This OInvest review takes an in-depth look at this highly reputable, award-winning broker that caters to all types of South African traders.
OInvest offers you a wide range of tradable assets, making this broker an excellent choice if you’re looking to diversify your trading portfolio into other asset classes. However, even if you’re only interested in forex trading, OInvest is still a great option as they offer plenty of currency and cryptocurrency pairs.
This broker is ideal for beginner traders because they have an extensive education centre, featuring excellent content in a variety of formats. OInvest also offers attractive bonuses periodically.
Continue reading our comprehensive OInvest review to discover everything you need to know about trading with this broker.
- Extensive range of tradable assets
- Comprehensive education centre
- Good leverage across three different account types
- Trade with MT 4 on both desktop and web
- Best broker for beginner traders
- Above-average overnight carry fees
OInvest is a brand of Basfour 3773 (Proprietary) Limited and is based in Umhlanga, South Africa. Our OInvest review team found that this award-winning forex broker offers a good trading experience and excellent support.
With over 350 tradable assets, OInvest offers you plenty of opportunities to make a profit via trading. They offer currency and cryptocurrency pairs, but also commodities, indices, and stocks. They also offer CFD trading opportunities.
OInvest has won several awards since they started operating, including the Best Forex Broker Africa award, the Best Multi-Asset Broker South Africa, and the Fastest Growing Forex Provider South Africa.
It should be noted that OInvest only provides its services to traders in South Africa.
OInvest regulation and licensing
OInvest is licensed as a Financial Services Provider under number 42020. This broker is regulated by the Financial Sector Conduct Authority of South Africa under registration number 2010/002719/07.
OInvest is very serious about keeping their clients’ funds safe, which is why they have strict protocols in place. One of these protocols is to keep customer funds separate from the broker’s operating funds. This ensures that, if the company were to become insolvent, customer funds cannot be used to cover their debts.
This broker has also implemented extensive cybersecurity measures to keep your data safe. All data server communications and transactions are encrypted. They also use excellent firewalls and SSL software for further protection.
Our review team found that OInvest ensures data safety through physical measures too, such as guarding their data centres with security personnel, 24 hours a day, 7 days a week. In addition, only a limited number of trusted employees can gain access to client information.
OInvest also has a risk management system that provides warnings to clients if they are about to make risky trades. This is determined based on an analysis of positions, margin levels, and potential losses
Our OInvest review team found that this broker offers three account types tailored according to your trading style. All these accounts can also be adapted to suit Muslim traders, with no additional fees attached.
The three account types are Silver, Gold, and Platinum. The Silver account type is designed for novice traders. It features leverage of 1:200 and spreads that are a little higher than the market average. For example, at the time we conducted our OInvest review, the spread for the EUR/USD started at 2.2 pips.
The Silver and Gold accounts offer leverage of 1:400. They also feature a dedicated account manager and access to webinars and videos. The Platinum account also comes with news alerts and free VPS.
In terms of spreads, the Gold account’s EUR/USD spread starts at 1.3 pips, which is on par with the market average. The Platinum account has a far more competitive spread at 0.7 pips for the EUR/USD. Furthermore, the Gold account has a 25% discount on overnight carry fees, while the Platinum account offers a 50% discount.
All accounts allow hedging and full support is available from 10 AM to 8 PM GMT.
Our review team discovered that OInvest also offers you the ability to open a demo account, once you’ve registered with the broker. This account comes with a balance of R10,000 and a leverage of 1:200.
OInvest trading costs
During our review of OInvest, we discovered that this broker does not charge any commissions and, on certain account types, their spreads are quite competitive.
In terms of deposits and withdrawals, the broker doesn’t charge any fees. However, the broker specifies that you are responsible for any fees that your bank may charge to make a transfer. OInvest also reserves the right to charge a fee of a little over R810 if you attempt to make a withdrawal from an inactive account or an account with which you’ve only conducted one trade.
