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OnFin Review 2025

Written By

Christian Harris

Written By

Christian Harris

Christian is an active trader with over 5 years of experience across stocks, futures, forex, and crypto. A former tech journalist, he shifted to finance to pursue his passion for investing, eventually becoming an eToro Popular Investor. With real-world trading knowledge across multiple asset classes, he brings valuable, hands-on insights to the table.

» Christian Harris Profile Page

Edited By

James Barra

Edited By

James Barra

James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.

» James Barra Profile Page

Fact Checked By

Tobias Robinson

Fact Checked By

Tobias Robinson

Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.

» Tobias Robinson Profile Page

Updated

Jun 6, 2025

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OnFin is #95 in our CFD broker rankings.

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Customer Reviews

Minimum Deposit $1

Trading Platforms MT4, MT5

Instruments CFDs, Forex, Stocks, Indices, Metals, Commodities, Crypto

Regulators MISA

Account Currencies USD

Payment Options Wire Transfer, Visa, Mastercard, Debit Card, Sticpay, Bitcoin Payments, Yandex Money

Pros

• With ultra-high leverage up to 1:3000 and raw spreads from 0.0 pips on ECN accounts, OnFin delivers competitive trading conditions tailored for scalpers and intraday traders.
• OnFin’s dedicated copy trading platform lets you follow multiple strategies at once, compare their profitability, and fine-tune how much capital is allocated to each. While not as advanced as eToro, it still offers a useful social trading layer for hands-off traders.
• During our tests, both MT4 and MT5 platforms remained stable, even during high-volatility events. We experienced no platform freezes, requotes, or disconnections - which is critical for day traders relying on precise entry and exit timing.

Cons

• At sign-up, we were only asked to choose MT4 or MT5, with no explanation of the four account types (ECN, Standard, Mini, Fix) or how they differ. We had to dig through support pages post-registration to understand our options - a frustrating experience, especially for beginners.
• Licensed by MISA in Mohéli, Comoros, OnFin lacks oversight from major regulators. There are no guarantees on client fund safety, no compensation schemes, and no formal recourse if something goes wrong.
• You must register for a live account before accessing the demo, unlike most brokers that offer instant access. The demo is also restricted to MT5, defaults to USD only, and doesn’t allow setting local currencies like GBP or EUR without a manual request.

Unlock the truth about trading with OnFin in this in-depth review that cuts through the hype. We provide an unbiased look at the broker’s key features, uncovering both its advantages and potential drawbacks.

Backed by our real-world experience using OnFin, we spotlight the elements that matter most for active, short-term traders.

Regulation & Trust

OnFin is a forex and CFD broker that began operations in 2015, initially under the name ECN.Broker. The company is registered in Mohéli, an autonomously governed island that forms part of the Union of the Comoros.

OnFin holds a licence with the ‘red-tier’ MWALI International Services Authority (MISA) according to DayTrading.com’s Regulation & Trust Rating. However, despite this licensing, it’s important to note that MISA is not recognized as a major financial regulatory body. In the broader financial industry, OnFin is generally considered an unregulated broker.

Trading with an unregulated broker like OnFin carries significant risks compared to dealing with brokers regulated by reputable authorities such as the US Securities & Exchange Commission (SEC), UK’s Financial Conduct Authority (FCA), or the Australian Securities & Investments Commission (ASIC).

Regulated brokers are subject to strict oversight, including requirements to segregate client funds, undergo regular audits, and participate in compensation schemes that protect client funds up to certain limits like the £85,000 under the UK’s Financial Services Compensation Scheme (FSCS).

In contrast, unregulated brokers like OnFin are not bound by these stringent standards. This lack of oversight means there is a higher risk of fund mismanagement, lack of transparency, and limited recourse in case of disputes or broker insolvency.

While OnFin offers attractive trading conditions, such as high leverage up to 1:3000, negative balance protection and flexible funding methods, you should weigh these benefits against the potential risks associated with its unregulated status.

Accounts & Banking

Live Accounts

OnFin’s account types differ depending on whether you use MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which affects trading conditions and costs.

