OGFX Review 2024
Website: www.ogfx.com.au
Min. Deposit: US$ 1000
Leverage: 1:400
Trading Platforms: MT4
Regulation: ASIC
Headquarters: Australia
Founded: 2009
Regulatory Licenses:
- Ocean Global Markets Ltd - authorized by ASIC (Australia) registration no. AFSL 332 890 not active
Updated on February 19, 2024
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Ocean Global Markets, also known as OG, stands as a prestigious Australian financial services provider specializing in online trading. Founded in 2009 and headquartered in Sydney, the company initially catered exclusively to institutional clients. However, since 2017, it expanded its offerings to include retail clients as well. At the core of OG's operations is the STP (Straight Through Processing) model, which ensures that traders' orders are transmitted directly to the international markets. This approach allows traders to benefit from rapid server responses and access prices from global liquidity providers. In the realm of STP brokers, OG distinguishes itself by meticulously comparing liquidity providers to present clients with the best available pricing.
The product portfolio at OG is diverse, encompassing over 50 currency pairs in Forex with competitive spreads, alongside Commodities with significantly high leverage options, Metals, and global Indices. Beyond the technical aspects of trading, OG prides itself on delivering exceptional customer service, market training, VIP treatments, and an abundance of tools designed to foster clients' success. To ensure traders maintain and enhance their trading skills, OG has developed a rich array of educational tools and resources. These include dedicated trading platform guides, advanced trading strategies, insightful articles from market analysts, and comprehensive overviews of fundamental analysis.
Further solidifying its commitment to trader education, OG has forged a partnership with the FXPLUS Trading Academy. This collaboration aims to provide traders with the most professional education and training available. Established by elite-level traders and professionals from Australia and China, FXPLUS is dedicated to empowering investors worldwide. The academy offers courses that vary in complexity, including Certificate Courses that impart specific knowledge and the opportunity to earn a DFP (Diploma in Financial Planning).
Ocean Global Markets Ltd, as an Australian entity, operates under the stringent regulation of the local authority, ASIC (Australian Securities and Investments Commission). The regulatory oversight by ASIC mandates that the company adheres to strict operational guidelines, thereby ensuring a secure trading environment for investors. A cornerstone of this regulation is the security of funds, which is achieved through the requirement that all fund flows occur through a trust account, effectively mitigating risk. Additionally, funds are stored in segregated accounts with top-tier banks, providing an extra layer of security.
Data security is another critical aspect meticulously addressed by OG. Secure connections and backup copies provided by CME Group guarantee the safety of information as well as the integrity of execution processes. Ultimately, being a regulated company, OG adheres to the highest standards of the trading process and delivers a trustworthy investment environment. This level of compliance is essential for traders when selecting a broker, making OG a safe choice for those looking to navigate the complexities of the financial markets.
Forex trading offers two primary account options to choose from, ensuring traders can select the conditions that best meet their trading strategy and goals. For those new to the forex market, a risk-free account is available. This account comes with no obligations and can be used for up to 30 days, providing a safe environment for newcomers to get acquainted with market conditions.
The Standard Account simplifies the process of entering the forex market. Opening an account is straightforward, requiring just three steps. A minimum deposit of $1,000 is necessary to commence trading, and accounts can be denominated in multiple currencies, catering to a global clientele.
For more seasoned traders, the Pro Account offers reduced trading costs, starting with a minimum deposit requirement of $50,000. This account is particularly advantageous for active traders, offering additional benefits such as trading reports and regular market outlooks. Regardless of the account type chosen, it is crucial for traders to employ leverage wisely to mitigate the risk of losses. Leverage options range from 1:100 to 1:400, providing flexibility to suit various trading styles. It's important for traders to understand that the initial margin is payable before opening a transaction, as this deposit secures the client’s liability for any potential losses.
MetaTrader4 (MT4) stands out as a leading platform for trading in Forex, Metals, and Futures Markets. Its popularity stems from the comprehensive set of features it offers, making it ideal for executing potentially successful trades. MT4 is compatible with a wide range of devices, including Desktop and Mobile versions, ensuring traders can stay connected to the market from anywhere.
MT4 is equipped with 30 built-in technical indicators, enhancing the analysis of quotes. The platform also features a navigator and financial instruments charts in the Terminal window, facilitating a thorough market analysis. One of the defining characteristics of MT4 is its extensive automated trading capabilities, powered by Expert Advisors (EAs). Traders have the freedom to utilize EAs without restrictions, whether by selecting from the marketplace, developing their own, or automating their trading strategy. Importantly, utilizing robot trading does not require any development skills, as the marketplace offers a wide range of advanced options.
The mobile version of MT4 has been upgraded to provide a convenient and reliable trading experience on the go. Compatible with both Android and iOS devices, the app allows traders to monitor and execute trades with the same level of functionality as the desktop version.
OGFX provides three methods for instant deposit: Alipay, UnionPay, and Electronic Fund Transfer, giving clients the flexibility to choose their preferred option. Withdrawals are facilitated through an application form available on the website, and it is mandatory that withdrawals are processed using the same payment method as the initial deposit. While there is no charge for standard withdrawals, it is important to note that banks may impose transfer fees on the transaction amount. These fees cannot be guaranteed by OGFX, as they are subject to the policies of the respective financial institutions.
Our review of OGFX highlights a company that has established its operations in Australia and expanded its services globally. This broker provides a dependable trading environment, regulated by the Australian Securities and Investments Commission (ASIC), enabling traders access to the most popular markets. One of the key strengths of OGFX is its shift from focusing solely on institutional clients to enhancing its offerings for retail traders. As a result, traders can benefit from competitive trading conditions and true Straight Through Processing (STP) execution. Although the broker offers only two account types with a relatively high starting cost, the overall quality of the offering makes OGFX a valuable option in the market.
Pros
Regulated by ASIC, ensuring a secure trading environment
Offers true STP execution for transparent trading
Competitive trading conditions for both institutional and retail clients
Cons
Limited to only two account types
Relatively high initial deposit requirement
Recent findings indicate that the OGFX website is currently inactive and unreachable, suggesting that the broker has suspended its trading services and is not accepting new account openings. Furthermore, there have been reports of certain Forex scams exploiting the name of the now-defunct company, posing a significant risk to potential traders. It is crucial for traders to verify the regulatory status of any broker and to choose only reputable and reliable Forex firms to avoid falling victim to fraudulent schemes.
