A Complete Overview of OAFX: Is It a Scam or Legit?

In today's rapidly changing financial markets,Foreign exchange margin trading will open in 2020 = selecting a reliable and legitimate trading platform is crucial for investors. OAFX, as one of the globally renowned online financial service providers, has attracted considerable attention from traders since its inception. However, with various reviews and controversies surrounding OAFX surfacing on the internet, many novice traders have raised questions about its legitimacy. This article aims to provide a comprehensive overview of the OAFX forex platform by analyzing its services, regulatory compliance, and user feedback, assisting readers in making clearer judgments about whether OAFX can be trusted and thereby enabling them to make wise investment decisions.

For choosing among the top 100 forex platforms listed by FTI, potential users should take extra caution if a platform does not rank within this list, paying particular attention to the relationship between the platform’s white label and risk disclosures.

According to FTI's query results, OAFX was established in 2017, holds a global ranking of 4895, and has a safety score of 34 points. The platform claims to possess an Australian ASIC STP (Straight Through Processing) license; however, there are seven risk scan alerts associated with it.

Regarding the legality of the OAFX platform, there is a significant amount of controversy and negative feedback. Based on different sources, we can summarize the following points:

1. **Regulatory Issues**: Early information suggests that OAFX used Chase Finance's regulatory license (ASIC license number 416279) but changed to another license number, 328866, before 2018. This new number actually belongs to a different company, indicating potential misleading or opaque practices concerning regulatory compliance.

2. **Negative Reviews**: Some comments mention issues involving third-party payments and serious violations of Chinese laws and regulations, including suspected illegal cross-border payment activities. There are also reports of poor customer service attitudes, personal attacks on critics, and even instances of regional discrimination.

3. **Operational Problems**: Users have reported difficulties with deposits and withdrawals, including complicated deposit procedures, slow customer service response times, and delayed withdrawals.

4. **Safety Scores and Risk Alerts**: According to Hai Tou Ranking queries, OAFX has a safety score of 34 out of possibly 100 points, and there are records of risk scan alerts, further indicating that investors should approach with caution.

In conclusion, based on the aforementioned information, a highly cautious stance is recommended when considering OAFX as a forex trading platform. Regulatory compliance and transparency are fundamental requirements for any financial service institution, and OAFX's performance in these areas appears less than ideal according to available data. If you are considering forextrustindex or trading, it is imperative to conduct thorough research and possibly consult professional financial advisors to ensure the safety of your funds. It may also be beneficial to consider other more reputable and well-regarded forex trading platforms.

FTI's overall review: The official website of OAFX is currently inaccessible, and there are numerous complaints regarding significant trading environment issues such as inability to withdraw funds. Given the abundance of negative information and generally poor reviews across various commentaries, along with a limited range of tradable assets, it is advisable to steer clear of OAFX.

The financial market varies in quality, always carrying investment risks. Before forextrustindex, it's important to thoroughly investigate the platform to prevent fraud and scams. Always start with FTI for due diligence.

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