OnFin
Pros and Cons
Pros
- Regulated by Mwali International Services Authority (MISA)
- Diverse trading instruments including Forex, Stocks, Commodities, Indices, and Cryptocurrencies
- User-friendly trading platforms: MetaTrader 4 and MetaTrader 5
- Low minimum deposit starting at $1 for the Mini Account
- 24/7 customer support through multiple channels
Cons
- Not regulated by major financial authorities
- Limited selection of trading platforms (only MetaTrader 4 and 5)
- Lack of educational resources for traders
- No investor protection fund or compensation scheme
- Withdrawal fees may apply depending on the method used
Basic Information
User Reviews
OnFin Overview
OnFin is a forex broker established in Comoros, operating for approximately 1-2 years. The firm, officially known as OnFin Ltd, provides services to a global clientele. As a relatively new entrant to the forex market, OnFin emphasizes transparency and accessibility for traders of all experience levels, ensuring a straightforward trading experience. More details about the broker can be found at their official FX URL: https://www.wikifx.com/en/dealer/1763247389.html.
The broker offers a range of trading instruments, including forex and CFDs, catering to diverse trading strategies. OnFin provides a user-friendly trading platform, which is designed to enhance the trading experience with various tools for analysis and trade execution. Customer support is available to assist clients, ensuring timely responses and assistance across different communication channels. With a focus on creating a reliable trading environment, OnFin aims to stand out in the competitive forex landscape by offering appealing trading conditions and a commitment to customer satisfaction.
Is OnFin Safe? Regulation Analysis
Regulatory Information
| Regulatory Authority | Country/Region | Fund Protection Measures |
|---|---|---|
| Mwali International Services Authority (MISA) | Comoros | Segregated Funds |
Is OnFin Regulated and How Are Client Funds Protected?
OnFin is regulated by the Mwali International Services Authority (MISA) under license number bf x 2024038. This regulation provides a level of oversight and compliance with international standards. Client funds are protected through segregation, meaning that traders’ funds are held in separate accounts from the broker’s operational funds. However, it is important to note that there is no investor protection fund or compensation scheme in place. While OnFin aims to maintain transparency and a reliable trading environment, potential clients should consider the implications of trading with a broker that operates under offshore regulation. Overall, OnFin’s regulatory status and fund protection measures contribute to a framework that seeks to enhance the safety and legitimacy of the trading experience.
Trading Products and Services
What Trading Instruments Does OnFin Offer?
| Asset Category | Available Products | Total Count (if available) |
|---|---|---|
| Forex | EUR/USD, GBP/JPY, Major & Minor Pairs | 50+ |
| Commodities | Gold, Silver, Crude Oil, Natural Gas | Multiple |
| Indices | S&P 500, NASDAQ, FTSE 100, DAX | Multiple |
| Stocks | US (e.g., Apple, Tesla), UK (e.g., BP, Vodafone) | Many |
| Cryptocurrencies | BTC, ETH, XRP, LTC | 20+ |
OnFin offers a diverse selection of trading instruments across multiple asset categories, including Forex, Commodities, Indices, Stocks, and Cryptocurrencies. This extensive range allows traders of all experience levels, from beginners to professionals, to find products that suit their trading strategies. The availability of over 50 Forex pairs and various commodities supports both short-term and long-term trading approaches, while the inclusion of stocks and cryptocurrencies enhances portfolio diversification. With multiple asset categories, OnFin provides traders the flexibility to adapt their strategies and manage risk effectively in dynamic market conditions.
Account Types and Trading Conditions
What Account Types and Fees Does OnFin Offer?
| Account Type | Target User Group | Essential Characteristics | Applicability Notes |
|---|---|---|---|
| ECN Account | Experienced traders, scalpers | Floating spreads from 0 pips, market execution | Minimum deposit of $50, trading commission of $4 per lot |
| Fix Account | Traders preferring price certainty | Fixed spreads, no commissions | Minimum deposit of $50, suitable for stable trading |
| Mini Account | Beginners, low-budget traders | Reduced margin requirements, no commissions | Minimum deposit of $1, ideal for small-capital practice |
| Copy Account | Passive investors | Floating spreads from 2.4 pips, varies commission | Minimum deposit of $50, designed for strategy replication |
Account Opening Process
To open an account with OnFin, you need to follow a structured process. Start by providing your personal information, which includes your full name, contact information, and date of birth. Next, submit your employment and financial information to assess your trading experience and risk profile. Identity verification is a critical step, requiring you to upload a valid ID and proof of address. Once your documents are verified, you can proceed to fund your account. OnFin also allows for account flexibility, enabling you to upgrade to a professional account later if your trading needs evolve.
