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FXOAK

New Zealand|5-10 years|
Suspicious Regulatory License|MT4/5 White Label|Regional Brokers|High potential risk|

https://www.fxoak.com

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

White Label

5
Server Name
FXOAK-Real01 MT4
Server Location

Contact

cs@fxoak.com
https://www.fxoak.com

Licenses

No valid regulatory information, please be aware of the risk!

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Broker Information

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Company Name

FXOAK

Company Abbreviation

FXOAK

Platform registered country and region

New Zealand

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away!
Previous Detection : 2024-03-03
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!

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FXOAK · Company Summary

Aspect Information
Company Name FXOAK
Registered Country/Area New Zealand
Founded year 2014
Regulation Unregulated
Minimum Deposit €50 (Micro Account)
Maximum Leverage 1:200 (VIP Account)
Spreads Variable. Standard: from 1.2 pips, Prime: from 0.6 pips, ECN: from 0 pips
Trading Platforms MetaTrader 4 (MT4)
Tradable assets 60+ Forex pairs, 200+ CFDs, Cryptocurrencies
Account Types Micro, Standard, Premium, VIP
Demo Account Yes
Customer Support 24/7 email, phone, live chat
Deposit & Withdrawal Convenient, no fees, minimum verification needed
Educational Resources Quick Guide, Training Center, FAQ

Overview of FXOAK

FXOAK is a forex trading brokerage based in New Zealand that was founded in 2014. It operates without regulatory oversight, which suggests that prospective clients should approach its services with a degree of caution. It sets a minimum deposit of €50 for its Micro Account. The leverage on offer extends up to 1:200 for the VIP Account. In terms of spread conditions, the Standard Account offering spreads from 1.2 pips, the Prime Account from 0.6 pips, and the ECN Account from 0 pips.

FXOAK provides access to the MetaTrader 4 (MT4) trading platform and offers an extensive range of tradable assets, including over 60 Forex pairs, more than 200 CFDs, and various cryptocurrencies. Traders can choose from several account types - Micro, Standard, Premium, and VIP - and a demo account is available for practice. Customer support is provided 24/7 through email, phone, and live chat. The broker also offers a selection of educational resources comprising a Quick Guide, a Training Center, and a FAQ section. Deposits and withdrawals are convenient, without fees, and with minimal verification required.

Overview of FXOAK

Pros and Cons

Pros Cons
Wide range of trading options Lack of regulatory oversight
Variety of account types Minimum deposit requirement
Access to MetaTrader 4 No physical customer service
24/7 Customer support
Educational resources

Pros:

  1. Wide range of trading options: FXOAK offers an extensive range of tradable assets, including over 60 Forex pairs, more than 200 CFDs, and various cryptocurrencies.

  2. Variety of account types: There are several account types for traders to choose from depending on their trading needs and risk appetites.

  3. Access to MetaTrader 4: FXOAK provides access to the MetaTrader 4 (MT4) trading platform, which is a renowned platform in the industry.

  4. 24/7 Customer support: FXOAK offers comprehensive customer support services around the clock through multiple communication channels.

  5. Educational resources: FXOAK provides educational resources to its clients such as a Quick Guide, a Training Center, and an FAQ section.

Cons:

  1. Lack of regulatory oversight: FXOAK operates without any regulated licenses, suggesting that potential clients should approach its services with caution.

  2. Minimum deposit requirement: Each account type requires a minimum deposit with €50 for Micro Account.

  3. No physical customer service: FXOAK customer service is conducted purely online. There are no physical offices where customers can seek help.

Regulatory Status

FXOAK operates as a forex broker without any regulated licenses. This means that they aren't overseen or regulated by any financial authority or government agency. This should urge potential users to exercise caution and due diligence when interacting with their platform as not having a regulated license may mean they do not adhere strictly to the standard guidelines and protections that regulation can offer to clients.

