Note: Okwis' official site - https://okwisfx.com/en is currently not functional. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
What is Okwis？
Okwis is a trading company that is registered under the name Okwis Global LTD. It was founded in 2010 and is based in New Zealand. However, its regulatory status raises some concerns. While it claims to be regulated by the NFA and FSPR, it is unauthorized by the NFA and is suspiciously considered as a clone by the FSPR, suggesting that it may not be fully legitimate.
Pros and Cons
Pros:
Low Spreads: Okwis offers ultra-low spreads, which can make trading more cost-effective.
MT5 Supported: The platform supports MetaTrader 5, a popular and versatile trading platform with various useful features for traders.
Cons:
Dead Website: Okwis' website is non-functional. This makes it difficult for traders to access information and trading services.
Abnormal Regulation: Okwis claims to be regulated by NFA and FSPR, but it is not authorized by NFA and is considered a suspicious clone by FSPR. This raises significant credibility and safety concerns.
Limited Market Instruments Offered: Okwis only supports forex and precious metal trading. It does not offer other financial instruments such as commodities, stocks, indices, or cryptocurrencies, which might limit trading opportunities.
Limited Information: There's insufficient information available about the platform, making it challenging for traders to fully understand the services, fees, and other critical aspects.
Is Okwis Safe or Scam？
Okwis was previously regulated by the Financial Service Providers Register (FSPR) with a Financial Service Corporate License in New Zealand, and the License No. is 591349. However, as of now, the current status of the license is listed as 'Suspicious Clone', indicating potential red flags regarding its legitimacy.
Okwis is listed under the NFA with a Common Financial Service License, the License No. being 0542746. But the current status is 'Unauthorized', suggesting that Okwis is not currently authorized or recognized by the NFA for its operations.
User Feedback: Users should check the reviews and feedback from other clients to gain a more comprehensive sight of the broker, or look for reviews on reputable websites and forums.
Security Measures: So far we haven't found any information about the security measures for this broker.
Market Instruments
Okwis offers a somewhat limited selection of trading assets compared to some other trading platforms. It primarily supports Forex trading along with trading in precious metals. Unfortunately, it does not provide other financial instruments such as commodities, stocks, indices, and cryptocurrencies, which might limit trading opportunities for some traders.
Leverage
Okwis offers a maximum trading leverage of up to 1:300. While this can provide opportunities for increased profits, it also amplifies potential losses. Therefore, this high level of leverage may not be advisable for inexperienced traders who may not fully understand the risks involved. It's important to use leverage cautiously and appropriately to manage risks effectively.
Spreads & Commissions
Okwis markets itself as providing ultra-low spreads, with an advertised rate as low as 0.1 pips. However, it does not provide specific details on spreads pertaining to individual instruments. In addition to this, there is no available information on any commissions charged. Therefore, traders must be cautious and inquire further about any undisclosed fees that may be incurred during trading activities.
Trading Platform
Okwis utilizes the MetaTrader 5 (MT5) platform to provide its traders with a compelling trading environment. The MT5 interface is user-friendly and highly customizable, designed to enhance the overall trading performance of its users. It hosts a variety of features including a straightforward user interface, a wide selection of charts and indicators, and the MQL language that lets users program indicators and Expert Advisors (EAs). These EAs, with their automated trading strategies, can actively trade in the forex market 24/5 without requiring any user intervention.
Customer Support
Okwis offers multiple channels for customer support. Customers can reach out via telephone at +1 2135643477 or email at okwisfx@gmail.com. They also indicate availability for contact through WhatsApp and Line, however, specific numbers or usernames for these platforms cannot be found.
Conclusion
Okwis is a New Zealand-based trading company, offering a MetaTrader 5 platform for forex and metal trading. Its legitimacy raises concerns due to regulatory issues and limited available information. Users should be cautious due to undisclosed spreads and commissions.
Frequently Asked Questions (FAQs)
Q: Is Okwis regulated？
A: Okwis claims to be regulated by the NFA and FSPR, but it is unauthorized by the NFA and considered a suspicious clone by the FSPR.c
Q: What trading platform does Okwis use？
A: Okwis uses the MetaTrader 5 platform, enabling users to program indicators and automated trading strategies.
Q: What market instruments does Okwis support？
A: Okwis supports forex and precious metal trading. It does not offer commodities, stocks, indices, or cryptocurrencies.
Q: Is a demo account available on Okwis？
A: There is no information about Okwis' demo account that can be found.
Q: Is Okwis a good choice for beginners？
A: No, it isn't. Due to the dead website and scarce information, along with abnormal regulations, which are not newer-friendly, we do not recommend beginner users to trade on this broker.
Risk Warning
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies.
In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