Trading Fees
| Product | Spread (pips) | Commission | Notes |
|---|---|---|---|
| Forex (Major Pairs) | 0.8 | $4 per lot | Tight spreads for major currencies |
| Forex (Minor Pairs) | 1.0 | No commission | Competitive pricing for minor pairs |
| CFDs (Stocks) | Variable | No commission | Fees may vary based on market conditions |
| CFDs (Indices) | Variable | No commission | Dynamic pricing based on index performance |
| Cryptocurrencies | 1.0% | Variable commission | Depends on volatility and trade size |
Other Fees
In addition to trading fees, OnFin may charge for various other services. These include potential deposit and withdrawal fees depending on the payment method used. Inactivity fees may apply if accounts remain dormant for extended periods. There are no platform usage fees, ensuring that traders can utilize the trading platforms without additional costs. Overnight interest, also known as swap rates, may be charged for positions held overnight. Lastly, currency conversion fees may apply if transactions involve different currencies.
Trading Platforms and Apps
What Trading Platforms and Apps Does OnFin Offer for Traders?
| Platform | Device Support | Key Features | Additional Services |
|---|---|---|---|
| MetaTrader 4 (MT4) | Windows, macOS, iOS, Android | 2FA, market search, multiple order types, price alerts, technical indicators | Demo accounts, API interfaces |
| MetaTrader 5 (MT5) | Windows, macOS, iOS, Android | Encryption, symbol lookup, one-click trading, push notifications, economic calendar | Demo accounts, VPS |
| Web Version | Any web browser | Secure login, market analysis tools, customizable interface | No additional services |
OnFin provides a selection of trading platforms designed to cater to various trader needs. The MetaTrader 4 (MT4) platform is ideal for both novice and experienced traders, supporting automated trading through expert advisors and offering a user-friendly interface. MetaTrader 5 (MT5) enhances this experience with advanced charting tools and multi-asset trading capabilities, making it suitable for traders who require more analytical features. The web version allows traders to access their accounts from any device without the need for downloads, ensuring flexibility and convenience.
All platforms prioritize security with features like two-factor authentication and encryption, ensuring that traders can operate with peace of mind. The ability to manage accounts on mobile devices further supports trading on the go, providing users with real-time alerts and fast order execution. Overall, OnFin’s platforms are structured to deliver a seamless trading experience tailored to the diverse needs of its clients.
Deposit and Withdrawal
Deposit and Withdrawal Options
| Payment Method | Processing Time | Fees | Limits | Base Currency Options |
|---|---|---|---|---|
| Bank Transfer | 3–5 days | No platform fee | Min $50, Max $20,000/day | USD, EUR |
| Credit/Debit Card | Instant | No platform fee | Min $50, Max $10,000/day | USD, EUR |
| E-Wallet (e.g., Skrill, Neteller) | Instant | 1.5% e-wallet charge | Min $10, Max $5,000/day | USD, EUR |
| Cryptocurrency | Instant | No platform fee | Min $50, Max $15,000/day | BTC, ETH |
Minimum Deposit
OnFin has a minimum deposit requirement of $1 for the Mini Account, while other account types require a minimum deposit of $50. This minimum does not vary by payment method but is consistent across account types.
How to Withdraw
To withdraw funds from your OnFin account, follow these steps: 1. Log in to your OnFin account. 2. Navigate to the ‘Withdrawal’ section in your account dashboard. 3. Select your preferred withdrawal method. 4. Enter the amount you wish to withdraw, ensuring it meets the minimum and maximum limits. 5. Submit your withdrawal request. 6. Wait for processing; the time will vary based on the chosen method.
Customer Support
OnFin Customer Support Overview
Support Channels
OnFin offers several convenient contact methods to ensure that customers receive the assistance they need. Clients can reach out via:
- Email: Clients can send inquiries to the support team at support@onfin.io for detailed assistance.
- Live Chat: Available 24/7 for immediate support, allowing traders to get real-time help.
- Telephone: OnFin provides a direct contact number for urgent issues, ensuring quick resolution of critical concerns.
- Social Media: The broker maintains an active presence on platforms like Telegram, where users can engage with the community and receive updates.
Service Availability
Customer support is accessible 24/5, ensuring that traders can get help during market hours. OnFin also provides multilingual support, facilitating communication in various languages to accommodate its diverse client base.
Additional Resources
OnFin enhances its customer service with educational resources, including video tutorials, webinars, and market analysis. These tools are designed to help traders improve their understanding of the markets and trading strategies, making it easier for them to navigate their trading journey.
Frequently Asked Questions
OnFin employs secure connection technology (SSL) to ensure the confidentiality of user-provided data. This technology provides effective protection against potential interception by third parties. The company continuously enhances its security measures to prevent unauthorized access to the system and user data.
The verification process at OnFin typically takes up to 24 hours. However, the actual time may vary depending on the number of applications received. To ensure a smooth verification, all necessary documents should be uploaded directly to your account, as sending them via email is not permitted.
If you experience any issues with fund withdrawals, it is recommended to contact OnFin’s customer support for assistance. They can provide guidance on the withdrawal process and help resolve any problems you may encounter.
OnFin may charge fees for various deposit and withdrawal methods. While some methods may not incur platform fees, others, such as e-wallet transactions, may involve charges. It is advisable to review the specific fees associated with your chosen payment method.
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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.