Beware! OTPFX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OTPFX is a very mysterious Forex broker presenting trading conditions that we haven’t seen before. They claim to have the perfect trading platform in the world, well, the mere mentioning of such a nonsense is a scam sign and a warning!
The leverage levels are calculated in a very perplexing way, suggesting that something wrong is happening on their perfect platform. The trade execution and the pending order application is also unique in its own way, showing scam signs we are about to discuss later. Find out everything you need to know about this Forex broker in the full OTPFX review.
OTPFX REGULATION AND SAFETY OF FUNDS
OTPFX list an address and a contact number in Cyprus, probably trying to make the customers believe that it is a CySEC regulated Forex broker. Also, they do present the public with their regional contact numbers, including Sweden, UK, Netherlands, Switzerland and Belgium. However, they fail prove in any way that it is a duly authorized and licensed entity, as there isn’t a license number presented on their website. We couldn’t find anything in the CySEC register, as well, meaning that OTPFX is most probably a scam, if not undoubtedly!
The activities conducted by OTPFX are said to be governed by the laws of Bulgaria, which is a red flag, as there is no license to be found in the register of the Bulgarian financial regulator, as well.
Your funds are in danger if you make a deposit with OTPFX, it is an unlicensed, unauthorized and unregulated Forex broker, showing many scam signs and should unquestionably be avoided.
If you are looking for a Forex broker you should definitely go for EU or UK regulated one, as these are the leaders in the retail FX industry, and the regulatory regimes in Europe are the strictest, providing the safest environment for your funds. There are plenty of stringent rules and regulations imposed on the FX companies, but most importantly, protection funds were established, such as ICF in Cyprus and FSCS in UK.
Under CySEC(Cyprus) and FCA(UK) regulation the customers are protected from losing their cash in case a financial service company gets into troubles. ICF guarantees the clients deposits of up to 20 000 EUR per client, while FSCS allows you to make a claim of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.
OTPFX TRADING SOFTWARE
OTPFX does not offer Metatrader4 or Metatrader5 accounts to its customers, instead they provide us with a web-based platform which is well below the standards. It consists of a TradingView chart and a trading panel on the right, displaying a price action that is very slow and really distrustful. We suspect that there might be a price manipulation, or at least delayed executions which might result in slippage and losses. Do not trade on lame platforms like this one, find a true Forex broker which will be able to offer you Metatrader accounts, undoubtedly the best choice in the retail FX market.
The real EUR/USD spread is 1 pip fixed, and it’s a red flag here, as well, because they advertise differences as low as 0.1. The leverage is said to be 1:30 on their web page, but in reality no more than 1:10 is available. Its calculation, however, is far away than the standards for normal. We haven’t ever seen such a definition, actually, we weren’t even able to understand how it’s functioning, at all. In effect it makes the OTPFX trading software looks exactly as a Binary Options platform, with predefined “in the money” profits or “out of the money” losses. You should stay away from OTPFX, it is a scam!
OTPFX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit is 250 USD. There is a single funding method and it is a direct card payment through their own system, which comes as the next red flag to mark, because there are plenty of payments options presented on their website such as Skrill, SafetyPay, Przelewy24 etc.
The minimum withdrawal amount is 1000 USD for wire transfers, which is a true scam clause in their T&Cs, no legit and trustworthy Forex broker is going to impose such a requirement on the traders. The withdrawal for bank cards, however, is 100 USD, but it’s too big an amount, as well.
An account becomes dormant after 3 months of inactivity, but no fees specified, which is another typical scam clause, as well. OTPFX might easily decide, on its own discretion, to charge you with unbearable fees and you will not able to do anything about it.
There are bonuses offered in general, but nothing specified for the moment. What we know is that OTPFX require from the trders to execute a minimum trading volume of 25 times the bonus plus the sum deposited in order to become eligible for withdrawal, which is yet another scam clause. Stay away!
HOW DOES THE SCAM WORK
The scammers will promise you the moon and the stars only to gain your confidence, will persuade you to get involved in their scam schemes and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number the risk becomes long-term. The scammers might not only refuse to make a withdrawal, but might as well use your personal details to conduct criminal or other fraudulent activities. They will dry up your bank account, might also make deals on your behalf or in some very unfortunate instances for you, they might incorporate companies on your name, which will be used by them to conduct illegal activities! Beware!
The scammers are crazy about promotions. Everyone loves gifts and candies, it’s an effective way used by the fraudsters to entice a growing number of people and it’s working! In Forex terms a bonus means free money, a great incentive for the trader. But the scammers will change the trading conditions for the worse, once you accept a bonus from them. The minimum trading volume that they will require to be executed will be almost impossible to achieve, effectively locking your funds, and disabling you to make a withdrawal. It is a great excuse for them to refuse withdrawal and as there is no financial watchdog to report to or ask for protection, it certainly means that you have lost your money.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!
Share online your experience, it is important to protect others, as well. Be responsible!