The SVG based broker ObtFX professes itself as a well-regulated that traders can trust. It provides trading on numerous trading functions such as Foreign Exchange, indexes, cryptocurrencies, commodities, metals, so on and so forth. The offering also includes MetaTrader Trading Platform and as much as five trading account types. Generous leverage levels are also in its bucket. Nevertheless, there are plenty of things that are not right with this broker. In this ObtFX review, we will talk about it’s the regulatory status, offerings, and credibility in a detailed manner. It is better to trust us rather than this broker. To know more read the full ObtFX review here.
The five available trading accounts namely are Green, Premium, Platinum, Executive, and Presidential. These trading accounts can be accessed by depositing Euro 5000, 10000, 50000, 100000, and 250000 respectively. It offers generous leverages and spreads about 1:200 and 3 pips. It facilitates trade on the most versatile and trusted MetaTrader trading platform. It also accepts payments via credit cards and bank wire transfer. The broker has a recent establishment, June 1st 2020. The official website is www.obtfx.com. This site mentions that the broker is situated and working as a brokerage services provider from the islands of Saint Vincent and the Grenadines. As we all know this offshore country is not overseen by any financial regulator around the world. Also, the provided address is familiar to us as many shady brokers we have reviewed has the same address. Also, while doing rigorous research for this unique review we stumbled upon scam warning against it by the Financial Conduct Authority the official regulator of the United Kingdom. ObtFX’s terms and conditions are unacceptable. It reserves the exclusive right to impose withdrawal limits and withdrawal charges at any given time. Also, withdrawals may take more than 10 working days. All of this is ridiculous. Furthermore, the above-mentioned initial deposits are far above than what legitimate brokers charges. The leverage level of 1:200 is quite lucrative but they are losses causing also. The spreads of 3 pips are not acceptable as it increases trading cost at ObtFX exponentially. The MetaTrader trading platform is managed and provided by a third-party Digital C-Media Limited.
Is ObtFX scam or legit?
The broker is yet another shady broker from SVG. It is unregulated and requires at least Euro 5000 to start trading with it. The trading condition can bring huge loss and MetaTrader is supplied by a third party. All this is evident to claim that the forex broker ObtFX is a potential scam broker 2020.