Oscarmarkets.com Review

Based on looking at the website, Oscarmarkets.com appears to be a Forex and CFD trading platform. While it presents itself with features like competitive spreads, high leverage, and a wide range of tradable instruments, the very nature of Contracts for Difference CFDs and Forex trading, especially with high leverage, involves significant financial risk and often incorporates elements of riba interest and gharar excessive uncertainty or speculation, which are generally not permissible in Islamic finance. This makes Oscarmarkets.com, despite offering an “Islamic Account,” a problematic choice for those seeking truly ethical and Sharia-compliant financial activities.

Here’s an overall review summary:

• Website Type: Forex and CFD Broker
• Primary Offering: Trading in Forex, Index, Commodities, Bond, Stock, and Cryptocurrency CFDs.
• Key Features Promoted: Raw spreads from 0.01 pips, up to 1:2000 leverage, fast execution under 40ms, MetaTrader 5 support, 24/7 dedicated support.
• Account Types: Standard, Islamic, Pro, ECN Minimum deposits ranging from $1000 to $10000.
• Jurisdiction: Registered in Saint Lucia 2024-00473.
• Islamic Finance Compatibility: Highly questionable due to the inherent nature of CFDs, leverage, and potential riba and gharar.
• Risk Warning: Prominently states derivative products are highly leveraged and carry a high level of risk.
• Overall Recommendation: Not recommended for those seeking Sharia-compliant or low-risk financial activities due to the inherent risks and non-permissible elements of CFD and leveraged Forex trading.

The platform emphasizes “Raw Spreads,” “Lightning-Fast Order Execution,” and “Institutional-Grade Trading,” seemingly targeting experienced traders and those utilizing automated strategies.

They boast significant daily trading volumes and a large customer base, along with a 20% deposit bonus.

However, these features, while appealing to some, do not mitigate the underlying concerns regarding their Sharia compliance or the high-risk nature of their offerings.

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The presence of an “Islamic Account” attempts to address religious concerns, but a deeper look into the mechanics of CFDs and leveraged trading reveals fundamental issues that cannot be easily resolved by simply labeling an account as “Islamic.” It is crucial for individuals to understand that while they might claim “no interest,” the structure of CFDs and the use of leverage often still fall outside Islamic financial principles due to the speculative nature and potential for disguised interest.

Here are some alternatives for ethical and permissible ways to engage in wealth growth:

• Islamic Banking & Finance Services: Look for established Islamic banks and financial institutions that offer Sharia-compliant savings accounts, investment products, and ethical financing options. These institutions adhere strictly to Islamic principles, avoiding interest riba, excessive uncertainty gharar, and prohibited investments.
• Halal Investment Funds: These funds invest in Sharia-compliant businesses and assets, avoiding industries like alcohol, gambling, and conventional finance. They provide diversification and professional management while adhering to ethical guidelines.
• Ethical Stock Investing: Focus on direct investment in publicly traded companies that operate in permissible industries and whose business practices align with Islamic values. Utilize screening tools to ensure compliance.
• Real Estate Investment: Investing in physical property, either directly or through Sharia-compliant REITs Real Estate Investment Trusts, can be a stable and permissible long-term wealth growth strategy.
• Zakat & Sadaqah Platforms: While not an investment, engaging in charitable giving through verified Islamic charities is a crucial aspect of ethical wealth management in Islam, purifying wealth and bringing immense blessings.
• Gold & Silver Physical Ownership: Investing in physical precious metals like gold and silver is a permissible and traditional form of wealth preservation, free from the risks and uncertainties associated with leveraged derivatives.
• Ethical Crowdfunding Platforms: Explore platforms that facilitate ethical crowdfunding for legitimate businesses or projects, ensuring that the underlying ventures are Sharia-compliant and free from speculative or interest-based elements.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Oscarmarkets.com Review & First Look

When you first land on Oscarmarkets.com, the immediate impression is one of speed and high-octane trading.

The homepage is packed with buzzwords like “Lightning-Fast Order Execution,” “Raw Spreads,” and “Institutional-Grade Trading.” It’s designed to appeal to those who are looking for rapid-fire trading opportunities and seemingly advantageous pricing.

However, a deeper dive reveals that the core offerings are Contracts for Difference CFDs and Forex trading, which inherently carry significant risks and often clash with Islamic financial principles.

