OFBM Review Is Onlinefinancialbinarymarket.com Legit

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OFBM Review: Is Onlinefinancialbinarymarket.com Legit?

Onlinefinancialbinarymarket.com Review: this is the website of crypto currency trading platform that claims to be based in the USA. Is OFBM legit or a scam broker? Read this revealing review to find out important details about this Forex trading company.

The most vital part of our reviews is the uncovering of if a company or Forex broker is properly licensed or not. To do this, we first establish the location or region where it claims to be based. Then we check with the commission or authority regulating trade there whether it is listed among regulated companies or not.

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The website discloses that OFBM is the trading name of Online Financial Binary Market, a company in the United States of America. Brokers in this region are under the supervision of the National Futures Association (NFA). But the website does not mention anything about license and registration. It also claims to operate in Canada and the UK.

Licensed companies are always forthcoming with registration details. Trading with a Forex broker that is unlicensed poses many dangers to traders’ funds. Misappropriated funds may not be recoverable by the government as well. Unlicensed brokerages are not under any rules of traders and this puts traders in more risk than they will be in if they had chosen properly licensed ones.

Advantages of OFBM

The broker mentions that it offers traders many trading instruments and tools. Trading conditions are flexible and information security is promised. Many payment options are also listed on the website. Clients of the company will also benefit from the investment advisory, wealth management, and trading courses.

It is common for Forex brokers to start out with claims of making clients richer. This is because everyone seeking out easier ways to trade effectively does so to make more profit.

However, traders need to be careful about believing everything they encounter in the business sphere. Some are geared to just deceive and steal their funds. Considering what is offered and proofs are effective means of discovering fraud as well as reading our reviews and comparing the offers to those of other legit brokers at the bottom of this article.

OFBM Trading Platform

The trading platform used by the Online Financial Binary Market is a web-based type. We advise readers and traders to always look out for the MT4 or MT5 platforms. The MetaTrader platforms are commonly used because they allow the use of trading robots.

Legit brokers are known to offer at least the popular MetaTrader 4 or 5 trading platform.

These platforms are very good signs as they have become some of the most widely used by experienced traders. They are found to be compatible with various devices’ operating systems. All can be used on desktops, Linus, Windows, iOS, and Android.

Tools that come with these trading platforms are also found to be useful for traders. It has proven to be user-friendly as well and helps traders in analyzing the market easily.

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Trading instruments offered to traders are binary options, Forex currencies, cryptocurrencies, and ETF & Stocks. This will be unsatisfactory to many traders because legit brokers offer currency pairs, indices, CFDs on many commodities and cryptocurrencies. It is important to let traders know the options open to them.

The maximum leverage offered to clients is not stated and while some may seem generous, they are not advised. High leverages can lead to a huge loss of funds as well. Spreads are not disclosed.

Spreads of 1.5 pips or below are what is obtainable in the forex industry and traders are asked to look out for this. Leverages of between 1:30, 1:50 and 1:25 are also common among regulated brokers.

Deposit and Withdrawal methods on OFBM

The means of making deposits and withdrawals with this broker are Bitcoin, Litcoin, Bitcoin Cash, Stellar Coin, and PayPal. We do not feel assured by these limited transaction options because standard and legit brokers make deposits and withdrawals available via Visa, MasterCard, and Wire Transfer. Many offer e-wallets like Skrill, Neteller, UnionPay, FasaPay, and so on.

A minimum deposit of $500 is required to start trading with this broker. We find that this is higher than the obtainable average of $100 to $250 usually required by many other brokers. Withdrawal fees and charges are not disclosed. We prefer it when brokers are transparent with these details.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is OFBM Licensed?

No. OFBM is not a properly licensed and registered broker. The NFA does not list it among regulated brokers in the United States.

Regulated Forex brokers in Europe, America, Africa, Australia, and Asia are under many strict rules. The regulatory bodies like the FCA, FSCA, CySEC, AISC, NFA and many others have regulations protecting Forex traders from unfair brokers. This is why they come top as recommended Forex brokers.

Support

To get in touch with the broker or a representative of the customer service, dial +16469605206 or email at [email protected]

Conclusion

OFBM is not licensed to trade in the US or Canada or even the UK and it claims to be located in these regions. Thus we give it a low rating due to this. We found the many trading instruments offered encouraging but asides this, the broker does not inspire confidence.

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Fortrade

Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices, and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

OFBM review – Is onlinefinancialbinarymarket.com scam or good forex broker?

OnlineFinancialBinaryMarket is presented as “a profitable online investment platform, with multiple recognized awards”, offering forex trade, binary options and CFDs on various instruments, including stocks, ETFs and crypto coins like Botcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic, EOS, Binance Coin, Cardano. Stellar, Tether, Tezos and TRO, with four account types and a web based trading platform.

