Beware! OKXCryptoField 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.
The OKXCryptoField website greets us with the odd-sounding assurances that “we bring the years, global experience, and stamina to guide our clients through new and often disruptive realities”. The fact check leaves no doubt that OKXCryptoField brings only characteristics of a typical online scam. Let’s take a detailed look at why it is in your best interest to stay away from OKXCryptoField and how to choose a more credible alternative for investing in the financial markets.
OKXCryptoField 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|
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
OKXCryptoField is completely anonymous – neither the website nor the substandard Terms and Conditions state the name of a legal entity.
The only identifying information is a UK address, which is no doubt fake.
This is confirmed by the UK’s Financial Conduct Authority (FCA), which expressly warns investors that the OKXCryptoField is a fraud and not an authorised financial services provider.
If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the FCA or some EU regulator like Cyprus Securities and Exchange Commission (CySEC).
As their customer you will enjoy a number of guarantees including negative balance protection and guarantee for your funds if the broker goes bankrupt, which goes up to EUR 20,000 in EU and 85,000 GBP in the UK. Regulations in the UK and EU include some important measures designed to improve investor protection and promote market integrity and transparency, such as transaction reporting. Regulated brokers are also required to segregate their operational funds from the client’s money.
OKXCryptoField Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
The website advertises an advanced trading platform, but after signing up for an account it becomes clear that OKXCryptoField does not have any trading software. This shows that we are dealing with a low-effort scam relying on deceiving people who do not know what to expect from a real forex broker.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
OKXCryptoField Trading instruments
OKXCryptoField claims to offer trading in all major asset classes, including cryptocurrencies. This is also evidence that the OKXCryptoField could not really be a licensed broker based in the UK. The FCA prohibits brokers from offering crypto derivatives trading to retail customers.
OKXCryptoField Spreads and cost of trading
OKXCryptoField promises competitive spreads of 1.3 pips, but as we have seen this website has neither the licence nor the software necessary to facilitate trading in financial instruments.
OKXCryptoField Maximum leverage
|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||❌||❌||❌||❌|
Further evidence of the fraudulent nature of OKXCryptoField is the claim that it offers leverage up to 1:200. Regulated brokers do not offer such levels to retail traders as trading with high leverage carries risks of sudden and excessive losses. The FCA, like EU regulators, limits leverage to 1:30 for trading in major currency pairs and even lower levels for more volatile assets.
Regulated brokers offer higher leverage only to professional clients who must meet very high standards for capital and experience and forgo the guarantees enjoyed by retail traders.
If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
OKXCryptoField Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
We weren’t at all surprised that the only payment method accepted by OKXCryptoField is Bitcoin.
Cryptocurrencies are the payment method of choice for most financial scammers. The reason for this is that on the one hand cryptocurrencies provide a degree of anonymity and on the other hand they do not allow the defrauded person to ask for a refund.
Legitimate brokers typically offer clients a wide choice of transparent payment methods, including bank transfer, credit/debit cards and established e-wallets such as PayPal, Skrill or Neteller. If you’re interested in legitimate brokers that accept digital currency payments alongside conventional methods, check out this list.
OKXCryptoField Minimum deposit
OKXCryptoField requires a minimum deposit of 7,000 USD. This is not a ridiculously high amount considering that legitimate brokers often offer starter accounts with a minimum deposit of 5 or 10 USD.
OKXCryptoField Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|OKXCryptoField||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
Since OKXCryptoField does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.