- 0.1 OFBM
- 0.2 Pros
- 0.3 Cons
- 1 OFBM Review
- 1.1 Poor trading platform
- 1.2 OnlineFinancialBinaryMarket License
- 1.3 Our best advise for you
- 1.4 OnlineFinancialBinaryMarket Review Conclusion
OFBM is an unlicensed Forex, binary options and CFD broker that a trader brought to our desk for us to perform a rigorous test. We have serious concerns regarding this broker. OFBM is supposedly located in USA, Canada and UK. OFBM does not have a license whatsoever and fails to elaborate, which is their company and where it is incorporated. So basically their website is virtually anonymous, a very bad sign, typical for most scams.
Not much is known about the whereabouts of this platform. Scam artists will do or say anything to ensure users sign up with their platform. And this is exactly what OFBM is doing with their North America and UK base claim. For all we know, these could be offshore brokers who are targeting USA, Canada and UK investors. It seems they are anonymous brokers operating a trading platform.
Anonymity is a dangerous trait to associate with especially with online investment platforms. Who are the people running the show? Why has the website failed to give actual names of the founding members? It seems these scam artists want to remain anonymous which makes it a huge problem.
OFBM is an obvious scam. Not only their website is not regulated, but also it is completely anonymous. We do not even know the name of the company that runs the whole business.
So our best advise here is to trade only with brokers, properly licensed and authorized by official financial regulators such as the the FCA in the UK, the Australian Securities and Investments Commission (ASIC), or the Cyprus Securities and Exchange Commission (CySEC), see here.
A good place to start is blacklisting this platform to our scam list. We strictly recommend users to stay away from this illicit platform.
Is Online Financial Binary Market Safe?
Forex Broker Expert reviews brokers for readers across the whole world to know whether they worth your time or not. We use a trust score algorithms to asses risk level. They major criteria we use in grouping a forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check. In in Canada the broker should be licensed by the Investment Industry Regulatory Organization of Canada (IIROC), while in the UK , by the Financial Conduct Authority (FCA). We diligently checked the registers of the above mentioned institutions and were unable to find any trace of OnlineFinancialBinaryMarket there.
A licensed entity will have solid proof of their registration on their website. If you look at their entire website, there is no information regarding their license status. We diligently checked the registers of the above mentioned institutions and were unable to find any trace of OnlineFinancialBinaryMarket there.
Poor trading platform
During our check on the OFBM platform, we saw that they are offering what we can’t say is a trading platform. The graphics are taken from TradingView, which is an external financial data provider.
The trading software industry is heavily dominated by MetaQuotes Corp – the company behind MetaTrader 4 (MT4), which is the most popular software used by traders in the retail Forex market. Whilst MetaTrader 4 is the dominant choice for many professional traders, there are other options which have developed in recent years. Discover the best options for trading platforms in Forex trading., see here.
Location: ? Canada, USA and UK
Minimum deposit: $500
Assets: Forex, CFds and Crypto
Support MT4: No
OnlineFinancialBinaryMarket is presented as “a profitable online investment platform, with multiple recognized awards”, offering forex trade, binary options and CFDs on various instruments, including stocks, ETFs and crypto coins like Botcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, Ethereum Classic, EOS, Binance Coin, Cardano. Stellar, Tether, Tezos and TRO, with four account types and a web based trading platform.
Accounts are named Starter, Basic, Pro and Executive. What we noticed immediately was the bonus that comes with these accounts. Bonuses are in the range of 10% to 20%. Once you get a bonus, you are unable to withdraw until you deposit the exact amount of bonus issued. As attractive as this may sound, you should be aware that trading bonuses always come with strings attached, as for example some minimum trade volume requirement, quite often used by scammers as a pretext to cancel your withdraw requests.
Higher Minimum deposit
OFBM requires a minimum deposit of $500 to open its most basic account. This is higher than the minimum deposit we recommend. Most brokers here require a minimum deposit of $100 which is the company average.
No Terms and Condition
A brokerage terms and conditions apply to all dealings between You and the Broker and will be effective whenever you request the Broker to provide Services or You. Here with OFBM, it turned out the Terms and Conditions, with which you have to agree any way upon completing your registration, was simply missing.
Are Funds Safe with OnlineFinancialBinaryMarket?
How can funds be safe with a broker who is completely anonymous ? OFBM is pooling funds in one single account which is extremely dangerous. Segregation of accounts is next to impossible with this platform as they use a personal bank account. Who is in charge of handling funds with this platform? Does this platform participate in a compensatory scheme? We highly doubt their efficiency to meet set industry standards.
When the Forex Broker Expert reviews a new Forex or CFD broker, the best way to know if they are a legitimate broker is by checking for a valid license and the quality of the license. Many legal Forex brokers, are licensed by a local regulator like ASIC in Australia, FCA in the United Kingdom or by FSB South Africa.
OnlineFinancialBinaryMarket is not a licensed broker.
OFBM is not licensed or registered by any of the international regulatory bodies. To confirm their status, we reached out to various regulatory bodies. They include ASIC, CONSOB, CySEC, FCA, NFA, and SEC.
Our best advise for you
After checking all the moving parts of this website, we are sure OFBM is a scam. To stay safe, ignore all their pleas to sign up. Promotional materials such as videos and links should be ignored. Hackers are using these links to gain access to your data. Mark all their emails as Spam and warn your family and friends from joining this broker. Stay safe at all times by using recommended Forex trading tools and brokers.
OnlineFinancialBinaryMarket Review Conclusion
What should be done is adding this broker to our scam blacklist. After making sure this broker is exposed, authorities are asked to investigate and shut this website down. Time to make the right decision is now. Stay away from brokers who lack proper licensing credentials and simply want you to deposit with them.
Dealing with industry leading and trusted brokers gives you a front row to making sustainable profits, learn more.
Vantage FX is a popular broker that is licensed in Cayman Island and Australia. Social trading is offered via service providers like ZuluTrade and Myfxbook.
VantageFX offers attractive leverages on MT4 trading platforms, with very tight spreads, learn more.
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