Welcome to our comprehensive review of Onfin, an emerging broker established in 2020. Despite being relatively new in the financial market, Onfin has already made a name for itself in the trading community with a user-friendly platform and a range of services aimed at catering to both novice and experienced traders.
Broker Overview
Onfin is headquartered in Sydney, Australia and offers a diverse set of trading services across several asset classes, including forex, cryptocurrencies, and CFDs. With a solid score of 8 out of 10 from Broker Judge, it’s essential to delve into the features that set Onfin apart.
Trading Platforms
Onfin operates on popular trading platforms such as MetaTrader 4 and a proprietary Web Trader. This flexibility allows traders to choose a platform that fits their trading style. Both platforms are equipped with advanced charting tools and automated trading capabilities, making them ideal for day traders and scalpers alike.
Account Types
Onfin offers a variety of account types, including Standard, ECN, and VIP accounts, catering to different trading strategies and investment sizes. The minimum deposit requirement is $100, which is accessible for new traders. For those who wish to practice their strategies without risk, Onfin provides a demo account.
Trading Conditions
With a maximum leverage of up to 1:500 and a minimum trade size of 0.01 lots, Onfin accommodates aggressive trading strategies. The broker also supports various currencies, including USD, EUR, and GBP, and allows trading in several cryptocurrencies like Bitcoin and Ethereum.
Fees and Commissions
| Pros | Cons |
|---|---|
| Competitive spreads starting at 0.1 pips | Withdrawal fee of $5 |
| No commission on Standard accounts | Inactivity fee of $10 after 3 months |
| Up to 50% welcome bonus available | Variable swap fees |
Customer Support
Onfin takes customer support seriously, offering a 24/5 service through live chat and email. Traders can communicate in English, Spanish, and French, catering to a broader audience.
Education and Resources
The broker provides educational resources such as webinars, trading guides, and video tutorials. This is particularly beneficial for beginners looking to enhance their trading skills.
Regulation and Security
One drawback of Onfin is its lack of regulation, as it is not registered with any major regulatory body. As always, traders should conduct their due diligence when trading with unregulated brokers. Onfin makes efforts to implement security measures to protect user data and funds.
Withdrawal and Deposit Methods
Onfin offers multiple payment methods for deposits and withdrawals, including bank transfers, credit/debit cards, and e-wallet options. However, traders should note the $5 withdrawal fee.
Trading Features
The broker supports features such as copy trading, MAM, and PAMM accounts, allowing both novice and expert traders to benefit from shared trading strategies. Features like scalping, hedging, and news trading are also welcomed, granting traders versatility.
Conclusion
Overall, Onfin presents a compelling choice for traders seeking a modern trading experience. With competitive trading conditions, a variety of account types, and robust educational resources, it caters well to both beginners and experienced traders. However, potential users should be aware of its unregulated status and associated fees.
As you consider Onfin, it is vital to weigh the pros and cons laid out in this review. Happy trading!
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