OBV Markets – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
OBV Markets - DO NOT TRADE WITH THIS PROVIDER
2.5/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://obvmarkets.com
Founded: 2022
Regulations: Unlicensed
Languages: English
Deposit Methods: Bank Transfer, Tether
Minimum Deposit: Unspecified
Free Demo Account: No
Number of Assets: N/A
Types of Assets: Forex
Trading Accounts and Conditions
OBV Markets offers their clients four different types of trading accounts: Standard, Gold, Platin and VIP. For the standard account, the only thing that is mentioned is that spreads start from 1.2 pips, and there is a $5 commission.
The other account types mimic this information. Leverage ratios are maxed at 1:400. We do not have any information on the minimum funding requirement. We also do not know anything about other trading conditions such as order execution methods, margin calls, and so on.
OBV Markets – Advantages
There are no advantages to doing business with OBV Markets.
OBV Markets – Disadvantages
Given below is the list of disadvantages that tells us that we are dealing with a scammer here:
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Lack of Regulation
OBV Markets provides us with a St. Vincent and the Grenadines address for their headquarters. There is, however, no contact information presented apart from a single email address.
The SVG FSA, St Vincent and the Grenadines’ Financial Services Authority has made it abundantly clear that they do not regulate forex as well as binary options brokers. In fact, when you visit the regulator’s website, the first notice that pops up is a message stating this very fact. The regulator goes so far as to say that if any trader does business with these unlicensed brokers, they do so at their own risk.
Since there is no other licensing information anywhere on their website, we can safely state that OBV Markets is not licensed to operate their online forex brokerage. And considering the fact that their corporate information is incomplete, we suspect that we are dealing with an anonymous scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Lies About Trading Software
OBV Markets claims that they have the MetaTrader 5 software available for their clients. The MT5 software is the world’s best trading platform today, so having that on offer would have been a huge plus for this broker.
However, we found out that this claim was a lie.
On their website, the broker offers both a web-based and a downloadable version of the MT5 software. When we clicked on the web-based link, there seemed to be a problem. The platform’s screen just would not load; we kept getting a blank screen. And when we downloaded the MT5 platform, we could not access it, since the broker did not send us the login details.
Things get even worse. Once we registered for an account, we thought we would be able to check out the trading software more easily. Unfortunately, we found out that this broker does not have any trading software at all! There was not even a download link or a weblink available anywhere on the client page.
All of this tells us that OBV Markets does not really have any kind of a trading software and is simply lying about their offering in a bid to attract more traders.
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Issues with Trading Conditions
Another sign that we are dealing with a scammer is the lack of trading conditions.
Regulated brokers make sure that they present their trading conditions clearly, precisely and prominently on their websites. They also make sure that all visitors can see their trading conditions for themselves by giving them access to a demo trading platform. The demo version regulated traders offer showcase the trading conditions they have set up. This way, traders can test that broker’s trading conditions and thereby make informed decisions about whether they would like to do business with that broker or not. Scammers, on the other hand, avoid showing their trading conditions; their trading conditions are either incomplete or skewed.
With OBV Markets it is the former – there is hardly any information on the kind of trading conditions they offer. We do not know what the minimum deposit requirement is. We are told that their spreads start at 1.2 pips. But you need add the spreads plus the commissions to get the actual cost of trading. So, when you add the $5 commission this broker charges, you are looking at a rather exorbitant cost of trade!
Added to that, the leverage this broker offers is very high at 1:400. Be advised that most regulated countries have placed limits on how much leverage brokers can offer their clients. For example, in the UK, Europe and Australia, you will not get more than 1:30 as leverage. In the US and Canada, you will be allowed a maximum leverage of 1:50. In Japan and Hong Kong, the maximum allowed leverage is 1:20. And in Turkey, that leverage is just 1:10. So, the leverage that OBV Markets offers is clearly far higher than what is legal in most countries!
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Issues with Payments
Yet another red flag is the problem we have with the payment options offered by OBV Markets. On their website, this broker shows numerous logos of banks and payment providers. However, when we checked their payments section, we were surprised by the actual payment options.
If you wish to make a bank transfer, you are told you need to get in touch with a customer representative. Otherwise, you can make a transfer using the cryptocurrency Tether. This is a clear sign that we are dealing with a scammer – the lack of options to make payments and the fact that you end up only being able to make payments using cryptocurrencies. Crypto payments are all anonymous as well as permanent. This means that once your payments are made, you don’t know where your money has gone and you can never get your money back.
Conclusion
OBV Markets is a scammer, and you cannot trust them with your funds. This is not a broker to do business with.
OBV Markets
Pros
- Regulated Broker
Cons
- Lack of Regulation
- Issues with Payments
- Lies About Trading Software
- Issues with Trading Conditions
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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