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Oinvest Review – is oinvests.co.za scam or good forex broker?
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Trading Accounts and Conditions
Trading account | Minimum deposit | Maximum leverage | Spread |
Standard | Not specified | 1:500 | 0.7 pips |
Oinvest is a South African forex and CFD broker that appears to offer a single account type with tight variable spreads, no commission fees and high leverage levels on the MT4 platform.
In addition, the broker provides a number of educational sources for beginner traders, such as e-books, training courses, webinars, tutorials, etc.
Oinvest Advantages
Licensed in South Africa
One of the strongest benefits of Oinvest is the fact that the company behind it, BASFOUR 3773 (PROPRIETARY) LIMITED, is regulated by the South African Financial Sector Conduct Authority (FSCA), the successor of the Financial Services Board (FSB). The FSCA is in charge of the licensing process and oversees financial service providers, which are required to keep all client funds in segregated trust accounts in a recognized bank in South Africa. The regulator also keeps a public register of Authorized Financial Service Providers, so that investors can look up whether a certain broker is FSCA-licensed.
Although regulation in South Africa is not among the strictest and most reputable ones (such as the one in US or Australia, for example), it provides a certain level of reliability.
Trading on MetaTrader 4
Another positive side of Oinvest is that trading is done on the widely used MetaTrader 4 (MT4), which most traders know well and like using. The reason for this is that the MT4 has an intuitive interface, solid charting, great analysis tools, and supports wide range of automated strategies, better known as Expert Advisors.
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The trading costs at Oinvest also appear attractively low. The broker does not charge commission fees and the spread on EUR/USD is as low as 0.7 pips.
A wide variety of assets
Another advantage of this broker is the variety of trading instruments it offers for trade. Its product portfolio includes around 50 currency pairs (FX), as well as CFDs on stocks, commodities, indices, and cryptocurrencies. The list of the latter comprises popular coins such as Bitcoin, Ether, Ripple Dash, Bitcoin Cash, Bitcoin Gold, Monero and Litecoin.
If you are into cryptocurrencies, check out our list of reliable forex brokers that offer trading in Bitcoin.
High leverage levels
As most brokers who are not restricted by the laws applicable in the country of their operation, Oinvest provides high leverage levels, reaching 1:500. While such leverage ratios allow traders to open larger positions, while not investing large sums. That is why we consider it as an advantage, although leverage levels that high increase significantly the risk of losses.
Oinvest Disadvantages
Trading conditions not specified on website
Oinvest’s website does not contain any relevant information on its trading conditions, such as leverage levels, minimum initial deposit, spreads, etc. All decent forex brokers specify these essential trading details as a part of their transparent pricing policy.
Fortunately, demo accounts are available, so we were able to see the trading costs and the leverage ratios available.
Not available in many countries
It seems that Oinvest targets mainly local traders, as it does not accept clients from the United States, Iran, Cuba, Sudan, Syria, North Korea, Australia, Canada, Israel, as well as such from European countries.
Conclusion
Oinvest is a well-regulated South African broker that offers wide range of tradeable assets on the industry’s leading MT4 platform. While the trading conditions on demo accounts seem pretty attractive, they are not clearly specified on the broker’s website.
The situation with financial markets in South Africa seems promising, as this is the most developed country on the continent and has some sort of financial regulation. Nonetheless, the most reliable forex brokers regulated by the South African Financial Sector Conduct Authority are also licensed by other, more trustworthy financial governmental agencies such as UK’s FCA or Cyprus’s CySEC.
To sum up the above:
Pros | Cons |
Licensed in South Africa | Trading conditions not specified on website |
MT4 available | Not available in many countries |
Tight spreads | |
A wide variety of assets | |
High leverage levels |
Broker | Advantages | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FXTM a regulated forex broker (regulated by CySEC, FCA and FSC), offering ECN trading on MT4 an MT5 platforms. Traders can start trading with as little as $10 and take advantage of tight fixed and variable spreads, flexible leverage and swap-free accounts. XM is broker with great bonuses and promotions. Currently we are loving its $30 no deposit bonus and deposit bonus up to $5000. Add to this the fact that it’s EU-regulated and there’s nothing more you can ask for. FXCM is one of the biggest forex brokers in the world, licensed and regulated on four continents. FXCM wins our admirations with its over 200,000 active live accounts and daily trading volumes of over $10 billion. FxPro is a broker we are particularly keen on: it’s regulated in the UK, offers Metatrader 4 (MT4) and cTrader – where the spreads start at 0 pips, Level II Pricing and Full Market Depth. And the best part? With FxPro you get negative balance protection. FBS is a broker with cool marketing and promotions. It runs an loyalty program, offers a $100 no-deposit bonus for all new clients outside EU willing to try out its services, and an FBS MasterCard is also available for faster deposits and withdrawals. FxChoice is a IFSC regulated forex broker, serving clients from all over the world. It offers premium trading conditions, including high leverage, low spreads and no hedging, scalping and FIFO restrictions. HotForex is a EU Regulated broker, offering wide variety of trading accounts, including Auto, Social and Zero spread accounts. The minimum intial deposit for a Micro account is only $50 and is combined with 1000:1 leverage – one of the highest in the industry.
