Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OliveFX is an Australian forex and CFD broker, licensed and authorized by the Australian Securities and Investments Commission (ASIC). The broker offers a Standard and an Islamic Account with a leverage of up to 500:1, MetaTrader4 platform and the option to trade with micro lots.
Trading instruments include over 70 forex pairs, lots of which minor or exotic like USDZAR, USDTRY, USDSGD, USDSEK, USDRUB, USDRON, USDPLN, USDNOK, USDMXN, USDILS, USDHUF, USDHKD, USDDKK, USDCNH and USDCZK.
And there is also a nice selection of CFDs on spot silver, spot gold, Brent Crude, WTI Crude, natural gas and 12 indices.
The broker has offices in Australia and Singapore.
OliveFX regulation & safety of funds
As we already noted OliveFX and the company behind it – Olive Financial Markets Pty Ltd., have a legit license issued by one of the most respected regulators in the industry – the Australian Securities and Investments Commission (ASIC).
All brokers regulated by ASIC should hold at all times a minimum operational capital of no less than 1 000 000 AUD, should keep their clients money in a segregated, protected form creditors, trust account, should file regular reports and allow external audits and should follow a strict ethical code.
And since the regulatory authorities in Europe the U.S., Canada and Japan capped the maximum leverage allowed with retail forex and CFD transactions, currently Australia remains the only major regulatory hub, where one can still enjoy trading with virtually unlimited leverage.
OliveFX trading conditions
Unfortunately we were not directly able to open a demo account with OliveFX, because the process of registration proved a bit longer than usual, and that is the reason we can not comment on their spreads first hand.
Otherwise the broker promises spreads starting from 0,8 pips without a trading commission and that is perfectly fine as most traders find spreads attractive when they start below 1,5 pips, especially with a standard account.
Leverage is also pretty generous, especially in the light of the new regulations throughout Europe, where the maximum leverage allowed for retail clients is capped at 1:30, in the U.S., where the maximum leverage allowed is restricted at 1:50, Canada with a limit of 1:75 and Japan, where you will not be offered leverage exceeding 1:25.
OliveFX trading platforms
OliveFX supports MetaTrader4 – the platform that has dominated the retail forex market for the better part of the past 15 years. The platform is highly reliable, light and sports a user friendly interface suitable for beginner and professional traders alike.
MT4 also features an excellent pack of advanced charting tools, as well as nearly 100 easily customizable market indicators and trading robots, called Expert Advisors, with the help of which one can easily run algorithmic trading sessions.
OliveFX deposit/withdrawal methods and fees
At OliveFX you can deposit and withdraw funds using bank wire transfer or PayPal. The broker also says they might consider other payment methods as well, but you should ask for that personally.
Also, OliveFX have omitted to mention what is their minimum deposit requirement. Just bear in mind that with most brokers you should be able to open a trading account with about 250 USD, while some big players like IG do not have a minimum deposit requirement at all.
With OliveFX you can open a trading account in AUD, USD, EUR, GBP, HKD and SGD.