For trading from home, you can sign up with an online broker, like OceanFX, learn more about online trading and this cool broker in our OceanFX review today.
Introduction
Trading in the financial markets is one of the oldest careers in the world. For decades, people have been trading in the stock market, the forex market and numerous others in the hopes of making a fortune. There are plenty who have managed to find success in this space, which has drawn the attention of others. However, before the advent of online trading, people found it too complicated to step into it. Thanks to the internet and technology, trading has become accessible for everyone, giving people the opportunity to try their luck and accumulate wealth like a number of other successful traders.
With online trading, you can trade from your home or anywhere else and you don’t have to have any experience, background or knowledge to kick-start your career. You need some investment and that doesn’t have to be in millions either. There are a variety of instruments to be traded as well, which means plenty of opportunities that you can explore. However, it is important to remember that there are some elements of traditional trading that have remained consistent even today; a broker is one of them. In order to start trading, you require a trading platform and various other resources and tools.
But, where do you get them? This is where brokers come in because they have been especially established for this very purpose. Finding one is not that big of a challenge because considering the popularity of online trading, the number of companies offering their trading services has also surged significantly. You will be spoiled for choice in this regard, but you have to remember that not all of them are a good option. The choice of the platform will vary from trader to trader because everyone has different priorities. Some value security more than ease of use, while others prefer competitive trading conditions to be the most important.
OceanFX Review
To choose a broker that will work for you, it is best to learn their ins and outs before moving ahead and signing up with them. Established in 2019, OceanFX is one of the choices that you will find at your disposal, but as it is new, many people may not give it any attention. However, it enjoys a strong reputation in the market and you should learn as much about it as possible before drawing any conclusions. Based in the United Kingdom, OceanFX was founded by OceanFX Ltd. and there are some notable things to discover about it. Let’s see what they entail:
Registering with OceanFX
When you want to learn the ins and outs of any company, you need to look at their registration process. They shouldn’t be asking you to provide unnecessary information and should facilitate you, rather than draw out the process and frustrate prospective clients. With OceanFX, this is exactly what you get because they don’t have any contracts that require signing and neither do they have an approval process you need to get through. In order to register, you have to visit their website where you will find the ‘Register Now’ button.
This will give you a form, a very short one, which you need to complete and it doesn’t take more than a few minutes. It asks for basic information, like your first name, last name, a phone number, email address, your country and the password you want to use. Your email will be verified through a link. You also need to confirm that you are 18 or above to use OceanFX’s services and agree with their Terms & Conditions that are mentioned on their website. Your registration will be complete here.
Opening an account with OceanFX
After you are done with registration, you need to deal with the next step i.e. opening an account. This is required because your account keeps track of your personal information, your deposited funds, along with your trading activity. As OceanFX caters to traders of different levels, beginners and experienced alike, they have provided numerous account options on their platform. You can check out the options and choose one that suits your risk appetite and your trading style. Let’s take a look at the options:
- Basic
The first account that you will find is known as Basic, which defines the features it offers, because it is developed for traders with zero experience in the financial markets. This account needs a deposit of €1,000 in order to be opened and provides users with access to basic training and education, webinars, daily market reviews and 24/6 customer support.
- Bronze
The second account option is for traders with a little bit of experience, yet those who are still beginners. The minimum deposit they have to make for this account is €10,000. Features of the basic account are given, but there is addition of price alerts at a junior level, since they come in handy.
- Silver
Next up is the Silver account, which is ideally suited for intermediate traders, who haven’t reached the advanced level yet. They have to deposit at least €25,000 for opening this account and they will receive an account manager for giving them guidance during trading and will also get PIA trading secrets that can come in handy.
- Gold
This account is one that works for advanced traders because they have experience and knowledge under their belt. Therefore, they can afford to deposit around €50,000, which is the minimum deposit for this account. Personalized trading strategies are offered to these traders, along with PIA SMS signals, which these traders can use for better decision making.
- Platinum
Designed for skilled and expert traders, this account option has the highest minimum deposit requirement of €250,000. In this account, traders will receive a 1-on-1 trainer to give them an edge and they also get exclusive position access that can be used to their advantage.
The Black account is the last option that OceanFX is offering, but it is only for VIP and professional traders and no one can sign up for it directly. It has an eligibility criteria that you have to meet in order to open this account and you can ask your account manager to provide you details about it, in case you are interested.