• ECN (MT4 & MT5): Both platforms offer ECN accounts with floating spreads from 0.0 pips, a minimum order size of 0.01 lots, and a $4 commission per lot. The minimum deposit is $50. While the tight spreads and low costs are competitive, the maximum leverage of up to 1:1000 (MT5) or 1:3000 (MT4) is far higher than what is permitted by regulated brokers, which typically cap leverage at 1:30 for retail traders. This exposes you to much higher risk than at FCA, ASIC, or CySEC-regulated firms. The $4 commission per lot is on the higher side, and without regulation, the true ECN nature of the account is hard to verify.
• STANDARD (MT5): The Standard account offers floating spreads from 2.4 pips without commission, a minimum order size of 0.01 lots, and a $100 minimum deposit. These spreads are broader than those offered by leading brokers we’ve tested, who often provide lower spreads and more transparent fee structures. Again, leverage is available up to 1:3000, which is excessive by industry standards and increases risk for inexperienced traders.
• MINI (MT4): Designed for beginners, the MINI account has a minimum deposit of $1, a minimum order size of 0.01 lots, spreads from 2.4 pips and no commission. While the low entry point is appealing, the trading costs are high compared to top brokers, and trading instruments are limited to forex and metals.
• FIX (MT4): The FIX account features fixed spreads from 3.0 pips, a minimum order size of 0.01 lots, no commission, and a $50 minimum deposit. Fixed spreads at this level are not competitive with top brokers, who typically offer fixed spreads below 2.0 pips. The high leverage remains a concern.

OnFin’s range of account types differ between MT4 and MT5. The lack of clarity in naming, and the absence of detailed, easy-to-understand comparisons make it harder to choose the most suitable account.

When I signed up with OnFin, the broker only asked me to choose between MT4 or MT5 and gave no explanation of the different account types available.

This lack of guidance made it difficult for me to understand all the available options.

Christian Harris

Author

In contrast, top brokers transparently offer named, standardized account types, making the selection process much more straightforward for beginner traders.

Demo Accounts

OnFin’s demo account setup is less user-friendly than that of leading brokers. I could only open a demo account after registering for a live account, which is an extra step not required by most top brokers we’ve tested – many allow instant demo access without personal registration.

Once inside, I was limited to using the MT5 platform only, with no option for MT4. The demo account could only be denominated in USD up to $10,000 by default (up to $1m is available on request) – which isn’t ideal as I wanted to practice managing risk in local currencies (GBP or EUR) – but I did have the option to open up to five demo accounts to test different strategies.

While I could select leverage anywhere from 1:20 up to a high 1:3000, there was no option for 1:1 leverage, a standard feature at many established brokers for those wishing to simulate risk-free or low-risk trading.

Top brokers typically offer demo accounts across all available platforms, a choice of several base currencies, and a full range of leverage options – including 1:1 – some even without requiring live account registration.

On the plus side, as long as I keep it active within 90 days, the demo will not expire, unlike many brokers that delete demo accounts after a few months regardless of your trading frequency.

Deposits & Withdrawals

OnFin offers a variety of funding options, though currencies (EUR, USD, RUB, KZT) and methods depend on your location.

Supported deposit and withdrawal methods include SEPA bank transfers, debit and credit cards, cryptocurrencies (such as Bitcoin and USDT), and e-wallets like SticPay and Perfect Money.

These deposit and withdrawal options are notably limited compared to those of top brokers, especially for clients in certain regions.

For example, when funding from the UK, I can’t use e-wallets, and crypto is limited to USDT. This restriction can make funding and withdrawing from an account inconvenient, putting OnFin at a disadvantage if you value convenience, speed, and a seamless funding experience.

On the plus side, there are generally no deposit or withdrawal fees, and depending on the method, the minimum deposit amount can be as low as $1. The minimum withdrawal is also low at $10, ideal for those with small budgets.

Assets & Markets

OnFin offers access to over 800 tradable assets across forex, metals, indices, commodities, stocks, and cryptocurrencies.

• Forex: OnFin offers over 50 major, minor, and exotic currency pairs, a solid selection for most retail traders and on par with many mid-tier brokers. However, leading brokers like Interactive Brokers often provide access to 70+ pairs and a wider range of emerging market currencies.
• Metals: The platform supports trading five precious metals, including gold, silver, aluminium, palladium, and platinum. This is a decent range, but some top brokers also include copper and rare metals, expanding diversification opportunities.
• Indices: OnFin covers 14 major stock indices such as S&P 500, China50, Nikkei 225, and Nasdaq-100. While this is sufficient for basic index trading, top brokers typically offer dozens more, including minor and sector-specific indices from multiple continents.
• Commodities: You can trade just three energy commodities including Brent and Crude oil and natural gas. This is a standard offering, but leading multi-asset brokers often add agricultural commodities and softs, providing broader market exposure.
• Stocks: OnFin provides access to more than 750 stocks (US only) via MT5, which drops to around 180 on MT4. However, MT4 includes tickers from US exchanges and selections from the UK, Germany, Asia, and Russia. While this is a respectable number for a CFD broker, top brokers like IG offer thousands of global equities and direct market access, not just CFDs.
• Cryptocurrencies: The broker lists 21 popular cryptocurrencies, including BTC, ETH, LTC, NEO, BCH, XRP, and TRX. This is competitive for a CFD broker but still narrower than the hundreds of tokens available at leading crypto-focused platforms.

