Note: OG's official site - http://www.ogforex.com.au/ is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What Is OG？
Ocean Global Markets Ltd. (OG) is an Australian company founded in 2009. However, its regulatory status with the Australian Securities and Investments Commission (ASIC) has been revoked, and its official website is already dead.
Pros & Cons
Pros:
MT4 Supported: OG offers MetaTrader 4 (MT4), a widely used and trusted trading platform among traders for its advanced charting tools, technical indicators, and automated trading capabilities.
Demo Account Available: OG provides a demo account option, allowing traders to practice trading strategies and familiarize themselves with the platform without risking real money.
High Leverage: OG offers high leverage, allowing traders to control larger positions with a relatively small amount of capital. This can amplify potential profits, but also increases the risk of losses.
Cons:
Revoked Regulation: OG's regulatory status is revoked, indicating a lack of oversight from regulatory authorities. This raises concerns about the company's adherence to industry standards and the protection of clients' funds.
Dead Official Website: The official website of OG is inactive or no longer functioning, which can be problematic for clients seeking information or support from the company.
Very High Minimum Deposit: OG imposes a very high minimum deposit requirement, making it inaccessible to many retail traders who have the capital to meet such requirements. This could limit the company's client base and deter potential customers.
Is OG Safe or Scam？
Regulatory Sight: OG was regulated by the Australia Securities & Investment Commission (ASIC), holding an Investment Advisory License with license number 332890. However, its regulatory status is currently revoked, indicating that it no longer holds authorization from ASIC to provide investment advisory services.
Issues Reported: Users have reported difficulties withdrawing funds from the platform, describing their experiences as fraudulent. One user claimed to have lost over two million and was asked to sell their house, indicating significant financial losses and coercion tactics employed by the platform. Initially, users were allowed small withdrawals, but eventually, they faced obstacles preventing them from withdrawing any funds, suggesting deceptive practices, and warning others against being cheated.
Market Instruments
OG provides a diverse range of market instruments including currency pairs, CFDs (Contracts for Difference), commodities, indices, and precious metals like gold and silver. This variety allows traders to access different asset classes and diversify their investment portfolios according to their preferences and strategies.
Account Types
Standard Account: This account type requiresa minimum initial deposit of 1,000 USD. It is suitable for traders who are starting out and prefer standard trading conditions.
Pro Account: The Pro account requires a significantly higher minimum initial deposit of 50,000 USD, making it suitable for more experienced and high-volume traders who require advanced features and trading conditions.
Islamic Account: OGFX also offers an Islamic account option for traders who adhere to Islamic finance principles. This account type operates without interest or swap fees, ensuring compliance with Sharia law.
Leverage
OG offers a maximum leverage of 1:400 to its traders. This high leverage allows traders to control larger positions with a relatively small amount of capital, potentially amplifying both profits and losses. It provides traders with the opportunity to take larger positions in the market compared to their initial investment, but it also increases the risk associated with trading.
Trading Platform
OG supports the popular MetaTrader 4 (MT4) trading platform. MT4 is renowned for its user-friendly interface, advanced charting tools, and customizable features, making it a preferred choice among traders worldwide. With MT4, traders can access a wide range of financial instruments, execute trades efficiently, and utilize various technical indicators and analytical tools to enhance their trading strategies. Additionally, MT4 offers automated trading capabilities through Expert Advisors (EAs), allowing traders to automate their trading strategies and execute trades based on pre-defined criteria.
Deposit & Withdrawal
OG supports a variety of fund deposit options, including Alipay, UnionPay, and electronic transfer, providing flexibility for traders to choose their preferred method. Withdrawals are processed without additional service fees once they meet certain standards. However, transfer fees imposed by banks can be applied and will be deducted from traders' accounts accordingly.
Conclusion
OG is a broker with a revoked regulatory license, and it provides demo accounts and a high maximum leverage. However, OG's official website is already dead, combined with its abnormal regulation, we do not recommend users to trade with this broker.
Frequently Asked Questions (FAQs)
Q: Can I try a demo account here？
A: Yes.
Q: Does OG support MT4/5？
A: Yes, it does support MT4.
Q: What is the maximum leverage OG can offer？
A: The maximum leverage it can offer is 1:400.
Q: Is OG regulated or not？
A: Yes, it is, however, the status is “revoked”.
Q: What is the minimum deposit required to open an account for OG？
A: The minimum deposit required is $1,000.
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.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
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