OboFx Review – A legit broker or a scam?

When you’re looking for a Forex broker to start trading with, you need to make sure that you choose the best one out there. It only takes one little mistake to find yourself in a scam and be robbed of most of your money.

One way you can ensure that the broker you’re dealing with is as credible as it can get is to conduct your own research and take the broker through its paces. Another way is to read a review of the broker made by a group of professional reviewers and make up your mind about it.

This OboFx review is the representation of the second option. In it, we’re going to talk about everything from the broker’s website all the way to trading terms and conditions and payment methods.

The Obofx.com review

When it comes to the website experience, we can pretty easily argue that OboFx has one of the worst websites in terms of its design. We’re not sure who would be drawn to a red background of the website but for us, it is a clear sign that OboFx hasn’t put a lot of forethought or effort into designing its website. The only thing it really does successfully is throw off people’s attention and not let them concentrate on the actual details.

Speaking of details, we managed to mine some information about how trading is done at OboFx, such as the maximum leverage, minimum spreads, execution types, etc. however, we had many suspicions about these conditions and considered them not very transparent – these we’ll discuss further down below.

Now, let’s turn our attention to which account types you can get at OboFx Forex broker. As we have found, OboFx offers four live accounts, as well as one Islamic and one demo account. The live accounts are:

• Micro – 1 USD min. deposit
• CurrencyX – 500 USD min. deposit
• Premium – 1,000 USD min. deposit
• Zero – 25,000 USD min. deposit

To be fair, these accounts are quite different from one another and at some point, justify such high minimum deposit requirements. For example, the more high-end accounts offer a personal account manager, more instruments such as oil, etc. However, there are still some similarities between them like the support of all trading platforms and significant bonus offerings.

Finally, let’s take a closer look at how an OboFx user can actually trade, i.e. which trading platform powers the whole thing. This is actually one of the most intermixed areas on the website, and here’s why: one area says you can trade using the OboFx MT4 with both desktop and web support, yet another area only mentions MT5 with the same setup. Since the two versions of the software aren’t mentioned together, it’s impossible to determine whether you can actually use one or the other.

Is OboFx’s license the real deal?

Moving on, let’s take a closer look at the regulatory measures at OboFx and how your funds are protected. After a quick search, we came to the very bottom of the website that points out that OboFx is registered as an International Business Company in St. Vincent and the Grenadines.

On top of that, the broker also says that it is fully licensed by the FSPR regulators – something that is supposed to convince you in the trustworthiness of OboFx but it doesn’t, and we’re going to explain why.

The Financial Service Providers Registration (FSPR) is nothing more than a plain registry that brings many brokerages into one place. It doesn’t enforce strict financial guidelines or standards and is certainly not equivalent to a full-blown government license.

The fact that the broker tries to “sell” FSPR as a legit license further stamps our OboFx scam suspicions. It proves that the broker doesn’t really care about lying, as long as it convinces people to sign up on its platform and make deposits.

What about trading terms and conditions?

Finally, we should dive deeper into what the trading terms and conditions are at OboFx and determine whether they offer good value or not. As we have found out, being an OboFx client unlocks the following instruments:

• Forex pairs
• Precious metals
• Commodity CFDs
• Indices

Despite the multitude of instruments, these aren’t the most impressive asset classes that you can get with a credible Forex broker. Besides, the actual offerings that accompany these assets are pretty suspicious, even at first glance.

For instance, the maximum leverage for currency pairs goes as high as 1:1000, which is way higher than what a decent broker should offer. The reason why our OboFx opinion is so low in this sense is that the company doesn’t seem to be concerned about the dangers that come with large leverage ratios. While it certainly increases the upcoming profits, 1:1000 leverage also boosts losses by a whopping x1000 multiplication rate. This can easily destroy your whole financial account.

As for spreads, the broker claims to offer you the minimum of 0 pip on bid/ask spreads. Now, OboFx also says it doesn’t have other commissions on trades, which is super-suspicious as it gives us no clue how the broker funds its trading platform.

Another very suspicious condition is the minimum deposit requirement. As we’ve already noted, the minimum deposit for the Micro account is just 1 USD, which really lowers the entry threshold at OboFx. This may seem beneficial for novice traders but in reality, it gives them a false sense of accessibility of Forex when instead, they should be constantly warned that Forex trading requires a lot of experience and big financial commitment.

Finally, we peeked into financial platforms that power OboFx withdrawals and deposits. Unfortunately, though, the website didn’t disclose much about the exact details about the transactions. The only thing we know is the actual methods:

• Wire transfer
• CashU
• WebMoney
• Visa
• FasaPay
• Ukash

As for what the maximum withdrawal or minimum deposit amount is, we know absolutely nothing. The same is true for transaction times. In short, while OboFx may be boasting about transparency, it still fails to disclose some of the most important details.

Is trading with OboFx a good idea?

We have reviewed OboFx pretty thoroughly in this article. First, we checked out the broker’s website and determined that we have hardly seen an uglier interface in our lives. The same website also fails to provide more accurate details about many OboFx features.

As for the license, OboFx claims to be regulated by the FSPR but it really isn’t. The broker has no legal boundaries that would make it abide by stricter financial standards.

And even trading terms and conditions were super fishy and suspicious. The leverage was dangerously high while spreads came down suspiciously low, which resulted in the enhancement of our OboFx fraud suspicions.

Based on all that, we believe that you shouldn’t trade with OboFx.