OnFin’s asset selection is broad for a low-tier CFD broker, especially with its inclusion of Russian stocks and a relatively large number of cryptocurrencies.

However, compared to global leaders, the range in each asset class is still limited, and notable omissions – such as ETFs and bonds – are standard at top multi-asset brokers.

The focus on CFDs also means you do not get direct ownership of underlying assets, which can limit long-term investment strategies and may affect costs such as overnight financing.

Fees & Costs

OnFin’s fee structure is competitive in several respects, but there are essential trade-offs compared to leading brokers. The ECN account offers floating spreads from 0.0 pips with a $4 commission per lot, which is a touch more expensive than industry standards.

Other accounts, such as FIX and MINI, have no trading commission but feature wider spreads, starting from 1.2 to 3.0 pips, depending on the account type.

In our hands-on trading at OnFin, spreads on major forex pairs were generally tight during regular market hours. Still, I noticed they could widen significantly during periods of low liquidity or high volatility, which is not uncommon but worth noting for active traders.

OnFin stands out by charging no deposit or withdrawal fee, which is a clear advantage over brokers that may impose charges for certain funding methods. However, if you don’t make a trade within 60 days, an extremely high inactivity fee of USD $50 per month applies. This is disappointing, as many brokers offer no inactivity fees.

Minimum deposits are very low – starting at just $1 on the MINI account – making the broker accessible to beginners. However, all accounts are denominated in USD, which can lead to conversion costs if you fund your accounts in other currencies.

Compared to industry leaders like IC Markets, OnFin’s trading costs are generally low for ECN-style trading but less competitive for fixed or wider-spread accounts. Top brokers often offer tighter spreads across all account types, more currency options, and additional transparency around overnight financing and inactivity fees.

Based on my tests, OnFin’s cost structure is favorable for active forex traders using the ECN account but less so for those trading less frequently or seeking the lowest possible spreads on a broader range of assets.

The lack of hidden fees is a plus, but the trade-off is higher risk due to leverage and less regulatory protection.

Christian Harris

Author

Platforms & Tools

OnFin offers traders a choice between MT4 and MT5, both industry-standard platforms known for their reliability, advanced charting, and support for automated trading.

MT4 is widely appreciated for its user-friendly interface and a robust ecosystem of custom indicators and expert advisors, which make it suitable for both beginners and experienced traders.

While not as universally adopted, MT5 provides additional features such as more order types, timeframes, and an integrated economic calendar, catering to those seeking greater analytical depth.

However, OnFin’s platform selection is limited to MT4 and MT5, whereas leading brokers often provide a broader range of options. Top-tier competitors like Pepperstone frequently offer cTrader, TradingView integration, or their proprietary platforms, which often deliver more modern interfaces, advanced order management, and enhanced social trading or analytics tools.

For example, I prefer cTrader due to its intuitive design and perfectly integrated economic calendar and news feed. At the same time, proprietary platforms from established brokers like FOREX.com often include seamless mobile experiences, integrated news feeds, and exclusive trading tools.

From my hands-on experience, OnFin’s MT4 and MT5 execution is fast and stable, with no noticeable requotes or lag even during periods of high volatility. Chart customization and the ability to run automated strategies are considerable strengths.

A unique aspect of OnFin is its dedicated copy trading platform, which automatically allows you to follow and copy strategies from other traders in real-time. You can also compare strategies by profitability, subscribe to multiple strategies at once, and customize your allocations.

While this adds a social trading dimension, it is not as deeply integrated or as feature-rich as the social trading environments offered by leading brokers like eToro, which often include community features, performance analytics, and direct interaction with strategy providers.

While OnFin’s reliance on MT4 and MT5 ensures access to proven, reliable technology, it falls short of the versatility and innovation seen at leading brokers that offer a wider platform selection and proprietary solutions primarily aimed at beginner traders.

Research

OnFin’s research tools are primarily those built into the MetaTrader platforms, especially MT5. The economic calendar is helpful, but no contextual guidance or strategy suggestions are tied to news events.

OnFin also maintains a blog that offers market updates and trading-related content. However, the blog is not positioned as a comprehensive research hub and lacks the depth, frequency, and actionable insights in leading brokers’ research portals.

Top-tier brokers typically provide in-house research, live analysis, trading signals, and access to premium third-party analytics, giving you a much richer and more actionable research environment.