The Immediate Appeal of High Leverage and Tight Spreads

The website proudly displays figures such as “PIP SPREADS* 0.01,” “1:2000 LEVERAGE,” and “Execution speeds averaging under 40ms.” These are certainly eye-catching for traders seeking to maximize potential returns, but it’s crucial to understand the implications. High leverage, especially 1:2000, means that even a tiny market movement against your position can lead to substantial losses, potentially wiping out your entire capital. The allure of “raw spreads” can mask the fact that trading itself, particularly speculative CFD trading, involves considerable inherent risk and often lacks the clear, tangible exchange required in Islamic transactions.

Red Flags: Regulatory Environment and Product Structure

A quick scroll to the footer reveals that “Oscar Markets Limited Company’s registered name, which is a company registered in accordance with the laws of Saint Lucia with registration number 2024-00473.” While Saint Lucia is a legitimate jurisdiction, it’s not typically known for the stringent financial regulation seen in major financial hubs like the UK FCA, USA CFTC/NFA, or Australia ASIC. This lighter regulatory oversight can be a significant red flag for investors, as it might offer fewer protections in case of disputes or financial misconduct. Liquidation.store Review

The nature of CFDs, which are agreements to exchange the difference in the price of an asset from the time the contract is opened until it is closed, also means you don’t actually own the underlying asset.

This derivative nature, coupled with leverage, makes it highly speculative and prone to rapid, significant losses.

Oscarmarkets.com Pros & Cons

When evaluating Oscarmarkets.com, it’s important to weigh what they offer against the inherent characteristics of their services. Given that the underlying activities of Forex and CFD trading, particularly with high leverage, are generally considered non-permissible due to riba interest, gharar excessive uncertainty/speculation, and maysir gambling-like elements, the “pros” primarily relate to features that enhance the trading experience, while the “cons” highlight the fundamental ethical and financial risks.

What Appears Positive from a conventional trading perspective

• Competitive Spreads: The claim of “Raw Spreads starting as low as 0.01 pips” is attractive to traders looking to minimize transaction costs. For high-volume traders, this could theoretically translate to lower overhead.
• High Leverage Options: Offering leverage up to 1:2000 provides significant buying power, allowing traders to control large positions with relatively small capital. This can amplify profits if the market moves favorably.
• Fast Order Execution: The mention of “Execution speeds averaging under 40ms” and Equinix NY4 servers suggests a robust technological infrastructure designed for rapid trade placement, crucial for strategies like scalping.
• Wide Range of Instruments: With “5000+ Tradable Instruments” including Forex, Indices, Commodities, Bonds, Stocks, and Cryptocurrencies via CFDs, the platform offers extensive market access.
• MetaTrader 5 Support: This is a widely recognized and popular trading platform, offering advanced charting tools, technical indicators, and automated trading capabilities, which many traders prefer.
• 20% Deposit Bonus: A promotional bonus of up to $40,000 can be enticing for new depositors, seemingly providing extra capital.

Significant Drawbacks Ethical and Financial

• Inherent Riba and Gharar: The fundamental issue with Forex and CFD trading, especially leveraged trading, is the involvement of riba interest and gharar excessive uncertainty. Even if an “Islamic Account” claims to be “swap-free,” the underlying mechanics of borrowing capital for leverage and the speculative nature of CFDs often involve hidden or disguised interest-like charges and extreme uncertainty regarding future price movements, making them problematic.
• Extreme High Risk: The risk warning clearly states, “Derivative products are highly leveraged, carry a high level of risk and may not be appropriate for all investors.” High leverage amplifies both gains and losses, meaning that even a small market fluctuation can lead to a complete loss of invested capital. Data often shows that a significant majority of retail CFD traders lose money.
• Regulatory Environment: Being registered in Saint Lucia, a jurisdiction with less stringent financial regulations compared to major global financial centers, can expose clients to higher risks regarding fund security, dispute resolution, and transparency.
• Lack of Asset Ownership: When trading CFDs, you never actually own the underlying asset. You are merely speculating on price movements, which is akin to gambling and lacks the tangible exchange required in Islamic transactions.
• Promotional Tactics: While a 20% deposit bonus sounds good, such bonuses often come with restrictive terms and conditions, such as high trading volume requirements before withdrawal, potentially tying up funds.
• Complex Products: CFDs are complex financial instruments. Understanding their nuances and risks requires significant financial literacy, which many retail investors may lack, making them vulnerable.

