OX Securities Review – A Highly Risky Broker!

OX Securities Review Disclaimer: This information is provided solely for warning and alert purposes. It highlights major red flags associated with Oxsecurities(oxsecurities.com), a regulated yet questionable trading platform. The review is based on my personal experience and publicly available information.

OX Securities, is it legit?

The answer is YES, at least in terms of compliance.

However, we don’t recommend this broker because our evaluation revealed more red flags than green flags. 

In this unbiased OX Securities review, we are going to be looking at the green flags and red flags of this SVG-based broker-dealer. But before that, here’s the company summary:

OX Securities Green Flags

1. OX Securities Is Compliant

To begin with, the Financial Services Authority of St Vincent & the Grenadines regulates this broker with license number 25509. We verified this information on the authority’s website. 

2. Positive OX Securities Reviews On Trustpilot

Further, Trustpilot displays OX Securities as “Verified”. As I stated in this review of the FPMarkets legitimate broker, companies that show on the review platform as “Verified” have verified their authenticity with the platform. 

Additionally, OX Securities PTY limited had garnered a 4.1-star overall rating out of 250 reviews at the time of writing this unbiased OX Securities review. The majority (actually 75%) of the reviewers praised this broker, awarding them 5 stars. 

OX Securities Red Flags

1. Negative Oxsecurities Reviews On Google Reviews

On the contrary, while OX Securities seems to enjoy great feedback on Trustpilot, it doesn’t appear to do so on Google Reviews. At the time of writing this independent review, the broker had garnered a 2.5-star overall rating out of 36 reviews, many of which were 1-star. This feedback suggested that most of the reviewers were not happy with the broker’s services. 

2. Serious Customer Complaints On Reddit

Further, Oxsecurities has attracted serious complaints and allegations on Reddit, including the following:

Complaint #1

Here, a Reddit user by the name, “SnooCheesecakes3796”,  accused OX Securities of being scammers, alleging that they have operated deceitfully since 2013 by denying profits to successful traders.

SnooCheesecakes3796 claims to have turned $190 into $180K in six months on the supposed trading platform, only for the broker to terminate their account, accusing them of arbitrage. 

Further, the client alleged that the broker bets against its customers and cancels accounts when traders become too profitable. They additionally revealed that their attempts to negotiate a partial settlement were rejected, warning others against trading through this broker. What’s more, they also mentioned that the company made an offer to remove his negative review for $250, which they declined, demanding $30K instead.

Notably, SnooCheesecakes3796 supported their allegations with evidence, which means that they could not be far from the truth. 

Complaint #2

Another Reddit user by the name WerewolfAutomatic662 accused the broker of misappropriating funds and misrepresenting accounts, particularly through their PAMM system. 

They claimed significant discrepancies between the money manager’s master account and investor accounts, with losses far exceeding what should be expected based on the master account’s performance. 

Further, they mentioned that investors have been:

• Unable to withdraw funds successfully.
• Experiencing erratic account balances.
• Having trouble unsubscribing from the broker’s trading strategies.
• Having difficulties communicating with the broker because they have subjected them to robotic responses and blame-shifting tactics.
• Subjected to ongoing operational issues, including website crashes and poor customer service.

These complaints suggest that there are significant concerns among many users about the company’s practices and integrity in general. You can check them out here. 

3. OX Securities Comes from A Questionable Jurisdiction

What’s more, Oxsecurities is located in the St. Vincent and the Grenadines(SVG), as you already know. Yet the SVG has gained a bad reputation in the forex industry for being home to many dubious brokers. This is because its Financial Services Authority (FSA) offers a weak regulatory framework, which such brokers can easily get around and exploit. This explains why some analysts and traders view the country as a risky jurisdiction for financial services. 

4. A Questionable Telephone Number

Lastly, the company provides “+1(213)4593544” as its telephone number, which doesn’t tally with its supposed physical location. The broker’s website claims that the entity is located in the SVG. Yet we found out that the telephone code for this country is +1 784 and not +1(213) as entailed in the provided telephone number. Instead, this dialing code belongs to the downtown and central Los Angeles areas in California, USA, as our investigations revealed. This discrepancy raises doubts about the broker’s transparency and integrity. 

Final Thoughts

While OX Securities is registered by the Financial Services Authority of St Vincent & The Grenadines, this company has exhibited more red flags than green flags. As such, we don’t recommend investing through it as you might lose your money. After all, a broker can be registered and still scam people, which seems true with this particular broker. 

You made a great call to read this informative OX Securities review to stay informed about the possible risks of engaging with this trading platform. Have you had any experience with this broker? If so, feel free to share the story with the Scamreader community in the comments section below.

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