Abstract：WikiFX made a comprehension review on OGM to help you better understand this broker. we will analyze the reliability of this broker from specific information, regulation, exposure, etc. Let’s get into it.
OGM is a UK-based financial firm with 5 to 10 years of experience. Traders can access diverse assets like currencies, indices, commodities, and shares, choosing from various account types such as Classic, Gold, Prime, and Elite under the Retail and Professional categories. WikiFX has given this broker a score of 5.89/10.
Is it Legit？
This broker claimed to be regulated by FCA with license number 769481. However, is this the truth？
Announcement from FCA
FCA claimed that this broker is not regulated and considered it “clone firm”. Trades need to be aware of these potential risks.
OGM offers up to 1:300 leverage on all account types. Leverage allows traders to control a larger position size with a smaller amount of margin. For example, if you have a leverage of 1:300, you can control a position of $30,000 with a deposit of $100.
Leverage can amplify your profits, but it can also amplify your losses. It is important to use leverage wisely and to understand the risks involved.
OGM offers two types of trading accounts: Retail accounts and Professional accounts. All accounts offer attractive trading conditions and provide a wide range of base currencies to suit the preferences of different traders.
Spreads & Commissions
OGM offers competitive spreads on a wide range of tradable assets, including Currencies, Indices, Commodities, and Shares. Spreads are variable and can change depending on market conditions, but they typically start from 0.01 pips for forex pairs and 0.1 pips for metals.
To help you fully understand the broker, WikiFX also investigates the brokers by sending surveyors to the brokers physical addresses.
On WikiFX, you can visually check the physical addresses of brokers by pressing the “Survey” button.
WikiFX paid a visit to OGM and found no office, which is a red flag.
This broker may not be what you thought it was. Risks need to be alerted as this broker shows multiple red flags. If you want more information about certain brokers' reliability, you can open our website (https://www.WikiFX.com/en). Or you can download the WikiFX App to find your most trusted broker.
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
In the world of online trading, the unfortunate reality is the existence of scam brokers preying on unsuspecting investors. The burning question for those who have fallen victim to such schemes is whether there's a chance to recover their hard-earned money.
CySEC intensifies actions against unauthorized brokers, blacklisting multiple providers for offering FX and cryptocurrency services without proper authorization. Stricter regulations and penalties are emphasized, urging compliance.
True Forex Funds faced disruption as MetaQuotes terminated licenses, leading to a temporary halt. After rebranding on cTrader, the Hungary-based firm is eager to resume operations.
Forex, short for foreign exchange, is the global market where currencies are traded against one another. Being the largest financial market in the world, the forex market features high liquidity and 24-hour operation from Monday to Friday. Investors range from international banks and governments to retail investors and traders, all engaged in buying, selling, and exchanging currencies at current or determined prices. The primary purpose of Forex trading is to facilitate international trade and investment by enabling currency conversion. It also offers opportunities for speculation on currency value changes due to economic, political, and market dynamics.