OAFX Review: A Comprehensive Overview of the Forex Broker

In the rapidly changing global foreign exchange market,Is Jinrong China foreign exchange platform legal? finding a reliable and efficient trading platform is every trader's top priority. Here we evaluate whether OAFX remains an ideal trading partner for forex investors.

The top 100 forex platforms listed by FTI can serve as a reference for your selection. If a platform is not within this list, pay special attention to its white-label relationships and risk warnings.

Today, an investor asked about the OAFX platform, wanting to know if it is a scam or legitimate and whether funds are secure.

According to FTI's records, this platform is called OAFX, established in 2017, ranked globally at 4,662, with a safety score of 34. The platform claims to hold one forex license, and there are six risk scan warnings.

The information about the OAFX forex platform presents a complex picture, containing both positive and negative feedback. Here is a summary of some key points regarding OAFX:

**Positive Evaluations

**

1. **Regulatory Status**:

   - Some sources indicate that OAFX is regulated by the Australian Securities and Investments Commission (ASIC), with a regulatory number of 328866.

   - There is a claim that the platform has strict ASIC regulation and a certain history.

2. **Business Scope**:

   - OAFX claims its operations cover multiple countries and regions, including the UK, the US, Australia, New Zealand, Japan, China, Dubai, and Southeast Asian countries.

   - It serves over one million clients and institutions.

3. **Company History**:

   - The OAFX Group was founded in 2004 and is part of the Hong Kong-listed company, Millennium Group Limited (stock code: 1200).

**Negative Evaluations

**

1. **Regulatory Issues**:

   - Initially, OAFX used Chasing Finance’s regulatory license, which it later changed due to issues with Chasing Finance.

   - Reports indicate that before December 2017, OAFX used Chasing Finance’s regulatory license number 416279, then switched to 328866, but this number corresponds to a regulatory license held by Prime Minister Private Company, which is limited to institutional clients with more than AUD 500,000 and does not have retail forex trading qualifications.

   - Its regulatory status is controversial, with comments referring to it as an "unregulated black platform."

2. **Business Compliance**:

   - Comments suggest that the ASIC regulatory license 328866 it holds is for restricted operations, posing a risk of shutdown.

   - There are questions about its relationship with Chasing Finance, and the provided address is actually that of Chasing Finance.

3. **Corporate Entity**:

   - Information indicates that OAFX is not a U.S. company but is registered in the UK under the name Millennium Alpha Limited.

**Summary

**

- OAFX has controversies surrounding its regulatory status, with some comments describing it as a "black platform."

- The company has undergone changes in regulatory licenses, and its current regulatory status is unclear.

- While there are positive evaluations regarding its regulatory status and business scale, these need further verification.

Given the above information, if you are considering using the OAFX platform for trading, proceed with caution. We strongly recommend the following steps:

1. **Verify Regulatory Information**: Directly visit the official websites of relevant regulatory bodies to confirm OAFX's regulatory status.

2. **Research Reviews**: Look at user reviews and feedback on multiple independent third-party websites.

3. **Consult Professionals**: Consider consulting financial advisors or lawyers.

4. **Small-Funds Test**: If you decide to try, start with a small amount of funds to minimize potential risks.

Finally, forex trading inherently involves risks, and choosing a reputable and transparently regulated platform is crucial. Before making any decisions, ensure you fully understand all relevant information.

FTI Comprehensive Review: Currently, the OAFX official website is inaccessible, and complaints mainly involve significant issues like withdrawal difficulties. Given the high volume of negative information and generally poor reviews, along with a limited range of tradable assets, it is advisable to stay away.

The financial market is mixed, and all investments carry risks. Before forextrustindex, thoroughly investigate the platform. To prevent scams and avoid pitfalls, start with FTI.

Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!