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OBFX foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website https://user.bofx-trading.com/register, about the company's legal and temporary regulatory information, the company's address .

OBFX Forex Broker

Basic Information

Registered Region

United Kingdom

Operating Period

Company Name

OBFX

Abbreviation

OBFX

Company employee

Customer Service Email Address

support@bofx-trading.com

Company Website

https://bofx-trading.com/en/index

Keywords

2-5 years

Suspicious Regulatory License

Suspicious Scope of Business

High potential risk

Company profile

Note: OBFXs official site - https://bofx-trading.com/en/index is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker. OBFX Review Summary in 4 Points Founded 1-2 years Registered Country/Region United Kingdom Regulation Not regulated (suspicious NFA clone) Customer Support Email What is OBFX？ OBFX is an online trading platform based in the United Kingdom that offers trading services to individuals interested in the financial markets. However, it is important to note that OBFXs website is currently unavailable, making it difficult to verify its legitimacy or regulatory status. And the NFA (National Futures Association) licenses with number 0551584 claimed by the broker is suspected to be fake clone, which also raises concerns about the level of security and protection provided to customers. In the following article, we will analyze the characteristics of this broker from various aspects, providing you with simple and organized information. If you are interested, please read on. At the end of the article, we will also briefly make a conclusion so that you can understand the broker's characteristics at a glance. Pros & Cons Pros Cons • None • Not regulated (suspicious NFA clone) • Lack of transparency • Website dysfunctional • Reports of unable to withdrwa • Limited customer support channels OBFX, admittedly, does not present any clear positives, making it a challenging option for trading pursuits. On the con side, OBFX exhibits alarming characteristics. It's identified as a potentially suspicious NFA clone, and it's not under any financial regulation, leading to significant concerns about its credibility and legality. The platform is scrutinized for its lack of transparency, a factor that plays a crucial role in trust-building with potential traders. Also, the dysfunctional status of its website compromises the user interface and experience. Complicating matters further, there are customer reports of obstacles to withdrawal, which is a tremendous red flag for any trading platform. Lastly, the slim customer support channels further hit the platform's potential responsiveness and assistance capabilities. Given these serious risks and the absence of apparent benefits, potential traders should exercise significant caution before considering OBFX. Is OBFX Safe or Scam？ When considering the safety of a brokerage like OBFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage: Regulatory sight: It is not regulated by any major financial authorities,which means that there is no guarantee that it is a safe platform to trade with. The NFA (National Futures Association) licenses with number 0551584 claimed by the broker is suspected to be fake clone. Besides, the official website of the broker is inaccessible, indicating that the trading platform may have absconded. These make investing with them risky. User feedback: 2 reports of unable to withdraw on WikiFX should be taken into consideration as potential red flags. It is recommended to conduct thorough research and due diligence before engaging with any broker or investment platform. Security measures: So far we cannot find any security measures info on Internet for this broker. Ultimately, the decision of whether or not to trade with OBFX is a personal one. You should weigh the risks and benefits carefully before making a decision. User Exposure on WikiFX Our website WikiFx documents two incidents of traders being unable to withdraw their funds—a serious concern warranting a red flag. We highly recommend all traders to meticulously scrutinize all available information before risking their hard-earned money. Our platform serves as an extensive information resource aimed at helping traders make informed decisions. If you unfortunately encounter any fraudulent activity by brokers or become a victim of such an incident, we strongly encourage you to report this in our 'Exposure' section. We highly value your input. Our expert team is committed to addressing these issues and will vigorously work towards establishing a resolution for such problematic situations. Customer Service OBFX offers customer support solely through email, which greatly limits the varieties of immediate assistance for clients. While email can be effective for dealing with non-urgent, detailed queries, it might be less practical for clients requiring real-time aid. Email: support@bofx-trading.com. Therefore, the extent of customer service from OBFX may be considered restrictive compared to other companies that offer more diverse support channels. Interested traders should take this into account when choosing OBFX as their trading platform. Conclusion OBFX, a trading platform based in the UK, offers its trading services to clients worldwide. However, upon closer scrutiny, several concerning issues come to light. Primarily, OBFX appears to be non-regulated, ostensibly cloning the National Futures Association (NFA) certification. This lack of regulation is a significant red flag as clients lack the assurances and protections afforded by financial regulatory compliance. Furthermore, issues such as a non-functional website and absence of abundant customer service reflect a questionable level of professionalism and attention to detail, further undermining the platform's credibility. In addition to these concerns, the dysfunctional website and two documented incidents of withdrawal struggles further heighten the alarm, Therefore, any potential client considering using OBFX should exercise extreme caution. It is strongly recommended to consider other broker options, preferably those that are transparently regulated and prioritize security and accountability. For the safety of their investments, clients should always opt for financial platforms that demonstrate the highest professional standards. Frequently Asked Questions (FAQs) Q 1: Is OBFX regulated？ A 1: No. It has been verified that this broker currently has no valid regulation, the NFA (National Futures Association) licenses with number 0551584 claimed by the broker is suspected to be fake clone. Q 2: Is OBFX a good broker for beginners？ A 2: No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of the lack of transparency. Risk Warning Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.

