OSG Forex Review
OSG Forex Review
Clients of OSG Forex are offered a choice of several account types, all of which are said to offer commission-free trading with variable spreads and rather high leverage levels on the industry’s standard Metatrader 4 platform. Micro tradeable lots are available on Basic and Standard accounts, and all accounts have a swap-free option.
In addition, there are two more account types – Institutional & Corporate Pro. They are intended for institutional clients and require vary large initial deposits.
Overall, OSG Forex’s trading conditions are average, with comparatively low initial investment required and average variable spreads – typical ones on the EUR/USD pair amount to 1.4 pips. There are hundreds of brokers, may be even thousands, offering similar trading conditions. OSG Forex does not stand out among them in any way and we cannot find a reason why would a trader prefer this broker over all the duly regulated ones.
In addition, according to the Terms of business published on its website, OSG Forex acts as Market Maker. Although the quotes of such brokers are usually less volatile than the ones of NDD companies, market makers may trade against you, making money when you lose.
The Company. Security of Funds
Optimum Standard International Group (HK) Limited
Headquartered in Hong Kong, OSG Forex claims to be authorized and regulated by the Hong Kong Government. We suppose that the company behind the brand, Optimum Standard International Group (HK) Limited, is simply registered in the country, as the regulatory body responsible for the licensing and supervision of forex brokers in Hong Kong is the Hong Kong Securities and Futures Commission (SFC).
Our check in the public register of SFC revealed that OSG Forex is not licensed in Hong Kong. What is more,the SFC has published a warning against OSG Forex. According to the regulator, the owner of the brokerage Optimum Standard International Group Limited, is falsely claiming to be located at an address in Hong Kong.
We keep reiterating that doing business with unregulated (offshore) brokers is extremely risky as there is limited client protection, if any. Therefore, we advise traders to avoid such companies and to select among brokers licensed by the respective authorities in the UK, or Cyprus for example.
OSG Forex claims to offer MetaTrader 4 (MT4), but when you click on the download link on the broker’s website, you get the MetaTrader5 instead.
The main advantage of MetaTrader 5 (MT5) over the MT4 is the option it provides for trade on different financial markets, including stock markets, through a single account. In addition, MT5 already features hedging and MetaQuotes keeps making other enhancements to it in an effort to outphase its predecessor.
However, OSG Forex’s MT5 that looks like it is only connected to a MetaQuotes server and probably has nothing to do with this broker. The company name does not appear, as it usually does, coming with a client agreement in the installation process.
Methods of Payment
OSG Forex offers its clients the following payments methods: bank wire transfer, credit/debit cards, e-Wallets Skrill, Neteller, cashU, China UnionPay.
OSG Forex is a Hong-Kong based forex brokerage that is not regulated by the relevant financial agency in the country, although it claims to be licensed by the Hong Kong government itself. The broker claims to use the MT4, but it appears that it supports the MT5. Nonetheless, the platform available for download does not appear to be related to OSG Forex in any way. Considering the above, this broker is not recommended.
OSG Forex Review Conclusion
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