7. Customer Support and Educational Resources
Money Ocean FX offers customer support through various channels, including:
The support team is available 24/5, catering to traders in different time zones. However, the quality of customer service has been a point of concern, with some clients reporting difficulties in reaching support or resolving issues.
In terms of educational resources, Money Ocean FX provides limited materials. Traders may find basic tutorials or market analysis, but comprehensive educational programs or webinars are not prominently featured. This lack of educational support can be a disadvantage for novice traders seeking to enhance their trading skills.
8. Regional Coverage and Restrictions
Money Ocean FX primarily serves clients globally, with a focus on regions where retail trading is popular. However, the broker does not specify the exact countries or regions it targets, leading to ambiguity regarding its market presence.
The broker's website indicates that it may not accept clients from certain jurisdictions, particularly those with stringent regulatory requirements. Specific countries where Money Ocean FX may not operate include the United States and Canada, although detailed information on restricted regions is not provided.
Given the unregulated status of Money Ocean FX, potential clients are advised to exercise caution and verify whether their country of residence allows trading with unregulated brokers.
In summary, while Money Ocean FX presents itself as a competitive forex broker offering various trading products and services, its lack of regulation and transparency raises significant concerns. Prospective traders should carefully consider these factors before engaging with the broker to ensure a safe and secure trading experience.
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Latest Reviews
Brijesh Tarachandani
India
Hello team, my name is Bharat Sunil Tarachandani my mt5 I'd is 710912 I placed withdrawal & they removed my scalping amount first on 17/ 04/2024 then on 18/04/2024 when I placed withdrawal of remaining amount they did spoofing on my account & balance is now negative I did mail to them but they are not replying & I didn't received any mail from company for scalping issue & I didn't did scalping you can check full mail details below please solve my problem as soon as possible thank you.
Exposure
2024-05-06
NISHA5138
United Arab Emirates
NICE BROCKER , I WITHDRAW MY MONEY AND GET IT INSTANT GOOD SERVICE
Positive
2023-10-13
Pankaj Peshwani
India
I am Pankaj Peshwani, from India , My mt5 I'd is 710988, I make a 499dollar withdrawal on 18/4/2024 , I also got mail of withdrawal approval, also Showing approved in Client portal, but amount still not credited in my usdt wallet, i have also attached the screenshot of the mail, my wallet and also mt5 accounts details with this mail, plz Solve my problem as soon as possible.
Exposure
2024-05-06