Oscarmarkets.com Alternatives

Given the fundamental issues with Forex and CFD trading from an Islamic perspective, and the high financial risks involved, it’s essential to explore genuinely ethical and permissible avenues for wealth growth and investment.

Instead of engaging in speculative trading, consider options that align with principles of real economic activity, partnership, and tangible asset ownership. Gurully.com Review

Ethical Alternatives for Wealth Growth

• Islamic Banking and Financing:

  • Description: Instead of conventional banks, seek out Islamic banks that operate on principles of profit-and-loss sharing, avoiding interest riba. They offer Sharia-compliant savings accounts, investment products, and financing for homes, businesses, and vehicles through mechanisms like Murabaha cost-plus financing, Mudarabah profit-sharing partnership, and Musharakah joint venture.
  • Pros: Fully Sharia-compliant, promotes ethical finance, supports real economic activity.
  • Cons: Fewer institutions globally compared to conventional banks, potentially slower growth compared to high-risk investments.
  • How to Access: Research local or international Islamic banks.
  • Example: Islamic Banking Services

• Halal Investment Funds Mutual Funds/ETFs:

  

  • Description: These funds invest exclusively in Sharia-compliant stocks, real estate, and other assets. They rigorously screen companies to ensure they do not derive significant revenue from prohibited activities e.g., alcohol, tobacco, gambling, conventional finance, adult entertainment and avoid interest-based debt.
  • Pros: Diversification, professional management, adherence to Islamic ethical guidelines, often liquid.
  • Cons: Management fees, performance can vary with market conditions.
  • How to Access: Look for funds explicitly labeled as “Halal” or “Sharia-compliant” from reputable asset managers.
  • Example: Halal Investment Funds

• Direct Ethical Stock Investing:

  • Description: This involves purchasing shares of publicly traded companies that operate in permissible industries and have business practices aligning with Islamic values. Tools and indices exist to help screen stocks for Sharia compliance. The focus is on long-term ownership and participation in the real economy.
  • Pros: Direct ownership, potential for capital appreciation and dividends, ethical alignment.
  • Cons: Requires research and due diligence, market volatility, no guaranteed returns.
  • How to Access: Use a conventional brokerage account, but apply Sharia screening criteria.
  • Example: Ethical Stock Investing

• Real Estate Investment: Tradepro-capital.com Review

  • Description: Investing in physical properties—residential, commercial, or land—for rental income or capital appreciation. This is a tangible asset and a fundamental form of wealth creation in Islam. Sharia-compliant financing options are available for property acquisition.
  • Pros: Tangible asset, potential for stable income and appreciation, can be a hedge against inflation.
  • Cons: High capital requirement, illiquidity, management responsibilities, market cycles.
  • How to Access: Direct purchase, or through Sharia-compliant Real Estate Investment Trusts REITs.
  • Example: Real Estate Investment

• Physical Gold and Silver:

  • Description: Acquiring and holding physical gold and silver coins or bars. Historically, these precious metals have served as a store of value and a hedge against economic instability. Their purchase involves immediate exchange, aligning with Islamic principles of tangible assets and avoiding speculative derivatives.
  • Pros: Tangible asset, wealth preservation, protection against currency devaluation, universally recognized value.
  • Cons: Storage costs and security concerns, not income-generating, price volatility.
  • How to Access: Reputable precious metal dealers.
  • Example: Physical Gold and Silver

• Ethical Crowdfunding and Peer-to-Peer Financing:

  • Description: Participating in crowdfunding platforms that support ethical businesses or projects based on profit-and-loss sharing or equity participation, rather than interest-based loans. This allows individuals to invest directly in real ventures.
  • Pros: Direct support for ethical businesses, diversification into different sectors, potential for good returns.
  • Cons: Higher risk, illiquidity, thorough vetting of projects required.
  • How to Access: Look for platforms that explicitly state their ethical or Sharia-compliant investment models.
  • Example: Ethical Crowdfunding Platforms

• Investing in Your Own Business or Skills:

  • Description: The most direct and often most impactful form of investment is in developing your own skills, education, or starting a permissible business. This creates real value, provides a tangible service or product, and aligns perfectly with Islamic encouragement for honest trade and entrepreneurship.
  • Pros: Direct control, passion-driven, creation of real value, multiple income streams.
  • Cons: High effort and commitment, no guaranteed success, significant risk.
  • How to Access: Education, business training, developing a business plan, seeking mentorship.
  • Example: Small Business Development Resources

Understanding the “Islamic Account” Offering

Oscarmarkets.com explicitly features an “Islamic Account” with a minimum deposit of $3000, promising “Raw Spreads” and “1:1 Leverage.” While the inclusion of such an account might seem appealing to Muslim traders, a deeper look into the nature of CFDs and leveraged trading, even with modifications, reveals significant challenges in achieving true Sharia compliance.

