OoraFX – Should You Trade with This Broker?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
OoraFX - DO NOT TRADE WITH THIS PROVIDER
2.6/10
$100
Minimum Depositupdated 2020
OoraFX has 6 different types of accounts that it offers traders:
- Bronze: This account has a minimum deposit requirement of $100, a maximum leverage of 1:300, a spread of 0 pips and $10 per lot.
- Silver: A minimum deposit of $500 is required to use this account, which offers you a leverage of up to 1:300, and a spread of 0 pips at $8 per lot.
- Gold: An initial deposit of $2,000 is required, and traders are offered a leverage of 1:200, with a spread of 0 pips at $6 per lot.
- Diamond: $5,000 is the minimum deposit requirement, and the leverage level is 1:200. The spread stands at 0 pips, plus $4 per lot.
- Platinum: A $25,000 minimum deposit is required to trade on this account. Leverages are at 1:200, and the spread is 0 pips at $3 per lot.
Islamic: A $500 minimum deposit is needed and traders are offered a leverage of 1:200. The spread stands at 0 pips at $8 per lot.
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: http://oorafx.com/
Founded: 2008
Regulations: Unregulated
Languages: English
Deposit Methods: Unclear
Minimum Deposit: $100
Free Demo Account: No
Number of Assets: Not Known (Limited)
Types of Assets: Currency Pairs, Various CFDs
Trading Accounts and Conditions
OoraFX has 6 different types of accounts that it offers traders:
- Bronze: This account has a minimum deposit requirement of $100, a maximum leverage of 1:300, a spread of 0 pips and $10 per lot.
- Silver: A minimum deposit of $500 is required to use this account, which offers you a leverage of up to 1:300, and a spread of 0 pips at $8 per lot.
- Gold: An initial deposit of $2,000 is required, and traders are offered a leverage of 1:200, with a spread of 0 pips at $6 per lot.
- Diamond: $5,000 is the minimum deposit requirement, and the leverage level is 1:200. The spread stands at 0 pips, plus $4 per lot.
- Platinum: A $25,000 minimum deposit is required to trade on this account. Leverages are at 1:200, and the spread is 0 pips at $3 per lot.
- Islamic: A $500 minimum deposit is needed and traders are offered a leverage of 1:200. The spread stands at 0 pips at $8 per lot.
OoraFX – Advantages
There is just a couple of advantages to trading on this broker’s platform:
-
High Leverage Levels
OoraFX offers its customers leverages that are as high as 1:300, which is quite good. This means that traders to who prefer to make higher risk investments are also attracted to this broker.
However, we also need to mention that playing with high leverage comes with a correspondingly high risk, and that there are many jurisdictions that have put a cap on the amount of leverage a broker can give its customers.
-
Very Low Spreads
This broker claims to offer a spread of 0 pips. While this may be advantageous for the trader, it also means that the broker does not make any profit whatsoever.
A broker that offers this kind of spread raises suspicions, since there is no way it will make money on its operations.
-
MT5 Trading Platform Offered
The MT5 (MetaTrader 5) platform is the latest offering of the MetaTrader software. It is rapidly gaining popularity since it offers all that the MT4 platform does, and more. It has the Expert Advisors, charting options and market indicators that MT4 has, but is also allows customers to trade in different markets from a single account.
So, the fact that OoraFX offers its customers this platform may be considered a positive.
OoraFX – Disadvantages
All the advantages we have listed are double-edged, so it would be better for you to read the rest of the review to understand why we are so wary of this broker.
-
Anonymous Website
We have checked OoraFX’s website from end to end. Despite that, we have not been able to find any corporate information about this broker. There is no mention of the company that operates or owns this broker. We do not have any contact information – with the exception of an email address and an India-based telephone number.
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.
-
Unregulated
When we accessed OoraFX’s web page, a message popped up, stating that this broker is in the process of getting an FSC Broker License. However, it does not mention which financial watchdog has it applied with.
And since we know nothing about the company behind this broker – or even where it is based – we can safely say that OoraFX is completely unregulated.
What this means for traders is that they are dealing with a broker that operates outside the law, and that they money is not safe with OoraFX.
-
Unable to Test MT5 Platform
Like we said earlier, all the advantages we have listed for OoraFX are double-edged. So, while we said that this broker offers the MT5 trading platform, we were unable to test its validity.
We could not find a demo account, so we registered for a live one. When we accessed the dashboard, we found that there was no trading terminal. And while the download button for the MT5 platform was shown, it was inactive. We were unable to click on that button to download and test their platform.
Thus, we can only conclude that the offer of the MT5 platform is a lie.
-
No Legal Documents Available
OoraFX also does not have any Terms and Conditions. The Terms and Conditions is a legal document that outlines the relationship between the user (you, the trader) and the service provider (OoraFX).
Without this document, traders will not know what kind of a deal they are getting, what the payment terms are, what the withdrawal conditions are, or what other sundry fees may be applied to their transactions.
This complete lack of information has convinced us that this broker is untrustworthy and all traders must stay away from them.
-
No Information on Withdrawals and Deposits
Once again, there is no information on how clients may deposit or withdraw their funds, or even what charges will be applied for these transactions.
All we found was a single sentence on OoraFX’s home page, which stated that both withdrawals as well as deposits were instant. There is no information on the payment methods or the process that will be followed for these transactions.
Conclusion
When you look at the trading conditions offered by OoraFX, you may be tempted to open an account with them. Please avoid this temptation. This broker has no regulatory oversight, is completely anonymous, and no legally binding documents. This means that if you were to lose your money dealing with OoraFX, no government agency would be able to help you get that money back.
We would recommend that you stay away from OoraFX and find a broker that is transparent and regulated.
OoraFX
Pros
- High Leverage Levels
- High Leverage Levels
- MT5 Trading Platform Offered
Cons
- Anonymous Website
- Unregulated
- Unable to Test MT5 Platform
- No Information on Withdrawals and Deposits
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.
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.