Market Instruments

FXOAK is a New Zealand-based retail forex broker that provides a diverse range of trading products. For the trading instruments, FXOAK boasts over 60 forex pairs, including major, minor, and exotic currencies. Additionally, the broker offers Contracts for Differences (CFDs) that allow traders to speculate on the price of commodities, indices, and stocks, offering CFDs on over 200 different assets. Moreover, keeping up with modern trends, FXOAK provides an avenue for cryptocurrency trading, accommodating popular currencies such as Bitcoin, Ethereum, and Litecoin, which can be traded against the US dollar or euro. As such, FXOAK's offerings serve to satisfy a diverse trading audience.

Account Types

FXOAK offers a variety of account types to satisfy diverse trading needs and risk appetites.

Micro Account: Ideal for beginners or those seeking minimal exposure, the Micro Account starts with a low minimum deposit of just €50. Spreads are competitive, averaging around 1.5 pips, and leverage is capped at 1:30 for prudent risk management. This account allows you to test the waters of forex trading without a significant financial commitment.

Standard Account: The Standard Account strikes a balance between affordability and flexibility. With a minimum deposit of €250, it offers tighter spreads averaging 1.1 pips and leverage options ranging from 1:30 to 1:500, satisfying both conservative and moderately aggressive traders. This account type is well-suited for those with some forex experience seeking a balance between cost and control.

Premium Account: Designed for experienced traders demanding the best execution and tightest spreads, the Premium Account boasts an average spread of just 0.9 pips. The minimum deposit is set at €1,000, reflecting the enhanced trading conditions. Leverage options extend up to 1:400, allowing for amplified returns but also demanding stricter risk management practices. This account is ideal for seasoned traders comfortable with higher leverage and seeking optimal trading conditions.

VIP Account: Tailored for high-volume traders and institutional clients, the VIP Account provides exclusive access to personalized services, dedicated account managers, and customized spreads as low as 0.7 pips. The minimum deposit is negotiable, satisfying to the specific needs of each client. Leverage options reach a maximum of 1:200, enabling substantial trading power for experienced professionals. This account type satisfies those seeking the highest level of service and execution in the forex market.

How to Open an Account?

The registration process of the FXOAK is brief and to the point. Only need to take five minutes to complete the registration. Specific registration procedures are as follows:

  1. Click on the registration link: https://my.fxoak.com/register, go to the below screenshot:

How to Open an Account?
  1. Follow the instructions to fill in the correct personal information, then click “next” and enter the following interface:

How to Open an Account?
  1. To register, fill in your personal address, set a password containing only lower case, uppercase, and numbers, check the service terms, and click “complete registration” to access the personal account management center.

How to Open an Account?
  1. You have successfully registered your account at this time. You can enter your registered mailbox, check your membership login information, login information of MT4 account, download installation information, etc.

Leverage

FXOAK's maximum leverage varies depending on your chosen account type. Micro Accounts offer a conservative 1:30 leverage, ideal for cautious beginners. Standard Accounts provide more flexibility, ranging from 1:30 to 1:500, suitable for both conservative and moderately aggressive traders. Premium Accounts, designed for experienced traders seeking tight spreads, reach a maximum leverage of 1:400, enabling amplified returns but demanding stricter risk management. Finally, VIP Accounts, tailored for high-volume professionals, offer leverage options up to 1:200, granting substantial trading power but requiring a customized approach and personalized service.

Spreads & Commissions

FXOAK's spread and commission offerings fall in line with the competitive structure of the retail forex industry. For the spreads, the broker currently operates on a variable spread model. For the standard account, typical spreads start from 1.2 pips; for the Prime account, they start from 0.6 pips while the ECN account offers spreads starting from 0 pips. The competitive nature of these spreads, particularly for Prime and ECN, sets FXOAK apart within the industry.

As for the commission, FXOAK imposes such only for its ECN account, set at $7 per round turn. That implies that each opened and closed trade incurs a $7 commission. Remarkably, no such commissions apply for the Standard or Prime accounts.

