OrientalFX and its website (orientalfx.com) is tempting unsuspecting clients using fake Forex and CFDs brokerage service. The website (which is masquarading as a legit FX broker) is actually lying about their incorporation details. They claim that OrientalFX is a trading name of BLOCEDU VENTURES LTD. However, Blocedu Ventures Ltd is a Canadian company with no links or affiliation to brokers who run their operations from the offshore jurisdiction of St. Vincent and the Grenadines. OrientalFX is actually operating out of this offshore jurisdiction — which is one of the reasons you should consider the broker a high risk. You only use these highly recommended trading systems or signals if you have a good broker by your side.
Clearly OrientalFX is lying about their company details. And if this is the case, do you think your money will be safe in their hands? They claim that their service is based on honesty, transparency, security and professionalism but what we see is quite the opposite. This broker cannot be at par with some of the best in the industry and that’s because apart from lying about the company that is running the website, they also don’t have a valid Forex and CFDs trading license. Instead of believing that Oriental FX is where you ‘invest your money the right way’, you should actually consider this broker dangerous and illegal.
OrientalFX Review: What they use to lure victims
The first thing that these scammers want is to make you believe that OrientalFX is operated by “top institutional experts” who stand for transparency.
Unfortunately, we have not seen this website demonstrating their supposed transparency. What we have seen on the website should be considered pure lies.
The website claims to offer PAMM and MAM accounts in addition to copy trading. However, what we’ve seen is a widget on their website that depicts a loss of -5.19% in the last 265 days and a draw down of 9.90%. It is not possible to verify this data and secondly, the broker is not a smart liar — their intention is to cheat us but here’s a case of confusion where the broker is showing us losses and discouraging us to join their PAMM account.
Even their copy trading platform is equally fake as there is no data to support its profitability. Before we forget, the PAMM account platform only has 3 followers.
OrientalFX also claims that they are a no dealing desk broker. How sure can we be that this is the case?
It is not possible for a broker to be honest on their platform when they can’t get simple things right.
Also, these St Vincent and the Grenadines brokers are all crowed in one place. I’m sure a scam like SolidECN has an office right next to OrientalFX business premises. You should not be shocked.
OrientalFX account type, min deposit, leverage and cost of trading
They offer 3 types of trading accounts. Minimum deposit is just $200 but if you want a cheaper account to trade with, you have to part with at least $3,000. This trading budget is for the pro account where traders can enjoy spreads as low as 0.4 pips on major pairs.
The broker’s maximum leverage is 1:200, which is within reasonable limits. Anything higher than 1:200 could prove to be disastrous for your capital.
The truth that Oriental FX does not want you to know
Broker does not have any feedback from anyone. It appears they don’t have clients just yet.
Secondly, they can’t be offering true ECN trading conditions since they are not licensed and have also chosen an offshore location which is known for hosting scam brokers like Stark Wealth.
Thirdly, the broker is 100% anonymous. Lying about their company shows that they possibly don’t want to disclose who owns or runs the scheme.
What to do if you have been scammed by this broker
You will need to open a case against them. Fill out the form at the beginning of this review or engage a professional in the live chat to learn how you can recover your lost money. Your funds may not be gone forever.
OrientalFX is a pathetic scam that tries very hard to steal from unsuspecting victims. They are not licensed and that’s because they cannot qualify for any license.
They need to get their house in order by not parading with other scam brokers and also getting the necessary legal documents for them to be considered a safe broker.
Thanks for reading our review. Drop your comments here if you have an experience with the broker (whether positive or negative).