OFM
Pros and Cons
Pros
- Diverse range of tradable instruments including forex, commodities, and CFDs
- Access to popular trading platforms: MetaTrader 4 and MetaTrader 5
- Supports both demo accounts and Islamic accounts
- Low minimum deposit requirement of $50
- Customer support available via email
Cons
- Not regulated by any recognized financial authority
- Lack of investor protection for client funds
- Potential withdrawal fees for amounts below specified limits
- Limited customer support options (email only)
- Additional fees may apply for inactivity and admin services
Basic Information
User Reviews
OFM Overview
OFM, also known as AxiTrader Limited, was established in 2019 and is registered in Saint Vincent and the Grenadines. Although it operates in the forex trading sector, it is important to note that OFM is not regulated by any recognized financial authorities, which may raise concerns for potential traders regarding the safety of their investments. This lack of regulation underscores the importance of conducting thorough research before engaging with the broker.
The broker offers a diverse range of tradable instruments, including forex, commodities, and CFDs. OFM provides access to popular trading platforms, such as MetaTrader 4 and MetaTrader 5, which are equipped with various tools and features for traders. Customer support is available via email, and the broker supports both demo and Islamic accounts, catering to a wide array of trading preferences. Despite being unregulated, OFM’s offerings may appeal to those looking for a broad trading experience within a competitive framework.
Is OFM Safe? Regulation Analysis
Regulatory Information
OFM, also known as AxiTrader Limited, is not regulated by any recognized financial authority. Established in 2019 and registered in Saint Vincent and the Grenadines, the lack of regulation raises concerns about the safety of client funds. Trading with an unregulated broker like OFM may expose investors to risks such as a lack of investor protection and a higher potential for fraud.
Is OFM Regulated and How Are Client Funds Protected?
The broker is not regulated by any recognized financial authority, which means there are no formal protections in place for client funds. Potential traders should be aware of the associated risks when considering trading with an unregulated broker.
Trading Products and Services
What trading instruments does OFM offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | Major Pairs / Examples | Varies |
| Commodities | Gold, Oil | Varies |
| Indices | S&P 500, NASDAQ | Varies |
| Stocks | US, UK | Varies |
| Cryptocurrencies | BTC, ETH | Varies |
OFM offers a diverse array of trading instruments, providing access to various asset categories such as forex, commodities, indices, stocks, and cryptocurrencies. This diversity allows traders of all levels, from beginners to experienced professionals, to explore different markets and develop their trading strategies. By offering multiple asset types, OFM enables users to diversify their portfolios, which can be an essential element in managing risk and enhancing potential returns in their trading endeavors. Such flexibility allows traders to adapt their approaches based on market conditions, aligning with their individual investment goals.
Account Types and Trading Conditions
What Account Types and Fees Does OFM Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| Retail Account | Beginners and casual traders | No commission; cost incorporated into the spread | Suitable for small-capital practice |
| Professional Account | Experienced traders | Low spreads; trading commission applies | Requires trading volume qualifications |
| Islamic Account | Traders seeking swap-free options | No overnight interest; subject to review | Available upon request |
| Demo Account | All trader levels | Practice trading with virtual funds | Ideal for testing strategies |
Account Opening Process
To open an account with OFM, prospective traders must complete the following steps: 1. Provide personal information, including name, address, and contact details. 2. Submit employment information, such as occupation and employer details. 3. Share financial information to assess trading experience and risk tolerance. 4. Undergo identity verification by submitting an ID and proof of address. 5. Enjoy account flexibility, as traders can upgrade to a professional account later if they meet the necessary criteria.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | Varies | $0 (Retail Account); $7 (Professional Account) | Tight spreads available for major pairs |
| CFDs (Stocks, Indices, Commodities) | Varies | $0 (Retail Account); $7 (Professional Account) | Competitive spreads across various instruments |
| Cryptocurrencies | Varies | $0 (Retail Account); $7 (Professional Account) | Dependent on market volatility |
Other Fees
OFM may impose several additional fees, including deposit and withdrawal fees, inactivity fees, and overnight interest (swap rates). Deposits are typically free, while withdrawals may incur charges if below specified amounts. Inactivity fees may apply after a certain period of no trading activity, and other admin charges could be levied for specific services. Currency conversion fees may also apply when trading different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does OFM Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | Two-factor authentication, multiple order types, price alerts, technical indicators | Demo account, VPS |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Enhanced charting tools, market depth, economic calendar, push notifications | Demo account, VPS |
| Web Version | Browser-based (all OS) | Secure login, symbol lookup, basic order types, real-time alerts | None |
| Mobile App | iOS, Android | Biometric login, one-click trading, price alerts, market news | Demo account |
OFM provides access to robust trading platforms, notably MetaTrader 4 and MetaTrader 5, which cater to both new and experienced traders. MT4 is widely recognized for its user-friendly interface and essential trading tools, while MT5 offers advanced features for more sophisticated trading strategies. The web version allows traders to access their accounts from any device without the need for installation, ensuring convenience. The mobile app facilitates trading on the go, featuring secure login options and real-time alerts. Overall, OFM’s platform offerings emphasize secure access, diverse trading tools, and flexibility in trading environments.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3-5 business days | No platform fee; third-party charges may apply | Min $100, Max $10,000 per transaction | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $5,000 per transaction | USD, EUR |
| e-Wallet (e.g., Skrill, Neteller) | Instant | No platform fee; 1.5% charge applies | Min $50, Max $20,000 per day | USD, EUR |
Minimum Deposit
OFM requires a minimum deposit of $50 to open an account. This amount is consistent across all payment methods and account types, making it accessible for traders at various levels.
How to Withdraw
To withdraw funds from your OFM account, follow these steps: 1. Log in to your OFM account. 2. Navigate to the ‘Withdrawal’ section. 3. Select your preferred payment method for withdrawal. 4. Enter the amount you wish to withdraw, adhering to the specified limits. 5. Confirm your withdrawal request. 6. Wait for the processing time to complete, which varies by method.
Customer Support
OFM Customer Support Overview
Support Channels
OFM provides customer support primarily through email. Traders can reach out to the support team at info@ofmarkets.com for assistance. While live chat and telephone options are not explicitly mentioned, users can contact the broker through the provided email for help with any inquiries or issues.
Service Availability
The customer service team is available during standard business hours, although specific operating times are not detailed. Traders should be aware that support may not be available 24/7. There is no information regarding multilingual support, so it is advisable to communicate in English when seeking assistance.
Frequently Asked Questions
OFM, also known as AxiTrader Limited, is not regulated by any recognized financial authority. This lack of regulation raises concerns about the safety of client funds, and potential traders should be aware of the associated risks when considering trading with an unregulated broker.
OFM offers several account types, including Retail Accounts for beginners and casual traders, Professional Accounts for experienced traders, Islamic Accounts for those seeking swap-free options, and Demo Accounts for practice. Each account type has its own characteristics and suitability for different trading needs.
OFM supports various deposit and withdrawal methods, including bank transfers, credit/debit cards, and e-wallets. The minimum deposit required to open an account is $50, and withdrawals can be made by selecting a preferred payment method, adhering to specified limits and processing times.
OFM provides customer support primarily through email. Traders can contact the support team at info@ofmarkets.com for assistance. However, there are no live chat or telephone support options, and response times may vary.
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Risk Disclosure
Trading forex/CFDs via brokers carries high risks, including potential total loss. For any data changes, please refer to the latest information on the brokers' official websites. Trade with caution and seek independent advice.