OX Securities Review 2026: A Real Australian Licence That Does Not Cover Retail Clients
OX Securities is two companies. Ox Securities Pty Ltd holds ASIC licence AFSL 438402, which covers wholesale clients only. Retail clients contract with Ox Securities Ltd in St Vincent, which regulates no forex at all. The CFTC placed both entities on its RED List on 29 May 2025. We score it 4.1 out of 10.
Quick facts
| Legal entity | Ox Securities Ltd (St Vincent) for retail; Ox Securities Pty Ltd (Australia) for wholesale |
|---|---|
| Regulator | ASIC, Unlicensed |
| Licence number | ASIC AFSL 438402, held by the Australian entity, wholesale clients only |
| Headquarters | Suite 305, Griffith Corporate Centre, Kingstown, St Vincent (SVG entity) |
| Minimum deposit | $0 on all three account types |
| Spread from | 1.0 pip Standard; 0 pips plus $7 per lot on Pro |
| Maximum leverage | 1:500 |
| Withdrawal time | Not published |
| Segregated funds | Not stated for the SVG entity |
| Website | oxsecurities.comnot linked: see our verdict |
This review is different from most of the negative ones on this site, and the difference is worth stating up front. OX Securities is not a fake broker. It holds a real Australian licence, it publishes real pricing, and it discloses its own corporate structure more openly than many firms we rate higher.
It still lands in High Risk, because of what that licence covers and who it leaves out.
Two companies, one brand
| Ox Securities Pty Ltd | Ox Securities Ltd | |
|---|---|---|
| Where | Chatswood, New South Wales | Kingstown, St Vincent and the Grenadines |
| Website | oxsecurities.com.au | oxsecurities.com |
| Regulator | ASIC | None that regulates forex |
| Licence | AFSL 438402 | None |
| Who it may serve | Wholesale clients only | Everyone else |
| Compensation scheme | None for CFDs | None |
The Australian licence is genuine. AFSL 438402 is held by Ox Securities Pty Ltd, ABN 71 163 551 602, and the firm’s own Australian site states plainly that it “is authorised to provide services to wholesale clients only”.
Under Australian law, a wholesale client is broadly someone investing at least $500,000, or with net assets above $2.5 million or income above $250,000, certified by an accountant. If you are a normal retail trader, that licence is not yours. It belongs to a sister company you are not a customer of.
What you actually sign
The international site states it verbatim:
This website is owned and operated by Ox Securities Ltd with registered office address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines – 25509 BC 2019.
And, to its credit, this:
OX Securities Ltd Global (SVG) is a separate legal entity and is not authorised or regulated by the Australian Securities and Investments Commission (ASIC) to provide financial services in Australia.
That disclaimer is accurate and it is more than many firms in this structure publish. We are noting it as a point in the firm’s favour. It also, read carefully, tells you that the ASIC licence in the brand’s reputation does not attach to your account.
The St Vincent problem
The site refers to “SVGFSA” as a regulator. There is no licence number attached, and there is a reason for that.
The Financial Services Authority of St Vincent and the Grenadines does not license or supervise forex trading at all. It has said so publicly and repeatedly, and it has told firms registered there to stop implying otherwise. What a company gets in St Vincent is an incorporation, in the same way a company gets incorporated anywhere. “25509 BC 2019” is a business company registration, which is a filing, not an authorisation.
So for a retail client the position is: no regulator supervising the firm, no capital requirements, no client money rules, no compensation scheme, no ombudsman, and no register on which to check anything.
The CFTC RED List, twice
On 29 May 2025 the US Commodity Futures Trading Commission added OX Securities to its Registration Deficient List. There are two separate entries, and both name oxsecurities.com:
- OX Securities Limited (SV), origin given as Australia and St Vincent and the Grenadines
- OX Securities Pty Ltd, the same ownership fields
Being on the RED List means the CFTC believes the firm is soliciting or accepting funds from US customers while acting in a capacity that appears to require US registration, without holding it. The CFTC attaches an explicit caveat to the list: inclusion does not mean the CFTC or a court has concluded that any violation occurred.