Here is a table summarizing the spreads and commissions of FXOAK's different account types:

Account Type Spreads Commissions
Standard From 1.2 pips None
Prime From 0.6 pips None
ECN From 0 pips $7 per round turn

Trading Platform

FXOAK offers its clients a single trading platform, the MetaTrader 4 (MT4) platform. MT4 is renowned as a widely used trading platform in the industry. It accommodates trading in the forex, CFDs, and futures markets. The platform grants a broad array of tools that aid in price analysis, trade placement and management, and it also supports the development and implementation of automated trading strategies. Praised for its stability and simplicity, MT4 is immensely popular among traders.

Trading Platform

Deposit & Withdrawal

FXOAK offers a convenient and secure withdrawal process. Before your first withdrawal, you'll need to verify your account and bind a gold bank card. Withdrawals are processed within one business day and there are no minimum or maximum withdrawal limits, nor any fees or hidden charges. However, withdrawals can only be sent to debit cards that have been successfully verified by FXOAK.

For USDT deposits, you'll need to register a personal OMNI Wallet. If your transfer doesn't arrive on time, you can send your transaction hash to FXOAK's customer service for assistance.

Deposit & Withdrawal

Customer Support

FXOAK offers comprehensive 7/24 customer support through different channels. You can reach out to their customer service via email at cs@fxoak.com. If you encounter technical issues, you can contact their technical support at support@fxoak.com. For business cooperation inquiries, you can write to business@fxoak.com. They also have a QQEIM channel for support with the ID 800816639. If you'd like to consult about becoming an agent, you can email ib@fxoak.com. For any suggestions or complaints, feel free to write to their administrative email at admin@fxoak.com. Moreover, they offer emergency support and an online service is available for instant help.

Customer Support

Educational Resources

FXOAK provides several educational resources to its clients, designed to help them understand and navigate the world of forex trading better. Firstly, they have a 'Quick Guide' tailored to help beginners get acquainted with basic trading skills quickly. Then, there's the 'Training Center', which is likely a more detailed and structured learning platform providing tutorials and lessons on various aspects of trading. Finally, they also have a 'FAQ' section, which contains answers to the most commonly asked questions about trading and their services.

Educational Resources

Conclusion

FXOAK is a New Zealand-based forex trading brokerage with an extensive list of tradable assets, multiple account types to suit different trading needs and risk appetites, access to the popular MetaTrader 4 platform, 24/7 comprehensive customer support and a variety of educational resources. These features make it appealing to a broad range of traders.

However, it operates without regulatory oversight, implying potential clients should approach its services with caution, and one may consider its minimum deposit requirement to be higher than some other brokers. Also, there is no physical office for customer service, rendering clients to fully rely on online communications for support.

FAQs

Q: What kind of trading assets can you trade on FXOAK?

A: Traders on FXOAK have access to a wide range of assets including over 60 Forex pairs, multiple CFDs, and a selection of cryptocurrencies.

Q: What's the leverage limit on FXOAK?

A: The maximum leverage provided by FXOAK depends on the account type. For instance, VIP Accounts offer leverage up to 1:200.

Q: What platform does FXOAK use for trading?

A: FXOAK provides traders with the MetaTrader 4 (MT4) platform for their trading needs.

Q: What support options are available for FXOAK clients?

A: FXOAK provides 24/7 customer service support through email, live chat, and phone calls.

Q: What are some cautionary points about FXOAK?

A: Since FXOAK operates without any regulatory oversight. Additionally, a minimum deposit is required for each account type, starting at €50 for the Micro Account.

Q: How can you learn about trading on FXOAK?

A: FXOAK offers a number of educational resources including a Quick Guide, Training Center, and FAQ section.

User Reviews

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bnm
more than one year
As a user, my experience with FXOAK has been somewhat average. One major drawback is the absence of a mobile application. In this fast-paced world, not having a dedicated mobile app is a significant inconvenience. It becomes cumbersome to perform various tasks without having to rely on the website, which, by the way, could use a much-needed update.
2024-01-29 11:33
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Ah Kai
more than one year
Caution everyone about FXOAK trading platform! There's a lot of online advertising, but don't be quick to trust. Currently, customer service is unresponsive, and they're withholding my initial investment. Be careful before getting involved.
2023-12-22 11:43
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