OnFin Forex Broker provides real users with 1 positive reviews, * neutral reviews and * exposure review!
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ONFIN broker deserves a good rating. The funds are withdrawn properly, there are no complaints about the platform. Communication with support also left a good impression. Testing copy trading.
OnFin is an emerging broker that has garnered attention in the trading community for its competitive offerings and user-friendly platform. Established in 2015, OnFin operates under the Mwail International Services Authority (MISA) and provides access to a wide range of trading instruments, including forex, metals, indices, commodities, and shares. The broker is known for its use of ECN technology, which allows for tight spreads and efficient order execution. However, it has also faced scrutiny regarding its regulatory status and the overall user experience.
Note: It's important to consider that OnFin operates in various regions, and the regulatory environment can differ significantly based on location. This review aims to provide a balanced perspective on the broker's offerings and user experiences.
| Category | Score (out of 10) |
|---|---|
| Account Conditions | 7.5 |
| Tools and Resources | 6.0 |
| Customer Service and Support | 7.0 |
| Trading Setup (Experience) | 8.0 |
| Trustworthiness | 5.0 |
| User Experience | 6.5 |
We evaluate brokers based on user experiences, expert opinions, and factual data from reliable sources.
OnFin was founded in 2015 and is headquartered in Fomboni, Comoros. The broker primarily offers trading through the popular MetaTrader 4 (MT4) platform, which is accessible on desktop and mobile devices. With over 260 trading instruments available, OnFin caters to a diverse range of trading strategies and preferences. The broker operates under the oversight of the Mwail International Services Authority, but it is important to note that its regulatory status has raised concerns among some users and experts.
Regulated Areas: OnFin operates under the MISA, which provides a level of oversight, but the lack of major regulatory backing (such as from the FCA or ASIC) raises concerns about user safety.
Deposit/Withdrawal Currencies: The broker accepts deposits in USD and offers various payment methods, including credit cards, cryptocurrencies, and local payment solutions.
Minimum Deposit: The minimum deposit requirement is notably low, starting at just $1 for a mini account, which is appealing for novice traders.
Bonuses/Promotions: OnFin offers various promotional incentives, including no deposit or withdrawal fees, which can enhance the trading experience.
Tradable Asset Classes: The broker provides access to forex, commodities, indices, metals, and shares, allowing traders to build a diversified portfolio.
Costs (Spreads, Fees, Commissions): Spreads start from 0.0 pips on ECN accounts, with a commission of $4 per lot. This competitive pricing structure is designed to attract active traders.
Leverage: OnFin offers high leverage options of up to 1:1000, which can amplify trading potential but also increases risk exposure.
Allowed Trading Platforms: The primary trading platform is MetaTrader 4, which is widely regarded for its reliability and extensive features.
Restricted Regions: OnFin does not accept clients from the United States and North Korea, which is common among many international brokers.
Available Customer Service Languages: Customer support is offered in several languages, including English, Spanish, Russian, and more, catering to a global audience.
Account Conditions (7.5/10): OnFins account offerings are flexible, with a low minimum deposit and multiple account types, including mini, ECN, and fixed accounts. However, the lack of regulatory oversight may deter some potential clients.
Tools and Resources (6.0/10): While the broker provides access to MT4, the educational resources available are limited. This could be a drawback for novice traders seeking comprehensive learning materials.
Customer Service and Support (7.0/10): OnFin offers 24/5 customer support via phone and email, with generally positive feedback from users regarding response times and service quality.
Trading Setup (8.0/10): The user experience on the MT4 platform is generally favorable, with many users praising the execution speed and low slippage, which is critical for active trading strategies.
Trustworthiness (5.0/10): The broker's offshore regulatory status raises concerns about the safety of user funds. Many reviews point out the importance of trading with regulated brokers to ensure fund security.
User Experience (6.5/10): Overall user feedback is mixed, with many users appreciating the low fees and execution speed, while others express concerns over the broker's regulatory status and limited educational resources.
In summary, OnFin presents a compelling option for traders looking for a low-cost entry into the forex market with a user-friendly platform. However, potential clients should carefully consider the regulatory environment and the associated risks of trading with an offshore broker. As always, due diligence is essential to ensure a safe trading experience.