That the ASIC-licensed entity is listed alongside the offshore one is the part to notice. This is not an offshore shell operating at arm’s length from a respectable parent. The regulator listed both.
Leverage at 1:500
All three account types offer up to 1:500.
ASIC caps retail CFD leverage at 30:1 on major currency pairs. So the 1:500 on offer here is only possible because the account is not under ASIC. The number is not a feature the Australian licence permits; it is available precisely to the extent that the licence does not apply.
At 1:500, a 0.2% move against a fully margined position wipes out the margin.
What the firm does publish, and it is more than most
Being fair about this matters, because the score depends on it:
- Real pricing. Standard account from 1.0 pip with no commission; Pro from 0 pips with $7 per lot; a swap-free option. All three at $0 minimum deposit. These are ordinary, competitive, checkable numbers.
- Named payment providers: Visa, Mastercard, crypto, PayNow, Dragonpay, AWEpay, Skrill, Neteller, local bank transfer.
- A named entity and a real address on both sites, and an explicit statement of the ASIC boundary.
- MT4 and MT5, with a client portal at
clientportal.oxsecurities.com.
None of that is nothing. A firm that tells you which entity you are contracting with, what it is not regulated for, and what it charges is behaving better than most of the offshore market.
What the score is made of
| Pillar | Weight | Score | Why |
|---|---|---|---|
| Regulation and licence tier | 30% | 3.5 | A genuine AFSL that does not cover retail; the retail entity has no supervisor |
| Fund safety and withdrawals | 25% | 3.0 | No compensation scheme, no segregation statement for the SVG entity |
| Cost and execution | 15% | 5.5 | Spreads and commission published and competitive |
| Transparency | 15% | 5.0 | Entity, address and the ASIC boundary all disclosed explicitly |
| Complaint record | 10% | 4.0 | Two CFTC RED List entries; no documented withdrawal-refusal pattern found |
| Platform and support | 5% | 6.0 | MT4 and MT5, named payment providers, a real client portal |
4.1 out of 10, which is High Risk rather than Scam. We want to be explicit about why, because the distinction is the point of the band.
Scam, on this site, means an allegation we can evidence: a fabricated licence, a cloned register, a regulator warning of fraud, or a documented refusal to return funds. None of that applies here. OX Securities holds a real licence, publishes real prices and discloses its structure. What it does is legal and it is common.
High Risk means the structure leaves a retail client with materially less protection than the branding implies. That is exactly this. The ASIC licence does the reputational work; the St Vincent entity takes the trade.
Before you open an account
- Read the entity name on the client agreement, not the logo on the homepage. If it says Ox Securities Ltd, you are with the St Vincent company and no regulator supervises your account.
- Ask, in writing, whether your funds are held in segregated client accounts, at which bank, and under which entity’s name. The international site does not say, and you are entitled to an answer before funding.
- Do not rely on AFSL 438402. It is real, it is not yours, and the firm says so itself.
- If you are in the United States, do not deal with this firm. Both entities are on the CFTC RED List.
- Treat 1:500 as the risk it is, not as an advantage over a regulated broker. The cap exists because most accounts using that much leverage do not survive.
The wider point
The entity-split structure is legal, widespread, and the single most under-explained thing in retail forex. A group holds a respectable licence in one country, markets on the strength of it, and books most of its clients through an offshore company the licence never touches.
The question to ask any broker showing you a licence is not “are you regulated”. It is: which company will my account be with, and is that the company holding the licence you just showed me? On this site, reviews of firms answering that question well are linked below.
Answered in detail
Safer alternatives
Rated Trusted or Neutral against the same six pillars. These link to our own reviews, not to the brokers, and no broker can pay to appear here.