PuHui foreign exchange brokers specializing in providing foreign exchange trading services, the company's official website http://trader.ph-chinese.com/login, about the company's legal and temporary regulatory information, the company's address .
PuHui Forex Broker
Basic Information
Vanuatu
5-10 years Suspicious Regulatory License Suspicious Scope of Business Vanuatu Retail Forex License Revoked High potential riskCompany profile
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OFXTRADE Forex Broker - Complete Information Guide
1. Broker Overview
OFXTRADE, established in 2022, operates as an offshore forex and CFD broker. The firm is headquartered at 1411 Broadway #2920, New York, NY 10018, United States. As a private entity, OFXTRADE does not have a public listing. The broker primarily targets retail clients seeking access to forex and CFD trading, offering a range of account types to cater to different trading needs.
Since its inception, OFXTRADE has positioned itself to provide trading services across various financial instruments, including forex, commodities, and indices. However, it is crucial to note that the company operates without proper regulatory oversight, which raises concerns regarding the safety of client funds. The business model focuses on retail forex trading, with additional features such as managed accounts, although this practice may imply a conflict of interest.
The OFXTRADE broker aims to deliver competitive trading conditions, including high leverage options and a variety of account types. However, potential clients should exercise caution due to the broker's lack of regulation and transparency in operations.
2. Regulatory and Compliance Information
OFXTRADE is not regulated by any major financial authority, which is a significant red flag for potential investors. The broker claims to operate under the jurisdiction of Saint Vincent and the Grenadines; however, the local Financial Services Authority (FSA) has explicitly stated that it does not issue licenses for forex trading or brokerage services. This lack of regulation means that clients do not benefit from investor protection schemes, and their funds may not be safeguarded in segregated accounts.
There are no valid regulatory licenses associated with OFXTRADE, and the company does not participate in any investor compensation schemes. The absence of a regulatory framework raises concerns about the safety and security of client funds, particularly in the event of financial disputes or insolvency.
In terms of compliance, OFXTRADE does not provide clear information regarding its Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Effective KYC and AML measures are crucial for preventing fraud and ensuring that brokers operate within legal frameworks. The lack of transparency in these areas further contributes to the risks associated with trading with this broker.
3. Trading Products and Services
The OFXTRADE broker offers a selection of trading products, primarily focusing on forex currency pairs. While the exact number of available currency pairs is not specified, the broker claims to provide access to major, minor, and exotic pairs. Additionally, OFXTRADE offers Contract for Difference (CFD) products, which include:
- Indices: Major global stock indices.
- Commodities: Including gold, silver, and oil.
- Cryptocurrencies: Although specific offerings are not detailed, the broker mentions the availability of crypto trading.
The broker's product range is designed to cater to diverse trading strategies, but the lack of detailed information on product updates and new additions may indicate a limited offering. Retail trading services are the primary focus, with institutional services not explicitly mentioned.
4. Trading Platforms and Technology
OFXTRADE does not support popular trading platforms such as MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which are widely used by traders globally. Instead, the broker offers a proprietary web-based trading platform. However, details regarding the platform's features, functionality, and user experience are scarce.
The absence of mobile trading applications for iOS and Android devices may limit accessibility for traders who prefer to manage their accounts on the go. The execution model employed by OFXTRADE is not clearly defined, and there are concerns regarding the broker's infrastructure and server locations, which are critical for ensuring fast and reliable trade execution.
While the broker may provide some level of API access for automated trading, there is no substantial information available to confirm the extent of this support. Overall, the technological offerings of OFXTRADE appear to be limited compared to more established brokers in the industry.
5. Account Types and Trading Conditions
OFXTRADE provides various account types, each with distinct trading conditions. The minimum deposit requirements are relatively high compared to industry standards:
- Mini Account: Minimum deposit of $500, with a maximum leverage of 1:1000 and spreads starting at 1 pip.
- Silver Account: Minimum deposit of $1,000, with a maximum leverage of 1:500 and spreads starting at 1 pip.
- Gold Account: Minimum deposit of $5,000, with a maximum leverage of 1:200 and spreads starting at 0.8 pips.
- Platinum Account: Minimum deposit of $10,000, with a maximum leverage of 1:100 and spreads starting at 0.5 pips.
The high minimum deposit requirements may deter potential clients, especially those new to trading. Additionally, the broker does not offer a demo account, which limits the ability for prospective clients to test trading conditions before committing real funds.
Leverage options are notably high, which can amplify both potential profits and losses. While high leverage can attract experienced traders, it also increases the risk of significant financial losses.
6. Fund Management
OFXTRADE supports multiple deposit methods, including bank transfers, credit/debit cards, and e-wallets. However, specific details regarding the processing times for deposits and withdrawals are not provided. The minimum deposit requirement varies by account type, with the lowest being $500 for the mini account.
Withdrawal policies are particularly concerning, as the broker allows only one free withdrawal request per month. Subsequent withdrawals incur a fee of $500, which is highly unusual in the industry. This fee structure may hinder clients' access to their funds and raises questions about the broker's commitment to client service.
The processing times for withdrawals are not disclosed, and without clear information on fees associated with different withdrawal methods, clients may face unexpected costs when trying to access their funds.
7. Customer Support and Educational Resources
Customer support at OFXTRADE is available through various channels, including email and online chat. However, there is no clear indication of the service hours or coverage across different time zones. The broker does not specify the languages supported, which may limit accessibility for non-English speaking clients.
In terms of educational resources, OFXTRADE does not appear to offer comprehensive training materials such as webinars, tutorials, or eBooks. The absence of market analysis services, daily reports, or research tools further diminishes the support available to traders looking to enhance their knowledge and trading skills.
8. Regional Coverage and Restrictions
OFXTRADE primarily targets clients in the United States, but it may also accept clients from other regions. However, specific details regarding the geographical distribution of its services and any restrictions on clients from certain countries are not provided. The lack of regulatory oversight may also limit the broker's ability to operate in certain jurisdictions, particularly those with stringent financial regulations.
In summary, while OFXTRADE presents itself as a forex broker offering various trading services, the lack of regulation, high fees, and limited transparency raise significant concerns for potential clients. It is advisable for traders to thoroughly research and consider the risks before engaging with this broker.
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薇11六1四3零2七1
Hong Kong
In this June, I was added by a salesman into a group, where everyone was banned to speak except the group managers. They showed us some trading suggestions, which were not strange to us. Then they introduced themselves to us as employees in PuHui Global, which was claimed by them as a regular platform which provider investors financing channels. At first, no one was interested in what they said. One day later, the managers started to post some trading advice and screenshots showing orders with profits in the group. Some of us were attracted, so did I. Since I had much money to spare, I decided to deposited RMB300,000 for fun. At the same day, the advisers in their live stream studio recommended us to trade long positions. Based on the market, I thought those advisers got some serious skills! One of the advisers named Dongfang told us a surprising inside information that the market would keep raising in these days. He asked us to continue position additions and sent us news about others’ profits! I was overwhelmed and invested anther BMB200,000, most of which went to long positions. As expected, I gained a profit of more than RMB80,000. At around 24:00, the advisers told us that night the market would continue raising up when the non-farm payrolls released at 2 a.m. I was excited at that moment and devoted all in my account to buy in. However, when the data announced, I lost RMB20,000 more, while the adviser asked us not to stop losses and continue to add positions. I gritted my teeth and deposited RMB10,000. In the end, All the investment only left RMB20,000 and I was forced to stop losses. Many people asked the advisers for explanations. But they tried to shirk responsibilities by saying that as the market was unstable and we only gave you recommendations.
Exposure
2019-09-18