The Nuances of “Swap-Free” and “1:1 Leverage”

An “Islamic Account” typically implies being “swap-free,” meaning no overnight interest riba is charged or paid on open positions. This is a critical step towards Sharia compliance. Appliancentre.com Review

However, the mention of “1:1 Leverage” for the Islamic Account is noteworthy.

While this eliminates the magnified risk and inherent interest implications of higher leverage like 1:2000, it still leaves the core issue of CFDs.

CFDs are derivative contracts where the trader never takes actual possession of the underlying asset.

Islamic finance generally requires a tangible exchange of goods or services, or genuine partnership in a business, rather than pure speculation on price differences.

Even with 1:1 leverage, if the underlying mechanism is still a CFD, it remains problematic due to the lack of tangible asset ownership and the speculative nature of the transaction. Couirageous.com Review

The fundamental question remains: are you truly buying and selling an asset, or merely betting on its price movement?

The Risk Warning and Islamic Principles

The website’s own “Risk Warning” states, “Derivative products are highly leveraged, carry a high level of risk and may not be appropriate for all investors.” This warning, while standard for conventional trading, is particularly relevant here. Islamic finance emphasizes avoidance of gharar excessive uncertainty and maysir gambling. Speculative trading, even without high leverage, involves significant uncertainty and can resemble gambling due to the lack of a tangible exchange and reliance on unpredictable market movements. A truly Islamic financial transaction aims for fair exchange, transparency, and a clear understanding of risk and reward based on real economic activity.

How to Avoid Risky and Non-Permissible Financial Activities

Avoiding risky and non-permissible financial activities like those offered by platforms dealing in high-leverage CFDs requires a proactive approach centered on education, ethical alignment, and disciplined decision-making.

It’s about prioritizing long-term stability and spiritual peace over the fleeting promise of quick gains.

Educate Yourself on Islamic Financial Principles

The first and most crucial step is to gain a solid understanding of fundamental Islamic financial principles. This includes: Illamasqua.com Review

• Riba Interest: Why it’s prohibited and how it can be disguised in various financial products. Understand the difference between interest and permissible profit from trade or partnership.
• Gharar Excessive Uncertainty/Speculation: Why transactions with undue ambiguity, complexity, or high speculation are forbidden. This applies to many derivatives and speculative trading.
• Maysir Gambling: The prohibition of gambling, where gain comes purely by chance or through zero-sum games without productive economic activity.
• Halal vs. Haram Investments: Learn about the permissible and prohibited sectors for investment e.g., alcohol, tobacco, conventional finance, gambling, armaments are generally prohibited.
• Tangible Assets vs. Derivatives: Understand the preference for investments in tangible assets, productive businesses, or genuine partnerships over purely speculative derivatives.

Seek Advice from Qualified Scholars

When in doubt, consult with knowledgeable Islamic finance scholars or reputable Islamic financial institutions.

They can provide guidance on specific products, contracts, and investment strategies to ensure they align with Sharia.

Relying on self-proclaimed “Islamic accounts” from conventional brokers without independent verification can be misleading.

Prioritize Real Economic Activity and Tangible Assets

Focus your financial endeavors on investments that contribute to real economic activity and involve tangible assets. This includes:

• Equity in Ethical Businesses: Investing in companies that produce goods or services beneficial to society and operate ethically.
• Real Estate: Acquiring physical property for use or rental, a stable and permissible form of wealth.
• Commodities Physical: Investing in physical commodities like gold and silver with immediate possession.
• Murabaha Cost-Plus Financing: For purchasing goods, where the bank buys the item and sells it to you at a disclosed profit margin, instead of giving an interest-bearing loan.
• Mudarabah/Musharakah Partnership/Joint Ventures: Engaging in profit-and-loss sharing partnerships where both risk and reward are shared equitably.

