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OGFX Account Types

OGFX Account Types

 

Overall Rating

4.3/5

Rated #487 of 
Recommended FX Brokers

💰Minimum Deposit

USD

🌐 Regulators

ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

OGFX provides three different account types e.g., a Standard, a Pro, and an Islamic Account. Each account type has its own set of conditions for commission, margin call, and leverage, and minimum deposits.

 

Finding a reputable list of OGFX account types local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

Below is an in-depth account types Review regarding this regulated Forex company, which will assist traders to make an informed decision when it comes to the various Forex trading accounts made available.

 

OGFX Overview

OGFX is a regulated broker that is headquartered in Australia. Established in 2009, OGFX is a popular broker that offers traders access to global markets. Starting from small beginnings, OGFX gradually expanded and by 2017, opened its services to retail customers.

Through the years, OGFX has consistently provided the finest conceivable prices and transparent trading services.

OGFX offers a non-dealing desk (NDD) STP model which is used by the broker to send their traders’ orders directly to the international market. This ensures that traders receive the best possible prices. In addition, OGFX guarantees excellent market services and support during trading.

This guarantee helps to ensure that traders are offered trade execution at the best possible prices and at the best possible execution speeds. OGFX is consistently working to improve its trading solutions and services to adapt to evolving needs and objectives of traders.

Tier-1 finance organizations, such as OGFX, keep their customer funds segregated from the broker’s own funds. This means that in the unlikely event of the broker not being able to fulfill its financial obligations, customer funds cannot be used for these, or any other purposes.

Traders have access to the leading global markets with professionals standing by to help. Even though the broker only offers two accounts with high initial deposit requirements, it provides great trading environments for all types of traders.

OGFX has a wide range of educational tools which will assist those who are attempting to trade for the first time.

OGFX will ensure that their traders benefit from a wide variety of research tools as it is crucial in making informed trading decisions. Fortunately, MetaTrader 4 has an ample amount of analysis tools that are available to assist traders in this regard as well.

Overall, OGFX could be an excellent choice as a broker for both beginners and seasoned traders.

 

OGFX Account Types

OGFX offers traders the option of a Standard and a Pro Account along with the option of an Islamic Account. Traders will find that through these account types, OGFX offers competitive trading conditions along with comprehensive solutions and services.

 

OGFX Account Features

The OGFX accounts provide traders with an array of features suited to the trading needs and objectives of a variety of traders.

 

Standard Account

  • The minimum deposit is $100
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform

 

Pro Account

  • Minimum deposit of $50 000
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform
  • Trading report
  • Weekly/ Monthly market outlook

 

Overall Rating

4.3/5

Rated #487 of 
Recommended FX Brokers

💰Minimum Deposit

USD

🌐 Regulators

ASIC

📱 Trading Desk

MetaTrader 4

Crypto

Yes

📈 Total Pairs

18

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

OGFX Demo Account

OGFX offers traders the option of opening a Demo Account which can be utilized in several ways, including, but not limited to the following:

  • A practice account for beginner traders who wish to improve their trading skills and experience in a risk-free environment using virtual funds.
  • Traders who are evaluating and comparing brokers who would like to explore OGFX trading conditions in a risk-free environment, and
  • Traders who wish to test their trading strategies in a mimicked live trading environment without risking their capital.

OGFX demo account sign-up is fully digitalized and hassle-free. It can be done within a few minutes and as soon as the trader is registered, demo trading can commence once the trader has downloaded and installed their trading platform of choice, on their web browser.

 

OGFX Islamic Account

The purpose of an Islamic Account is that it caters specifically to Muslim traders who follow Sharia law. The law prevents its followers from paying any type of interest, such as overnight fees, which is seen as wasteful or exploitive.

Overnight fees are charged should traders hold positions open for longer after the trading day has concluded and this type of account allows exemption from such fees or interest, should they hold positions open for longer.

OGFX offers an Islamic Account to Muslim traders who follow Sharia law. It is unclear whether the Islamic account is offered as a standalone account with its own features, or whether traders can convert their existing live trading account into that of an Islamic Account.

The process involved with both options is distinctive as a standalone Islamic Account requires a straightforward registration process and application approval. To convert a live trading account to an Islamic Account, however, involves the live account registration and submitting a request for the conversion to be done.

In both cases, Muslim traders can expect that they may be asked to prove their faith for their account or conversion to be approved by the accounts department.