Account type Min. deposit Max. leverage Spread s
Starter Account $500 n/a n/a
Basic Account $1000 n/a n/a
Pro Account $5000 n/a n/a
Executive Account $10 000 n/a n/a

Unfortunately many aspects about this broker seem wrong – to start with, their website is completely anonymous. And although they claim to have offices in Manhattan, New Your, London and Canada, they are not regulated in any of those jurisdictions, so if you are considering depositing your funds with them better read the following review first.

OFBM Advantages:

We do try to list any possible benefits a broker might offer its clients in the beginning of our reviews, and yet with OnlineFinancialBinaryMarket we were simply unable to come up with any.

OFBM Disadvantages:

Anonymous website, no license

As we noted OnlineFinancialBinaryMarket (OFBM) claims to have offices in Manhattan, London and Canada, but they fail to elaborate, which is their company and where it is incorporated. So basically their website is virtually anonymous – a very bad sign, typical for most scams.

Also, if a broker operates from the U.S., Canada or the UK, as is supposedly the case with OnlineFinancialBinaryMarket, it should be licensed and authorized by the respective local financial authorities – on U.S. soil the broker should be licensed as futures commission merchant (FCM) and a retail foreign exchange dealer (RFED) by the Commodity Futures Trading Commission (CFTC), and to be a member of the National Futures Association (NFA).

Similarly in Canada the broker should be licensed by the Investment Industry Regulatory Organization of Canada (IIROC), while in the UK – by the Financial Conduct Authority (FCA). We diligently checked the registers of the above mentioned institutions and were unable to find any trace of OnlineFinancialBinaryMarket there.

Besides, if you are trading with a FCA broker your funds will even be covered by an insurance policy of up to 85 000 GBP, payable in the unlikely event you broker files for bankruptcy. So here you may also check our list of FCA regulated brokers:

Terms and Conditions missing

The Terms and Conditions or the client agreement is a key legal document that defines the contractual relations between the broker and the trader. Here with OnlineFinancialBinaryMarket, it turned out the Terms and Conditions, with which you have to agree any way upon completing your registration, was simply missing.

That means if you deposit your funds with OnlineFinancialBinaryMarket you will have to agree with something you have not read.

OnlineFinancialBinaryMarket says you will receive a generous trading bonus, when you make a deposit. As attractive as this may sound, you should be aware that trading bonuses always come with strings attached, as for example some minimum trade volume requirement, quite often used by scammers as a pretext to cancel your withdraw requests.

And here with OnlineFinancialBinaryMarket you do not even known what their bonus policy is. As we already noted their Terms and Conditions are not available on their website.

MetaTrader4 not supported

When we completed our registration we were transferred to some kind of a dashboard, which we are not sure we can call a trading platform, because we did not find a way to place a trade for example. You can check the screenshot below. The graphics are taken from TradingView, which is an external financial data provider:

In any case we miss the good old MetaTrader4 – without a doubt the most popular trading platform on the market, featuring numerous market indicators and customizable trading robots with the help of which one can easily run automated trading sessions. Besides, here you may check as well our list of brokers, offering MT4, as it also comes with an excellent set of advanced charting tools:

OnlineFinancialBinaryMarket is an obvious scam. Not only their website is not regulated, but also it is completely anonymous – we do not even know the name of the company that runs the whole business.

So our best advise here is to trade only with brokers, properly licensed and authorized by official financial regulators such as the the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC) – the three most popular regulatory hubs in the industry.

Broker Advantages

FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts.

XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for.

FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion.

FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection.

FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals.

FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions.

HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.

OFBM Review

Trust

Trading Platform

Assets and Leverage

Spread

Transparency

  • Unlicensed (Fraud!)
  • Anonymous company
  • high minimum deposit
  • Not reliable
  • Poor trading platform

OFBM is an unlicensed Forex, binary options and CFD broker that a trader brought to our desk for us to perform a rigorous test. We have serious concerns regarding this broker. OFBM is supposedly located in USA, Canada and UK. OFBM does not have a license whatsoever and fails to elaborate, which is their company and where it is incorporated. So basically their website is virtually anonymous, a very bad sign, typical for most scams.

Not much is known about the whereabouts of this platform. Scam artists will do or say anything to ensure users sign up with their platform. And this is exactly what OFBM is doing with their North America and UK base claim. For all we know, these could be offshore brokers who are targeting USA, Canada and UK investors. It seems they are anonymous brokers operating a trading platform.

Anonymity is a dangerous trait to associate with especially with online investment platforms. Who are the people running the show? Why has the website failed to give actual names of the founding members? It seems these scam artists want to remain anonymous which makes it a huge problem.