Regarding swaps, our OInvest review team feels that their fees are a little higher than the market average. If you factor in the discounts offered to Gold and Platinum account holders, however, you may find these fees very reasonable. Each tradable asset carries a different overnight fee, and a full list of swaps is available on the OInvest website.
OInvest payment methods
While reviewing OInvest, we tested some of the payment methods available. You can deposit and withdraw funds using bank transfer, most major credit and debit cards, Neteller and Skrill. To open an account, you will need to deposit a minimum of R3,500.
Withdrawals can take as long as seven business days to process and must meet certain criteria. For example, you must at least 300% free margin available. They state that this requirement is in place to reduce the risk of a margin call, though the percentage could certainly be lower.
You will also be required to provide proof of identity before making a withdrawal, due to anti-money laundering requirements. To do this, you will need to submit a copy of a valid passport or ID document, and proof of address such as a copy of a utility bill or rental agreement.
OInvest trading bonuses
Our OInvest review determined that this broker offers attractive bonuses periodically, though there are times when no bonuses are available. To see what’s on offer, check out the broker’s website.
OInvest trading platforms
OInvest offers the most popular trading platform on the market, MetaTrader 4, and you can choose between using the desktop version or the web browser version.
MetaTrader 4 allows for extensive technical analysis, extensive customisation, and easy execution orders. You can also use expert advisors and robots to trade, and you can program your own indicators within the platform.
In terms of trade execution, MT 4 gives you access to one-click trading and four different types of pending orders. You also have access to stop losses and trailing stops, which make risk management much easier whilst maximising your potential for profit.
The web version of MetaTrader 4 allows you to trade straight from your browser without installing any software. The level of customisation is not quite as expansive with this version of MT4 however, the essential aspects such as the ability to conduct advanced technical analysis and easy order execution are all there.
Our review team was happy to find that OInvest also provides additional trading tools, such as the economic calendar and the earnings calendar. The former is essential as it provides you with information about all economic news releases, which can significantly impact the markets. The earnings calendar details the dates on which various companies will release their earnings reports, which can certainly affect the price of their shares.
Platinum account holders are also offered news alerts and a free VPS for even more effective trading.
While the OInvest website is easy to navigate, it doesn’t have an FAQ section, which many traders find useful. Furthermore, certain information can be difficult to find. However, the essentials, such as account type information and educational materials, are easy to access from the main menu.
Opening an account is quite easy and doesn’t take overly long. The process is in line with the majority of reputable brokers.
The OInvest website doesn’t have a dedicated mobile app. However, it is mobile-responsive, so you can easily browse the website, check your account, and contact support, regardless of where you are.
In terms of trading, our OInvest review team is pleased to report that this broker also offers the mobile version of MetaTrader 4. This means that you can trade on the go, using any mobile device.
Education and training
While conducting our review of OInvest, we were happy to find that they have a comprehensive education centre. The materials are available in various formats, including video courses and tutorials, eBooks, and articles.
The materials available cover everything from the basic fundamentals to more advanced trading strategies. OInvest also offers webinars, which are perfect for new traders as you can ask questions and request clarification on anything you didn’t understand.
OInvest customer support
Our OInvest review team is happy to report that when we interacted with customer service, we found the staff to be helpful and knowledgeable. We were also pleased to see they offer multiple communication channels.
We were, however, disappointed to find that customer support via live chat is reserved for registered traders. This makes it very difficult to find extra information about the broker, before deciding whether the account is suitable for you.
Support is also only available from 8 AM to 7 PM GMT from Monday to Friday. Whilst for most traders this level of support will be sufficient, it may be troublesome if you trade other sessions.
OInvest – Our verdict
Our OInvest review team concluded that this is a reputable broker that offers a great trading experience. Their awards are well deserved as, whilst they don’t offer quite as many bells and whistles as other brokers, they do provide everything you need to trade effectively.
There are certain things they could do better, such as offering support day and night, but these are small issues that won’t affect your trading experience. What’s more, a wide range of tradable assets, a comprehensive education centre, and different account types with attractive spreads make OInvest a reputable broker great for any trader.
Take advantage of all the great things OInvest offers by signing up for an account today.