Avoid High-Leverage and Speculative Trading Platforms

Actively steer clear of platforms that primarily offer high-leverage Forex and CFD trading. Isulatravel.com Review

While the allure of quick profits is strong, the inherent risks and non-compliance with Islamic principles make them unsuitable.

Recognize that the vast majority of retail traders in these markets lose money, making them statistically similar to gambling.

• Data Point: Studies, including those by ESMA European Securities and Markets Authority, have consistently shown that 74-89% of retail investor accounts lose money when trading CFDs. This stark reality underscores the extreme risk involved, far beyond typical investment volatility.

Adopt a Long-Term Investment Mindset

Shift your focus from short-term speculative gains to long-term wealth growth through ethical and sustainable investments.

This approach aligns with Islamic principles of patience, diligence, and avoiding excessive greed.

Diversify your investments across permissible asset classes to mitigate risk. Lolz.live Review

Be Wary of “Bonuses” and Unregulated Entities

Be highly skeptical of platforms offering large deposit bonuses, as these often come with restrictive terms that lock in your funds or encourage excessive trading.

Always verify the regulatory status of any financial platform.

If a platform is registered in an offshore jurisdiction with weak oversight, it significantly increases the risk of fraud or mismanagement.

A legitimate and ethical platform will be transparent about its regulatory compliance and risk disclosures.

Oscarmarkets.com Pricing Overview

Oscarmarkets.com offers various account types, each with its own minimum deposit, leverage, and spread structure. Neveo.io Review

This tiered system is common among brokers, aiming to cater to different levels of traders, from those starting with a moderate capital to high-volume institutional players.

However, even with differing pricing, the fundamental nature of the financial products offered CFDs, leveraged Forex remains the same, carrying the aforementioned ethical and financial risks.

Account Tiers and Their Specifications

• Standard Account:

  • Minimum Deposit: $1000
  • Spreads from: 1.5 pips
  • Leverage: Up to 1:500
  • Platform: MetaTrader 5
  • Notes: This is likely their entry-level account for conventional trading, offering a relatively high spread compared to their “raw spread” accounts.

• Islamic Account:

  • Minimum Deposit: $3000
  • Trade over: 90 instruments
  • Leverage: 1:1
  • Spreads: Raw Spreads
  • Notes: This account aims for Sharia compliance by offering 1:1 leverage and “raw spreads” implying swap-free. However, as discussed, the underlying CFD nature still raises concerns regarding asset ownership and speculation. The higher minimum deposit might suggest it’s for more serious clients.

• Pro Account: Aeremovals.com Review

  • Minimum Deposit: $5000
  • Leverage: Up to 1:1000
  • Notes: Designed for more experienced traders seeking tighter spreads and higher leverage than the Standard Account, but not as extreme as the ECN.

• ECN Account:

  • Minimum Deposit: $10000
  • Leverage: Up to 1:2000
  • Notes: This is their premium account, offering the lowest spreads and highest leverage, typically aimed at institutional or high-frequency traders. ECN Electronic Communication Network models usually imply direct access to liquidity providers, theoretically leading to better pricing and faster execution.

Additional Costs and Considerations

While spreads are a major component of trading costs, other potential fees and considerations exist:

• Commissions: For “raw spread” accounts like Pro and ECN, it’s common for brokers to charge a commission per trade. The homepage states “0% Commission” at one point, but this often applies only to specific account types or instruments e.g., standard accounts with wider spreads. It’s crucial to check the detailed terms and conditions for each account type.
• Withdrawal Fees: There might be fees associated with withdrawing funds, depending on the method e.g., bank wire, e-wallets.
• Inactivity Fees: Some brokers charge a fee if an account remains dormant for a certain period.
• Overnight Fees Swaps: While the Islamic account is swap-free, other accounts will likely incur overnight financing charges swaps for positions held open past a certain time, representing the interest rate differential between the two currencies in a Forex pair.

The Problematic “20% Deposit Bonus”

The offer of a “20% Deposit Bonus on every deposit, Receive up to $40,000 in tradable and withdrawable bonuses” with terms and conditions applied is a common marketing tactic in the CFD and Forex industry.

While it sounds like free money, such bonuses typically come with significant restrictions:

• Trading Volume Requirements: You often need to execute a very high volume of trades before the bonus, or profits derived from it, can be withdrawn. This encourages excessive trading, which increases your risk exposure.
• Time Limits: Bonuses may have an expiry date, pressuring traders to meet volume requirements quickly.
• Loss Scenarios: If you lose money, the bonus might be withdrawn first, or it might not be available for covering losses.

