Why Oinvest Sucks In 50 Words
This brokerage is apparently looking to fill its pockets with money coming from inactivity fees. Believe it or not, if your account becomes and stays inactive for some time, you could pay as much as 500 EUR per month. So… trade or get your money out, but never let your account become inactive.
Why Oinvest Doesn’t Suck In 50 Words
This broker doesn’t have to comply with ESMA regulations, so the maximum leverage goes as high as 1:400. This is great for people who like to risk more for the chance to profit more, assuming they come from a part of the world that’s supported by Oinvest.
Is Oinvest A Scam?
The general internet vibe surrounding this broker is positive. Maybe a bit too positive if you ask me because most of the users who reviewed Oinvest gave them 5 stars and very positive feedback. Of course, we are not saying they are a scam just because they have positive reviews, but as we know, even the best brokers suck sometimes and it’s surprising to see one with almost no negative reviews.
Then there’s the fact that on their website they list Aronex Corporation Limited as the operating company but we also found BASFOUR 3773 (PTY) LTD to be the owner. Nothing wrong with that but we would like to see a bit more transparency about who owns what. And on top of that, their FSCA licence was withdrawn, but the reason is not specified anywhere, thus it’s unclear what happened. Caution should be used!
Should I Open An Account With Oinvest?
Oinvest is an online CFD broker launched in 2018, which offers leveraged trading on currencies, cryptocurrencies, stocks, indices, and commodities. According to the website, the broker is operated by Aronex Corporation Limited, a Seychelles-based company regulated by the Seychelles Financial Services Authority (FSA), license number SD014. Payment processing is provided by Habonix Solutions Ltd, a Cyprus based company, on behalf of Aronex Corporation Limited.
According to outside sources, the broker is owned and operated by BASFOUR 3773 (PTY) LTD, a Cape Town based company that was regulated by the Southern African Financial Sector Conduct Authority (FSCA), with FSP number 42020. At the time of writing, their licence is withdrawn.
The platform used is the most popular one at the moment – Meta Trader 4 – in all its forms: downloadable desktop client, web-based application (WebTrader) and mobile versions for iOS and Android.
The account structure is Silver, Gold, and Platinum but unfortunately, the minimum deposits are not specified, which is a let-down and again shows that Oinvest is missing basic information. The main perks for a higher tier account are lower spreads (as low as 0.7 pips for a Platinum account) and higher leverage (1:400 for Platinum) but this doesn’t say much as long as the required deposit remains unknown. If they ask for tens of thousands of bucks to get a Platinum account, it’s a hard pass for me and for most people I assume.
Education is composed of some Meta Trader tutorials (which is good if you are unfamiliar with this platform), daily news updates, e-books and VOD (video on demand) provided by MTE-Media. As a note, a very large number of brokers offer this type of video from MTE-Media, so the content tends to be the same or very similar to all of them.
As a whole, Oinvest doesn’t seem like a bad broker but on the other hand, they don’t offer anything out of the ordinary, some information is missing and one of their licences was withdrawn without further information.
Aronex Corporation Limited has a registered office is at Suite 3, Global Village, Jivan’s Complex, Mont Fleuri, Mahe, Seychelles.
Oinvest enjoys a good vibe overall (they have a 4.4 out of 5 stars rating on Trustpilot) but some of the positive reviews seemed a bit forced, describing the broker almost as the best in all areas. We’ve also located negative reviews, where people complained about long withdrawal periods and account managers asking them to deposit more than they felt comfortable with. Caution is recommended around this broker.
The minimum withdrawal is 100 USD but with a weird condition: it applies to the profit as well. To explain, if you deposit 200 USD and make a profit of 30 USD, your initial deposit will be sent to the card used for a deposit but the 30 USD profit cannot be withdrawn until the amount reaches the minimum required (i.e. 100 USD). This seems just a cheap way of keeping your money on the platform!
The processing time is very long, at 7 business days and keep in mind that you will have to wait even longer until the money reaches your account. Fees charged by the payment processor will be paid by the client and Oinvest will charge a 50 EUR fee if the client wishes to withdraw when there’s insignificant trading activity (only one trade) on his account.
As stated before, this broker doesn’t stand out and doesn’t have any special features, except maybe the weird condition regarding profit withdrawal. The leverage is high at 1:400, considering that most brokers who accept European clients are limited to 1:30.
Oinvest Overall Ratings
User Friendliness 13/20
The website is only available in 6 languages; information is scarce and a comprehensive FAQ is missing. Demo accounts are available but only for 7 days, U.S. clients are not accepted; several other parts of the world are restricted from opening an account but a complete list of accepted countries is not present.
Range Of Markets, Spreads And Leverage 15/20
The list of assets is huge, with all classes represented well. Oinvest offers CFDs on literally hundreds of stocks, indices, commodities, currencies, and also a very wide range of crypto pairs. The spread goes as low as 0.7 pips for EUR/USD but this is valid for a Platinum account and since the deposit requirement is not specified, we cannot say if this low spread is actually usable for the vast majority of traders. The leverage goes up to 1:400 (again, for the Platinum account) but in a different place on their website, Oinvest mentions 1:500 so it’s unclear which one you will get. Crypto pairs benefit from 1:2 leverage.
Fees And Support 13/20
Inactive accounts will be charged a hefty fee of 80 EUR monthly after 2 months without any trading activity. If the account becomes dormant or inactive, the fee will be applied to the first 2 months as well. After 91 days of inactivity, the fee is 120 EUR, which increases to 200 EUR after 181 days and to 500 EUR after 271 days. These are astronomical fees, so make sure you don’t let your account become inactive.
Withdrawing without trading more than once will also incur a fee of 50 EUR, otherwise, the client will have to pay only the bank or payment provider fees. Support is available via live chat, phone, and email.
Deposits and Withdrawals 13/20
The minimum deposit is not specified; the minimum withdrawal is 100 USD and if the client wishes to withdraw profits, he/she will have to meet the minimum amount. The methods are Visa, MasterCard, Skrill, Neteller, and wire transfers; the processing time is long at 7 business days for withdrawals (deposit time not specified).
High leverage (1:400) is about the only extra worth noting (if we don’t count the huge inactivity fees). Other than this, the broker is rather dull and without much out of the ordinary.
Oinvest Ratings: 61/100