OBFX broker review

Is OBFX safe or scam

Rating Index

Pros

Multiple account type options

Online customer service support

EA (Expert Advisor) trading supported

Cons

Not regulated by any financial authority

Reports of withdrawal issues and delays

Dysfunctional website with limited transparency

How to login to OBFX ?

obfx Complete Account Guide: Registration, Account Opening, and Login Processes Navigating the world of online trading can be daunting, especially when registering for a new platform. This comprehensive guide will walk you through the processes of registering, opening an account, and logging into th

OBFX Forex Broker - Complete Information Guide

1. Broker Overview

OBFX, also known as OB FX Global Technology Limited, was established in 2021. The company claims to be headquartered in the United Kingdom, although there are concerns regarding the legitimacy of this claim. OBFX operates as a private entity, focusing primarily on the retail forex market, catering to individual traders interested in forex and CFD trading.

The broker's development journey has been marked by controversy, particularly regarding its regulatory status and the complaints raised by users. Despite the claims of providing high-quality trading services, the company has faced scrutiny from various financial authorities, including a notable complaint lodged with the German financial regulator, BaFin, in December 2022.

OBFX operates under a business model that primarily targets retail forex trading, offering access to various financial instruments, including forex pairs and CFDs. However, the lack of transparency regarding its operational history and regulatory compliance raises significant concerns among potential clients.

The OBFX broker aims to attract traders with competitive trading conditions and a user-friendly platform, but its reputation is marred by negative reviews and allegations of fraudulent practices.

2. Regulatory and Compliance Information

OBFX is currently not regulated by any recognized financial authority. The absence of regulation is a critical red flag for potential investors, as it indicates a lack of oversight and protection for client funds. Various sources indicate that the company does not provide a valid regulatory number, nor does it participate in any investor compensation schemes.

The company's claims of being regulated by entities such as the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) have been disputed, with searches in official databases yielding no results for OBFX. This lack of regulatory oversight means that client funds are not protected under any legal framework, which increases the risk of loss in the event of company insolvency or misconduct.

Furthermore, OBFX does not appear to have a clear policy for client fund segregation, which is a standard practice among regulated brokers to ensure that client funds are kept separate from the broker's operational funds. The absence of Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance measures further exacerbates the risks associated with investing through this broker.

3. Trading Products and Services

OBFX offers a limited range of trading products primarily focused on forex. The broker claims to provide access to a variety of currency pairs, including major, minor, and exotic currencies. However, the specific number of forex pairs available is not disclosed, which raises questions about the breadth of their offerings.

In addition to forex, OBFX provides Contracts for Difference (CFDs) on various asset classes, including indices, commodities, and cryptocurrencies. However, the details regarding the types of CFDs available and any unique trading products are not clearly outlined on their platform.

