OceanTrade.Club – Should You Put Your Trust in Them?

| Publish date: 02/27/2021 (Last updated: February 27, 2021 08:46 AM)
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Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.

OceanTrade.Club - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Deposit
X

updated 2021

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

Plus500 Review - Regulated broker
Plus500CY Ltdauthorized & regulated by CySEC

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: oceantrade.club

Founded: 2016

Regulations: Unregulated

Languages: English, Deutsch, Arabic

Deposit Methods: Visa, MasterCard, Bank Wire, eWallet

Minimum Deposit: €5,000

Free Demo Account: No

Number of Assets: N/A

Types of Assets: Forex, Indices, ETF, Shares, Commodities

Trading Accounts and Conditions

OceanTrade has five account types, which are crafted to satisfy their users and potential clients. Each account tier has its advantages, and despite being a shady website, OceanTrade is pretty transparent with all the information. Minimum deposit amounts vary from each tier; a Basic account has a gated deposit of €5,000, a Silver account has €10,000, a Gold account has €25,000, a Platinum account has €100,000, and finally for their Diamond account type, it has a customized range.

Each account is also subject to a welcome bonus that starts from 10% on the Basic understanding up to a staggering 150% for the Diamond account. They also offer account managers, which will help clients with what to do, especially on how they should approach trading on this website. OceanTrade also hosts “special trading events,” which may vary per account type, and whatever it is, they haven’t fully disclosed yet; only clients genuinely know what these are.

Even if they are upfront with all their account conditions, they are all clear; none of these matters since OceanTrade.Club is mostly a scam. Despite their efforts on making the website look reliable, with a bit of research and looking at their features, we can conclude that your money isn’t safe with them.

OceanTrade.Club – Advantages

OceanTrade is a total scam, and every feature, promotion, and service they offer doesn’t matter since their sole purpose is to milk money from their clients. We recommend looking for a better and legitimate broker right away and never sink any money with OceanTrade.

OceanTrade.Club – Disadvantages

  • Unlicensed and Unregulated

When it comes to legitimacy, OceanTrade falls flat, as they not just outright lie with their license, but they’re also going far as providing a fake registration number that can be seen on their website. Indeed, they are shady, and the worse part is that they are in operation in the EU and UK, which are territories that require brokers to have a license before going into business. That said,OceanTrade is also considered illegal if they are indeed operating in both the EU and UK.

Upon digging through their terms and conditions, they specify about the Marshall Islands, and it seems that it can be where they mainly operate. Even if they’re not based on the EU and UK, they are still a scam and aren’t recognized by strong financial authorities.

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

 

  • No Clear Withdrawal Policies

OceanTrade states that they don’t charge when it comes to deposit and withdrawal. Still, it turns out that withdrawing funds from them is almost impossible, decreasing or even removing the chances of you earning money from their platform. OceanTrade is only interested in making their clients deposit by alluring them with bonuses and promotions. They won’t allow you to get any single cent from them, even if you start making a profit from whatever software they offer.

These claims about not being able to withdraw money aren’t just speculations since we have empirical evidence about it, and it can be found on their terms and conditions. They take advantage of their clause by inputting a trading requirement before someone can withdraw the money and mix their funds with bonus funds, resulting in a hassle withdrawal dispute.

  • Basic Trading Software

OceanTrade uses a primary web-based trading platform that isn’t recommended to use for setups like this. We highly suggest going for a built-in broker, MetaTrader4 or MetaTrader5, in their system as they are considered the most popular and effective platforms to use when trading. Given thatOceanTrade can’t also be trusted, there’s no real way of telling if all the details displayed on the screen are reliable.

OceanTrade’s platform isn’t advanced, and it is clear that it lacks a lot of useful features that make trading a lot easier and faster.

  • Not Enough Leverage

You might have already known that we hate very high leverage offered by brokers, but we also hate low leverages as it doesn’t impact a client’s ability to make a profit with their funds. OceanTrade provides a 1:10 leverage, which is quite insufficient, even for beginners. While this may ensure that the traders will never have to lose too much money, the ability to make a profit will also be removed, nullifying the purpose of depositing money to OceanTrade.

  • Ridiculous Bonus Offers

OceanTrade wants to attract people to deposit into their scheme, and they do this by offering different types of bonuses. One of the most straightforward bonuses they offer is the Welcome Bonus, which is very enticing, mainly because it can reach up to 150%; however, this can only be achieved by a Diamond account holder. However, the higher tier of account you go, the higher amount of money you need to deposit, so it doesn’t make sense since you’ll lose a lot of money, given that OceanTrade is a total scam. While these Welcome Bonus do work, as stated above, it is almost impossible to withdraw them as OceanTrade will do their best to cancel or block your withdrawal request.

It is essential to note that licensed and regulated brokers won’t offer you bonuses and rewards just by signing up. It can be true to some, but they don’t give away ridiculous percentage amounts of money. Most of them only give a flat amount that would help beginners with their investing journey.

Conclusion

OceanTrade is a blatant scam website that is benefiting from attracting people into depositing large amounts of money. They use bonuses and offers that are giving away heaps of money so that their clients will be convinced to deposit more money, only for them to know that they can’t withdraw it afterward. OceanTrade’s website is professional-looking, and they even have their descriptions correctly. Still, it turns out that a large part of them are all lies and are included to convince people that they are legitimate. OceanTradeisn’t worth your time, and you should find another broker that has existed for a long time already and has a lot of people to testify.

OceanTrade.Club

2.2

User Experience

2.2/10

Payment Options

2.4/10

Security

2.3/10

Support

2.0/10

Reputation

2.2/10

Pros

  • None

Cons

  • Unlicensed and Unregulated
  • No Clear Withdrawal Policies
  • Basic Trading Software
  • Not Enough Leverage
  • Ridiculous Bonus Offers

Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:

Plus500
$100
Minimum Deposit

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.

 

AvaTrade
$100
Minimum Deposit

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.

eToro
$200
Minimum Deposit

eToro is a multi-asset platform which offers CFD and non CFD products. 74% 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.

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