Oceanwaves Limited has been flagged by Financial Markets Authority for "Unregistered/Unlicensed entity offering financial products or services|Fraud ...". This company appears in our regulatory warnings database. Always verify with official regulatory sources before investing or doing business with this firm.
Their execution during news is terrible. I had limit orders in place. When the news hit, my orders were not filled at the limit price - they were filled much worse. Oceanwaves Limited said it was market conditions. Same news, another broker filled me properly. They are not honest.
Pros: Social trading features|Dedicated account manager|Reliable uptime
Cons: Website design could be more modern
The hidden fees at Oceanwaves Limited are the real scandal here. What they advertise and what they actually charge are two different things. By the time I realized how much I was paying in various fees and spreads, I had already lost a meaningful amount.
Pros: Personal attention|API access
Cons: Limited demo account features
The only good thing about Oceanwaves Limited is that they remind you why regulation matters. I found them after reading several online reviews. They are regulated in a jurisdiction with weak consumer protection. When things went wrong I had nowhere to turn. Stick to well-regulated brokers.
Pros: Quick verification|No hidden fees
Cons: Help articles are sometimes vague|Onboarding videos are outdated
Oceanwaves Limited seems more interested in acquiring new customers than taking care of existing ones. The marketing is aggressive but the product is mediocre. Once you are past the honeymoon period, the cracks in their service become very apparent.
Pros: Professional team|Educational resources|Wide product range
Cons: Inactivity fee applies after 12 months|Currency conversion fee exists