The frequency of product updates and the introduction of new trading instruments remain ambiguous, as the broker does not provide regular updates or announcements regarding changes to their product offerings. While they claim to support retail trading services, there is little information available about institutional services or white-label solutions that might be offered to professional clients.

4. Trading Platforms and Technology

OBFX supports MetaTrader 5 (MT5) as its primary trading platform, which is a widely recognized and respected platform in the trading community. The platform is known for its advanced features, including automated trading capabilities, extensive charting tools, and a user-friendly interface.

The broker does not appear to offer a proprietary trading platform, which may limit its appeal to traders looking for customized solutions. Additionally, there is no mention of a web-based trading platform or mobile application for iOS and Android, which are essential for traders who prefer to trade on the go.

The execution model used by OBFX is unclear, with no specific information provided about whether they operate on an ECN, STP, or Market Making basis. The lack of transparency regarding execution speed and server locations raises concerns about the reliability and efficiency of trade executions.

While OBFX claims to support API access and automated trading, details about these features are not readily available, which may deter algorithmic traders seeking robust trading solutions.

5. Account Types and Trading Conditions

OBFX offers two primary account types: the Basic Account and the Platinum Account. The minimum deposit requirements for these accounts are $200 for the Basic Account and $500 for the Platinum Account. However, the specific trading conditions associated with each account type, such as spreads and commissions, are not adequately detailed.

The broker advertises competitive spreads, reportedly starting from 0.7 pips, but this claim lacks substantiation due to the absence of transparent pricing information. Furthermore, the leverage offered by OBFX is stated to be as high as 1:500, which is significantly above the limits set by many regulatory authorities, suggesting a potential risk for retail traders.

The minimum trade size and overnight fee policies are not explicitly mentioned, which could pose challenges for traders looking for clarity on trading costs. Additionally, there is no information available regarding the availability of specialized accounts, such as Islamic accounts or corporate accounts.

6. Fund Management

OBFX provides several deposit methods, including bank transfers, credit cards, and electronic wallets. However, the details regarding the minimum deposit requirements for different account types are limited, with only the initial deposit amounts for the Basic and Platinum Accounts disclosed.

The processing time for deposits is not specified, which can lead to uncertainty for traders looking to fund their accounts quickly. Additionally, any associated deposit fees are not clearly outlined, which may result in unexpected costs for clients.

Withdrawal methods and restrictions are also vague, with no clear information on processing times or fees. This lack of transparency can be concerning for traders who may experience difficulties when attempting to access their funds.

7. Customer Support and Educational Resources

OBFX offers customer support through various channels, including email and potentially online chat. However, the availability of phone support is not confirmed, making it difficult for clients to reach out for assistance. The service hours and time zone coverage are also unspecified, which could impact the responsiveness of their support team.

The broker claims to support multiple languages, but the specific languages offered are not listed, limiting accessibility for non-English speaking clients.

In terms of educational resources, OBFX appears to provide limited offerings. There is little information available about webinars, tutorials, or e-books that could assist traders in enhancing their knowledge and skills. Additionally, the availability of market analysis services, such as daily reports and research, is not mentioned, indicating a potential gap in the educational support provided to clients.

8. Regional Coverage and Restrictions

OBFX primarily targets clients in the United Kingdom and potentially other regions. However, the specific distribution of regional offices is not disclosed, which may limit its accessibility to traders in various locations.

The broker does not clearly state which countries or regions it does not accept clients from, which is crucial information for potential investors. Furthermore, any special restrictions that may apply to certain jurisdictions are not provided, leaving traders uncertain about the eligibility criteria for opening accounts.

In conclusion, while the OBFX broker presents itself as a viable option for forex trading, significant concerns regarding its regulatory status, transparency, and customer support raise red flags for potential investors. Traders are strongly advised to conduct thorough research and consider alternative regulated brokers before committing their funds.

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