OceanFX is an offshore broker linked to a company called Plaintech LLC. This particular company also owns YellowStoneFX. YellowStoneFX has no valid regulatory license and so is OceanFX.io.
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In this review, we will let you know that neither Ocean FX nor any of their affiliated brokerages cannot be trusted with customers’ funds.
And if you’ve lost money while trading with these dubious entities, we encourage you to follow this guide in order to recover your funds.
Is OceanFX a scam broker?
The word ‘scam’ is appropriate since this broker has not proved their legitimacy.
They have no credible track record of serving professional traders.
In fact, there’s no evidence that people ever make money trading on the Ocean FX platform.
Who owns Oceanfx.io?
Plaintech LLC is the face behind this illegal brokerage.
While Plaintech LLC is incorporated in the US, their businesses are conducted in the offshore island of St. Vincent and the Grenadines.
It begs the question of why Plaintech LLC chose St. Vincent and the Grenadines instead of the US — which is a market where brokers are strongly regulated.
In the US, there’s the CFTC, FINRA and the SEC. These folks work together to make it harder for scammers to take your money.
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They’ve implemented tough rules and procedures. Scammers can’t afford to operate in this market and so their next available option is to hide their dirty businesses in offfshore regions like St. Vincent and the Grenadines.
Therefore, Plaintech LLC is fully responsible for the business activities and affairs of OceanFX.
The game that OceanFX broker plays
This outfit is obviously risky for your trading. It does not matter what they say on their website.
Currently the website of this broker is promising a lot of good things to potential clients.
One of them is that Ocean FX wants to help you “improve your trading potential using their superior technology”.
They provide a wide range of “financial instruments’ for trading and minimum deposit is just $250.
This attracts the financially unsophisticated because $250 is a relatively low amount that starters feel comfortable “investing”.
However, what people don’t know is that a broker like OceanFX is not after helping anyone make an income.
They’re into this business because they want to make money from you.
They have to look legitimate so that they can earn your trust.
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These folks know that they can get more than $250 from your bank account or Crypto wallet.
The goal is to extract as much money from you as possible.
What they have to do is to provide you with a “trading platform” and a means to deposit your funds into the dark hole.
Once you commence the trading, your money will be depleted in bits.
Most of your trades are actually going to fail because Ocean FX is actually a CFDs broker just like NCE, CFDsCapital and other offshore brokers.
CFDs (Contract for Difference) brokers are mere bucketshops. They trade against their clients to make money.
You can’t win no matter what trading strategy you apply.
This is why these shady brokers don’t tolerate trading strategies that appear to favor their clients.
They wont hesitate to ban you from their website if you implement any of those strategies that make money consistently.
How to recover your money from this scam broker
The usual action of visiting your dashboard and initiating a withdrawal request is something that does not work.
Begging them to return your deposit or pay out your winnings usually backfires.
The only option is to work with a claims management company for help. If you go this route, chances of success is like 100% certain.
Wrapping it up
No matter how OceanFX repackages their service, it still won’t change the fact that they are illegal and unwanted.
They make the lives of real traders difficult.
You won’t know that the broker is trading against you. However, one thing that’s certain is that your account will tend to suffer one setback after the other.
Ultimately, you will deplete that trading account. Don’t be tempted to top it up with additional funds because history will repeat itself.
You may think your trading strategy is bad. However, the truth is that someone is trading against you.
Keep off these scams.