OFBM Review

OFBM is an obvious scam. Not only their website is not regulated, but also it is completely anonymous. We do not even know the name of the company that runs the whole business.

So our best advise here is to trade only with brokers, properly licensed and authorized by official financial regulators such as the the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC), see here.

A good place to start is blacklisting this platform to our scam list. We strictly recommend users to stay away from this illicit platform.

Is Online Financial Binary Market Safe?

Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check. In in Canada the broker should be licensed by the Investment Industry Regulatory Organization of Canada (IIROC), while in the UK , by the Financial Conduct Authority (FCA). We diligently checked the registers of the above mentioned institutions and were unable to find any trace of OnlineFinancialBinaryMarket there.

A licensed entity will have solid proof of their registration on their website. If you look at their entire website, there is no information regarding their license status. We diligently checked the registers of the above mentioned institutions and were unable to find any trace of OnlineFinancialBinaryMarket there.

Poor trading platform

During our check on the OFBM platform, we saw that they are offering what we can’t say is a trading platform. The graphics are taken from TradingView, which is an external financial data provider.

The trading software industry is heavily dominated by MetaQuotes Corp – the company behind MetaTrader 4 (MT4), which is the most popular software used by traders in the retail Forex market. Whilst MetaTrader 4 is the dominant choice for many professional traders, there are other options which have developed in recent years. Discover the best options for trading platforms in Forex trading., see here.

OFBM Breakdown

Location: ? Canada, USA and UK

Minimum deposit: $500

Spread: N/A

Leverage: N/A

Assets: Forex, CFds and Crypto

Support MT4: No

License: Unlicensed.

OnlineFinancialBinaryMarket is presented as “a profitable online investment platform, with multiple recognized awards”, offering forex trade, binary options and CFDs on various instruments, including stocks, ETFs and crypto coins like Botcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic, EOS, Binance Coin, Cardano. Stellar, Tether, Tezos and TRO, with four account types and a web based trading platform.

Accounts are named Starter, Basic, Pro and Executive. What we noticed immediately was the bonus that comes with these accounts. Bonuses are in the range of 10% to 20%. Once you get a bonus, you are unable to withdraw until you deposit the exact amount of bonus issued. As attractive as this may sound, you should be aware that trading bonuses always come with strings attached, as for example some minimum trade volume requirement, quite often used by scammers as a pretext to cancel your withdraw requests.

Higher Minimum deposit

OFBM requires a minimum deposit of $500 to open its most basic account. This is higher than the minimum deposit we recommend. Most brokers here require a minimum deposit of $100 which is the company average.

No Terms and Condition

A brokerage terms and conditions apply to all dealings between You and the Broker and will be effective whenever you request the Broker to provide Services or You. Here with OFBM, it turned out the Terms and Conditions, with which you have to agree any way upon completing your registration, was simply missing.

Are Funds Safe with OnlineFinancialBinaryMarket?

How can funds be safe with a broker who is completely anonymous ? OFBM is pooling funds in one single account which is extremely dangerous. Segregation of accounts is next to impossible with this platform as they use a personal bank account. Who is in charge of handling funds with this platform? Does this platform participate in a compensatory scheme? We highly doubt their efficiency to meet set industry standards.

OnlineFinancialBinaryMarket License

When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.

OnlineFinancialBinaryMarket is not a licensed broker.

OFBM is not licensed or registered by any of the international regulatory bodies. To confirm their status, we reached out to various regulatory bodies. They include ASIC, CONSOB, CySEC, FCA, NFA, and SEC.

Our best advise for you

After checking all the moving parts of this website, we are sure OFBM is a scam. To stay safe, ignore all their pleas to sign up. Promotional materials such as videos and links should be ignored. Hackers are using these links to gain access to your data. Mark all their emails as Spam and warn your family and friends from joining this broker. Stay safe at all times by using recommended Forex trading tools and brokers.

OnlineFinancialBinaryMarket Review Conclusion

What should be done is adding this broker to our scam blacklist. After making sure this broker is exposed, authorities are asked to investigate and shut this website down. Time to make the right decision is now. Stay away from brokers who lack proper licensing credentials and simply want you to deposit with them.

Compare OnlineFinancialBinaryMarkets

Dealing with industry leading and trusted brokers gives you a front row to making sustainable profits, learn more.

Vantage FX is a popular broker that is licensed in Cayman Island and Australia. Social trading is offered via service providers like ZuluTrade and Myfxbook.

VantageFX offers attractive leverages on MT4 trading platforms, with very tight spreads, learn more.

Go try their Free Demo Account, signup here.

If you are currently using this broker, please share your experience with other investors in the comment section below.

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