Some even integrate advanced equity research tools, portfolio analytics, and AI-driven insights – features that exceed what OnFin currently delivers. This gap is particularly noticeable for traders who rely on comprehensive macroeconomic analysis, sentiment data, or actionable trade ideas.

Additionally, there is no integration with external research platforms like Autochartist, Trading Central or Signal Centre, which are increasingly standard at top-tier brokers. This makes OnFin less suitable for those who value deep market insights and curated research.

Education

​OnFin’s educational offerings are minimal and fall short of industry standards set by leading brokers.

The broker does not provide structured educational resources such as webinars, e-books, tutorial videos, or comprehensive courses for traders at any level.

This lack of formal education is a significant drawback for beginners relying on broker-provided materials to build foundational knowledge and trading skills.

While OnFin has a blog that occasionally features articles like guides to leverage and basic trading concepts, the content is limited in scope and frequency.

The blog does not substitute for a dedicated education portal or a curriculum that systematically covers trading strategies, risk management, or platform tutorials.

I found little to no guidance for new users beyond basic platform navigation and no interactive content or community support to help traders progress.

In contrast, leading brokers like Exness typically offer extensive educational suites, including live webinars, interactive courses, trading academies, and regular market outlooks to support traders of all experience levels.

This makes OnFin unsuitable for novice traders or those seeking to advance their trading knowledge through broker-led education.

Customer Support

OnFin offers a range of customer support options, including phone, email, live chat, and social media. It also provides regional contact details for Europe, Russia, Georgia, the Philippines, Hong Kong, and Africa.

Support is available 24 hours a day, five days a week (Monday to Friday), which is standard for the industry but falls short of the true 24/7 support offered by some leading brokers like Exness.

In my experience speaking to OnFin, responses via email and live chat are generally prompt and courteous, and support staff can handle basic account and platform queries efficiently.

However, more complex or technical issues sometimes require escalation, leading to slower resolution times.

Christian Harris

Author

Compared to top brokers, OnFin’s support lacks some of the advanced features found elsewhere, such as dedicated account managers, multilingual support teams available around the clock, or integrated help centers with extensive self-service resources.

Leading brokers often provide educational webinars, interactive FAQs, and community forums as part of their support ecosystem, making it easier for you to resolve issues independently and learn from others.

While OnFin’s support is accessible and covers multiple channels, it sometimes feels fragmented. For example, the lack of a ticket-tracking system can make following up on unresolved issues more challenging.

Should You Day Trade With OnFin?

OnFin offers a reasonable range of tradable assets, high leverage, and competitive trading conditions, but it is ‘regulated’ offshore and lacks the strong client protections found with top-tier brokers.

Payment options, research tools, and educational resources are also limited compared to those of industry leaders based on our tests.

OnFin may appeal to risk-tolerant day traders seeking flexibility, but caution is advised. If you prioritize safety, transparency, and strong regulatory oversight, a more established broker is likely better.

FAQ

Is OnFin Legit Or A Scam?

OnFin is not an outright scam – it is a functioning offshore broker with a real license – but it operates in a high-risk regulatory environment with limited transparency.

Caution and thorough due diligence are strongly advised, and traders seeking maximum safety should consider brokers regulated by more reputable authorities like the SEC, FCA, or ASIC.

Is OnFin Suitable For Beginners?

OnFin can be suitable for beginners due to its low minimum deposit of just $1 and a demo account that allows risk-free practice. The broker also offers copy trading, which can help new traders learn by following experienced traders.

However, OnFin lacks structured educational resources such as webinars, courses, or comprehensive tutorials, which are often crucial for beginners to build solid trading skills. Limited research tools and minimal guidance during account setup may also steep the learning curve for new traders.

Top 3 Alternatives to OnFin

Compare OnFin with the top 3 similar brokers that accept traders from your location.

1. Interactive Brokers – Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
   Go to Interactive Brokers
2. World Forex – World Forex is an offshore broker registered in St Vincent and the Grenadines, offering commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   Go to World Forex
3. Dukascopy – Established in 2004, Dukascopy Bank SA is a Swiss online bank and brokerage providing short-term trading opportunities on 1,200+ instruments, including binaries. A choice of accounts (JForex, MT4/5, Binary Options) and sophisticated platforms (JForex, MT4/MT5) deliver powerful tools and market data for active traders.
   Go to Dukascopy

OnFin Comparison Table

Compare Trading Instruments

Compare the markets and instruments offered by OnFin and its competitors. Please note, some markets may only be available via CFDs or other derivatives.

OnFin vs Other Brokers

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