Beware! OxShare is an offshore broker! Your investment may be at risk.
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OxShare makes a good first impression with its website, the platform, some of the trading conditions and the overall sound presentation. However, some aspects of the brokerage and particular claims transform it into a suspected scam. Find out why in the full OxShare review.
OxShare Regulation And Safety Of Funds
OxShare is registered in St. Vincent and the Grenadines only, so the brokerage cannot be regulated in any capacity. SVG is an offshore jurisdiction that does not license or monitor brokers, meaning that all Forex firms registered on the island are NOT REGULATED and practically unsupervised. So, with that being the case, OxShare’s trading services are illegal in way too many jurisdictions.
However, OxShare single-handedly claims to be regulated, which is simply a lie! False claims like these ones strongly suggest a scam, and we urge customers to stay away from OxShare – trustworthy brokers never mislead customers in such a foolish way! Wrapping things up, we confirm that your funds will be in danger if you deposit with OxShare!
For that reason, you’d better avoid the brokerage and go for regulated Forex firms instead! For example, both CySEC (Cyprus) licensed brokers, and FCA (Britain) brokers are proven safe as both authorities force strict regulations to guarantee safety for clients’ funds. The compulsory rules include client account segregation, risk-reducing measures like leverage restrictions and negative balance protection, and increased capital requirements to license a broker (€730 000). Most importantly, though, both authorities maintain deposit insurance funds – clients of CySEC brokers can claim up to €20 00o in compensation, while the UK protections are even higher at £85 000 per person! It goes without saying that if you trade with unregulated brokers, you’ll remain unprotected and exposed to fraud risks!
OxShare Trading Software
OxShare’s trading software is excellent – MetaTrader5 is a leading platform offered by the largest amount of brokers, and it’s soon believed to become the most favoured by traders, too. It’s stable and flexible, providing advanced features like expert advisors helping clients analyse market conditions and even deploy automated trading strategies. However, good trading software doesn’t automatically make a brokerage legit. Therefore, we still do not recommend OxShare, notwithstanding the superb platform they can offer – the brokerage remains a suspected scam.
OxShare Trading Conditions
The trading conditions are controversial. The EUR/USD spread is floating around 1.5 pips on average ($15 per lot traded); however, OxShare claims higher deposits unlock lower rates – as little as 0.3 pips. We cannot validate this information, but the trading costs are typical – usually, a lot costs $10 if you trade with regulated brokers.
The trading risks are problematic, though. Leverage varies from 1:100 to 1:500, indicating that OxShare’s services are overly risky. 1:100 is dangerous, and the fact that customers cannot reduce it further is a downside, not to mention that it was long ago prohibited by European and Australian regulators, which imposed a leverage cap of 1:30. Hence, OxShare’s services are not only too risky but also illegal in too many jurisdictions! Beware!
OxShare Deposit/Withdraw Methods And Fees
The minimum deposit with OxShare is $100, a requirement that’s pretty much in line with the industry standards. However, many brokers require even less money to open an account, so if you are interested in affordable regulated brokers, feel free to follow this link.
The funding methods are various – Credit/Debit cards, Wire Transfers, Skrill, Neteller, PerfectMoney, WesternUnion, Whish, Cashplus and Cryptocurrencies. Depositing is generally free of charge, with the exception of Credit/Debit cards – each transaction will be charged 2%, which is an unfavourable requirement nonetheless.
Specific information about withdrawals and fees is not available. OxShare’s legal documents do not reveal many critical provisions, which is a downside nonetheless – no information should be concealed from customers! Beware!
There are bonuses, which may be an attractive feature for some customers. However, the volume requirements are highly unfavourable – for a $1000 deposit and a $250 bonus, clients should trade 80 lots (effectively 8 million USD in turnover). If clients withdraw before the conditions are met, customers will lose all profits generated, and the bonus funds will be revoked! Also, bear in mind that bonuses and trading incentives are prohibited in many jurisdictions, so the campaign may not be available for everyone.
How Does The Scam Work
Forex scams are different from one another, but in most cases, the fraudulent scheme is practically carried out in the same way. Scam brokers are always unregulated and usually registered somewhere offshore, which helps scammers remain anonymous and untraceable. If you open an account with such an entity, you should expect endless phone calls. Scammers will constantly try to approach you and make you deposit money as quickly as possible. Remember that urgency is always a treacherous sign, so it’s probably a scam if someone calls you twenty times per day, asking for money.
In the worst-case scenario, you’ll deposit, and scammers will persuade you to trade instead of you. You’ll soon see magnificent profits generated – false, of course, and you’ll get excited, asking to take your money back. As you probably guess, they won’t let you do so and will try to get another deposit from you, promising that much more lucrative gains are waiting. Or, they can ask for a false tax, saying that withdrawals are only possible if you cover the charge in advance. If you pay, you’ll increase the amount stolen from you, but if you keep asking for your money, you’ll soon realise it’s a scam!
What To Do If Scammed
You should first inform the authorities – call the police and contact your local regulators and other government bodies dealing with crime and fraud. Also, deactivate your cards ASAP and call your bank to inform them about what happened – they can provide essential information and help you reduce further financial damage.
If you deposited cryptocurrencies, there is not much you can do, but if you used your credit/debit cards, you could file a chargeback, hoping that all or some of the money invested can be retrieved. However, you shouldn’t go blindly looking to recover the loss because many fraudulent chargeback agencies are waiting to double-scam victims of fraud – be cautious about it!
And lastly, consider sharing your experience to help protect others and provide further information about how scams work!