Thinking of getting into business with Ozo FX? Here is what you must know about this broker. Carefully read this review to find out if ozofx.com is the trading platform you will want to trade with.
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About Ozo FX Broker
Ozo FX is an offshore brokerage company with a lot of promises for traders. The broker provides us with an address showing it is from United Kingdom and Toronto.
There are different account type the broker offers. See below.
To clarify, in spite the trading instruments Ozo FX claims to offer, traders must know they are dealing with an unknown broker which does not have a regulation over its head.
ozofx.com: Reasons to Avoid This Broker
Firstly, ozofx.com is a platform with no financial authority overseeing its financial services. The regulation claim is not legit because Financial Conduct Authority, UK does not recognize the broker.
Secondly, we noticed ozofx.com has no demo account for traders. Since traders can’t test broker on a free account, we can’t know its viability in the forex market.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk as your money cannot be refunded.
These are cons for forex traders to avoid losing money with this scam broker. It is always advisable you check for regulated and licensed broker on financial authorities websites before depositing fund for trading.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, the broker does not specify its fee on any withdrawal. This leaves us with the doubt that Ozo FX is not a reliable broker to take seriously.
Minimum Deposit
Ozo FX minimum deposit is pegged at $200 according to the account type.
As for the payment methods, Ozo FX mentioned Debit/ Credit card, Wire Transfer, Neteller, Bitcoin and Skrill. But, you should not consider making any payment with this broker because it is a risk. So beware!
Ozo FX Platform
Ozo FX claims to offer web based trader and MT5 (Industry standard trading platforms). The presence of MT5 doesn’t make this broker legit because any scam broker can do the same to lure forex traders.
As for the leverage, it can get up to 1:300. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Ozo FX Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
Minimum Trade Deposit $100
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1:500
Conclusion: Is ozofx.com a Reliable Broker?
No, ozofx.com does not seem like a reliable broker for traders even though it promises offers that look good to be true.
Most importantly, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review scam forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