These bonuses, while attractive on the surface, are designed to incentivize more trading activity, which statistically benefits the broker due to the high probability of retail client losses. Travomint.com Review

Regulatory and Safety Concerns

The regulatory environment in which a financial service provider operates is a paramount concern for any investor.

For Oscarmarkets.com, their registration in Saint Lucia raises several questions regarding investor protection and the robustness of oversight.

Saint Lucia Registration: What It Means

Oscarmarkets.com states it is operated by “Oscar Markets Limited,” registered in Saint Lucia with registration number 2024-00473. Saint Lucia is a small island nation in the Caribbean.

While it has its own financial services authority, it is generally considered an offshore jurisdiction for financial services.

• Limited Regulatory Oversight: Compared to major financial hubs e.g., UK, USA, Australia, EU, offshore jurisdictions often have less stringent regulatory frameworks. This can translate to:
  • Less Investor Protection: Fewer mechanisms for recourse in case of disputes, fraud, or broker insolvency.
  • Lower Capital Requirements: Brokers might not be required to hold as much capital as those in stricter jurisdictions, potentially increasing risk in times of market stress.
  • Limited Transparency: Less comprehensive reporting and disclosure requirements.
  • No Investor Compensation Schemes: Unlike regulated brokers in some major jurisdictions e.g., UK’s FSCS or CySEC’s ICF, there might be no robust compensation fund to protect client money if the broker fails.

Consequences for Users

Operating with a broker registered in an offshore jurisdiction can have significant implications: Kissandfly.com Review

• Difficulty in Disputes: If a client has a complaint or a dispute with Oscarmarkets.com, seeking legal recourse or regulatory intervention can be exceptionally challenging due to geographical distance and different legal systems.
• Fund Segregation: While reputable brokers segregate client funds from their operational funds, the level of independent verification and enforcement of this practice can vary greatly in less regulated environments.
• Scam Potential: While not accusing Oscarmarkets.com of being a scam, it is a general pattern that fraudulent brokers often choose less regulated jurisdictions to avoid scrutiny and exploit clients.
• No “Passporting” Rights: A Saint Lucia registration typically doesn’t grant the broker permission to operate directly in highly regulated markets like the US or EU, which is why the website explicitly states it does not offer services to residents of certain jurisdictions, including the United States.

The Importance of Regulation

For any financial activity, especially high-risk ones like Forex and CFD trading, operating under a strong regulatory body is crucial. Reputable regulators enforce:

• Client Money Rules: Ensuring client funds are held in segregated accounts and are not used for the broker’s operational expenses.
• Capital Adequacy: Requiring brokers to hold sufficient capital to cover their liabilities.
• Transparency: Mandating clear disclosure of risks, fees, and terms.
• Fair Practices: Overseeing market conduct and ensuring fair treatment of clients.
• Dispute Resolution: Providing accessible avenues for clients to resolve complaints.

Recommendation: For anyone considering engaging in financial activities, always prioritize brokers regulated by tier-one authorities e.g., FCA, ASIC, CySEC, CFTC/NFA, BaFin. If a broker operates solely from an offshore jurisdiction, the inherent risks are substantially higher, and it is advisable to exercise extreme caution or avoid them altogether.

How to Cancel Oscarmarkets.com Subscription / Account

Canceling an account with a trading platform like Oscarmarkets.com typically involves a structured process to ensure the secure withdrawal of funds and proper closure of the trading relationship.

While the website doesn’t have a direct “cancel subscription” button visible on the homepage, the general steps for closing a brokerage account are quite standard.

Given the nature of their services, it’s more about closing a trading account rather than canceling a subscription. Domyclassonline.us.com Review

General Steps to Cancel/Close a Trading Account

1. Withdraw All Funds:

   • Before initiating account closure, ensure all tradable funds are withdrawn from your account. This is the most crucial step.
   • Log into your client portal e.g., client.oscarmarkets.com.
   • Navigate to the “Withdrawal” or “Funds” section.
   • Initiate a withdrawal request for your entire balance to your preferred payment method bank transfer, e-wallet, etc..
   • Be aware of any minimum withdrawal amounts or withdrawal fees as stated in their terms and conditions. The website mentions “Instant Deposit Fast Withdrawal,” but always verify actual processing times and fees.
   • Important Note: If you received a bonus, understand the terms. Often, bonuses and any profits derived from them cannot be withdrawn until specific trading volume requirements are met. Failing to meet these could result in the forfeiture of the bonus.

