Oron Trade Scam Reviewed and Explained

Oron Trade Broker review — Safety, assets, support, and many more!

Oron Trade is a young Forex broker that offers trading services globally via several account types, and there is also an advanced trading platform provided. The minimum deposit requirement is pretty low, but spreads for lower-end accounts are expensive.

To evaluate the reliability and attractiveness of Oron Trade, let’s review its safety, accounts, spreads, profit withdrawal policies, support, education, and more.

The Safety and Security of Oron Trade 

The safety of Oron Trade is very questionable as the broker is only registered in Saint Lucia, which is an offshore jurisdiction. The broker is not overseen by any authority, making it a very risky broker. The lack of a license is a huge red flag for the broker’s safety. As an unregulated broker, the claims of superior customer protection are not very reliable from Oron Trade. It is not required to keep trader funds in segregated bank accounts, which is a fatal flaw.

Oron Trade lacks negative balance protection, and traders can become liable for losses beyond their account balance. Since the leverage is high with this broker, the lack of NBP policy is a serious drawback.

Oron Trade Fees and Spreads

Spreads on high-end accounts are competitive, but on micro accounts, it starts from 1.6 pips, making it expensive. All other accounts have very high minimum deposit requirements, like 5,000 USD and beyond, making the broker very expensive for traders with a low budget. The commission on ECN accounts is well within industry standards, but deposit requirements are so high, it is not interesting for the average FX trader at all.

There are no fees charged for deposits and withdrawals. Overall, the broker is not cheap and has very high deposit requirements, which makes it unattractive in the sector right now.

Oron Trade Accounts, Deposits, and Withdrawals 

Oron Trade trading accounts are Micro, Standard, ECN, and Islamic. There are three main accounts, and each of them comes in an Islamic option if the trader wants it. The Micro is an entry-level account with low deposit requirements but high spreads, while other accounts offer competitive spreads but require high deposits. Below is a brief overview of each of these accounts.

Oron Trade Micro Account

The Micro account has a very low minimum deposit requirement of just 20 dollars. However, spreads are as high as 1.5 pips, which is very expensive. Leverage is capped at 1:500, and it is more than enough for a wise trader. The minimum lot size is 0.01 lots, and there are no commissions charged. Overall, this account enables beginners to deposit small amounts and trade on a wide range of markets, but spreads are very expensive.

Oron Trade Standard Account

The standard account offers more competitive spreads from 1 pip and no commissions, but the minimum deposit is 5,000 USD, which makes it very unattractive. The maximum leverage is also 1:500 here, and the minimum lot size is also 0.01 lots. This account, as well as all others, provides an Islamic variant and enables swap-free trading. However, the minimum deposit requirement is its biggest disadvantage and makes it very unattractive.

Oron Trade ECN Account

The ECN account offers the lowest spreads as major pairs could be accessed for 0.0 pips. There are commissions of 7 USD per round trip. However, this account requires at least 10,000 USD, which makes it very unattractive and expensive. The maximum leverage is also 1:500, and the minimum lot size is 0.01 lots as well. The ECN account also comes in an Islamic variant for swap-free trading.

Oron Trade Deposits and Withdrawals

Funding methods at Oron Trade include popular options such as Visa, MasterCard, Neteller, Skrill, BinancePay, and cryptocurrencies. Traders can choose between many different cryptos, and there are no commissions charged for deposits and withdrawals. Deposits are instant, and surprisingly, the broker also promises instant withdrawals. If it were a regulated broker, this offering would be one of the best in the industry, but since it is not a properly licensed broker, this offering can not be trusted.

Oron Trade Trading Platforms, Assets, and Features

Oron Broker offers access to the advanced and popular trading platform software, MetaTrader 5 (MT5), which is attractive. This platform offers a plethora of built-in tools, and the broker does not prohibit Expert Advisors and custom indicators, which is flexible. Mobile trading is also possible with the same platform app accessible on both iOS and Android.

Oron Trade Assets

Oron allows access to diverse markets, allowing traders to speculate on FX pairs, commodities, index CFDs, cryptos, and stocks. Almost all of these assets are CFDs and enable traders to quickly initialize both buy and sell positions, which is very flexible for crypto trading.

Oron Trade Extra Features

Oron broker extra features are few as the broker lacks comprehensive educational resources, providing only brief explanations for each market it allows access to. There are no webinars, video content, or trading courses provided. From tools, the broker only offers an economic calendar, which is not enough.

There are a few promotions, such as trading contests and a deposit bonus of 50% on every single deposit, which are attractive features, but traders should be careful with the terms and conditions for such bonus offerings from unregulated brokers.

Oron Trade Customer Support Review

Oron Broker has serious issues when it comes to a proper customer support experience. There is only an email support channel, and the broker lacks both live chat and hotline channels, which is very disadvantageous. Traders often need immediate assistance as they speculate on the markets, and email options are generally much slower than live chat. Oron support and the website are only in English, which is also a minor inconvenience.

Should you consider Oron Trade? 

Oron Trade offers the MT5 advanced platform and a variety of assets on its diverse account types, but is unregulated, expensive, and lacks reliable support options like live chat and hotline. There is no negative balance protection either, and we advise you to stay away from such brokers.

FAQ on Oron Trade