Beware! OCD Finance is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OCD Finance is just another broker that asks you to trust them without providing any reason why you should. This is a broker that has lied about being regulated and that we did not offer a good overall trading environment. Investing with them would not only not be beneficial for you but will also surely result in you getting scammed. Read the review below to learn more.
OCD Finance Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
OCD Finance stated that it is regulated by some of the strictest financial regulators in the world such as the FCA (the UK), ASIC (Australia), and CySEC (Cyprus). However, that quickly confirmed that this is a lie – the broker did not show up on any register.
No legitimate broker would ever lie about something as essential as regulations and the very fact that OCD Finance tried to do so proves that they are not a broker you should even consider investing your money with.
Our advice for you would be to turn to a broker licensed in the UK, the EU, or Australia instead. Such brokers are a much safer choice and are generally considered to be the most reliable in the world. Companies have to meet many requirements in order to obtain a license – like maintaining a minimum operational of €730 000 in the UK and the EU, and A$1 million in Australia. This money is meant to serve as proof of the broker’s financial stability and long-term vision. Client money is kept separate from the broker’s own funds in segregated accounts – to show that no mixing of client funds and the broker’s own money would be possible. This also makes withdrawal considerably faster. Finally, because of the Negative Balance Protection Policy, no retail clients could lose more money than you have in their account at the time.
OCD Finance Trading Software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|OCD Finance platform||❌||❌||❌||❌|
|cTrader||40+ indicators||✅||✅||Android and iOS|
OCD Finance offered access to a fairly basic web-based trading platform:
Such software might be easy to navigate but it can hardly be called effective or advanced. It did not offer any features worth noting and as a whole, we were left unimpressed.
Instead of wasting your time, try well-known software like MetaTrader 4. This platform is fairly beginner-friendly but also offers access to a variety of amazing tools such as preprogrammed Expert Advisors that track markets and trade automatically, VPSs you could purchase to keep those EAs operating at all times, customizable signals you could set for prices going up or down, and the possibility to subscribe to signals set by other traders, a market for add-ons, 30 technical indicators, 9 different timeframes, and much more.
OCD Finance Trading instruments
OCD Finance offers access to a wide range of trading instruments – forex, commodities, indices, stocks, and cryptocurrencies. There are, however, much more reliable brokers that can also offer access a very decent range of markets – so trading with such scammers is quite pointless.
OCD Finance Spreads and cost of trading
OCD Finance offered seemingly great spreads on the benchmark EURUSD pair – we got results as low as 0.3 pips. The spreads on other vital pairings such as USDJPY and GBPUSD were less great – 5.3 and 7 pips respectively. This means that trading with this broker might turn out to be a lot less profitable than we might be forced to conclude by just looking at EURUSD.
Keep in mind that scam brokers also often tend to manipulate platforms in order to manufacture good results – with such brokers you just never know.
OCD Finance Maximum leverage
|OCD Finance broker||100:1||20:1||10:1||100:1||100:1|
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
OCD Finance allowed its clients to trade with maximum leverage of 1:100 on forex majors. That serves as definite proof that this broker could not be regulated in the UK, the EU, or Australia because of the leverage caps that exist in all of these jurisdictions. The reason for such restrictions is simple – trading with higher leverage could potentially result in a lot bigger losses.
Always be careful when picking your leverage and make sure that it is not too high for your knowledge and experience levels.
OCD Finance Deposit and withdrawal methods
|Deposit time||Withdrawal time||Fee|
|Crypto||24 hours||24 hours||Fee depends on crypto|
OCD Finance only accepts payments in Bitcoin and Tether which is hardly surprising. Scam brokers often prefer to receive their deposits in crypto because such transactions are both anonymous and irreversible. If you have already deposited with this broker, you would not be able to get a chargeback on your payment or even track it to a specific company or individual. That is why we generally advise readers to only use this payment solution with people and companies they are sure they can trust – in other words, not at all like this broker.
OCD Finance Minimum deposit
The minimum deposit required to open OCD Finance’s cheapest account is $150. This is fairly okay – you should, however, consider checking out the offers of some legitimate brokers instead. Opening an account for under $100 is fully possible these days – you might be able to start trading with as little as $10 even.
OCD Finance Withdrawal requirements
OCD Finance did not provide any specific withdrawal requirement information in its vague Terms and Conditions. We would like to point out, however, that many scammers actually do have crazy withdrawal requirements. They might ask you to pay huge withdrawal fees – up to 20% – or reach crazy turnovers before allowing you to withdraw. Whatever the case, with such brokers, there are usually strings attached so stay vigilant.
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|OCD Finance/ offshore brokers||No information||No information||No information|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|