2. Close All Open Positions:

   • Ensure there are no open trading positions Forex pairs, CFDs, etc. in your account. All trades must be closed before you can close the account.
   • Log into MetaTrader 5 or their web/mobile trading platform and manually close any active trades.

3. Contact Customer Support:

   • The most direct way to formally request account closure is to contact their dedicated support team. The website lists “24/7 DEDICATED SUPPORT” and contact information.
   • Methods:
     • Email: Use the provided email address e.g., [email protected] as listed in the footer, though this might be a placeholder or look for a dedicated support email.
     • Live Chat: If available on their client portal or website.
     • Phone: Call their customer service number e.g., 8 800 2563 123 as listed in the footer, again, possibly a placeholder.
   • Clearly state your intention to close your account. Provide your account number and any necessary verification details.
   • Request confirmation of the account closure.

4. Verify Account Closure:

   • After contacting support, wait for a confirmation email or message stating that your account has been successfully closed and all associated data deleted in accordance with privacy policies.
   • It’s good practice to keep a record of all communications emails, chat transcripts related to your account closure request.

Points to Watch Out For:

• Minimum Balance: Some brokers might require a zero balance to close an account.
• Pending Trades/Withdrawals: Ensure all transactions are fully processed before requesting closure.
• Unused Bonuses: Understand that any unfulfilled bonus terms will likely result in the forfeiture of the bonus upon closure.
• Regulatory Obligations: Brokers are usually required to retain certain client data for a period due to regulatory obligations, even after account closure.

Given the high-risk nature of CFD and Forex trading, ensuring a clean and complete account closure is paramount to prevent any lingering financial or data-related issues. Rugcouture.com Review

Always refer to Oscarmarkets.com’s specific terms and conditions or contact their support directly for the most accurate and up-to-date account closure procedures.

How to Cancel Oscarmarkets.com Free Trial

The Oscarmarkets.com website mentions “Try a Free Demo” several times, implying a free trial or demo account.

Unlike a paid subscription, demo accounts typically don’t require formal cancellation or involve recurring charges.

They are usually designed for practice trading with virtual money.

Understanding the “Free Demo” Account

A demo account on a trading platform like Oscarmarkets.com is a simulated trading environment. It allows prospective users to: Flowerstore.ph Review

• Practice Trading: Test trading strategies without risking real capital.
• Explore the Platform: Familiarize themselves with the MetaTrader 5 interface, charting tools, and order execution processes.
• Access Virtual Funds: Trade with virtual money, typically replenished automatically or upon request.

Crucially, demo accounts are generally:

• Non-Expiring or long-term: Many brokers offer demo accounts that don’t expire, or only expire after a long period of inactivity e.g., 30-90 days.
• No Financial Obligation: They do not automatically convert to a live account, nor do they incur any charges.
• No Credit Card Required: You typically don’t provide credit card details for a demo account, removing any automatic billing concerns.

Steps to “Cancel” a Free Demo Account

Since a demo account doesn’t involve financial commitments or subscriptions, there isn’t a formal “cancellation” process in the same way you’d cancel a paid service.

1. Simply Stop Using It: The easiest way to “cancel” a free demo account is to simply stop logging in and using it. It will likely become inactive after a period, or you can just forget about it.
2. Optional: Request Deletion if desired:
   • If you wish for your demo account data to be completely removed from their systems for privacy reasons, you can contact Oscarmarkets.com’s customer support.
   • Contact Method: Use their email e.g., [email protected] or live chat.
   • Request: Clearly state that you would like your demo account provide any associated email or username to be permanently deleted from their records.
   • Data Privacy: Under data protection regulations if applicable, though Saint Lucia’s laws might differ, you might have the right to request deletion of your personal data.

Important Note: Distinction from Live Accounts

It is vital to distinguish between a “Free Demo” account and a “Live” trading account.

A live account requires real money deposits and involves actual financial risk.

Canceling a live account is a more involved process, as detailed in the previous section, and requires withdrawing all real funds.

The “Free Demo” account on Oscarmarkets.com poses no financial risk or ongoing obligation.

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FAQ

What is Oscarmarkets.com?

Oscarmarkets.com is an online trading platform that specializes in Forex and Contracts for Difference CFDs across various asset classes like indices, commodities, bonds, stocks, and cryptocurrencies, offering leveraged trading.

