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Before investing your money, logically you want to know everything about the company. Who they are, where they are, and most importantly, are they regulated? We’ve discovered many things about OtpFX scam operations. Read our OtpFX review and find it out.
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Regulated by: No regulation |
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Headquarters Country: N/A |
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Foundation year: 2018 |
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Platforms: Web trader |
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Instruments: FX, commodities, indices, shares |
The broker claims to be based in Larnaca, Cyprus. However, there is no owner listed, neither the regulation number. As you probably know, every company based in Cyprus has to have CySEC regulation. Therefore, we have checked the CySEC register, but instead of regulation, we found the broker on the backlist of unapproved domains.
This shows you who are you dealing with and what kind of a broker is OtpFX.
As mentioned, the broker has been blacklisted by CySEC. Since the broker claims to be Cyprus-based, CySEC regulatory body decided to warn everyone about this fake statement. The regulator listed otpfx.com as an unapproved domain and the broker itself is unregulated.
Be aware of the OtpFX scam.
As an unregulated broker, OtpFX should not be providing financial services in any country. However, since we do not really know where the broker is located and who is behind this cyber fraud, it seems that the company does not matter to operate anywhere. The only restricted area, as per our OtpFX review, is the USA. Everywhere else the broker is extremely present, especially in the UK, Germany, Austria, Belgium, South Africa, Australia, and Singapore.
Be careful when starting an account with this unregulated broker!
OtpFX is an unregulated brokerage with an unknown headquarters. The company claims to be CySEC regulated, however, CySEC itself blacklisted it. Meaning that it was just another attempt of this broker to scam their clients and mislead them by providing false information.
The broker is executing all the trades on a web trader, the least secure trading platform. Also, there are no cryptocurrencies available among trading assets, which instantly makes this broker less appealing for traders.
The minimum deposit is not very transparent and too high. If you see just the main page of the website, the Bronze account starts from $25,000. However, in the FAQ is stated that the minimum deposit is $250. What is the truth? You’ll probably figure it out once you receive a call from OtpFX employees.
When it comes to leverage, as per CySEC it should be up to 1:30. Yet, the highest leverage we were able to see is 1:10.
There are over 10 payment methods listed on the website, yet nowhere you can find the list of fees and commissions. Are those payment methods just nice logos the broker put to scam clients a little bit more, or you can really use them? Who knows?
You should stay away from OtpFX and in case you have been scammed, you should report it immediately!
