The forex market sees trillions of dollars traded each day while experiencing rapid expansion of the industry. While numerous brokers hit the market almost everyday, traders worldwide look for the best brokers to invest their hard-earned money. Unfortunately, the process of finding a legitimate forex broker can be tiring. Therefore, consumers need to conduct thorough research on a company before making a trading investment. BrokersView aims to offer the most comprehensive research assistance available. In this case, we have identified "Ocean Markets" as another broker on our list of dubious brokers.
Ocean Markets- A Quick Review
Ocean Markets (https://oceanmarkets.org/) is an offshore broker based in Marshall Island. Founded in 2020, the company brags about providing investors with the most remarkable trading and investment conditions and recent news on political and economic developments. While clients have access to CFD, Forex, commodities, indices, and other assets, the broker takes pride in providing access to a cutting-edge trading terminal, flexible account types, and 24/5 customer support.
Is Ocean Markets Regulated?
No! Ocean Markets is not regulated. Though the company claims to be registered with Marshall Island IRI, the subjective authority doesn't regulate forex brokers.
Ocean Markets is rated as an average broker. Most clients denounce the company for its withdrawal process. According to the clientele feedback, even after months of initiating withdrawal requests, some customers still haven't been able to withdraw their funds. The company is also accused of price manipulation.
What Makes Ocean Markets A Scam Broker?
Ocean Markets and other scam brokers often make enticing promises about how easy and quick it is to make money and display fake license numbers, false customer evaluations and persuasive language to deceive you. They only aim to take money out of your pockets and run away.
Ocean Markets is not a trustworthy broker for more than one reason. Let's enlist a few below:
· Ocean Markets is an offshore broker based in the Marshall Islands. Due to having no or minimal registration formalities, the Island serves to be the favorite place for scammers. Even if you've never visited the Islands or have a physical office, you can still register a business there.
· The company has provided UK and Russian telephone numbers, but it neither appears in the Financial Conduct Authority's (FCA) register nor has any record with International Financial Market Relations Regulation Center (IFMRRC).
· For traders to withdraw their earnings, the company comes up with lame excuses and refuses to release funds.
No matter how appealing a broker may appear, we strongly recommend you check both its regulation status and reputation amongst clients. The concerned regulator's website helps you confirm if your prospective broker is regulated. And reviews and comments from other traders on BrokersView help you gain insights into their experience with it.