Welcome to OGAM review.
Ogamforex.com is the name of a purportedly trustworthy Forex broker advertising their services by claiming that they’re offering “flexible and rich commission returns”.
OGAM Forex broker is not a legit trading operation and we will tell you why in this OGAM review.
First of all, we’re interested in company background, operations, experience and such like things.
OGAM Forex has decided to include the name OGAM Group which they claim is the company behind their operations.
The company claims to have been in operation for over 20 years in investment and banking sectors.
They’re allegedly providing traders with superior and efficient technology for trading Forex and CFDs instruments.
OGAM group is telling traders that they started serving customers in Oceania and lately they’ve expanded to the Asian market.
They also want traders to know that their company has a National Futures Association (NFA) license and are currently applying for a license from the financial regulators in Australia and Vanuatu respectively.
OGAM Group is not in the database of the NFA and are not authorized to operate in the US as a financial service provider.
If the broker can lie about their regulatory status in the US, don’t expect that they’ll say the truth about the remaining licenses which they allegedly want to get from Australia and Vanuatu.
We’ve totally lost faith in this broker based on how they present their business to potential customers.
They tell one lie after the other. They make false claims of their background and experience.
There’s virtually no information about a company called OGAM Group. It seems such a company has never been registered anywhere.
There’s no phone number or physical address. The broker is in fact using a free gmail address to establish contacts with prospective customers.
The email address is firstname.lastname@example.org.
Therefore, if you wanted to deposit funds with this broker, you’re better off holding your horses because there’s a real threat in dealing with this broker, OGAM Forex.
OGAM Forex review
The broker claims that their platform offers over 180 trading instruments which include FX pairs and CFDs on commodities and precious metals.
The broker also claims to provide zero spreads and zero handling fees. This is too good to be true.
They claim that over 400,000 customers have chose OGAM Forex and are mostly based in Asia and Pacific regions.
This claim cannot be true and if there was some truth to this claim, the website’s alexa ranking would be pretty decent.
The “Trustworthy Premier Forex Broker” is therefore lying about most things which they purport to offer.
There is only one account type which is called a standard account.
Instead of presenting this information in my usual table, I decided to skip this part because there’s nothing to say about this account.
The link to this account is hidden and there is also no information about spreads, leverage and minimum deposit.
OGAM Forex broker has No teams and conditions page
If you enter into a dealing with a certain company, the terms and conditions page will dictate the nature of your dealings or contract with the said company.
Unfortunately, this page does not exist in the broker’s website.
OGAM Forex is basically forcing potential clients to open an account based on terms and conditions that were never disclosed to them.
OGAM Forex is lying about their regulatory status with the NFA
The first red flag that we saw in this website was a “Gmail” and that proved to us that OGAM Forex is run by some cheap scammer.
The second red flag that we identified was from the fact that the company behind their operation was an anonymous entity with no physical address and contact info.
In the database of the National Futures Association (NFA), we found a company based in Toronto, Canada called OGAM LTD.
OGAM LTD is not the same as OGAM Group and there is no OGAM group anywhere in the world.
The NFA has registered OGAM LTD and OGAM LP and licensed them to run their business as a Commodities Pool Operators.
This means the two companies are not allowed to offer brokerages services in the US.
So even if there was a connection between this Forex trading operation with the above mentioned companies, they would still not be allowed to operate a brokerage service.
But we have seen that the two genuine companies registered in the US are not related to the one we are reviewing here.
Regulators in the US are very strict when it comes to authorizing companies. They just don’t authorize.
But for them to authorize, the company in question must be having two licenses from the Commodity Futures Trading Commission (CFTC).
These licenses are called Futures Commission Merchant (FCM) license and Retail Foreign Exchange Dealer (RFED) license.
In addition to this, the company or broker must be a member of the NFA which means that they’ll be required to maintain a minimum operation capital of $20 000 000.
This is the same amount of operational capital required by the Swiss financial regulators.
What this means is that OGAM Forex is not regulated and is anonymous.
No Demo and MT4 is not there as well
The MT4 trading software is the industry standard followed by cTrader platform.
Any broker who does not provide this trading platform is definitely missing out and denying traders features that usually come with the beloved MT4 software.
MT4 is known for its robustness and in-built trading indicators that have proved to be a godsend to people who love indicators.
If you get a good expert advisor from this page, you can easily integrate it into the MT4 trading platform and you’ll start trading without any worries.
The charting capabilities are also amazing.
OGAM Forex does not even have a demo for that matter.
It means we can’t find out how much is there spreads and what their trading conditions look like.
This is definitely a broker to run away from.
The issues we’ve raised in this OGAM review can be used as evidence that this broker is a scam.
They’re deliberately cheating us about their regulatory status which is something that’s not good.
Therefore, all traders out there should look for another broker…. a broker that is well regulated and respected in the industry.
Place your deposit and start trading.
If you don’t have knowledge and experience in trading, just purchase our recommended expert advisors here/not indicators and plug into your MT4 platform and you’ll be ready to make money trading with a robot.
Note: Indicators are for experienced or intermediate traders who already know how to study the markets.
Thanks for reading this OGAM review.
We look forward to your comments.