Trading Platforms at OceanFX
One of the primary reasons that brokerages have remained essential, even in the world of online trading, is because they provide the trading platform needed by traders. This is the tool that connects them to the financial markets and allows them to execute their trades. Hence, it needs to do a good job in order to help traders in making the most of their activities. You will find different platforms offered by different companies and should take a close look at it to ensure it can get the job done. OceanFX has developed their own trading platform that they offer to their clients.
To start with, they have opted for a web trading platform, instead of a desktop one, because this is more fluid and flexible. After all, it doesn’t need to be downloaded or installed and is used through the company’s website, so it can work on any device having browser support. As a matter of fact, you can also use it on mobile devices, whether Android or iOS, which means it allows trading on the go as well. This is a bonus for traders because it gives them freedom of movement and they can also take advantage of the smallest changes in the market.
As far as performance and usability is concerned, OceanFX has designed an intuitive interface that is powerful yet straightforward, so there isn’t any big learning curve that traders need to be concerned about. It can be easily navigated and they have given traders the opportunity to customize the platform as per their needs. Moreover, they have also added some innovative trading tools that can enhance your overall experience. You receive real-time price alerts, trading signals and indicators, fundamental and technical analysis tools, along with advanced charting tools.
The platform also offers speedy opening and closing of trades and one-click trading makes it immensely easy. Different trading orders are supported on the platform and this is another perk you can enjoy here.
Banking with OceanFX
When you are learning the ins and outs of any brokerage, you should never ignore banking because depositing your investment and withdrawing your returns will be your priority during trading. You need to know how you will be able to invest your capital and how you will be able to get your profits in the future. This is where the banking methods come in and OceanFX has added an array of options for facilitating its clients as much as possible. You can go with the traditional route i.e. bank wire transfers where your bank account is directly used for trading.
You can also go with debit or credit cards, which are fast and convenient for all. These include Visa, Maestro and MasterCard options. Apart from that, modern banking solutions like e-wallets have been added by the company. Neteller is an excellent example of this option. These options can be used for your deposits and withdrawals, alike. OceanFX does not charge any fee on deposit, but withdrawals may incur charges, depending on what method you use. For instance, withdrawal through bank transfer costs 30 USD. Deposits are usually processed right away, but withdrawal requests take anywhere between 3 to 7 days to be completed.
Security at OceanFX
Cybersecurity threats are real and can have unwanted consequences that you don’t want to face. But, when you are using a broker, you will be exposing yourself because you have to share your personal information with the company, and also deposit your money with them. Subsequently, you need to ensure that the platform you are using is secure and has taken steps to protect you, as much as possible. OceanFX has implemented some security measures on its platform for mitigating the risks that exist these days. They use 256-bit Secure Socket Layer (SSL) encryption, which is for protecting all information and data that’s shared by traders.
If you are wondering about how they use your information, their Privacy Policy explains that it is not licensed, shared or sold with anyone without your consent. It is only accumulated for providing efficient trading services. For keeping your deposits, OceanFX has opted to go with segregated accounts i.e. client accounts are kept separate from the company’s. Plus, the funds are kept with the leading investment banks, which ensures their safety, and they are returned to clients in case the firm goes bankrupt.
They have also adopted international security policies, which are AML (Anti-Money Laundering) and KYC (Know Your Customer), respectively. These policies require traders to provide proof of identity via their passport, ID card or driver’s license, and proof of residence through a utility bill or bank statement. In case you use debit or credit cards, you are also required to submit photographs of the front and back of the card in question. The purpose is to prevent money laundering, identity theft, terrorist financing and other similar criminal activities.
Customer care at OceanFX
It is best to know what kind of support you will receive when you choose a brokerage. You may have questions, complaints or even problems that you will need assistance with and obviously, you would want it right away. OceanFX has been quite accommodating in this regard because they have opted to use multiple channels through which they provide support. Their team is available 24/6 to assist you when you require. You can get in touch with them by giving them a call on the given number on their website, or you can shoot them an email with your query and they will get back to you, as quickly as possible.
You will also find optimal trading conditions, educational and training resources and a ton of tools at OceanFX that can make a big difference in your trading experience and help you succeed in your goals.
