OX Securities Review
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OX Securities Review: Is OX Securities a Scam?
OX Securities is a multi-asset brokerage that offers Contracts for Difference (CFDs) for trading equities, commodities, indices, foreign currency, and cryptocurrencies. It was founded in 2013 and claims to provide high-range trading features such as OX Securities MT5 and OX Securities MT4 download. Although ASIC regulates its business, some issues arise. This OX Securities review includes relevant information regarding OX Securities complaints, OX Securities withdrawal issues, and the general reputation of the platform.
Is OX Securities Regulated?
The Australian Securities and Investments Commission regulates OX Securities, so it sounds legit. However, there are doubts regarding the financial regulation of OX Securities because the entity operates beyond what the ASIC provides. If you ask, “Is OX Securities regulated besides the ASIC?” the answer appears to be unclear; thus, traders must proceed with utmost caution.
OX Securities Withdrawal Issues
It is a major problem for traders to withdraw funds from OX Securities. Some clients have seen their withdrawals delayed or denied with little or no reason. Complaints on ForexPeaceArmy draw negative reviews about traders who claim to have lost substantial funds due to a lack of responsiveness from customer support and unaccounted freezing of accounts. Such complaints suggest that the client withdrawal procedures at OX Securities may not be as smooth as the company asserts.
OX Securities Login and Platform Issues
Also, complaints have been lodged from the side of traders concerning the OX Securities login issues, where other users have failed to access their accounts for quite some time. In addition, several complaints state that hours go by in the trading platform freezing, eventually costing the members money. Such technical drawbacks make one wonder whether the OX Securities app and trading platforms, for example, OX Securities MT5 are reliable for a seamless trading experience for traders.
Customer Complaints and Negative Reviews
According to several reviews, OX Securities engages in unethical trading practices. Major allegations that come with such claims include the following:
- Excessive Spreads: Customers have reported pip spreads that are unreasonably wide, making it difficult for them to trade profitably.
- Unreliable Data: Some traders are claiming that OX Securities has inconsistent pricing data and thus, unfair trading conditions.
- Unjustified Account Closures: Several traders claim that their accounts were stopped out while having a sufficient amount of equity, receiving partial credit in return.
There is even a certain trader who said “This company took away more than $50,000 from my account.” These types of feedback suggest that a trader should be careful when relating to OX Securities.
OX Securities Demo Account
On OX Securities, the demo account allows you to use the platform for risk-free testing. This in no way suggests that the broker is reliable. Brokers offer demo accounts, but only to find the real issues that occur when a trader moves to a real account and tries to make a withdrawal.
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