Updated on April 22, 2024
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In our rigorous review process, a team of seasoned financial specialists, boasting more than 20 years of experience in Forex trading, carries out an exhaustive evaluation of various trading services. Our team delves deep into the investigation of fees, assesses the trading platforms, and verifies adherence to regulatory standards. We also interact directly with customer support and conduct actual trades to gain a real-world understanding of the trading conditions. This comprehensive approach enables us to provide informed insights and advice on why we recommend avoiding Oracle-FX due to the issues we've identified.
Is Oracle-FX Scam or Legit Broker? ▲
Oracle-FX emerges as a broker that is unequivocally fraudulent. The establishment is domiciled offshore and lacks any substantial authorization from a renowned and trustworthy financial regulatory body. It is categorically UNSAFE to engage in trading with Oracle-FX. Our stance against trading with offshore brokers is firm, as the financial investment services they offer cannot be deemed reliable. Despite potentially attractive trading conditions or environments promised by such brokers, traders are left without any form of assurance from official bodies responsible for overseeing the Forex industry.
Oracle-FX operates under the corporate umbrella of Oracle Finance International INC and is an offshore forex brokerage registered in the British Virgin Islands, holding a license from the British Virgin Islands Financial Services Commission. The acquisition of a Forex license in such a jurisdiction typically incurs a cost of less than $30,000, alongside a requirement for the company to maintain a minimum of $125,000 in its corporate account. In stark contrast, obtaining a license from New Zealand's FMA (Financial Markets Authority) necessitates the presence of a physical office within New Zealand and minimum net tangible assets amounting to 1 million NZD or 10% of average revenue, translating to approximately $35,000-50,000 for a license, contingent upon its classification.
Pros
None identified due to the significant risks associated with trading with OracleFX.
Cons
OracleFX is an offshore broker, significantly increasing the risk of financial loss.
The broker lacks proper licensing from a reputable financial regulator.
Comparatively, the cost and requirements for obtaining an offshore license are minimal, raising concerns about the broker's credibility and the safety of traders' funds.
The broker's website is no longer operational, casting doubt on its current status and reliability.
Our extensive review over 1000 brokers has revealed OracleFX's inadequacies in meeting the standards of safety and reliability that traders should expect.
Oracle-FX is flagged as a scam broker, and we strongly advise all investors and traders to steer clear of Oracle-FX and any other brokerages based in offshore locations such as the Marshall Islands. It is imperative to choose trading platforms that are well-regulated by credible authorities such as the FCA in the UK or ASIC in Australia. Oracle-FX's overall ranking and experience are decidedly negative, further reinforcing our recommendation to avoid this broker at all costs.
Oracle-FX Update
Our findings indicate that the Oracle-FX website has ceased operations. Furthermore, there is an absence of verifiable information regarding the broker's current operational status. We persist in cautioning against engaging with any brokers based offshore, attributed to their inherent instability and the lack of stringent regulations. Our comprehensive evaluation process, which involved a meticulous examination of over 1000 brokers, underscores the imperative of trading with brokers that are subject to rigorous regulatory standards, ensuring the safety and security of traders' investments.
When considering alternatives, brokers like Interactive Brokers, City Index, and AvaTrade stand out. They not only offer the security of stringent regulation but also bring to the table comprehensive trading solutions that can meet the needs of both novice and seasoned traders.
Oracle-FX Review 2024
