How can you tell which trading platform is legit?

Has anyone heard of OEXN or OEXNN? I was invited through skype before Skype was shutdown. I have already put money into this account (not alot) and I am wondering if this is a scam. I believe this is supposed to be a forex trading platform.

I am not allowed to put in the name of the website.

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That alone would put me off.

Are you really asking about trading platforms here, or about brokers? You know they’re very different things? :face_with_raised_eyebrow:

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Im asking about OEXNN… like Robinhood. Assuming its a trading platform. This person I have talked to, I assume would be a broker… She tells me the stock to buy and sell. It is usually gold.

I am new and really like to get into trading.

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Welcome to Babypips, Shannon.

OEXN isn’t a trading platform. It’s a broker.

Trading platforms are charting/trading software-packages such as C-Trader, TradingView and MetaTrader. Almost all brokers, these days, have a range of different trading platforms available, to offer their customers some choice.

I’ve never used OEXN but I’ve moved your thread to the “Broker” forum, where it may be seen by someone who has.

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I know what you are talking about is the person named Jenny and are they in group called the Benjamin club

To tell if a trading platform is legit, check if it’s regulated by a recognized financial authority (like FCA, ASIC, or FSC). Look for clear licensing info on their website. Read user reviews and verify how long the broker has been in business. A legit platform will offer secure deposits/withdrawals, transparent fees, and reliable customer support. Avoid platforms that guarantee profits or pressure you to deposit more money quickly. Always start with a small amount or use a demo account first.

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That one’s no “recognized financial authority” at all: it’s a fake regulator that can’t and won’t protect its broker-client’s customers. One to beware of.

The others you mentioned, FCA and ASIC are totally legit.

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Licensing information is a very different thing from regulatory information.

There are plenty of countries like Cormoros where anyone can buy a “licence” to be a forex broker, but they’re not real brokers and they’re not safe to use.

To people with experience, seeing that they’ve chosen to be “licenced” that way is a big red flag.

Unfortunately, of course, the people they’re aiming to attract are the inexperienced ones.

And I’m afraid forum posts like yours, just above - which are partially correct and partially misleading, deposited in the forum by commercially incentivized members with promotional information in their profiles, help nobody. :roll_eyes: :grimacing:

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The platform she is talking about is fake they have my money and I can’t withdraw I hope she distance herself from it she not talking about oexn exchange she is talking about oexnn they posted fake regulations information on their website it an unregulated platform

I will suggest whenever you are choosing broker always look into their license from the tier 1 countries like UK, Australia and always signup from that location because most of the brokers have multiple licenses and they have different link for different countries like if you are sign up from their .com website then you account will be regulated through their mauritus broker or if you sign up through their uk website then u will enroll into fca regulation.

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It’s mostly about regulation, NOT licensing - as explained just above. Licensing is what the scam brokers want their customers to think it’s about.

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When choosing a broker, regulation should always come first far more important than just having a license. Without proper oversight from regulators like the FCA, ASIC, or CySEC, there’s little real protection for your funds.
There are many in the this thread that are regulated- hope it helps!

I think regulations are important and also one more thing I will consider when you are creating an account if my account is protected or not

The best way to judge any trading platform is by checking if it’s regulated by a well-known authority and whether withdrawals are smooth. If regulation details are unclear or hard to verify, that’s usually a red flag.

Make sure the platform is regulated, well-known, and has reliable customer support. Knowing there’s someone to talk to when you run into a problem makes a huge difference.