Oinvest is an MT4 forex broker based in South Africa. Being the new kid on the block following its establishment in 2018, any trader would be skeptical as to whether to trade on the platform or not. Fortunately for you, this review is a detailed analysis of the Oinvest Forex Broker.
This broker is owned and operated by the proprietary Basfour 3773 Company Limited in South Africa. The Financial Services Board regulates this broker. With the rise of get quick scams on the internet, the regulation of this broker by FSB pushes this broker towards the trustworthy brokers’ list.
BasFour 3773 Limited adds to the authenticity of Oinvest given the company’s regulation by the South African FSCA (Financial Sector Conduct Authority, which is the successor of the FSB. FSCA is the regulatory body in charge of the entire licensing process, as well as overseeing the financial services providers required to keep clients’ funds separated (in segregated accounts) from the funds of the company. This regulator is also tasked with keeping a public register of the Authorized Financial Services Providers across South Africa. What this means is that you can look up Oinvest’s information or any other broker to check whether or not is it FSCA-licensed. Note, however, that even though the regulation of forex trading is not the best in South Africa. This regulation should, however, offer a level of reliability and satisfaction.
Its recent establishment might be the reason why this broker only features one type of trading account, the Standard trading account.
This broker also seems to target the local South African market only with trading restricted in many countries including the United States, Iran, Canada, Cuba, and Israel, among other countries.
Trading Platform
The other impressive feature of Oinvest is that trading takes place on the MetaTrader 4 (MT4) platform. MT4 is the most common trading platform known for the user-friendly interface and its reliability. Besides the intuitive interface, MT4 also offers solid charting, remarkable analysis tools, and it also supports an automated range of trading strategies like Expert Advisors, among others.
Trading conditions
With a single account type, Oinvest doesn’t give you many trading options. But, this trading account has a maximum leverage of 1:500 and a tight spread of 0.7 pips. These conditions make for competitive trading. Note, however, that the value of the minimum deposit is not specified. So, despite having to trade on this Standard account only, you get to enjoy tight spreads, a high level of leverage, and no commission fees. If you are only getting started in forex trading, then these conditions are more than ideal. You can also learn more about trading on the platform from the e-book, webinars, tutorials. And training courses offered on the website.
The high leverage of 1:500 will allow you to open up larger positions while putting in little cash. Therefore, high leverage offers you the best trading condition. The only catch when it comes to high leverages is that your risk of loss increases significantly.
Various assets
This broker offers a wide variety of trading instruments on the MT4 platform. Its portfolio includes about 50 currency pairs for forex exchange, and it also offers CFDs on commodities, stocks, indices, as well as cryptocurrencies. When it comes to crypto, you can trade in Bitcoin, Bitcoin Cash, Ether, Ripple Dash, Litecoin, Bitcoin Gold, and Monero.
Payment Options
For deposits and withdrawals, the broker lets traders use MasterCard, Visa, Bank wire transfers, and e-wallets like VPay, Skrill, and Neteller.
Pros
It’s licensed and regulated by the renowned Financial Sector Conduct Authority. This regulatory body enforces relatively strict measures in comparison with other bodies like the ones based on Vanuatu.
Trading takes place on the MT4 platform
Various trading assets on its portfolio
Tight and competitive spreads
High leverage levels
Cons
The trading conditions are not specified on the website, and you only learn of some of the trading conditions like the ones outlined above by looking at trading from the demo account.
Despite the regulation, the South African regulators are not very reliable
Oinvest’s access is restricted in most countries as the broker appears to only target, local traders.
One type of trading account
Conclusion
Oinvest represents one of South Africa’s well-regulated forex brokers, and it offers various tradeable asset on the MT4 trading platform. Even though the website is not clear on the trading conditions, the conditions seen on the demo account are pretty promising. The promise of a competitive forex trading is seen across the country with South Africa being Africa’s fastest rising/ developing countries. Since there are many other forex brokers in South Africa, you need to carefully evaluate their trading platforms, asset classes, trading conditions, and payment methods among other factors before you deposit any funds. Also, use their resources to reduce your losses.