The reason for such is that there have been cases where traders have misused or abused Islamic Accounts merely as they wanted to be free from having to pay swaps.

Traders must note that OGFX reserves the right to reject an application for, or conversion request for, an Islamic Account. This also includes the right to terminate such an account if misuse or abuse is discovered.

Muslim traders in possession of an Islamic Account may also be subjected to additional fees such as wider spreads or increased commissions. A broker often does this to offset the absence of swaps or overnight fees.

These fees, along with any others that are not mentioned in this review, must be verified with the broker before traders register for a live trading account or an Islamic Account with OGFX.

 

Pros and Cons

✔️PROS ❌CONS
Competitive spreads High Minimum deposit
Islamic Account No US clients allowed
Popular platform
Regulated
Segregation of funds
Variety of accounts

 

You might also like: OGFX Minimum Deposit

You might also like: OGFX Demo Account

You might also like: OGFX Fees and Spreads

You might also like: OGFX Sign up Bonus

You might also like: OGFX Islamic Account

 

OGFX at a Glance

Broker’s Name OGFX
Headquartered Australia
Year Founded 2009
Regulating Authorities ASIC
Countries not accepted for trade US
Islamic Account (Swap Free) Yes
Demo Account Yes
Institutional Accounts No
Managed Accounts Yes
Maximum Leverage 1:400
Minimum Deposit $1000
Deposit Options
  • Debit and Credit Cards (Visa, Master, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer
Withdrawal Options
  • Debit and Credit Cards (Visa, Master, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer
Platform Types MetaTrader 4
OS Compatibility Web browsers, Windows, Linux, MacOS, Android, iOS
Tradable Assets Forex, indices, CFDs, and commodities
Languages supported on Website English and other languages
Customer Support Languages English and other languages
Customer Service Hours 24/5

 

FAQ

 

Trading Environment

 

How many instruments can I trade with OGFX?

You can trade the following financial instruments:

  • Forex
  • Indices
  • CFDs
  • Commodities

 

Which platforms are supported by OGFX?

MetaTrader 4.

 

Does OGFX offer leverage?

Yes, OGFX has a maximum of 1:400.

 

What spreads can I expect with OGFX?

You can expect spreads that are varied depending on what account you choose. The Islamic account seems to have the same spreads depending on the financial instrument along with several other factors.

 

Does OGFX charge commission?

No, OGFX does not charge commission. It is unclear whether Islamic account holders are subjected to additional commission charges.

 

Are there additional charges on the Islamic account?

Not that can be seen on the OGFX website. Traders must verify this information with the broker as it is not stated on the website.

 

Is OGFX regulated?

Yes. OGFX is regulated by ASIC.

 

Is OGFX a recommended forex trading broker for experts and beginners?

Yes. OGFX caters to both beginners and experts.

 

What is the overall rating out of 10 for OGFX?

3/10.

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account offers the use of virtual funds instead of actual capital. This allows for risk-free trading as well as exploring both the broker’s offer and the trading platform.

A demo account can be used for a variety of reasons including practice trading, testing trading strategies, exploring platforms and offers, and more.

 

Does OGFX offer a demo account?

Yes, OGFX does offer a demo account.

 

For how long is the demo account valid?

The demo account is valid for 30 days.

 

Does OGFX offer the option of an Islamic Account?

OGFX does offer the option of an Islamic account.

 

Which live trading accounts does OGFX offer?

Standard Account:

  • The minimum deposit is $100
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform

Pro Account

  • Minimum deposit of $50 000
  • Leverage up to 1:400
  • Trading signals
  • 24-hour signals
  • Free Mobile trading platform
  • Trading report
  • Weekly/ Monthly market outlook

 

What are the available deposit currencies for a live trading account?

Multiple currencies.

 

Deposits and Withdrawals

 

What is the minimum deposit for OGFX?

OGFX has a minimum deposit of $1000.

 

How do I make a deposit and withdrawal with OGFX?

  • Debit and Credit Cards (Visa, Master, Maestro, JCB)
  • Neteller
  • Skrill/Moneybookers
  • Global Collect (just for Australian clients)
  • BPAY (Australian Clients)
  • China Union Pay (just for Chinese residents)
  • Bank Transfer
  • Broker to Broker Transfer

 

Does OGFX charge withdrawal fees?

No, OGFX does not charge withdrawal fees, but other financial institutions’ costs could apply.

 

How long does it take to make a withdrawal?

This will depend on the payment method used. It can take between 30 minutes up to a few working days.

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

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