OVAX Forex Broker

Ovax Forex Broker - Comprehensive Information Guide

1. Broker Overview

　　Company Name and Establishment Year: Ovax Global Limited, established in 2023.

　　Headquarters and Main Offices: The company claims to have its headquarters at The Shard, 32 London Bridge Street, London, England, SE1 9SG, with additional offices reportedly located in Wellington, New Zealand.

　　Company Nature: Ovax Global Limited is a privately held entity.

　　Primary Markets and Clientele: The broker primarily targets clients from the United Kingdom, India, Bulgaria, and France, focusing on inexperienced investors looking for opportunities in cryptocurrency trading.

　　Company Development and Milestones: Although Ovax Global Limited was founded in 2023, it has been flagged as an investment scam by regulatory bodies such as the Financial Markets Authority (FMA) in New Zealand. The company has faced scrutiny for its operations, which are characterized by unrealistic return promises and a lack of transparency.

　　Group Affiliations: There is no information available regarding any parent company or group affiliations.

　　Business Model Overview: Ovax operates as an unregulated investment firm, promoting cryptocurrency trading without offering a legitimate trading platform. The business model appears to be based on a Ponzi scheme structure, where returns to earlier investors are paid using the capital from newer investors.

2. Regulation and Compliance Information

　　Main Regulatory Authorities: Ovax Global is not regulated by any recognized financial authority. The FMA in New Zealand has issued warnings against the company for fraudulent activities.

　　Regulatory License Numbers: No valid regulatory license numbers are available, as the company operates without any regulatory oversight.

　　License Validity and Scope: The absence of a license indicates that Ovax Global is operating illegally, without the necessary authorizations to provide financial services.

　　Legal Entities in Different Regions: Ovax Global Limited claims to operate in multiple jurisdictions, including the UK, New Zealand, and Hong Kong, but lacks legitimate registration in these areas.

　　Client Fund Segregation Policies: There is no information provided about the segregation of client funds, raising concerns about the safety of investor capital.

　　Investor Compensation Fund Participation: Ovax Global does not participate in any investor compensation schemes, leaving clients without protection in the event of financial loss.

　　KYC and AML Compliance Measures: The company has not demonstrated compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, which is a significant red flag for potential investors.

3. Trading Products and Services

　　Number of Forex Currency Pairs and Major Types: Ovax Global offers a limited selection of cryptocurrency trading options, including popular pairs like BTC/USDT, BCH/USDT, and ETH/USDT. The total number of available currency pairs is not specified.

　　CFD Product Categories: The broker does not provide Contracts for Difference (CFDs) for indices, commodities, or stocks, focusing solely on cryptocurrency trading.

　　Special Products or Unique Trading Varieties: There are no indications that Ovax Global offers any unique trading products beyond the standard cryptocurrency options.

　　Product Update Frequency and New Additions: Information regarding the frequency of product updates or the addition of new trading instruments is not available.

　　Retail Trading Services: The broker appears to cater primarily to retail clients, offering investment plans that promise unrealistic returns.

　　Institutional Client Services: There is no information available regarding services tailored for institutional clients.

　　White Label Solutions: No mention of white label solutions or partnerships is found in the available information.

　　Asset Management Services: Ovax Global does not appear to offer any asset management services.

4. Trading Platforms and Technology

　　MetaTrader 4/5 Support: Ovax Global does not support MetaTrader 4 or MetaTrader 5 platforms, which are industry standards for forex trading.

　　Proprietary Platform Details: There is no information available about any proprietary trading platform developed by Ovax Global.

　　Web-Based Trading Platform: The broker does not provide a web-based trading platform, limiting client access to trading opportunities.

　　Mobile Application Support: There is no indication that Ovax Global offers mobile applications for trading on iOS or Android devices.

　　Execution Models (ECN, STP, Market Making): The broker does not provide clear information regarding its execution models, raising concerns about transparency in order execution.

　　Server Locations and Technical Infrastructure: The technical infrastructure details, including server locations, are not disclosed, further contributing to the lack of transparency.

　　API Access and Automated Trading Support: There is no information available regarding API access or support for automated trading.

5. Account Types and Trading Conditions

　　Standard Account Conditions: The minimum deposit required to open an account with Ovax Global is reportedly $50, but specific details about spreads and commissions are not provided.

　　Advanced Account Types: There is no information regarding advanced account types, such as VIP or professional accounts.

　　Special Accounts: The availability of Islamic accounts or corporate accounts is not mentioned.

　　Demo Account Policy: Ovax Global does not offer a free demo account for potential clients to practice trading.

　　Leverage Ratios: The leverage ratios offered by Ovax Global are not specified, which raises concerns about the risk management practices of the broker.

　　Minimum Trade Lot Size: There is no information available regarding the minimum trade lot size for transactions.

　　Overnight Fee Policies: Details about overnight fees or swap rates are not provided.

6. Fund Management

　　Supported Deposit Methods: Ovax Global accepts deposits through various cryptocurrencies, but specific methods such as bank transfers or credit cards are not mentioned.

　　Minimum Deposit Requirements: The minimum deposit requirement is $50, applicable to all account types.

　　Deposit Processing Times: There is no information provided regarding the processing times for deposits.

　　Deposit Fees: Ovax Global claims that deposits are free of charge, but specific fee structures are not detailed.

　　Withdrawal Methods and Restrictions: Withdrawals are reportedly only available in cryptocurrencies, but the specific methods and any associated restrictions are not disclosed.

　　Withdrawal Processing Times: The broker does not provide information about the processing times for withdrawals, raising concerns about their efficiency.

　　Withdrawal Fee Structure: Information regarding withdrawal fees is absent, which adds to the uncertainty surrounding fund management.

7. Customer Support and Educational Resources

　　Support Channels: Ovax Global offers customer support via email, but specific details about phone support or live chat options are not provided.

　　Service Hours and Time Zone Coverage: The service hours and time zone coverage for customer support are not specified.

　　Multilingual Support: There is no information available regarding the languages supported by the customer service team.

　　Types of Educational Resources: Ovax Global does not appear to offer educational resources such as webinars, tutorials, or e-books.

　　Market Analysis Services: The broker does not provide daily market analysis, news, or research reports.

　　Trading Tools: There is no mention of trading tools such as calculators, calendars, or signal services.

8. Regional Coverage and Restrictions

　　Primary Service Markets: Ovax Global primarily serves clients in the United Kingdom, India, Bulgaria, and France.

　　Regional Office Distribution: The broker claims to have offices in the UK and New Zealand, but specific locations are not detailed.

　　Countries/Regions Not Accepted: There is no information provided regarding countries or regions from which clients are not accepted.

　　Special Restrictions: The lack of regulatory oversight and warnings from authorities like the FMA in New Zealand indicate that potential clients should exercise extreme caution when considering Ovax Global as a trading platform.

　　In conclusion, Ovax Global operates as an unregulated broker with numerous red flags, including a lack of transparency, unrealistic return promises, and negative user reviews. Potential investors are strongly advised to conduct thorough research and consider alternative, regulated brokers for their trading needs. If you suspect you have fallen victim to this broker, seeking professional assistance for fund recovery is recommended.