Money Ocean FX has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Xelliss. We’ve received over 4 complaints against Money Ocean FX.
Money Ocean FX claims to be licensed yet isn’t with CySEC or the FCA, suggesting otherwise. Three trading accounts with $100–$1,000 minimum deposits and $6 commissions are available from the company. However, these accounts lack distinguishing traits, casting doubt on their usefulness. Money Ocean FX may operate unlawfully without victim recourse due to a lack of regulation. Investors should check regulatory and license status before using any financial service to avoid problems.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Money Ocean FX Regulated? Do They Have a License?
Money Ocean FX says it is a licensed company, however it is not listed on the registries of well-known regulatory bodies like the Cyprus Securities and Exchange Commission (CySEC) or the Financial Conduct Authority (FCA) in the UK. The legitimacy and operational openness of the company are seriously questioned by this disparity.
Banking To suit traders of varying ability levels, Ocean FX offers three kinds of trading accounts. A $100 deposit is needed for the entry-level Novice Account. More seasoned traders must deposit $250 for the Standard Account, and $1,000 for the VIP Account. Every account has a $6 commission charge and advertises raw spreads beginning at 0.0 pips. The lack of unique features or extra perks in the accounts begs the question of what actual value they provide to traders.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Money Ocean FX is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Money Ocean FX, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Concerning Issues Present at Money Ocean FX
The simplicity of depositing and withdrawing money by clients is a crucial component of the quality of a broker service. Banking An apparently alluring characteristic of these transactions is that Ocean FX offers no commission fees. However, a key element for openness and effective fund management is that the broker gives very little information about the precise techniques accessible for these financial transactions.
One trustworthy way to gauge a broker’s client contentment and service dependability is to look at client reviews. Regretfully, there isn’t much client input available for Money Ocean FX, which makes it hard to determine how well the broker performs. It is far more difficult to confirm the broker’s statements regarding its service standards in the lack of user testimonials.
Through a referral scheme and sporadic promotions meant to reward loyalty, the broker says it keeps its clients involved. But clients are unable to completely appreciate and take use of these possible advantages because of the ambiguous information about these programs. Those traders who want to take advantage of the advantages offered by the broker must have clear and comprehensive knowledge about them.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Money Ocean FX Customer Service: Do They Handle Complaints Well?
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, customer support won’t resolve your issues and become increasingly unavailable.
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Money Ocean FX Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Money Ocean FX tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Money Ocean FX reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews posted by temporary accounts (profiles that only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Money Ocean FX, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Money Ocean FX enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Money Ocean FX reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Money Ocean FX.
You should always look out for consumer complaints. In the case of Money Ocean FX, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Money Ocean FX? You can share your complaint in the comment section or submit an anonymous tip.
Is Money Ocean FX Legit Or a Scam?
Finally, with cheap spreads and ideal trading circumstances, Money Ocean FX presents itself as a trustworthy international trading broker. Its dependability and credibility are called into question, nevertheless, by the lack of regulatory control as well as the secrecy surrounding its account details, financial transaction procedures, client feedback, and advertising information.
Prior to committing to Money Ocean FX, prospective traders are urged to use caution and carry out thorough due diligence to guarantee a safe and fulfilling trading experience.
Money Ocean FX is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Money Ocean FX can run away with your money without any prior notice. It would help if you were extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Money Ocean FX?
All the evidence suggests that Money Ocean FX is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is Money Ocean FX a scam?
Can I withdraw money from Money Ocean FX?
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How The Money Ocean FX Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
