Oil Gold Stocks Review
Oil Gold Stocks is a relatively new online broker that has made a splash recently. Much like a lot of the other alternative brokers that have been popping up over the last two years, Oil Gold Stocks prides itself on being an accessible alternative to mainstream trading.
This is a particularly powerful selling point for any broker that allows oil to be traded on it. Traditionally, oil is a nightmare to trade and a commodity that was reserved for governments and trading whales. Oil Gold Stocks claims to do away with that, among a host of other benefits that the company claims to offer.
We’ve taken the liberty of using Oil Gold Stocks for ourselves to see whether or not it lives up to its promises or whether it’s just another low-effort market broker clone.
Is Oil Gold Stocks App Legit?
Before risking any money, there are a few different red flags that we look out for in any particular online broker.
For starters, we look at the quality of the web site’s construction and the UI. If a broker only plans to be around for a few weeks so that it can scam people, the layout of the web platform isn’t going to be very good.
It’s likely there’s going to be broken links, missing paragraphs, and an overall total lack of quality control.
Oil Gold Stocks doesn’t have this problem. The site, while not the best we’ve seen, has clearly been put together with some amount of professional input. It’s solid and easy to navigate, which is incredibly important if you want to attract newer traders to your platform.
As well as quality control, we like to check what withdrawal and deposit methods a broker has. A massive red flag for us is when a platform has an abundance of deposit methods but only one or two ways to withdraw.
What that tells us is that the broker is far more concerned about you being able to put your money into your account than being able to take it out.
Again, Oil Gold Stocks pass with flying colors on this margin. You have comprehensive money transferring options both ways, meaning it’s just as easy to get your money back as it is to invest in the first place.
Lastly, there are a few different conventions that are also red flags, but a lot of brokers still take part in them.
For example, any broker putting a definitive amount of money you can make or guaranteeing you a certain level of success is completely illegitimate. Trading is a risky game, and there is no way anyone can say with 100% certainty that you’re going to make money. Respectable brokers know this, and they also know that they can get in trouble if they do this.
Another area that trips a lot of scam brokers up is when it comes to customer testimonials. If your brokerage has been up for less than two weeks, you’re not going to have had a chance to do a professional photo-op with your users to feature on your site. If any broker has testimonials accompanied by what are clearly professionally taken photos of each user, then stay as far away from it as possible.
Yet again, however, Oil Gold Stocks doesn’t fall into any of these pit traps on its site. There are no ludicrous promises or attempts to prove the effectiveness of the software. It simply tells you what it is and what you’re getting, which is all a good broker needs to do.
So, to summarize all of that information, Oil Gold Stocks is legit. It passes all of the tests we use to check other brokers, so we’re confident in saying that it’s safe to use.
What is Oil Gold Stocks?
Well, it’s a broker, obviously. However, it has a unique position in the current world of alternative brokers as it allows you to trade both oil and gold. As a broker that has set itself up to specialize in these two commodities, it has a chance to outperform some of the other, more comprehensive brokers out there.
The choice to specialize in both oil and gold interests us a great deal. These two resources are largely responsible for powering the world’s economy. It’s a fair argument to state that both oil and gold are the most important markets in human history.
Being able to trade in both of these pillars of global economics in one site dedicated to that process is enjoyable and an aspect of Oil Gold Stocks that we certainly appreciate.
So, Oil Gold Stocks is a broker that allows you to trade oil and gold in a safe and controlled environment.
The Oil Gold Stocks Experience
As we like to do with as many of the brokers that we review as possible, we set ourselves up with an account to see how easy the whole process was firsthand.
Starting off, creating an account on Oil Gold Stocks was one of the quickest and easiest account creation processes we’ve ever come across, for better or for worse.
There was no request for ID or address verification through bank statements, possibly because the broker isn’t subjected to the same regulations that other large trading companies are.
Instead, all we needed to provide them with was our email address and phone number. The system then sent us an automated email that we needed to activate. It took less than five minutes to get the account fully set up, which is a dramatic improvement over most trading brokers.
Once our account was set up, we tried to start making our first deposit. Given that there were plenty of deposit options available to us on Oil Gold Stocks, we didn't have any problems in this regard at all.
However, we did notice that the deposit process was a bit slow, and we didn't receive the funds until the day after, which is a bit of a shame.
What was appreciated, however, was the fact that there was a total lack of fees when we made that deposit. A lot of brokers, big and small, tend to charge you a tiny percentage of everything you do on the platform.
Oil Gold Stocks doesn't, so it was nice to see the $250 minimum deposit we made fully intact when it hit our account balance.
Of course, everything else comes secondary to the trading experience. A broker could be the fastest and prettiest looking system in the world, but without a solid trading system, nobody is going to use it.
The first thing we noticed about the system on Oil Gold Stocks was just how automated it was. Everything from your trade execution to position establishment was automated for us, taking a lot of the effort and technicality out of setting up a trade.
As a team that has extensive knowledge of trading, this isn't of much benefit to us. However, it would be a massive help to any beginners that aren't familiar with the terminology or trading conventions yet.
When we had defined the gold trading position and oil trading position that we were looking for, we set the order up and left the account alone.
We came back the next day to see that the trade had been executed and our balance of both oil and gold was in our account. This entire process was smooth, and we encountered no roadblocks whatsoever.
What we can say is that it was only on day three that we actually made a trade successfully. The day gap in between making a deposit as well as executing the trade slowed down the process tremendously.
However, trading could have commenced on day two had we settled to buy the commodities at the current market price, so there are no real issues there for most people.
Once all of that was done, we set up a sell order for our resources to make us a little bit of profit and left the account for several days. When we came back, those sell orders finalized, and the dollars were back in our account.
With those sales gone through and a new dollar balance sitting comfortably in the account, the team wanted to make sure that it could safely withdraw that money back into our account.
The range of withdrawal options, while not as extensive as the deposit options, was perfectly adequate for us.
Much like the depositing process, it took a full day before the funds transferred from the brokerage to our bank account, but the money made it there, and that's the most important thing.
Oil Gold Stocks Passes with Flying Color
Simple is very much the name of the game for us when we used this app. It didn’t excel at any particular area, and it kept it all simple. However, that’s exactly why it’s such an effective tool for a beginner trader.
By simplifying the trading process and not bombarding you with complicated terminology and technology, Oil Gold Stocks allows you to focus purely on your ability to trade, something that gets lost with a lot of bigger brokers.
As far as we’re concerned, the Oil Gold Stocks trading experience passes with flying colors. It’s a streamlined method of trading that is going to get the job done for 99% of traders.
Free of Fees
The company has a unique business model that sees it partnered with the various exchanges and markets that it runs your account through. The company gets a volume-based commission from these exchanges, meaning it doesn’t need to charge its users anything.
This means there is no withdrawal fee, deposit fee, or trading fee. Seeing our money move through the system and stay completely intact was an enjoyable feeling that is noticeably missing from most other brokers out there.
Oil & Gold Stocks Pros and Cons
The Last Word
The site is uniquely placed as it’s a beginner trading system that also allows you to trade oil and gold. Now, gold has been a go-to recommendation for beginner traders for years now. Oil, on the other hand, is not.
The company’s effort to bring oil trading away from the elitism and cynicism that currently dominates that market to allow the average trader to get involved should be commended.
Overall, we’re very happy with the performance that Oil Gold Stocks delivers. It’s a well-put-together option for beginner traders looking to diversify.