OFMG Review: This is an Illegal Forex Broker

OFMG Review
  • Fund Safety
  • Regulation
  • Customer Support
0.5

Summary

OFMG does not have regulations from any reliable body. This means that the founders are running an illegal operation knowingly. There is no telling what such individuals are willing to do to get their hands on your funds. 

OFMG is a company that calls itself the world’s leading investment broker. This is despite the company being around for only three months. We can assure you that this company is not even close to being one of the best forex brokers in the market.

The people behind this company are just desperate to attract customers. Consequently, they will say anything. You cannot trust any company that lies to you straight to your face. Moreover, lying is not the only terrible thing this company does. OFMG is an illegal operation like many others in the market.

OFMG Review, OFMG Company

Ensure you do enough research before investing your money in any company. There are far too many scammers looking to get their hands on your hard-earned cash. The only problem is that they work so hard to hide their fraudulent nature.

Luckily, there are many legitimate forex brokers that you can readily invest in. You should only trust companies that have been around for a long time. Such companies have the trust of thousands of seasoned traders for a reason. They operate with full professionalism and transparency.

In the meantime, here is our review of OFMG.

OFMGUK.com Review

OFMG provides an MT4 trading platform for clients. This is one of the best trading platforms in the market. This may make you think that this is a legitimate company looking to serve its clients. However, this is far from the truth. Even the sign-up process for this company is shady. 

OFMG requires clients to submit a lot of sensitive information even before you have an account. Before you open an account, this company asks for your bank card details. This is one of the dirtiest ways to steal people’s money in the market. This is a scam if we have ever heard of one.

Further, the company tries to attract customers by offering a lot of assets to trade on the platform. Clients can trade forex, commodities, and indices all on the same platform. This allows customers to spread the risk of investment across various assets. While this may be good, it does not mean much if the company cannot provide a safe trading platform.

Even worse, this company is not transparent in its operations. The people behind this company expect you to let them manage your account without even knowing who they are. You cannot trust anyone that does not want you to know who they are.

OFMG Customer Support

In terms of customer support, this company has nothing good to offer you. The only way to reach the support team is through their email [email protected]. This is not a reliable way to reach out to a company that is handling your funds. 

Any serious company will provide several means to contact them. Moreover, they will provide a phone number to make it easier for their customers. We all know that emails can go weeks without a response. Moreover, most scam companies stop replying to customers as soon as they steal their money.

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OFMG Trading Conditions

OFMG offers some of the worst trading conditions in the market. The average spreads that this company offers are around 2 pips. This is very high and almost double what you will find in other companies.

Additionally, the leverage levels make trading very expensive to clients. The company is offering clients leverage levels of up to 1:400. Such trading conditions are not ideal for any successful trading. 

OFMG Scam Review, OFMG Features

This is why UK regulators cap leverage at 1:30. There are better companies out there that will offer you better trading conditions. A company like OFMG does not have professionals behind it. These are amateurs who have no idea what they are doing.

Furthermore, the minimum deposit for this company is very high. This is extremely higher than the industry standard. Moreover, regulatory bodies cap the minimum deposit at $100. Therefore, this company does not even care about regulatory stipulations.

Founders and Physical Location

You should never invest in companies run by people with unidentifiable founders. Only the founders of illegitimate companies hide their identities. They do this to ensure that the law does not track them down. 

 OFMG does not introduce us to any of the team members. It is a terrible idea to send your money to mysterious people on the Internet. Moreover, the company is offering clients account management services and financial advice. 

It is a terrible idea to take such services from unidentifiable individuals. At the very least, such people should first present you with their trading results. This will allow you to determine whether their approach best suits your portfolio needs.

In terms of physical location, the company claims to operate from London, England. Address: 15 Bishopsgate, London, England, EC2N. Providing the address means that you can easily track the company in case of any issues. 

However, this is not as exciting as it sounds. First, we have to ask ourselves whether this company is operating in the United Kingdom legally. We cover that in our next section.

Regulation and Fund Safety

Most jurisdictions do not allow companies to provide investment services without regulations. Such companies are illegal in the eyes of the law. Moreover, regulatory bodies are there to protect investors from losing their money to scammers in the market. They ensure that companies have the right set up to protect customer funds.

OFMG does not have regulations from any reliable body. This means that the founders are running an illegal operation knowingly. There is no telling what such individuals are willing to do to get their hands on your funds. 

Moreover, the MAS of Singapore issued a warning against this company. Therefore, OFMG cannot assure you of your funds’ safety. Stay away from these people at all costs. They have nothing good to offer you.

Furthermore, there is no evidence of systems’ protection on OFMG. The company does not tell us the software or hardware they use to keep out intruders. This means that hackers can easily access and steal your funds and data.

Customer Reviews

One of the best ways to know what to expect from a company is through customer reviews. Customer reviews let you hear from the people already using the company’s services. Moreover, this is the best way to gather information quickly.

Interestingly, there are no customer reviews anywhere on the website. This is very shady for a company that claims to have thousands of clients. They should provide us with evidence that supports their claim. Investing in this company is a recipe for disaster.

Final Verdict

OFMG is a scam if we have ever seen one. The people behind it are hiding their identities for a reason. They do not want the law to track them down. Additionally, OFMG is not a legal operation. These people are offering financial services in the UK without regulations. Such a company cannot assure you of your funds’ safety.

Even worse, this company does not have reliable customer support. The only way to contact these people is through email. Unfortunately, emails can go days without an answer. 

You are better off sticking with the top legitimate forex brokers in the market. Only such companies can help you safeguard and grow your investment.

 

2 Replies to “OFMG Review: This is an Illegal Forex Broker”

  1. Arthur Z Dixon

    You did not open an account. You did not make a deposit or a withdraw. You explain why you would not but offer zero evidence other than thoughts. I have been involved with 50 trades following advise as a newbe to all this. Withdrawls take 2 days to hit my account. I wish you had sound evidence other than shady practices, Where is the shade deals. I am satisfied but nervous. MT4 is not their property, I am making money and have safe access so far. Please give me something better than you have offered. They have not taken anything from me. My guy is running about 80%

  2. ian

    I have been talking to a ‘Fiona’ who says she lives in Korea trapped in Chengdu. We met on a dating site. She said her telephone is unreliable so asked me to trade on her behalf. She introduced me to a British older guy (on his whatsapp profile)’Michael’ working for OFMG. My first name is Ian,, a very common western name. After we did the introductions, he kept calling me Mr Ian. I did 5 trades using MT4 for Fiona. At first, he said he only deals with high flyers, then he suggested I can open an account for just 5000. I said I cant afford. Then Fiona said she can put in 1000 . Michael suggested we do 2500/2500 and he can trade. I still said I cant afford so Fiona was going to put in 1000. The website for account registration is not a secure website, has no tel number, no business registration, and none of the gold squares that should open up with more information work.
    I hope by writing this I can save at least one person from making a big mistake. Michael’s whatsapp number is +44 7565 356767. Fiona’s whatsapp number is +852 9771 3073. I guess their names will change but maybe the numbers will not change so often.

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