Note: OORAFX's official website: http://www.oorafx.com/is currently inaccessible normally.
OORAFX Information
OORAFX is an online brokerage firm established in 2008, specializing in trading currency pairs and CFDs. However, serious concerns have surfaced regarding its operations. These include the
absence of regulatory oversight, an inaccessible website, and a complete lack of customer service channels.
Pros & Cons
Pros:
- Competitive Spreads: Claims to offer competitive spreads from 0 pips.
- Islamic Account Option: Offers an Islamic account option, adhering to Sharia principles for traders who require it.
Cons:
- Lack of Regulatory Oversight: Reported absence of regulatory oversight raises concerns about investor protection and adherence to industry standards.
- Issues with Website Accessibility: Ongoing issues with website accessibility hinder access to trading platforms and account management tools.
- Limited Contact Channels: Only offers email support, other more direct channels such as live chat and phone are not offered.
- Uncertainty with MT5 Platform Testing: Reports suggest inability to test the MT5 platform, limiting traders from assessing its reliability and features.
Is OORAFX Legit？
When considering the safety of a brokerage like OORAFX or any other platform, it's important to conduct thorough research and consider various factors. Here are some steps you can take to assess the credibility and safety of a brokerage:
- Regulatory sight: The broker's current operation without legitimate regulatory oversight only fuels concerns about its legitimacy and trustworthiness. These worries are compounded by the broker's inaccessible website.
- User feedback: For a deeper insight into the brokerage, traders should read reviews and feedback from existing clients. These valuable inputs from users, available on trustworthy websites and discussion forums, can provide firsthand information about the company's operations.
- Security measures: so far we have not found such info across Internet about this broker.
In the end, choosing whether or not to engage in trading with OORAFX is an individual decision. We advise you carefully balance the risks and returns before committing to any actual trading activities.
Market Instruments
OORAFX specializes in providing trading services in currency pairs and Contract for Difference (CFD) products. Traders can access a wide range of major, minor, and exotic currency pairs. Additionally, OORAFX offers CFD trading opportunities across commodities, indices, and other asset classes.
Account Types
OORAFX offers a range of account types for traders at different levels of experience, providing both demo and live trading options. The demo account allows traders to practice without risking real money, ideal for beginners honing their skills. For live trading, OORAFX offers six distinct accounts:
- Bronze Account ($100 Min Deposit): Designed for novice traders, the Bronze account provides essential features and a low barrier to entry into the forex and CFD markets.
- Silver Account ($500 Min Deposit): Intermediate traders can opt for the Silver account, which offers improved trading conditions and access to a wider range of instruments.
- Gold Account ($2,000 Min Deposit): Advanced traders looking fo additional trading features can choose the Gold account.
- Diamond Account ($5,000 Min Deposit): The Diamond account caters to seasoned traders, providing premium trading conditions and prioritized client support.
- Platinum Account ($25,000 Min Deposit): Designed for institutional and high-volume traders, the Platinum account offers exclusive benefits and the best possible trading environment.
- Islamic Account ($500 Min Deposit): OORAFX also offers an Islamic account compliant with Sharia principles, providing an interest-free alternative for traders following Islamic finance guidelines.
Leverage
OORAFX provides competitive leverage options tailored to each account type, allowing traders to amplify their trading positions relative to their deposited capital. Leverage ratios range up to 1:300 for Bronze and Silver accounts and up to 1:200 for the rest. However, you should be aware of the potential magnified losses as well which leverage can bring, implement robust risk management to minimize loss during market volatility.
Spreads & Commissions
OORAFX offers competitive spreads starting from 0 pips across all account types.
The broker applies commission charges on trades, which vary by account type and trade volume. Specifically, for Bronze accounts, trades incur a spread from 0 pips plus $10 per lot traded. Silver accounts have a spread from 0 pips plus $8 per lot traded, while Gold accounts feature a spread from 0 pips plus $6 per lot traded.
Diamond accounts see a spread from 0 pips plus $4 per lot traded, and Platinum accounts experience a spread from 0 pips plus $3 per lot traded. Islamic accounts also start from 0 pips plus $8 per lot traded.
Trading Platform
OORAFX claims to offer the MT5 platform, known for its advanced trading tools and versatility across different devices. However, reports indicate concerns about the inability to test the MT5 platform, limiting traders from assessing its features and performance in a simulated environment.
Conclusion
In conclusion, OORAFX offers trading services in currency pairs and CFDs. However, significant concerns arise due to the broker's lack of regulatory oversight, ongoing issues with website accessibility. These factors collectively diminish confidence in OORAFX's reliability and operational stability.
Therefore, we strongly advise against using OORAFX for trading activities. Instead, we recommend exploring alternative platforms that prioritize transparency and regulatory compliance to ensure a secure and satisfactory trading experience.
Q&A
- Is OORAFX regulated？
No. The broker is currently under no valid regulation.
- Is OORAFX a good broker for beginners？
No. It is not a good choice for beginners. Not only because of its unregulated condition, but also because of its unavailable website.
- Does OORAFX offer industry leading MT4 & MT5？
It claims to offer MT5 platform, but there's report that the MT5 cannot be test, which indicates it might be invalid.
- What is the minimum deposit does OORAFX request？
$100.
- Does OORAFX offer demo accounts？
Yes.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
