OFX Review 2026
Regulation Status: Verified
28
Sydney, Australia
Not applicable
3 types
Overview
OFX, formerly known as OzForex, is an Australian financial technology company specializing in international money transfers and foreign exchange services. Established in 1998, the company is headquartered in Sydney, Australia, and operates globally with offices in cities such as London, Dublin, Auckland, Hong Kong, Singapore, Toronto, and San Francisco. OFX is regulated by several authorities, including the Australian Securities and Investments Commission (ASIC), the Australian Transaction Reports and Analysis Centre (AUSTRAC), the UK's Financial Conduct Authority (FCA), the Monetary Authority of Singapore (MAS), the U.S.
Financial Crimes Enforcement Network (FinCEN), the UK's National Crime Agency (NCA), the Central Bank of Ireland (CBI), New Zealand's Department of Internal Affairs (DIA), New Zealand's Financial Markets Authority (FMA), and Canada's Financial Transactions and Reports Analysis Centre (FINTRAC). The company offers competitive exchange rates and low fees, catering to individuals and businesses seeking efficient international money transfer solutions. OFX provides a user-friendly online platform and mobile app, allowing users to manage transfers, set up recurring payments, and access expert currency specialists for personalized support.
Best For
OFX is best suited for individuals and businesses looking to make international money transfers or currency exchanges without the complexities of traditional banking. It caters to a wide range of experience levels, from novice users needing straightforward currency exchanges to more experienced traders looking for favorable rates for larger transactions. For trading style, OFX is ideal for those who prioritize cost-effective transfers over speculative trading.
Users can take advantage of OFX's competitive exchange rates and lower fees, making it a great fit for individuals sending money abroad for travel, expatriates managing overseas finances, or businesses handling cross-border transactions. Regarding account size, OFX is particularly beneficial for those dealing with significant amounts, as they offer better rates for larger transfers, often making it more economical for individuals and businesses sending sums above $1,000. OFX operates through its user-friendly online platform and mobile app, providing access to currency markets without the need for complex trading tools.
Overall, OFX is an excellent choice for anyone seeking reliable and convenient foreign exchange services, especially when executing larger transactions.
OFX regulation is crucial for ensuring the safety and security of its users. OFX, formerly known as OzForex, operates under strict regulatory frameworks. In Australia, it is regulated by the Australian Securities and Investments Commission (ASIC), a reputable authority that oversees financial services.
In the United Kingdom, OFX is regulated by the Financial Conduct Authority (FCA), which ensures that the firm adheres to high standards of conduct. Additionally, OFX is subject to regulations in other jurisdictions, giving traders further confidence in their operations. When considering whether "is OFX safe," it’s important to note that regulatory oversight serves as a protective measure for users.
These regulators enforce strict compliance requirements, including maintaining sufficient capital reserves and ensuring that clients' funds are held in segregated accounts. This means that your money is kept separate from the company’s funds, helping to safeguard user assets in case of financial difficulties faced by the company. To verify OFX's regulatory status, users can check the official websites of ASIC and FCA, where they can find OFX’s registration details and any potential disciplinary actions or compliance breaches.
Moreover, user reviews and industry ratings provide additional information on the company’s reliability and performance. Overall, understanding OFX regulation and the protective measures in place can help users feel more secure when trading.
How They Compare
Regulators
Min Deposit
Spreads From
Platforms
Frequently Asked Questions
Visit their website and click the "Open Account" button. You'll need to provide personal information, proof of identity, and proof of address. The process typically takes 5-15 minutes, with verification within 24 hours.
The minimum deposit for this broker is $250 AUD.
This broker offers Proprietary Web and Mobile App. Each platform has different features suited for different trading styles.
Yes, this broker is regulated by ASIC, FCA, FinCEN. This provides important protection for your deposits and personal information.
Country restrictions are not specified. Please check their website to confirm availability in your location.
Support is available via email, live chat, phone. They also support English, Spanish.
Key Facts
Learn to Trade
Master professional trading with accredited courses designed for serious traders.
Score Breakdown
Forex Fundamental Analysis
Understand the macro drivers moving currency markets. Data-driven fundamental analysis for forex traders.
Featured Brokers
AI Chart Analyst
Get instant AI-powered chart analysis. Identify patterns, trends and trade setups in seconds.
Trading Plan Generator
Build a professional, personalised trading plan in minutes.
Trading Diagnostic
Identify weaknesses in your trading approach with our free diagnostic tool.
Trading Cost Calculator
Calculate the true cost of trading across brokers before you commit.
Which Broker Quiz
Answer a few questions and find the broker that best suits your trading style.