Traders` reviews for OinvestSpreadSlippageRequotesPrice feedPlatformDeposit/WithdrawCustomer serviceSummaryI am a victimIt is the real scam, blood sucking kind of people, they are working for the devil. Stay awayYou are going to loose money . Oinvest is a SCAM. SCAM.Its a SCAM. Do not trust them. I have lost R63500 in 3 days today!! lock out of my account with a large amount of money still in the avccountI was sill busy on forex and I was locke out. Withdraw[email protected] actually helped my withdrawal after providing the statement. Not customer friendly[email protected] is not customer friendly. After they withdraw the R3500 no tel is answered and no advice forthcoming. Lost all my moneyI trade with Oinvest since March but after doing well they give me false information to buy to trading t App not tradingI just started my journeys to days ago I find that after two days the MetaTrader 4 app do not work properly. Please helpI have an account with oivest even though I’m not trading at the moment. My main concern was that it seemed like somebody was going into my trading account and open and close active trading pairs without me knowing. Who ever was assisting me, will than blame me for that.I was still new in trading space. Secondly I didn’t change my password. I still want to be a trader. Please I need your advise. With kind regards Please help meI deposited an amount of R8500.00 with Oinvest using my absa Visa credit card, I was helped to make the deposit. I could not trade sue to the fact that I am always on the road now. I requested a refund of my money but now they avoiding me. They are not helpful with my refund but they are registered with the FSCA and they regulated by so called Basfour 3773 Pty Ltd. Will somebody please help me to recover my R8500.00.Please. FSB please. Update on previous postAdding to my post from yesterday, I was contacted by Oinvest’s “Customer Support” department rgarding my withdrawal request, by email. They claimed that there was an issue with their Payment Service Provider and that my refund MAY have to be provided by wire transfer. Extremely annoying, invasive business practiceHaving seen Facebook promotions for an investment scheme that automatically generates profits and having a spare bit of cash to throw at such TGTBT schemes, I decided to deposit $250 with Oinvest. Stay away from OintvestI was called by ine Agent called Issac asked for my ID and proof of Res, deposited my R3500, 2days later so called Account Manager Lennard help me to download their trading website, 2days agter asked for $250 to increase my chances if making a profit. 1day later he ask for more when I told him I dont have anymore I had already invested All money was gone. Pls pls Stay away from Ointvest. Am starting to suspect OinvestI was asked to make a loan of R25000 to buy stock market shares which will make me profit, to my surprise I am told that my margin level is low and I must put in more cash because my margin level is below 100, whereas I was told that I will be refunded the money I put in to backup my margin level, I have requested my refund now am told that my money cannot be released as my margin level is on minus.That was not an agreement an I am now sitting on a debt which I must pay back. Do not invest with oinvestOnce u have deposited money, it means you have fallen into their trap because i did Crypto Cash Review, Fake Crypto Cash SCAM? Yes, [Confirmed]Is Crypto Cash scam or legit? Well, this get-rich-quick nothing to do with the Crypto Cash System by Brian Daniels. It does however have everything to do with defrauding and scamming unsuspecting victims looking to cash in on a legit trading app. Our impartial and independent Crypto Cash review and investigation was prompted by persistent complaints of the most alarming nature. Its true that at first glance Cypto Cash may come across as a legitimate system, however our staff of researchers has stumbled on some particularly incriminating evidence which sheds light on this latest crypto app. Word to the wise, if you have seen some type of fake advertisement illegally using the name of Elon Musk or Sir Richard Branson to peddle fraudulent software then you should know that you are being targeted by a fraudulent affiliate network with a base of operations in Cyprus and the Middle East. In fact, the Crypto Cash Scam software and trading robot is a part of what we call a network of copied scams which are designed to trick and bait unsuspecting victims. The end goal of this new scheme is to get you to deposit money with a fake Forex and CFD Broker, in our case it was Cryptonix Team which is owned by Wilkinson Europe LTD and has a registered business address in the United Kingdom. Still believe Crypto Cash is a genuine trading app and want to invest? Before you do so we recommend you read our Crypto Cash review because we were able to produce (with relative ease) proof of scam and malicious foul play which exposes the crooks behind this latest deception. Official Website and Members Login Area: This Website Keeps Changing Depending on Where You Reside Scam Evidence: Crypto Cash Registration Area Right below you will see the same exact clones for the rest of the linked scams. Namely Bitcoin Secret, Bitcoin Trader, Bitcoin Formula, Bitcoin Investor, Bitcoin Evolution, and Bitcoin Revolution. We believe there are more of these clones, but this is what we were able to find and it’s more than enough to get the point across. Crypto Cash Cloned Scam And here is what we refer to as “the bottom line”. Below you will see a post signup page which is presented to you when you complete the registration process. It is fair to say that “Bitcoin Evolution” uses the exact same integration and setup which is used for Crypto Cash, and that is because it is powered by the same trashy software. Crypto Cash Fake Broker What Is Crypto Cash and How Does It Work? Crypto Cash Review- Winning Crypto App Or Confirmed Scam? Why Are The Crooks Copying The Scams? Is It Free? Fake Crypto Cash Reviews Still Trust Crypto Cash and Want to Invest? Some Trusted Alternatives Crypto Cash Review Summary, Conclusions, and Helpful Tips Best Binary Options Brokers 2020:
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