OloFX Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this OloFX Review.
Clients of OloFx are offered a choice of 2 account types: a Standard account with low initial deposit and micro lots available for trade, and a Premium one, which provides tighter spreads, but the minimum initial deposit is considerably higher. Both account types are commission-free.
Islamic (swap-free) service is available to Muslim investors upon request. This broker, however, doesn’t offer MAM/PAMM Accounts.
The Company. Security of Funds
OloFx is a trading brokerage organization offering more than 25 currency pairs to trade, various CFDs and precious metals on the renown MT4 platform. Behind this brand is BELFX LIMITED., based in Belize and operating on the basis of license from the Financial Services Commission (IFSC).
IFSC has liberal control over forex brokers. Its supervision focuses on promulgation of regulation and a binding code of conduct, as well as the licensing process. Little attention is paid to compliance-checking, reporting and on-going supervision.
Despite of the lack of strict regulatory rules, OloFx announces on its website that clients’ funds are held in segregated accounts, absolutely separate from their corporate ones.
Nonetheless, if you intend to invest a large amount of money, we would advise you to select a forex broker licensed in UK or Switzerland for instance, where regulation is strict and there are compensation schemes set, which will protect your money, in the event that the broker becomes insolvent.
Minimum Initial Deposit
In order to open an account with OloFx, one has to deposit at least $100. This is a reasonable minimum initial deposit requirement, given the looser regulation. In comparison, ForexBrokerInc, registered on the Marshall Islands, also demands $100 for all account types as a start.
Average spreads & Commissions
OloFx provides variable spreads, which are far from competitive. One of the reasons for this is perhaps the fact that it doesn’t charge any commission and gets paid for its services through spread markups.
Average spreads on the Standard account type are above 2 pips for the EUR/USD pair and the ones offered on the Premium account (requiring $10 000 deposit) are averaged 1.9 pips on EUR/USD. In comparison, FX Choice (also Belize-based) offers variable spreads averaged 1.2 pips on EUR/USD on its commission-free account with minimum deposit of $100.
For further information, you may look up real-time spreads of 15 leading brokers here.
This broker offers leverage up to 1:500, which is a relatively high ratio. Nonetheless, most offshore brokers provide similar maximum leverage levels: ForexBrokerInc also provides leverage up to 1:500 and Belize-based Colmex Pro – up to 1:400. More forex brokers offering leverage equal to or exceeding 1:500 can be views here.
Please, be advised that higher leverage levels may not only multiply your profits on a small deposit, but also lead to heavy losses in excess of initial investments.
Like most brokers, this one supports MetaTrader 4 (MT4), the preferred choice of most experienced traders, as the platform offers a number of technical indicators, advanced charting package, and wide range of Expert Advisors (EA), allowing clients to fully automate their trades. What is more, the platform’s user-friendly interface allows even inexperienced traders to easily find their way around it. Click here to see other brokers that use this trading platform.
In addition, OloFX offers VPS hosting for free to all new and existing clients who make a minimum deposit of $5,000 and uphold equivalent balance for the following months. VPS hosting allows traders to access their own virtual desktop 24/7, anywhere-anytime and run Expert Advisor (EA) algorithms without any interruption.
Currently this broker offers its traders a Refer-A-Friend Program, where each client who refers a friend as a trader, will receive a 10% Cash Bonus.
Methods of Payment
OloFx offers its clients the following payment modes: bank wire, credit/debit cards, PaySafe Card, China UnionPay, CashU, Skrill, Moneta, WebMoney, POLi, Sofort and Yandex Money.
Accepted currencies: EUR, USD.
OloFx is a STP offshore broker, offering online trading in currency pairs, CFDs and precious metals. Apart from its light-touch regulation, what we find unattractive about this broker is the spreads, which are far from competitive.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
OloFX Review Conclusion
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