We are living in the 20th century and there are quite a few Forex trading sites out there that might end up being fake, at least some of them. So, we must identify which ones are worth using. There are so many ways to determine the authenticity of a website and these include licensing, trading background, bonus platform, etc. There is a particular company that goes by the name of Online Financial Binary Market (OFBM) and it is one of the most recognized sites due to both bad and good reasons. The site claims itself as one of the most profitable trading websites on the internet and offers a list of all possible accounts in the Forex trading world. Sadly, this is not completely true. The website does offer CFD trading facilities and has a list of trading stocks and assets for the Forex traders but there is a massive concern whether the site is authentic or not. Starting with a random website cannot be a good sign for a broker with very little information about the trades or any information about the trading structure or a demo platform. The website claims to be operating from New York but it does not fall under the jurisdiction of any of the financial institutions located in those places. To understand the website better, we must get into a list of the qualities this website has.
Unfortunately, there is no such sign of any advantages that the broker might have. With no record of good trading history, it cannot be said for sure whether the website actually works or not or is it just running under the name of some bigshot in the trading organization. There are many hoax platforms in the Forex trading world. And one should pay special attention to places where they invest before they fall into the traps of a financial investment scam. There are many people who gripe over this website, and we can’t ignore that fact.
The following are some of the most important disadvantages and reasons why one should avoid trading with this website.
- Identity theft – There is so much chatter on the internet regarding whether the website is authentic or not and there are people even saying that the origin of the website is not right and there is no trading history or record which links it to any kind financial firm. The website claims to be headquartered in New York, Canada, and many other places, but it does not fall under the financial jurisdiction of any of those places.
This means that it is not registered under the financial regulatory authorities of Canada or Manhattan. The website is an anonymous one which is a very bad thing for a trading website. This is not like another blog that we are talking about, this is a trading website and these signs can be a sign of distress for a trader using this broker for financial investment purposes. Most of the companies that have such kinds of websites have turned out to be scams in the past.
An organization must be registered under the financial authorities in the US and Canada to operate as an independent entity offering financial and investment assistance to their citizens. All brokers in this region should be licensed under FCM also known as Future Commission Merchant and there should also be a retail exchange dealer associated with their financial activities. The website has claimed to have offices in the United Kingdom as well but as we all know that it needs to then register and get a license by the Financial Conduct Authority, which is not true in this case as well. There is so much fake information regarding the FCA on this website that people will think twice about trading here. I must write in my Online Finance Binary Market review that this website has been associated with financial scams in the past and it can do the same again as fake people never change and when the foundation is a total scam, there is hardly any ray of hope for this site turning out to be authentic.
- No information regarding spreads – The website just provides information to its traders regarding the amount of investment each needs to bring to start trading. But at the same time, there is no information about the spreads that it might be offering. This is a sign of a fake website and people should be aware of the fact that there have been such websites in the past that have been providing such incomplete information, and they have been involved in serious financial fraud. People involved with such websites have faced serious financial losses as well.
Furthermore, the CFD brokers will need to know the amount of leverage that they can get. Unfortunately, that is also missing on this website, and with such less amount of information, no authentic broker will be able to operate properly.
- Crypto is the only payment method – A trading website should have a number of payment instruments and this where OFBM fails to deliver. This company only accepts Crypto coins as their means of payment and this is another sign of something fishy.
A trading website should contain several methods through which people can deposit money and get it back as well. Unfortunately, a lot of traders out there do not prefer dealing in cryptocurrency and this can be one of the reasons that they will not find this website attractive.
- Terms and conditions missing – There was a time when several financial websites were banned because they were not clear about the terms and conditions they were offering and we have come back to the same position with Online Financial Binary Market.
This company does not have any information about terms and conditions nor any kind of information about charges that will be deducted during the withdrawal of trading proceeds if any.
Before one lay their first step there in the trading world with a particular trading company, it is quite important that the proper terms and conditions are being discussed and rather agreed upon. Only then, a contract can be claimed to be valid and one can start trading. In the case of this particular company, there is no such information about the terms and conditions that one can agree upon.
- Trading bonuses – Last but not the least, there is missing information about any kind of trading bonus facilities that might be offered here to traders. The trading bonus is something that motivates traders to trade harder and a company must not provide falsified data or promises regarding trading bonuses.
The company is totally a fraud company and it is too far away from being banned by all the financial regulatory authorities around the world. Along with multiple complaints, the website has bad reviews from traders in the past as well and this should be a lesson to most new traders so that they don’t fall into the traps of this fake website.
The exchange commission at Cyprus has been very clear about the fact that all the fake websites will be open to legal actions and if any financial fraud is found out regarding their operational activities, all hell will break loose.