Is Oscarmarkets.com regulated?

Oscarmarkets.com is operated by Oscar Markets Limited, a company registered in Saint Lucia with registration number 2024-00473. Saint Lucia is generally considered an offshore jurisdiction with less stringent financial regulation compared to major global financial centers.

What kind of financial products does Oscarmarkets.com offer?

Oscarmarkets.com primarily offers Forex and CFD trading, allowing users to speculate on the price movements of underlying assets without actually owning them.

Is Forex and CFD trading permissible in Islam?

Generally, high-leverage Forex and CFD trading are considered problematic in Islam due to the presence of riba interest, often disguised in swaps or leverage fees, gharar excessive uncertainty/speculation, and maysir gambling-like elements, especially with speculation on price differences without tangible asset exchange.

Does Oscarmarkets.com offer an Islamic account?

Yes, Oscarmarkets.com offers an “Islamic Account” which claims to have “Raw Spreads” and “1:1 Leverage,” likely implying it is swap-free.

However, the fundamental nature of CFDs may still raise concerns for strict Sharia compliance.

What is the minimum deposit for Oscarmarkets.com’s Islamic Account?

The minimum deposit required to open an Islamic Account with Oscarmarkets.com is $3000.

What is the maximum leverage offered by Oscarmarkets.com?

Oscarmarkets.com offers leverage up to 1:2000 on its ECN account, while its Standard account offers up to 1:500. The Islamic account offers 1:1 leverage.

How fast is order execution on Oscarmarkets.com?

Oscarmarkets.com claims execution speeds averaging under 40ms, utilizing low-latency fiber optics and Equinix NY4 servers.

What trading platforms does Oscarmarkets.com support?

Oscarmarkets.com supports the MetaTrader 5 MT5 trading platform, which is available on Windows, Web Browser, Android, MAC, and iOS.

What are “Raw Spreads” on Oscarmarkets.com?

“Raw Spreads” refer to spreads starting as low as 0.01 pips, indicating very tight price differences between the bid and ask prices, typically accompanied by a commission charge per trade.

Does Oscarmarkets.com offer a deposit bonus?

Yes, Oscarmarkets.com offers a 20% deposit bonus on every deposit, with a maximum bonus of up to $40,000, subject to specific terms and conditions.

Is it safe to use a broker registered in Saint Lucia?

While Saint Lucia is a legitimate registration jurisdiction, it generally offers less stringent regulatory oversight and investor protection compared to major financial hubs, potentially increasing risks for clients.

How can I withdraw funds from Oscarmarkets.com?

You can withdraw funds by logging into your client portal and navigating to the withdrawal section.

It’s recommended to check their terms and conditions for specific methods, fees, and processing times.

Can I try Oscarmarkets.com with a demo account?

Yes, Oscarmarkets.com offers a “Free Demo” account option, allowing users to practice trading with virtual money without risking real capital.

How do I close my Oscarmarkets.com account?

To close your Oscarmarkets.com account, you typically need to withdraw all funds, close any open positions, and then contact their customer support via email, live chat, or phone to request formal account closure.

What are the risks of trading CFDs with high leverage?

Trading CFDs with high leverage carries a high level of risk, as it amplifies both potential gains and losses.

Small market movements against your position can lead to significant or even complete loss of your invested capital.

Does Oscarmarkets.com serve clients from the United States?

No, Oscarmarkets.com explicitly states that its services are not intended for residents of certain jurisdictions, including the United States, Afghanistan, Cuba, Iraq, Islamic Republic of Iran, and others on FATF and EU/UN sanctions lists.

What are some ethical alternatives to Forex and CFD trading?

Ethical alternatives include Islamic banking and financing, investing in Halal investment funds, direct ethical stock investing, real estate investment, physical gold and silver ownership, and ethical crowdfunding.

Why is an “Islamic Account” on a CFD platform still problematic for some?

Even if swap-free and with 1:1 leverage, the fundamental issue of CFDs lies in the lack of tangible asset ownership and the speculative nature of betting on price differences, which some scholars argue still falls under gharar excessive uncertainty and maysir gambling-like activity.

Where can I find Oscarmarkets.com’s terms and conditions?

A link to their “Terms & Conditions Apply” is provided on the homepage, which should lead to a detailed document outlining all rules, fees, and disclaimers.