OInvest Review 2023: Is This Recent Broker a Scam?
OInvest is an online forex and CFD broker that began its operations in 2018. The parent company, Aronex Corporation Ltd, also operates the broker 2Invest. Both of these brokers only started operations in the last few years, meaning neither has a long-standing reputation. The broker has a registration with the Financial Services Authority of Seychelles. Brokers commonly use this jurisdiction as a haven from the more stringent rules of regulators like CySEC or the FCA.
Trading With OInvest
OInvest has 45 currency pairs available, including several exotic and minor pairs. They also offer CFDs on cryptocurrency pairs, 33 choices overall. The broker’s other CFD offerings include 17 commodities, 15 indices, and nearly 200 stocks. The leverage varies from asset to asset with this broker, but the maximum forex leverage is 1:500, the same as that at their sister broker, 2Invest. This would never fly with a properly regulated broker, with the ESMA mandated limit being 1:30. The high leverage gives new traders access to greater risk than they can understand.
Warning Against Sister Broker
Our OInvest review didn’t find any warnings out against the broker, but there has been a warning against 2Invest, a broker from the same operating company. Chile’s Financial Market Commission warned against 2Invest on December 2, 2020. The broker markets extensively to South American countries. The regulator thought it necessary to warn traders that they have no authorization to offer services within the country. Neither OInvest nor 2Invest has any registration or affiliation with the CMF.
OInvest Accounts and Fees
Traders can choose between MetaTrader 4 or OInvest’s own web trading platform. Their platform can’t match the array of features that MetaTrader 4 has to offer. The broker has three account types, Silver, Gold, and Platinum. Traders need to put down $250 to open a Silver account.
As traders move up the account types, they receive access to more leverage and better spreads. The broker also offers demo accounts for traders who want to scope them out before committing. Traders should watch their accounts carefully, as the broker begins to charge constantly increasing inactivity fees after just two months of inactivity. These fees reach $500 a month after nine months.
Even If Your Deposit Seems Lost, There Could Still Be Hope
It’s often hard to gauge the trustworthiness of relatively new brokers. If warnings are already popping up, traders might be better off elsewhere. For anyone who invested before the warnings could come out, you can contact us today to look into your refund options.